Arch Capital Group (ACGL) FY2013 results: revenue $3.5 billion, up 1.3% on the year
Arch Capital Group Ltd. (ACGL) reported revenue of $3.5 billion for fiscal 2013, the year ended 31 December 2013, up 1.3% on the year before. Net income was $710 million, up 19.6%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2014.
Revenue
$3.5 billion
+1.3% on the year
FY2008FY2013
Operating margin
21.1%
16.9% a year earlier
FY2008FY2013
Net income
$710 million
+19.6% on the year
FY2008FY2013
Diluted EPS
$1.69
+25.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,526
3,482
3,063
+1.3%
Operating income
743
589
427
+26.0%
Operating margin
21.1%
16.9%
13.9%
Interest expense
27.1
28.5
31.7
-5.1%
Pre-tax income
743
589
427
+26.0%
Income tax
32.8
-4.0
-9.8
Effective tax rate
4.4%
-0.7%
-2.3%
Net income
710
593
436
+19.6%
Net margin
20.1%
17.0%
14.2%
Diluted EPS
$1.69
$1.34
$0.99
+25.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
851
922
866
-7.7%
Capital expenditure
17.5
18.5
19.0
-5.6%
Free cash flow
833
903
847
-7.7%
Free cash flow margin
23.6%
25.9%
27.7%
Cash from investing
-1,308
-396
-538
Cash from financing
524
-513
-337
Share-based compensation
49.2
42.3
31.0
+16.4%
Buybacks
57.8
172
288
-66.4%
Diluted shares, weighted
407m
415m
415m
-1.8%
Shares outstanding at period end
401m
402m
403m
-0.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,647
5,169
4,592
+9.3%
Non-controlling interest
0.0
0.0
n/a
Debt
800
300
300
+166.7%
Other liabilities
13,119
12,348
12,213
+6.2%
Total liabilities and equity
19,566
17,817
17,105
+9.8%
Goodwill
0.0
0.0
n/a
Intangible assets
10.7
21.6
n/a
-50.7%
Securities held for sale or to maturity
9,572
9,840
9,376
-2.7%
Cash and equivalents
434
371
352
+17.0%
Other assets
9,550
7,584
7,378
+25.9%
Total assets
19,566
17,817
17,105
+9.8%
10-K for the year ended 31 December 2013, filed 3 March 2014: the filing.