Western Union 2014 Annual Report Download - page 286
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2014 FORM 10-K
THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
148
18. Quarterly Financial Information (Unaudited)
Summarized quarterly results for the years ended December 31, 2014 and 2013 were as follows (in millions, except per share
data):
2014 by Quarter: Q1 Q2 Q3 Q4
Year Ended
December 31,
2014
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,350.8 $ 1,405.6 $ 1,440.9 $ 1,409.9 $ 5,607.2
Expenses (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,078.8 1,127.3 1,126.8 1,133.8 4,466.7
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . 272.0 278.3 314.1 276.1 1,140.5
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.6 46.2 41.3 40.2 172.3
Income before income taxes . . . . . . . . . . . . . . . . . . . 227.4 232.1 272.8 235.9 968.2
Provision for income taxes . . . . . . . . . . . . . . . . . . . . 24.4 38.3 38.7 14.4 115.8
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 203.0 $ 193.8 $ 234.1 $ 221.5 $ 852.4
Earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.37 $ 0.36 $ 0.44 $ 0.42 $ 1.60
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.37 $ 0.36 $ 0.44 $ 0.42 $ 1.59
Weighted-average shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545.9 537.1 527.8 522.8 533.4
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549.2 539.9 531.2 526.9 536.8
(a) Includes $30.3 million in the fourth quarter of expenses related to productivity and cost-savings initiatives. For more
information, see Note 3.
2013 by Quarter: Q1 Q2 Q3 Q4
Year Ended
December 31,
2013
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,325.4 $ 1,385.9 $ 1,408.8 $ 1,421.9 $ 5,542.0
Expenses (b) (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,028.5 1,109.1 1,113.5 1,183.5 4,434.6
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . 296.9 276.8 295.3 238.4 1,107.4
Other expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . 46.7 44.6 43.6 45.6 180.5
Income before income taxes . . . . . . . . . . . . . . . . . . . 250.2 232.2 251.7 192.8 926.9
Provision for income taxes . . . . . . . . . . . . . . . . . . . . 38.2 33.6 37.3 19.4 128.5
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 212.0 $ 198.6 $ 214.4 $ 173.4 $ 798.4
Earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.37 $ 0.36 $ 0.39 $ 0.31 $ 1.43
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.37 $ 0.36 $ 0.39 $ 0.31 $ 1.43
Weighted-average shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567.6 555.7 552.1 551.2 556.6
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569.7 558.3 555.8 555.0 559.7
____________
(b) Includes $3.9 million in the first quarter, $6.2 million in the second quarter, $3.8 million in the third quarter, and $5.4 million
in the fourth quarter of integration expenses related to the acquisition of TGBP.
(c) Includes $4.2 million in the first quarter, $13.5 million in the second quarter, $6.2 million in the third quarter, and $33.0
million in the fourth quarter of expenses related to productivity and cost-savings initiatives. For more information, see Note 3.