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80
WESTERN UNION 2007 Annual Report
The geographic split of revenue above has been determined
based upon the country where a money transfer is initiated and
the country where a money transfer is paid with revenue being
split 50% between the two countries. Long-lived assets, consisting
of “Property and equipment, net,” are presented based upon the
location of the assets.
A majority of Western Union’s consumer-to-consumer transac-
tions involve at least one non-United States location. Based on
the method used to attribute revenue between countries described
in the paragraph above, no individual country outside the United
States accounted for more than 10% of segment revenue for the
years ended December 31, 2007, 2006 and 2005. In addition,
no individual agent or biller accounted for greater than 10% of
consumer-to-consumer or consumer-to-business segment revenue,
respectively, during these periods.
||
16. Quarterly Financial Information (Unaudited)
Summarized quarterly results for the years ended December 31, 2007 and 2006 are as follows (in millions):
Year Ended
December 31,
2007 by Quarter: Q1 Q2 Q3 Q4 2007
Revenues $1,131.0 $1,202.9 $1,257.2 $1,309.1 $4,900.2
Expenses 826.4 880.2 927.1 944.5 3,578.2
Other (expense)/income, net (22.5) (24.5) (23.2) (29.4) (99.6)
Income before income taxes 282.1 298.2 306.9 335.2 1,222.4
Income tax expense 88.9 93.7 90.6 91.9 365.1
Net income $ 193.2 $ 204.5 $ 216.3 $ 243.3 $ 857.3
Earnings per share:
Basic earnings per share $ 0.25 $ 0.27 $ 0.29 $ 0.32 $ 1.13
Diluted earnings per share $ 0.25 $ 0.26 $ 0.28 $ 0.32 $ 1.11
Weighted-average shares outstanding:
Basic 768.2 764.8 757.5 749.5 760.2
Diluted 783.3 779.0 767.4 761.7 772.9
Year Ended
December 31,
2006 by Quarter: Q1 Q2 Q3 Q4 2006
Revenues $1,043.0 $1,113.6 $1,140.4 $1,173.2 $4,470.2
Expenses 730.3 787.2 803.3 838.0 3,158.8
Other income/(expense), net 12.2 (2.6) 42.8 (28.7) 23.7
Income before income taxes 324.9 323.8 379.9 306.5 1,335.1
Income tax expense 105.1 104.9 121.8 89.3 421.1
Net income $ 219.8 $ 218.9 $ 258.1 $ 217.2 $ 914.0
Earnings per share:
Basic earnings per share $ 0.29 $ 0.29 $ 0.34 $ 0.28 $ 1.20
Diluted earnings per share $ 0.29 $ 0.29 $ 0.34 $ 0.28 $ 1.19
Weighted-average shares outstanding:
Basic 763.9 763.9 763.9 766.2 764.5
Diluted 763.9 763.9 764.0 782.3 768.6