Arch Capital Group (ACGL) FY2020 results: revenue $8.5 billion, up 23.1% on the year
Arch Capital Group Ltd. (ACGL) reported revenue of $8.5 billion for fiscal 2020, the year ended 31 December 2020, up 23.1% on the year before. Net income was $1.4 billion, down 14.1%, and diluted earnings per share $3.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$8.5 billion
+23.1% on the year
FY2013FY2020
Operating margin
18.5%
26.7% a year earlier
FY2013FY2020
Net income
$1.4 billion
-14.1% on the year
FY2013FY2020
Diluted EPS
$3.32
-14.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,525
6,928
5,451
+23.1%
Operating income
1,578
1,849
842
-14.7%
Operating margin
18.5%
26.7%
15.4%
Interest expense
143
121
120
+18.7%
Pre-tax income
1,578
1,849
842
-14.7%
Income tax
112
156
114
-28.2%
Effective tax rate
7.1%
8.4%
13.5%
Net income
1,406
1,636
758
-14.1%
Net margin
16.5%
23.6%
13.9%
Diluted EPS
$3.32
$3.87
$1.73
-14.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,887
2,048
1,559
+40.9%
Capital expenditure
39.9
37.8
29.8
+5.4%
Free cash flow
2,847
2,011
1,530
+41.6%
Free cash flow margin
33.4%
29.0%
28.1%
Cash from investing
-3,043
-1,806
-554
Cash from financing
521
-80.7
-989
Share-based compensation
71.3
66.4
55.8
+7.3%
Buybacks
83.5
2.9
283
+2,807.4%
Diluted shares, weighted
410m
412m
413m
-0.3%
Shares outstanding at period end
407m
406m
402m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,106
11,497
9,440
+14.0%
Non-controlling interest
823
763
792
+7.9%
Redeemable equity
58.0
55.4
n/a
+4.7%
Debt
2,861
1,872
1,734
+52.9%
Other liabilities
26,434
23,698
20,253
+11.5%
Total liabilities and equity
43,282
37,885
32,218
+14.2%
Goodwill
315
327
250
-3.7%
Intangible assets
299
326
323
-8.2%
Securities held for sale or to maturity
18,718
16,895
14,699
+10.8%
Cash and equivalents
906
726
647
+24.8%
Other assets
23,044
19,612
16,300
+17.5%
Total assets
43,282
37,885
32,218
+14.2%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.