The Western Union Company (WU) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	5,084	5,193	5,491	5,665	5,542	5,607	5,484	5,423	5,524	5,590	5,292	4,835	5,071	4,476	4,357
+ Sales & Services Revenue	5,084	5,193	5,491	5,665	5,542	5,607	5,484	5,423	5,524	5,590	5,292	4,835	5,071	4,476	4,357
- Cost of Revenue	2,875	2,978	3,102	3,194	3,235	3,297	3,199	3,270	3,355	3,301	3,086	2,826	2,896	2,626	2,672
+ Cost of Goods & Services	2,875	2,978	3,102	3,194	3,235	3,297	3,199	3,270	3,355	3,301	3,086	2,826	2,896	2,626	2,672
Gross Profit	2,209	2,214	2,389	2,471	2,307	2,310	2,284	2,153	2,169	2,289	2,206	2,008	2,174	1,849	1,685
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	926	914	1,004	1,141	1,200	1,169	1,175	1,669	1,232	1,167	1,272	1,041	1,051	964	868
+ Selling, General & Admin	926	914	1,004	1,141	1,200	1,169	1,175	1,669	1,232	1,167	1,272	1,041	1,051	964	868
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1,283	1,300	1,385	1,330	1,107	1,140	1,109	484	937	1,122	934	967	1,123	885	818
- Non-Operating (Income) Loss	151	155	110	161	180	172	168	142	590	131	-387	112	188	-124	72
+ Interest Expense, Net	148	167	177	174	186	165	157	149	137	145	146	115	104	87	90
+ Interest Expense	158	170	182	180	196	177	168	152	142	150	152	118	106	101	105
- Interest Income	9	3	5	6	9	12	11	4	5	5	6	3	1	14	16
+ Other Non-Op (Income) Loss	3	-12	-66	-13	-6	7	11	-7	453	-14	-533	-3	84	-211	-18
Pretax Income	1,132	1,145	1,275	1,169	927	968	942	342	348	991	1,321	855	935	1,009	746
- Income Tax Expense (Benefit)	283	235	109	143	128	116	104	88	905	140	263	111	130	98	120
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	849	910	1,165	1,026	798	852	838	253	-557	852	1,058	744	806	911	626
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	849	910	1,165	1,026	798	852	838	253	-557	852	1,058	744	806	911	626
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	849	910	1,165	1,026	798	852	838	253	-557	852	1,058	744	806	911	626
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	849	910	1,165	1,026	798	852	838	253	-557	852	1,058	744	806	911	626
Basic Weighted Avg Shares	699	666	631	605	557	533	513	490	468	452	428	412	407	387	371
Basic EPS, GAAP	1.21	1.37	1.85	1.7	1.43	1.6	1.63	0.52	-1.19	1.89	2.47	1.81	1.98	2.35	1.69
Basic EPS from Cont Ops	1.21	1.37	1.85	1.7	1.43	1.6	1.63	0.52	-1.19	1.89	2.47	1.81	1.98	2.35	1.69
Diluted Weighted Avg Shares	701	669	634	607	560	537	517	494	468	454	431	415	409	388	372
Diluted EPS, GAAP	1.21	1.36	1.84	1.69	1.43	1.59	1.62	0.51	-1.19	1.87	2.46	1.79	1.97	2.34	1.68
Diluted EPS from Cont Ops	1.21	1.36	1.84	1.69	1.43	1.59	1.62	0.51	-1.19	1.87	2.46	1.79	1.97	2.34	1.68
EBITDA	1,437	1,476	1,578	1,576	1,370	1,412	1,380	747	1,200	1,387	1,192	1,193	1,331	1,069	1,001
EBITDA Margin (%)	28.27	28.42	28.73	27.82	24.72	25.19	25.16	13.77	21.73	24.81	22.52	24.67	26.25	23.88	22.98
EBITA	1,283	1,300	1,385	1,330	1,107	1,140	1,109	484	937	1,122	934	967	1,123	885	818
EBIT	1,283	1,300	1,385	1,330	1,107	1,140	1,109	484	937	1,122	934	967	1,123	885	818
Gross Margin (%)	43.45	42.64	43.51	43.61	41.63	41.19	41.66	39.7	39.26	40.95	41.68	41.54	42.88	41.32	38.68
Operating Margin (%)	25.23	25.04	25.22	23.48	19.98	20.34	20.23	8.92	16.97	20.07	17.65	20.01	22.15	19.77	18.76
Profit Margin (%)	16.7	17.52	21.22	18.11	14.41	15.2	15.28	4.67	-10.08	15.24	20	15.39	15.89	20.35	14.37
