Assured Guaranty (AGO) FY2017 results: revenue $1.7 billion, up 3.7% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.7 billion for fiscal 2017, the year ended 31 December 2017, up 3.7% on the year before. Net income was $730 million, down 17.1%, and diluted earnings per share $5.96. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.
Revenue
$1.7 billion
+3.7% on the year
FY2010FY2017
Operating margin
57.0%
60.6% a year earlier
FY2010FY2017
Net income
$730 million
-17.1% on the year
FY2010FY2017
Diluted EPS
$5.96
-9.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,739
1,677
2,207
+3.7%
Operating income
991
1,017
1,431
-2.6%
Operating margin
57.0%
60.6%
64.8%
Interest expense
97.0
102
101
-4.9%
Pre-tax income
991
1,017
1,431
-2.6%
Income tax
261
136
375
+91.9%
Effective tax rate
26.3%
13.4%
26.2%
Net income
730
881
1,056
-17.1%
Net margin
42.0%
52.5%
47.8%
Diluted EPS
$5.96
$6.56
$7.08
-9.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
433
-132
-71.0
Cash from investing
345
1,076
994
-67.9%
Cash from financing
-766
-978
-847
Buybacks
501
306
555
+63.7%
Dividends paid
70.0
69.0
72.0
+1.4%
Dividend per share
$0.57
$0.52
$0.48
+9.6%
Diluted shares, weighted
122m
134m
149m
-8.8%
Shares outstanding at period end
116m
128m
138m
-9.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,839
6,504
6,063
+5.2%
Non-controlling interest
0.0
0.0
0.0
Debt
1,292
1,306
1,300
-1.1%
Other liabilities
6,302
6,341
7,181
-0.6%
Total liabilities and equity
14,433
14,151
14,544
+2.0%
Investments
627
590
396
+6.3%
Cash and equivalents
144
127
166
+13.4%
Other assets
13,662
13,434
13,982
+1.7%
Total assets
14,433
14,151
14,544
+2.0%
10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.