Western Union (WU) FY2011 results: revenue $5.5 billion, up 5.8% on the year
Western Union Co. (WU) reported revenue of $5.5 billion for fiscal 2011, the year ended 31 December 2011, up 5.8% on the year before. Net income was $1.2 billion, up 28.1%, and diluted earnings per share $1.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$5.5 billion
+5.8% on the year
FY2007FY2011
Operating margin
25.2%
25.0% a year earlier
FY2007FY2011
Net income
$1.2 billion
+28.1% on the year
FY2007FY2011
Diluted EPS
$1.84
+35.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
5,491
5,193
5,084
+5.8%
Cost of revenue
3,102
2,978
2,875
+4.1%
Gross profit
2,389
2,214
2,209
+7.9%
Gross margin
43.5%
42.6%
43.4%
Selling, general and administrative
1,004
914
926
+9.9%
Operating income
1,385
1,300
1,283
+6.5%
Operating margin
25.2%
25.0%
25.2%
Interest expense
182
170
158
+7.1%
Pre-tax income
1,275
1,145
1,132
+11.3%
Income tax
109
235
283
-53.6%
Effective tax rate
8.6%
20.5%
25.0%
Net income
1,165
910
849
+28.1%
Net margin
21.2%
17.5%
16.7%
Diluted EPS
$1.84
$1.36
$1.21
+35.3%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,175
994
1,218
+18.2%
Capital expenditure
52.8
53.3
59.7
-0.9%
Free cash flow
1,122
941
1,158
+19.2%
Free cash flow margin
20.4%
18.1%
22.8%
Cash from investing
-1,360
-64.6
-324
Cash from financing
-601
-458
-504
Depreciation and amortisation
193
176
154
+9.5%
Share-based compensation
31.2
35.9
31.9
-13.1%
Buybacks
804
581
400
+38.3%
Dividends paid
194
165
41.2
+17.5%
Dividend per share
$0.31
$0.25
$0.06
+24.0%
Diluted shares, weighted
634m
669m
701m
-5.2%
Shares outstanding at period end
619m
654m
686m
-5.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
895
583
354
+53.6%
Debt
3,583
3,290
n/a
+8.9%
Other liabilities
4,592
4,057
7,000
+13.2%
Total liabilities and equity
9,070
7,929
7,353
+14.4%
Fixed assets
198
196
204
+0.8%
Goodwill
3,199
2,152
2,143
+48.7%
Intangible assets
847
438
489
+93.5%
Securities held for sale or to maturity
1,332
n/a
n/a
Cash and equivalents
1,371
2,157
1,685
-36.5%
Other assets
2,123
2,986
2,831
-28.9%
Total assets
9,070
7,929
7,353
+14.4%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.