Sales per Employee	747,588	741,814	686,425	629,422	554,200	560,720	548,370	506,813	480,374	465,825	460,183	439,545	482,933	502,865	484,111
Dividend per Share	0.06	0.25	0.31	0.42	0.5	0.5	0.62	0.64	0.7	0.76	0.8	0.9	0.94	0.94	0.94
Depreciation Expense	154	176	193	246	263	272	270	263	263	265	258	226	208	184	184

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	4,319	4,988	4,462	1,776	2,073	1,783	1,316	878	838	973	1,450	1,428	2,661	1,548	5,247
+ Cash, Cash Equivalents & STI	1,685	2,157	3,415	4,891	5,344	5,097	4,625	4,627	5,027	4,787	4,747	3,419	1,208	1,286	3,223
+ Cash & Cash Equivalents	1,685	2,157	2,083	1,776	2,073	1,783	1,316	878	838	973	1,450	1,428	1,208	1,286	1,765
+ ST Investments	- -	- -	1,332	3,115	3,270	3,314	3,309	3,749	4,189	3,814	3,297	1,991	- -	- -	1,458
+ Accounts & Notes Receiv	131	64	1,047	1,062	1,017	1,007	1,070	1,327	1,574	1,355	1,230	1,135	- -	- -	1,733
+ Accounts Receivable, Net	12	14	1,047	1,041	996	1,007	1,070	1,327	1,574	1,355	1,230	1,135	- -	- -	1,733
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	119	50	- -	21	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	2,503	2,766	- -	-4,177	-4,288	-4,321	-4,379	-5,076	-5,763	-5,169	-4,527	-3,126	1,453	262	291
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	3,034	2,942	4,608	7,689	8,048	8,107	8,143	8,542	8,393	8,023	7,308	8,068	6,162	6,949	2,952
+ Property, Plant & Equip, Net	204	196	198	196	210	206	232	220	214	270	187	150	129	110	218
+ Property, Plant & Equip	540	580	628	581	638	685	770	820	428	973	803	810	780	622	657
- Accumulated Depreciation	335	384	430	384	429	478	538	600	214	702	616	660	650	513	439
+ LT Investments & Receivables	87	86	41	41	41	42	43	40	29	31	33	34	205	211	210
+ LT Investments	87	86	41	41	41	42	43	40	29	31	33	34	205	211	210
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2,742	2,660	4,368	7,452	7,797	7,859	7,868	8,282	8,150	7,722	7,088	7,883	5,828	6,628	2,524
+ Total Intangible Assets	2,633	2,590	4,046	4,059	4,006	3,917	3,869	3,826	3,314	3,323	3,062	3,072	2,452	2,492	2,415
+ Goodwill	2,143	2,152	3,199	3,180	3,172	3,169	3,164	3,162	2,728	2,725	2,567	2,567	2,035	2,035	2,035
+ Other Intangible Assets	489	438	847	879	834	748	705	664	586	598	495	505	417	458	380
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	110	70	322	3,394	3,792	3,942	3,999	4,455	4,836	4,398	4,027	4,812	3,376	4,136	109
Total Assets	7,353	7,929	9,070	9,466	10,121	9,890	9,459	9,420	9,231	8,997	8,758	9,496	8,824	8,496	8,199
+ Payables & Accruals	1,020	877	837	774	856	767	818	1,537	1,970	1,619	1,622	1,430	1,321	1,189	4,802
+ Accounts Payable	501	520	535	556	639	600	607	1,130	718	565	602	501	450	464	453
+ Accrued Taxes	519	357	302	218	217	166	212	407	1,252	1,054	1,020	929	871	725	660
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,689
+ ST Debt	- -	- -	597	300	- -	- -	- -	- -	- -	125	245	80	275	180	365
+ ST Borrowings	- -	- -	597	300	- -	- -	- -	- -	- -	125	245	80	275	180	365
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	2,389	2,635	2,494	-300	- -	- -	- -	- -	- -	-125	-245	-80	547	2	47
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	2,389	2,635	2,494	-300	- -	- -	- -	- -	- -	-125	-245	-80	547	2	47
