Free cash flow of $734 million was essentially flat due primarily to increased capital expenditures and timing of working capital which we generally expect to reverse. Free cash flow per share increased 5% to $5.09 for the full year.Free cash flow and free cash flow per share over the last 4 years have grown at a cumulative annual growth rates of 14% and 19%, respectively, reflecting the strength of our business model and consistent execution of our strategies. We allocated over $1 billion in capital in 2011, split about evenly between strategic acquisition and share repurchase.
Fiserv's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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