S&P Global (SPGI) FY2010 results: revenue $3.6 billion, down 38.0% on the year
S&P Global Inc. (SPGI) reported revenue of $3.6 billion for fiscal 2010, the year ended 31 December 2010, down 38.0% on the year before. Net income was $828 million, up 13.4%, and diluted earnings per share $2.65. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2011.
Revenue
$3.6 billion
-38.0% on the year
FY2007FY2010
Operating margin
28.2%
21.4% a year earlier
FY2007FY2010
Net income
$828 million
+13.4% on the year
FY2007FY2010
Diluted EPS
$2.65
+13.7% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
3,639
5,870
6,355
-38.0%
Cost of revenue
1,206
2,339
2,518
-48.4%
Gross profit
2,433
3,531
3,837
-31.1%
Gross margin
66.9%
60.2%
60.4%
Selling, general and administrative
1,318
2,113
2,284
-37.6%
Operating income
1,026
1,259
1,375
-18.5%
Operating margin
28.2%
21.4%
21.6%
Interest expense
83.0
76.9
75.6
+8.0%
Pre-tax income
943
1,182
1,299
-20.2%
Income tax
344
429
480
-19.8%
Effective tax rate
36.5%
36.3%
36.9%
Net income
828
731
799
+13.4%
Net margin
22.8%
12.4%
12.6%
Diluted EPS
$2.65
$2.33
$2.51
+13.7%
$ 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
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
704
1,330
1,178
-47.1%
Capital expenditure
86.0
68.5
106
+25.5%
Free cash flow
618
1,261
1,072
-51.0%
Free cash flow margin
17.0%
21.5%
16.9%
Cash from investing
-386
-279
-433
Cash from financing
-530
-335
-622
Depreciation and amortisation
108
450
479
-76.0%
Share-based compensation
51.0
22.0
-1.9
+131.8%
Buybacks
256
0.0
447
Dividends paid
292
282
280
+3.8%
Dividend per share
$0.94
$0.90
$0.88
+4.4%
Diluted shares, weighted
312m
313m
319m
-0.3%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
2,210
1,847
1,282
+19.7%
Non-controlling interest
81.1
81.9
70.5
-1.0%
Short-term borrowings
0.0
0.0
70.0
Debt
1,198
1,198
1,198
+0.0%
Other liabilities
3,557
3,348
3,460
+6.2%
Total liabilities and equity
7,047
6,475
6,080
+8.8%
Fixed assets
522
580
621
-10.0%
Goodwill
943
1,691
1,703
-44.2%
Intangible assets
616
539
n/a
+14.3%
Investments
22.0
24.6
0.0
-10.6%
Cash and equivalents
1,416
1,118
472
+26.7%
Receivables
973
970
1,061
+0.3%
Inventory
275
301
370
-8.7%
Other assets
2,279
1,253
1,854
+82.0%
Total assets
7,047
6,475
6,080
+8.8%
10-K for the year ended 31 December 2010, filed 23 February 2011: the filing.