Arch Capital Group (ACGL) FY2019 results: revenue $6.9 billion, up 27.1% on the year
Arch Capital Group Ltd. (ACGL) reported revenue of $6.9 billion for fiscal 2019, the year ended 31 December 2019, up 27.1% on the year before. Net income was $1.6 billion, up 115.9%, and diluted earnings per share $3.87. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$6.9 billion
+27.1% on the year
FY2012FY2019
Operating margin
26.7%
15.4% a year earlier
FY2012FY2019
Net income
$1.6 billion
+115.9% on the year
FY2012FY2019
Diluted EPS
$3.87
+123.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,928
5,451
5,627
+27.1%
Operating income
1,849
842
757
+119.7%
Operating margin
26.7%
15.4%
13.5%
Interest expense
121
120
117
+0.3%
Pre-tax income
1,849
842
757
+119.7%
Income tax
156
114
128
+36.7%
Effective tax rate
8.4%
13.5%
16.8%
Net income
1,636
758
619
+115.9%
Net margin
23.6%
13.9%
11.0%
Diluted EPS
$3.87
$1.73
$1.36
+123.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,048
1,559
1,095
+31.4%
Capital expenditure
37.8
29.8
22.8
+26.9%
Free cash flow
2,011
1,530
1,072
+31.5%
Free cash flow margin
29.0%
28.1%
19.1%
Cash from investing
-1,806
-554
-1,352
Cash from financing
-80.7
-989
-3.4
Share-based compensation
66.4
55.8
67.8
+19.1%
Buybacks
2.9
283
0.0
-99.0%
Diluted shares, weighted
412m
413m
418m
-0.3%
Shares outstanding at period end
406m
402m
393m
+0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,497
9,440
9,197
+21.8%
Non-controlling interest
763
792
843
-3.6%
Redeemable equity
55.4
n/a
n/a
Debt
1,872
1,734
1,733
+8.0%
Other liabilities
23,698
20,253
20,279
+17.0%
Total liabilities and equity
37,885
32,218
32,052
+17.6%
Goodwill
327
250
198
+30.8%
Intangible assets
326
323
386
+0.7%
Securities held for sale or to maturity
16,895
14,699
13,876
+14.9%
Cash and equivalents
726
647
606
+12.3%
Other assets
19,612
16,300
16,985
+20.3%
Total assets
37,885
32,218
32,052
+17.6%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.