Assured Guaranty (AGO) FY2018 results: revenue $1.0 billion, down 42.4% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.0 billion for fiscal 2018, the year ended 31 December 2018, down 42.4% on the year before. Net income was $521 million, down 28.6%, and diluted earnings per share $4.68. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$1.0 billion
-42.4% on the year
FY2011FY2018
Operating margin
57.9%
57.0% a year earlier
FY2011FY2018
Net income
$521 million
-28.6% on the year
FY2011FY2018
Diluted EPS
$4.68
-21.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,002
1,739
1,677
-42.4%
Operating income
580
991
1,017
-41.5%
Operating margin
57.9%
57.0%
60.6%
Interest expense
94.0
97.0
102
-3.1%
Pre-tax income
580
991
1,017
-41.5%
Income tax
59.0
261
136
-77.4%
Effective tax rate
10.2%
26.3%
13.4%
Net income
521
730
881
-28.6%
Net margin
52.0%
42.0%
52.5%
Diluted EPS
$4.68
$5.96
$6.56
-21.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
462
433
-132
+6.7%
Cash from investing
297
345
1,076
-13.9%
Cash from financing
-795
-766
-978
Buybacks
500
501
306
-0.2%
Dividends paid
71.0
70.0
69.0
+1.4%
Dividend per share
$0.64
$0.57
$0.52
+12.3%
Diluted shares, weighted
111m
122m
134m
-9.0%
Shares outstanding at period end
104m
116m
128m
-10.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,555
6,839
6,504
-4.2%
Non-controlling interest
0.0
0.0
0.0
Debt
1,233
1,292
1,306
-4.6%
Other liabilities
5,815
6,302
6,341
-7.7%
Total liabilities and equity
13,603
14,433
14,151
-5.8%
Goodwill
0.0
n/a
n/a
Intangible assets
2.0
n/a
n/a
Investments
729
627
590
+16.3%
Cash and equivalents
104
144
127
-27.8%
Other assets
12,768
13,662
13,434
-6.5%
Total assets
13,603
14,433
14,151
-5.8%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.