Total Current Liabilities	3,409	3,512	3,929	774	856	767	818	1,537	1,970	1,619	1,622	1,430	2,143	1,372	5,214
+ LT Debt	3,048	3,290	3,583	4,029	4,213	3,720	3,226	2,786	3,034	3,434	3,229	3,067	3,008	2,617	2,302
+ LT Borrowings	3,048	3,290	3,583	4,029	4,213	3,720	3,226	2,786	3,034	3,434	3,229	3,067	3,008	2,617	2,140
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	242	235	203	161	162
+ Other LT Liabilities	542	544	663	3,721	3,948	4,103	4,010	4,194	4,719	4,254	3,947	4,813	3,317	4,030	204
+ Accrued Liabilities	269	327	390	352	319	305	273	86	173	161	152	189	204	158	148
+ Pension Liabilities	124	113	87	102	70	75	69	26	15	16	11	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	149	104	187	3,267	3,558	3,723	3,668	4,082	4,531	4,077	3,784	4,624	3,113	3,871	57
Total Noncurrent Liabilities	3,591	3,834	4,246	7,751	8,161	7,823	7,236	6,980	7,752	7,688	7,176	7,880	6,325	6,647	2,506
Total Liabilities	7,000	7,346	8,175	8,525	9,017	8,590	8,054	8,517	9,723	9,307	8,798	9,310	8,468	8,018	7,720
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	48	124	253	338	396	451	572	646	702	760	845	889	945	1,000	1,035
+ Common Stock	7	6	6	6	6	5	5	5	5	4	4	4	4	4	4
+ Additional Paid in Capital	41	117	247	333	391	445	566	641	698	756	841	885	941	996	1,032
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	433	592	760	755	877	969	977	419	-966	-839	-676	-543	-537	-354	-389
+ Other Equity	-127	-133	-118	-153	-169	-119	-144	-163	-228	-231	-209	-160	-52	-168	-167
Equity Before Minority Interest	354	583	895	941	1,105	1,300	1,405	902	-491	-310	-40	187	356	478	479
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	354	583	895	941	1,105	1,300	1,405	902	-491	-310	-40	187	356	478	479
Total Liabilities & Equity	7,353	7,929	9,070	9,466	10,121	9,890	9,459	9,420	9,231	8,997	8,758	9,496	8,824	8,496	8,199
Shares Outstanding	686	654	619	572	549	522	502	482	459	441	418	411	394	374	350
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	242	235	203	161	162
Net Debt	1,363	1,132	2,097	2,553	2,140	1,937	1,910	1,909	2,195	2,585	2,024	1,719	2,075	1,511	740
Net Debt to Equity	385.66	194.35	234.33	271.39	193.71	148.97	135.93	211.55	-446.76	-834.51	-5,123.54	921.22	583.55	316.22	154.49
Tangible Common Equity Ratio	-48.28	-37.59	-62.73	-57.66	-47.44	-43.81	-44.08	-52.28	-64.31	-64.03	-54.43	-44.9	-32.9	-33.56	-33.47
Current Ratio	1.27	1.42	1.14	2.29	2.42	2.33	1.61	0.57	0.43	0.6	0.89	1	1.24	1.13	1.01
Cash Conversion Cycle	-16.24	-61.69	-26.85	4.91	-0.34	-3.4	0.28	-16.21	-4.67	24.68	20.17	18.07	-19.08	-63.52	9.95
Number of Employees	6,800	7,000	8,000	9,000	10,000	10,000	10,000	10,700	11,500	12,000	11,500	11,000	10,500	8,900	9,000

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	849	910	1,165	1,026	798	852	838	253	-557	852	1,058	744	806	911	626
+ Depreciation & Amortization	154	176	193	246	263	272	270	263	263	265	258	226	208	184	184
+ Non-Cash Items	55	66	1	42	14	23	24	-76	658	51	-438	160	209	-166	85
+ Stock-Based Compensation	32	36	31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	-21	29	21	-35	-39	-27	-40	-174	70	-15	-24	14	-3	-27	-11
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	464	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	44	2	-51	77	53	50	64	98	124	66	-414	146	212	-139	96
+ Chg in Non-Cash Work Cap	160	-158	-184	-129	13	-101	-61	601	372	-346	37	-252	-178	-347	-111
