Assured Guaranty (AGO) FY2013 results: revenue $1.6 billion, up 68.6% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.6 billion for fiscal 2013, the year ended 31 December 2013, up 68.6% on the year before. Net income was $808 million, up 634.5%, and diluted earnings per share $4.30. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$1.6 billion
+68.6% on the year
FY2008FY2013
Operating margin
71.0%
13.8% a year earlier
FY2008FY2013
Net income
$808 million
+634.5% on the year
FY2008FY2013
Diluted EPS
$4.30
+654.4% 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
1,608
954
1,805
+68.6%
Operating income
1,142
132
1,029
+765.2%
Operating margin
71.0%
13.8%
57.0%
Interest expense
82.0
92.0
99.1
-10.9%
Pre-tax income
1,142
132
1,029
+765.2%
Income tax
334
22.0
256
+1,418.2%
Effective tax rate
29.2%
16.7%
24.9%
Net income
808
110
773
+634.5%
Net margin
50.2%
11.5%
42.8%
Diluted EPS
$4.30
$0.57
$4.16
+654.4%
$ 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
244
-165
676
Cash from investing
681
943
561
-27.8%
Cash from financing
-878
-856
-1,133
Share-based compensation
7.0
7.0
8.0
0.0%
Buybacks
264
24.0
23.0
+1,000.0%
Dividends paid
75.0
69.0
33.0
+8.7%
Dividend per share
$0.40
$0.36
$0.18
+11.1%
Diluted shares, weighted
188m
191m
186m
-1.6%
Shares outstanding at period end
182m
194m
182m
-6.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,115
4,994
4,652
+2.4%
Non-controlling interest
0.0
n/a
66.9
Debt
816
836
1,038
-2.4%
Other liabilities
10,356
11,412
11,952
-9.3%
Total liabilities and equity
16,287
17,242
17,709
-5.5%
Investments
904
817
734
+10.6%
Trading assets
76.0
65.0
n/a
+16.9%
Cash and equivalents
184
138
215
+33.3%
Other assets
15,123
16,222
16,760
-6.8%
Total assets
16,287
17,242
17,709
-5.5%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.