Assured Guaranty (AGO) FY2019 results: revenue $963 million, down 3.9% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $963 million for fiscal 2019, the year ended 31 December 2019, down 3.9% on the year before. Net income was $402 million, down 22.8%, and diluted earnings per share $4.00. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$963 million
-3.9% on the year
FY2012FY2019
Operating margin
47.8%
57.9% a year earlier
FY2012FY2019
Net income
$402 million
-22.8% on the year
FY2012FY2019
Diluted EPS
$4.00
-14.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
963
1,002
1,739
-3.9%
Operating income
460
580
991
-20.7%
Operating margin
47.8%
57.9%
57.0%
Interest expense
89.0
94.0
97.0
-5.3%
Pre-tax income
464
580
991
-20.0%
Income tax
63.0
59.0
261
+6.8%
Effective tax rate
13.6%
10.2%
26.3%
Net income
402
521
730
-22.8%
Net margin
41.7%
52.0%
42.0%
Diluted EPS
$4.00
$4.68
$5.96
-14.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-509
462
433
Cash from investing
1,169
297
345
+293.6%
Cash from financing
-584
-795
-766
Buybacks
500
500
501
0.0%
Dividends paid
74.0
71.0
70.0
+4.2%
Dividend per share
$0.72
$0.64
$0.57
+12.5%
Diluted shares, weighted
100m
111m
122m
-10.0%
Shares outstanding at period end
93m
104m
116m
-10.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,639
6,555
6,839
+1.3%
Non-controlling interest
6.0
0.0
0.0
Debt
1,235
1,233
1,292
+0.2%
Other liabilities
6,446
5,815
6,302
+10.9%
Total liabilities and equity
14,326
13,603
14,433
+5.3%
Goodwill
117
0.0
n/a
Intangible assets
77.0
2.0
n/a
+3,750.0%
Investments
1,268
729
627
+73.9%
Cash and equivalents
183
104
144
+76.0%
Other assets
12,681
12,768
13,662
-0.7%
Total assets
14,326
13,603
14,433
+5.3%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.