Arch Capital Group (ACGL) FY2014 results: revenue $4.0 billion, up 13.1% on the year
Arch Capital Group Ltd. (ACGL) reported revenue of $4.0 billion for fiscal 2014, the year ended 31 December 2014, up 13.1% on the year before. Net income was $834 million, up 17.6%, and diluted earnings per share $2.01. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$4.0 billion
+13.1% on the year
FY2008FY2014
Operating margin
21.2%
21.1% a year earlier
FY2008FY2014
Net income
$834 million
+17.6% on the year
FY2008FY2014
Diluted EPS
$2.01
+18.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,989
3,526
3,482
+13.1%
Operating income
844
743
589
+13.7%
Operating margin
21.2%
21.1%
16.9%
Interest expense
45.6
27.1
28.5
+68.6%
Pre-tax income
844
743
589
+13.7%
Income tax
23.0
32.8
-4.0
-29.9%
Effective tax rate
2.7%
4.4%
-0.7%
Net income
834
710
593
+17.6%
Net margin
20.9%
20.1%
17.0%
Diluted EPS
$2.01
$1.69
$1.34
+18.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,037
851
922
+21.9%
Capital expenditure
19.9
17.5
18.5
+13.6%
Free cash flow
1,017
833
903
+22.1%
Free cash flow margin
25.5%
23.6%
25.9%
Cash from investing
n/a
-1,308
-396
Cash from financing
n/a
524
-513
Share-based compensation
54.8
49.2
42.3
+11.3%
Buybacks
454
57.8
172
+685.8%
Diluted shares, weighted
405m
407m
415m
-0.6%
Shares outstanding at period end
382m
401m
402m
-4.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,092
5,647
5,169
+7.9%
Non-controlling interest
769
0.0
0.0
Debt
791
800
300
-1.1%
Other liabilities
14,358
13,119
12,348
+9.4%
Total liabilities and equity
22,010
19,566
17,817
+12.5%
Goodwill
14.9
0.0
0.0
Intangible assets
61.1
10.7
21.6
+473.3%
Securities held for sale or to maturity
10,751
9,572
9,840
+12.3%
Cash and equivalents
486
434
371
+11.9%
Other assets
10,697
9,550
7,584
+12.0%
Total assets
22,010
19,566
17,817
+12.5%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.