Western Union (WU) FY2013 results: revenue $5.5 billion, down 2.2% on the year
Western Union Co. (WU) reported revenue of $5.5 billion for fiscal 2013, the year ended 31 December 2013, down 2.2% on the year before. Net income was $798 million, down 22.2%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$5.5 billion
-2.2% on the year
FY2007FY2013
Operating margin
20.0%
23.5% a year earlier
FY2007FY2013
Net income
$798 million
-22.2% on the year
FY2007FY2013
Diluted EPS
$1.43
-15.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
5,542
5,665
5,491
-2.2%
Cost of revenue
3,235
3,194
3,102
+1.3%
Gross profit
2,307
2,471
2,389
-6.6%
Gross margin
41.6%
43.6%
43.5%
Selling, general and administrative
1,200
1,141
1,004
+5.2%
Operating income
1,107
1,330
1,385
-16.7%
Operating margin
20.0%
23.5%
25.2%
Interest expense
196
180
182
+8.9%
Pre-tax income
927
1,169
1,275
-20.7%
Income tax
128
143
109
-10.1%
Effective tax rate
13.9%
12.2%
8.6%
Net income
798
1,026
1,165
-22.2%
Net margin
14.4%
18.1%
21.2%
Diluted EPS
$1.43
$1.69
$1.84
-15.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,089
1,185
1,175
-8.2%
Capital expenditure
80.2
60.9
52.8
+31.7%
Free cash flow
1,008
1,124
1,122
-10.3%
Free cash flow margin
18.2%
19.8%
20.4%
Cash from investing
-341
-258
-1,360
Cash from financing
-451
-522
-601
Depreciation and amortisation
263
246
193
+6.8%
Share-based compensation
34.5
34.0
31.2
+1.5%
Buybacks
400
766
804
-47.9%
Dividends paid
277
254
194
+9.0%
Dividend per share
$0.50
$0.42
$0.31
+17.6%
Diluted shares, weighted
560m
607m
634m
-7.9%
Shares outstanding at period end
549m
572m
619m
-4.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,105
941
895
+17.4%
Debt
4,213
4,029
3,583
+4.6%
Other liabilities
4,804
4,496
4,592
+6.8%
Total liabilities and equity
10,121
9,466
9,070
+6.9%
Fixed assets
210
196
198
+7.0%
Goodwill
3,172
3,180
3,199
-0.2%
Intangible assets
834
879
847
-5.1%
Securities held for sale or to maturity
n/a
1,515
1,332
Cash and equivalents
2,073
1,776
1,371
+16.7%
Other assets
3,832
1,920
2,123
+99.6%
Total assets
10,121
9,466
9,070
+6.9%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.