Western Union (WU) FY2020 results: revenue $4.8 billion, down 8.6% on the year
Western Union Co. (WU) reported revenue of $4.8 billion for fiscal 2020, the year ended 31 December 2020, down 8.6% on the year before. Net income was $744 million, down 29.7%, and diluted earnings per share $1.79. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$4.8 billion
-8.6% on the year
FY2013FY2020
Operating margin
20.0%
17.6% a year earlier
FY2013FY2020
Net income
$744 million
-29.7% on the year
FY2013FY2020
Diluted EPS
$1.79
-27.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,835
5,292
5,590
-8.6%
Cost of revenue
2,826
3,086
3,301
-8.4%
Gross profit
2,008
2,206
2,289
-8.9%
Gross margin
41.5%
41.7%
41.0%
Selling, general and administrative
1,041
1,272
1,167
-18.1%
Operating income
967
934
1,122
+3.6%
Operating margin
20.0%
17.6%
20.1%
Interest expense
118
152
150
-22.0%
Pre-tax income
855
1,321
991
-35.3%
Income tax
111
263
140
-57.9%
Effective tax rate
13.0%
19.9%
14.1%
Net income
744
1,058
852
-29.7%
Net margin
15.4%
20.0%
15.2%
Diluted EPS
$1.79
$2.46
$1.87
-27.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
878
915
821
-4.1%
Capital expenditure
36.5
48.1
137
-24.1%
Free cash flow
841
866
685
-2.9%
Free cash flow margin
17.4%
16.4%
12.2%
Cash from investing
-374
167
-329
Cash from financing
-186
-1,484
-357
Depreciation and amortisation
226
258
265
-12.5%
Share-based compensation
41.7
48.9
47.7
-14.7%
Buybacks
240
553
412
-56.6%
Dividends paid
370
341
342
+8.7%
Dividend per share
$0.90
$0.80
$0.76
+12.5%
Diluted shares, weighted
415m
431m
454m
-3.6%
Shares outstanding at period end
411m
418m
441m
-1.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
187
-39.5
-310
Debt
3,067
3,229
3,434
-5.0%
Other liabilities
6,242
5,569
5,873
+12.1%
Total liabilities and equity
9,496
8,758
8,997
+8.4%
Fixed assets
150
236
270
-36.3%
Goodwill
2,567
2,567
2,725
0.0%
Intangible assets
505
495
598
+2.0%
Securities held for sale or to maturity
1,991
1,698
1,211
+17.2%
Loans
1,135
n/a
n/a
Cash and equivalents
1,428
1,450
973
-1.5%
Other assets
1,720
2,312
3,219
-25.6%
Total assets
9,496
8,758
8,997
+8.4%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.