Western Union (WU) FY2019 results: revenue $5.3 billion, down 5.3% on the year
Western Union Co. (WU) reported revenue of $5.3 billion for fiscal 2019, the year ended 31 December 2019, down 5.3% on the year before. Net income was $1.1 billion, up 24.2%, and diluted earnings per share $2.46. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$5.3 billion
-5.3% on the year
FY2012FY2019
Operating margin
17.6%
20.1% a year earlier
FY2012FY2019
Net income
$1.1 billion
+24.2% on the year
FY2012FY2019
Diluted EPS
$2.46
+31.6% 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
5,292
5,590
5,524
-5.3%
Cost of revenue
3,086
3,301
3,353
-6.5%
Gross profit
2,206
2,289
2,171
-3.6%
Gross margin
41.7%
41.0%
39.3%
Selling, general and administrative
1,272
1,167
1,232
+9.0%
Operating income
934
1,122
476
-16.8%
Operating margin
17.6%
20.1%
8.6%
Interest expense
152
150
142
+1.6%
Pre-tax income
1,321
991
348
+33.3%
Income tax
263
140
905
+88.6%
Effective tax rate
19.9%
14.1%
260.3%
Net income
1,058
852
-557
+24.2%
Net margin
20.0%
15.2%
-10.1%
Diluted EPS
$2.46
$1.87
-$1.19
+31.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
915
821
742
+11.4%
Capital expenditure
48.1
137
69.1
-64.8%
Free cash flow
866
685
673
+26.6%
Free cash flow margin
16.4%
12.2%
12.2%
Cash from investing
167
-329
-205
Cash from financing
-1,484
-357
-570
Depreciation and amortisation
258
265
263
-2.6%
Share-based compensation
48.9
47.7
43.9
+2.5%
Buybacks
553
412
503
+34.0%
Dividends paid
341
342
326
-0.3%
Dividend per share
$0.80
$0.76
$0.70
+5.3%
Diluted shares, weighted
431m
454m
468m
-5.2%
Shares outstanding at period end
418m
441m
459m
-5.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-39.5
-310
-491
Debt
3,229
3,434
3,034
-6.0%
Other liabilities
5,569
5,873
6,689
-5.2%
Total liabilities and equity
8,758
8,997
9,231
-2.6%
Fixed assets
236
270
214
-12.6%
Goodwill
2,567
2,725
2,728
-5.8%
Intangible assets
495
598
586
-17.3%
Securities held for sale or to maturity
1,698
1,211
1,350
+40.3%
Cash and equivalents
1,450
973
838
+49.0%
Other assets
2,312
3,219
3,515
-28.2%
Total assets
8,758
8,997
9,231
-2.6%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.