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	214	-149	-105	-71	84	-69	61	714	433	-320	58	-191	-81	-110	-90
+ Inc (Dec) in Other	-54	-9	-79	-58	-71	-32	-122	-112	-60	-27	-21	-61	-97	-237	-21
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,218	994	1,175	1,185	1,089	1,046	1,071	1,042	736	821	915	878	1,045	582	783
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-72	-79	-53	-61	-80	-68	-94	-69	-69	-137	-48	-36	-107	-136	-111
+ Acq of Fixed Prod Assets	-60	-53	-53	-61	-80	-68	-94	-69	-69	-137	-48	-36	-38	-32	-23
+ Acq of Intangible Assets	-12	-25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-69	-104	-88
+ Net Change in LT Investment	291	17	21	- -	-100	100	-20	-41	-3	10	48	-4	552	-171	11
+ Dec in LT Investment	291	17	21	- -	- -	100	100	63	232	37	56	1	985	1,389	506
+ Inc in LT Investment	- -	- -	- -	- -	-100	- -	-120	-104	-235	-27	-8	-5	-433	-1,560	-495
+ Net Cash From Acq & Div	-516	-5	-1,219	10	- -	-11	- -	- -	-25	- -	712	49	-149	887	- -
+ Cash from Divestitures	- -	- -	- -	10	- -	- -	- -	- -	- -	- -	712	49	51	887	- -
+ Cash for Acq of Subs	-516	-5	-1,219	- -	- -	-11	- -	- -	-25	- -	- -	- -	-200	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-27	2	-110	-207	-161	-111	-172	-161	-108	-202	-80	-122	-104	-54	-40
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-324	-65	-1,360	-258	-341	-89	-286	-271	-205	-329	632	-113	192	526	-141
+ Dividends Paid	-41	-165	-194	-254	-277	-265	-316	-312	-326	-342	-341	-370	-382	-364	-349
+ Net Cash From Debt	-86	247	297	446	197	-500	-500	-430	246	521	-89	-165	-273	-300	-300
+ Cash From Debt	497	247	993	743	497	- -	- -	575	746	935	736	- -	892	- -	- -
+ Repayments of Debt	-583	- -	-696	-297	-300	-500	-500	-1,005	-500	-414	-825	-165	-1,164	-300	-300
+ Cash (Repurchase) of Equity	-400	-581	-804	-766	-400	-495	-511	-502	-503	-412	-553	-240	-410	-370	-308
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-400	-581	-804	-766	-400	-495	-511	-502	-503	-412	-553	-240	-410	-370	-308
+ Other Financing Activities	23	42	100	53	29	14	76	35	12	-124	-87	2	-205	-143	61
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-504	-458	-601	-522	-451	-1,246	-1,252	-1,209	-570	-357	-1,070	-774	-1,270	-1,177	-897
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	390	472	-786	406	297	-290	-467	-438	-39	135	477	-9	-32	-70	-254
EBITDA	1,437	1,476	1,578	1,576	1,370	1,412	1,380	747	1,200	1,387	1,192	1,193	1,331	1,069	1,001
EBITDA Margin (%)	28.27	28.42	28.73	27.82	24.72	25.19	25.16	13.77	21.73	24.81	22.52	24.67	26.25	23.88	22.98
Net Cash Paid for Acquisitions	516	5	1,219	-10	- -	11	- -	- -	25	- -	-712	-49	149	-887	- -
Free Cash Flow	1,146	916	1,122	1,124	1,008	978	977	973	667	685	866	841	938	445	672
Free Cash Flow to Firm	1,265	1,051	1,288	1,282	1,177	1,134	1,126	1,086	439	813	988	944	1,029	536	760
Free Cash Flow to Equity	1,072	1,188	1,419	1,570	1,206	478	477	543	913	1,206	778	676	735	250	460
Free Cash Flow per Basic Share	1.64	1.37	1.78	1.86	1.81	1.83	1.91	1.99	1.42	1.52	2.03	2.04	2.31	1.15	1.81
Price/Free Cash Flow	10.34	11.55	9.5	6.52	8.26	8.69	8.02	9.7	11.09	8.08	11.96	9.93	6.45	7.48	4.96
Cash Flow to Net Income	1.44	1.09	1.01	1.16	1.36	1.23	1.28	4.11	-1.32	0.96	0.86	1.18	1.3	0.64	1.25

The Western Union Company

WU US

12.23

12.23