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.
We also refinanced a large block of our debt at historically low rates while extending our average duration by nearly 50%. Our balance sheet is strong, and we remain within our targeted debt-to-EBITDA range.
For 2011, we were focused on 3 key priorities: first, to deliver an increased level of high-quality revenue growth and meet our earnings commitments; next, to center the Fiserv culture on growth, leading to more clients, deeper relationships and a larger share of our strategic solutions; and third, to deliver innovation that increases differentiation and enhances results for our clients.Adjusted internal revenue growth accelerated in both segments in 2011. The majority of our growth continues to be from high-quality recurring revenue in our existing businesses. Innovative new solutions such as Mobile, P2P and Acumen are important element of our plan to further accelerate growth and are just beginning to ramp. Adjusted EPS growth of 13% marked our 26th consecutive year of double-digit growth. Earnings grew while investing in these new solutions that should have the dual benefit of accelerating revenue growth and expanding margin. Fostering a step change in our revenue growth is a rationale for centering the Fiserv culture on growth. The record success of our single sales organization is a proof point to that focus. We have significantly increased our expectations for sales performance in each of the last 2 years, and that's leading to better results. Read the rest of this transcript for free on seekingalpha.com
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