Assured Guaranty (AGO) FY2014 results: revenue $2.0 billion, up 24.0% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $2.0 billion for fiscal 2014, the year ended 31 December 2014, up 24.0% on the year before. Net income was $1.1 billion, up 34.7%, and diluted earnings per share $6.26. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$2.0 billion
+24.0% on the year
FY2008FY2014
Operating margin
76.8%
71.0% a year earlier
FY2008FY2014
Net income
$1.1 billion
+34.7% on the year
FY2008FY2014
Diluted EPS
$6.26
+45.6% 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
1,994
1,608
954
+24.0%
Operating income
1,531
1,142
132
+34.1%
Operating margin
76.8%
71.0%
13.8%
Interest expense
92.0
82.0
92.0
+12.2%
Pre-tax income
1,531
1,142
132
+34.1%
Income tax
443
334
22.0
+32.6%
Effective tax rate
28.9%
29.2%
16.7%
Net income
1,088
808
110
+34.7%
Net margin
54.6%
50.2%
11.5%
Diluted EPS
$6.26
$4.30
$0.57
+45.6%
$ 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
577
244
-165
+136.5%
Cash from investing
-96.0
681
943
Cash from financing
-585
-878
-856
Share-based compensation
9.0
7.0
7.0
+28.6%
Buybacks
590
264
24.0
+123.5%
Dividends paid
76.0
75.0
69.0
+1.3%
Dividend per share
$0.44
$0.40
$0.36
+10.0%
Diluted shares, weighted
174m
188m
191m
-7.5%
Shares outstanding at period end
158m
182m
194m
-13.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,758
5,115
4,994
+12.6%
Non-controlling interest
0.0
0.0
n/a
Debt
1,297
816
836
+58.9%
Other liabilities
7,870
10,356
11,412
-24.0%
Total liabilities and equity
14,925
16,287
17,242
-8.4%
Investments
767
904
817
-15.2%
Trading assets
n/a
76.0
65.0
Cash and equivalents
75.0
184
138
-59.2%
Other assets
14,083
15,123
16,222
-6.9%
Total assets
14,925
16,287
17,242
-8.4%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.