Western Union 2013 Annual Report Download - page 168

2013 FORM 10-K
58
Results of Operations
The following discussion of our consolidated results of operations and segment results refers to the year ended December 31,
2013 compared to the same period in 2012 and the year ended December 31, 2012 compared to the same period in 2011. The
results of operations should be read in conjunction with the discussion of our segment results of operations, which provide more
detailed discussions concerning certain components of the Consolidated Statements of Income. All significant intercompany
accounts and transactions between our segments have been eliminated.
The following table sets forth our consolidated results of operations for the years ended December 31, 2013, 2012 and 2011.
% Change
Year Ended December 31, 2013 2012
(in millions, except per share amounts) 2013 2012 2011 vs. 2012 vs. 2011
Revenues:
Transaction fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,065.8 $ 4,210.0 $ 4,220.2 (3)% 0 %
Foreign exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,348.0 1,332.7 1,151.2 1 % 16 %
Other revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.2 122.1 120.0 5 % 2 %
Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,542.0 5,664.8 5,491.4 (2)% 3 %
Expenses:
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,235.0 3,194.2 3,102.0 1 % 3 %
Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . 1,199.6 1,140.6 1,004.4 5 % 14 %
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,434.6 4,334.8 4,106.4 2 % 6 %
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,107.4 1,330.0 1,385.0 (17)% (4)%
Other income/(expense):
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 5.5 5.2 71 % 6 %
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (195.6)(179.6)(181.9) 9 % (1)%
Derivative gains/(losses), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3) 0.5 14.0 * (96)%
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 12.4 52.3 (44)% (76)%
Total other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (180.5)(161.2)(110.4) 12 % 46 %
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 926.9 1,168.8 1,274.6 (21)% (8)%
Provision for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.5 142.9 109.2 (10)% 31 %
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 798.4 $ 1,025.9 $ 1,165.4 (22)% (12)%
Earnings per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.43 $ 1.70 $ 1.85 (16)% (8)%
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.43 $ 1.69 $ 1.84 (15)% (8)%
Weighted-average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556.6 604.9 630.6
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559.7 607.4 634.2
____________
* Calculation not meaningful