Assured Guaranty (AGO) FY2016 results: revenue $1.7 billion, down 24.0% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.7 billion for fiscal 2016, the year ended 31 December 2016, down 24.0% on the year before. Net income was $881 million, down 16.6%, and diluted earnings per share $6.56. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$1.7 billion
-24.0% on the year
FY2009FY2016
Operating margin
60.6%
64.8% a year earlier
FY2009FY2016
Net income
$881 million
-16.6% on the year
FY2009FY2016
Diluted EPS
$6.56
-7.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,677
2,207
1,994
-24.0%
Operating income
1,017
1,431
1,531
-28.9%
Operating margin
60.6%
64.8%
76.8%
Interest expense
102
101
92.0
+1.0%
Pre-tax income
1,017
1,431
1,531
-28.9%
Income tax
136
375
443
-63.7%
Effective tax rate
13.4%
26.2%
28.9%
Net income
881
1,056
1,088
-16.6%
Net margin
52.5%
47.8%
54.6%
Diluted EPS
$6.56
$7.08
$6.26
-7.3%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
-132
-71.0
577
Cash from investing
1,076
994
-96.0
+8.2%
Cash from financing
-978
-847
-585
Share-based compensation
n/a
n/a
9.0
Buybacks
306
555
590
-44.9%
Dividends paid
69.0
72.0
76.0
-4.2%
Dividend per share
$0.52
$0.48
$0.44
+8.3%
Diluted shares, weighted
134m
149m
174m
-10.0%
Shares outstanding at period end
128m
138m
158m
-7.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,504
6,063
5,758
+7.3%
Non-controlling interest
0.0
0.0
0.0
Debt
1,306
1,300
1,297
+0.5%
Other liabilities
6,341
7,181
7,870
-11.7%
Total liabilities and equity
14,151
14,544
14,925
-2.7%
Investments
590
396
767
+49.0%
Cash and equivalents
127
166
75.0
-23.5%
Other assets
13,434
13,982
14,083
-3.9%
Total assets
14,151
14,544
14,925
-2.7%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.