Moody's (MCO) FY2013 results: revenue $3.0 billion, up 8.9% on the year
Moody's Corp. (MCO) reported revenue of $3.0 billion for fiscal 2013, the year ended 31 December 2013, up 8.9% on the year before. Net income was $804 million, up 16.6%, and diluted earnings per share $3.60. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$3.0 billion
+8.9% on the year
FY2007FY2013
Operating margin
41.5%
39.5% a year earlier
FY2007FY2013
Net income
$804 million
+16.6% on the year
FY2007FY2013
Diluted EPS
$3.60
+18.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,972
2,730
2,281
+8.9%
Research and development
22.8
16.1
29.8
+41.6%
Selling, general and administrative
822
752
630
+9.3%
Operating income
1,235
1,077
888
+14.6%
Operating margin
41.5%
39.5%
39.0%
Pre-tax income
1,169
1,024
840
+14.2%
Income tax
353
324
262
+9.0%
Effective tax rate
30.2%
31.7%
31.2%
Net income
804
690
571
+16.6%
Net margin
27.1%
25.3%
25.1%
Diluted EPS
$3.60
$3.05
$2.49
+18.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
927
823
803
+12.6%
Capital expenditure
42.3
45.0
67.7
-6.0%
Free cash flow
884
778
736
+13.7%
Free cash flow margin
29.8%
28.5%
32.3%
Cash from investing
-262
-50.2
-268
Cash from financing
-499
203
-418
Depreciation and amortisation
65.4
63.4
58.7
+3.2%
Share-based compensation
67.1
64.5
56.7
+4.0%
Buybacks
893
196
334
+354.5%
Dividends paid
197
143
121
+38.0%
Dividend per share
$0.98
$0.64
$0.54
+53.1%
Diluted shares, weighted
224m
227m
229m
-1.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
337
385
-169
-12.5%
Non-controlling interest
10.9
11.4
10.6
-4.4%
Redeemable equity
80.0
72.3
60.5
+10.7%
Debt
2,102
1,671
1,244
+25.8%
Other liabilities
1,865
1,821
1,730
+2.4%
Total liabilities and equity
4,395
3,961
2,876
+11.0%
Fixed assets
279
307
327
-9.2%
Goodwill
665
637
643
+4.4%
Intangible assets
222
226
254
-2.2%
Investments
187
17.9
14.8
+943.6%
Cash and equivalents
1,920
1,755
760
+9.3%
Receivables
694
622
490
+11.6%
Other assets
429
395
388
+8.6%
Total assets
4,395
3,961
2,876
+11.0%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.