Moody's (MCO) FY2011 results: revenue $2.3 billion, up 12.2% on the year
Moody's Corp. (MCO) reported revenue of $2.3 billion for fiscal 2011, the year ended 31 December 2011, up 12.2% on the year before. Net income was $571 million, up 12.5%, and diluted earnings per share $2.49. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$2.3 billion
+12.2% on the year
FY2007FY2011
Operating margin
39.0%
38.0% a year earlier
FY2007FY2011
Net income
$571 million
+12.5% on the year
FY2007FY2011
Diluted EPS
$2.49
+15.8% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
2,281
2,032
1,797
+12.2%
Research and development
29.8
20.3
14.3
+46.8%
Selling, general and administrative
630
588
496
+7.1%
Operating income
888
773
688
+15.0%
Operating margin
39.0%
38.0%
38.3%
Pre-tax income
840
714
646
+17.6%
Income tax
262
201
239
+30.2%
Effective tax rate
31.2%
28.1%
37.0%
Net income
571
508
402
+12.5%
Net margin
25.1%
25.0%
22.4%
Diluted EPS
$2.49
$2.15
$1.69
+15.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
803
653
644
+23.0%
Capital expenditure
67.7
79.0
90.7
-14.3%
Free cash flow
736
574
553
+28.1%
Free cash flow margin
32.3%
28.3%
30.8%
Cash from investing
-268
-229
-93.8
Cash from financing
-418
-241
-349
Depreciation and amortisation
58.7
49.9
47.7
+17.6%
Share-based compensation
56.7
56.6
57.4
+0.2%
Buybacks
334
224
0.0
+49.3%
Dividends paid
121
98.6
94.5
+22.7%
Dividend per share
$0.54
$0.42
$0.40
+27.4%
Diluted shares, weighted
229m
237m
238m
-3.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
-169
-310
-606
Non-controlling interest
10.6
11.2
10.1
-5.4%
Redeemable equity
60.5
n/a
n/a
Debt
1,244
1,240
750
+0.3%
Other liabilities
1,730
1,599
1,849
+8.2%
Total liabilities and equity
2,876
2,540
2,003
+13.2%
Fixed assets
327
319
293
+2.3%
Goodwill
643
466
349
+38.1%
Intangible assets
254
169
105
+50.2%
Investments
14.8
12.7
10.0
+16.5%
Cash and equivalents
760
660
474
+15.2%
Receivables
490
498
445
-1.5%
Other assets
388
417
327
-6.9%
Total assets
2,876
2,540
2,003
+13.2%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.