Republic Services (RSG) FY2019 results: revenue $10.3 billion, up 2.6% on the year
Republic Services, Inc. (RSG) reported revenue of $10.3 billion for fiscal 2019, the year ended 31 December 2019, up 2.6% on the year before. Net income was $1.1 billion, up 3.5%, and diluted earnings per share $3.33. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$10.3 billion
+2.6% on the year
FY2012FY2019
Operating margin
17.4%
17.3% a year earlier
FY2012FY2019
Net income
$1.1 billion
+3.5% on the year
FY2012FY2019
Diluted EPS
$3.33
+5.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
10,299
10,041
10,042
+2.6%
Cost of revenue
6,298
6,150
6,215
+2.4%
Gross profit
4,001
3,891
3,827
+2.8%
Gross margin
38.8%
38.8%
38.1%
Selling, general and administrative
1,092
1,060
1,057
+3.1%
Operating income
1,787
1,736
1,668
+3.0%
Operating margin
17.4%
17.3%
16.6%
Interest expense
392
384
362
+2.1%
Pre-tax income
1,296
1,321
1,282
-1.9%
Income tax
222
283
3.1
-21.6%
Effective tax rate
17.1%
21.4%
0.2%
Net income
1,073
1,037
1,278
+3.5%
Net margin
10.4%
10.3%
12.7%
Diluted EPS
$3.33
$3.16
$3.77
+5.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,352
2,243
1,911
+4.9%
Capital expenditure
1,207
1,072
990
+12.6%
Free cash flow
1,145
1,171
921
-2.2%
Free cash flow margin
11.1%
11.7%
9.2%
Cash from investing
-1,719
-1,229
-1,330
Cash from financing
-589
-1,060
-514
Depreciation and amortisation
1,040
1,033
1,036
+0.7%
Share-based compensation
39.5
39.0
34.6
+1.3%
Buybacks
399
737
611
-45.8%
Dividends paid
491
462
440
+6.4%
Dividend per share
$1.56
$1.44
$1.33
+8.3%
Diluted shares, weighted
322m
328m
339m
-1.9%
Shares outstanding at period end
353m
352m
n/a
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,118
7,927
7,959
+2.4%
Non-controlling interest
2.7
2.4
2.3
+12.5%
Debt
8,789
8,300
8,187
+5.9%
Operating lease liabilities
212
0.0
n/a
Finance lease liabilities
110
n/a
n/a
Other liabilities
5,451
5,388
4,998
+1.2%
Total liabilities and equity
22,684
21,617
21,147
+4.9%
Fixed assets
8,384
8,020
7,777
+4.5%
Goodwill
11,633
11,400
11,315
+2.0%
Intangible assets
134
106
141
+25.7%
Cash and equivalents
47.1
70.5
83.3
-33.2%
Receivables
1,126
1,103
1,106
+2.1%
Inventory
56.8
53.1
51.2
+7.0%
Other assets
1,303
864
673
+50.8%
Total assets
22,684
21,617
21,147
+4.9%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.