Republic Services (RSG) FY2014 results: revenue $8.8 billion, up 4.4% on the year
Republic Services, Inc. (RSG) reported revenue of $8.8 billion for fiscal 2014, the year ended 31 December 2014, up 4.4% on the year before. Net income was $548 million, down 7.0%, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.
Revenue
$8.8 billion
+4.4% on the year
FY2007FY2014
Operating margin
14.0%
14.4% a year earlier
FY2007FY2014
Net income
$548 million
-7.0% on the year
FY2007FY2014
Diluted EPS
$1.53
-5.6% 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
8,788
8,417
8,118
+4.4%
Cost of revenue
5,643
5,235
5,006
+7.8%
Gross profit
3,145
3,182
3,113
-1.2%
Gross margin
35.8%
37.8%
38.3%
Selling, general and administrative
919
854
821
+7.6%
Operating income
1,233
1,210
1,321
+1.9%
Operating margin
14.0%
14.4%
16.3%
Interest expense
349
360
388
-3.1%
Pre-tax income
885
851
824
+4.0%
Income tax
337
262
252
+28.7%
Effective tax rate
38.1%
30.8%
30.6%
Net income
548
589
572
-7.0%
Net margin
6.2%
7.0%
7.0%
Diluted EPS
$1.53
$1.62
$1.55
-5.6%
$ 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
1,530
1,548
1,514
-1.2%
Capital expenditure
862
881
904
-2.1%
Free cash flow
667
667
610
-0.0%
Free cash flow margin
7.6%
7.9%
7.5%
Cash from investing
-960
-934
-938
Cash from financing
-708
-469
-575
Depreciation and amortisation
907
877
848
+3.4%
Share-based compensation
17.4
19.2
21.2
-9.4%
Buybacks
401
214
326
+87.1%
Dividends paid
379
348
329
+8.6%
Dividend per share
$1.08
$0.99
$0.91
+9.1%
Diluted shares, weighted
358m
363m
368m
-1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,745
7,904
7,703
-2.0%
Non-controlling interest
2.5
2.6
2.4
-3.8%
Debt
7,061
7,018
7,070
+0.6%
Other liabilities
5,243
4,979
4,841
+5.3%
Total liabilities and equity
20,052
19,903
19,617
+0.8%
Fixed assets
7,165
7,037
6,910
+1.8%
Goodwill
10,831
10,724
10,690
+1.0%
Intangible assets
299
316
359
-5.4%
Cash and equivalents
75.2
213
67.6
-64.7%
Receivables
930
891
837
+4.5%
Inventory
35.9
37.8
34.5
-5.0%
Other assets
716
685
719
+4.6%
Total assets
20,052
19,903
19,617
+0.8%
10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.