Moody's (MCO) FY2014 results: revenue $3.3 billion, up 12.2% on the year
Moody's Corp. (MCO) reported revenue of $3.3 billion for fiscal 2014, the year ended 31 December 2014, up 12.2% on the year before. Net income was $989 million, up 22.9%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$3.3 billion
+12.2% on the year
FY2007FY2014
Operating margin
43.2%
41.5% a year earlier
FY2007FY2014
Net income
$989 million
+22.9% on the year
FY2007FY2014
Diluted EPS
$4.61
+28.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,334
2,972
2,730
+12.2%
Research and development
37.9
22.8
16.1
+66.2%
Selling, general and administrative
869
822
752
+5.7%
Operating income
1,439
1,235
1,077
+16.6%
Operating margin
43.2%
41.5%
39.5%
Pre-tax income
1,461
1,169
1,024
+24.9%
Income tax
455
353
324
+28.7%
Effective tax rate
31.1%
30.2%
31.7%
Net income
989
804
690
+22.9%
Net margin
29.7%
27.1%
25.3%
Diluted EPS
$4.61
$3.60
$3.05
+28.1%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,019
927
823
+9.9%
Capital expenditure
74.6
42.3
45.0
+76.4%
Free cash flow
944
884
778
+6.7%
Free cash flow margin
28.3%
29.8%
28.5%
Cash from investing
-565
-262
-50.2
Cash from financing
-1,064
-499
203
Depreciation and amortisation
67.2
65.4
63.4
+2.8%
Share-based compensation
80.4
67.1
64.5
+19.8%
Buybacks
1,220
893
196
+36.7%
Dividends paid
236
197
143
+19.6%
Dividend per share
$1.18
$0.98
$0.64
+20.4%
Diluted shares, weighted
215m
224m
227m
-3.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
-188
337
385
Non-controlling interest
231
10.9
11.4
+2,016.5%
Redeemable equity
n/a
80.0
72.3
Debt
2,547
2,102
1,671
+21.2%
Other liabilities
2,079
1,865
1,821
+11.4%
Total liabilities and equity
4,669
4,395
3,961
+6.2%
Fixed assets
302
279
307
+8.5%
Goodwill
1,021
665
637
+53.5%
Intangible assets
346
222
226
+55.9%
Investments
506
187
17.9
+170.9%
Cash and equivalents
1,220
1,920
1,755
-36.5%
Receivables
792
694
622
+14.1%
Other assets
482
429
395
+12.4%
Total assets
4,669
4,395
3,961
+6.2%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.