Assured Guaranty (AGO) FY2020 results: revenue $1.1 billion, up 15.8% on the year
Assured Guaranty Ltd. (AGO) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 December 2020, up 15.8% on the year before. Net income was $362 million, down 10.0%, and diluted earnings per share $4.19. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.1 billion
+15.8% on the year
FY2013FY2020
Operating margin
34.6%
47.8% a year earlier
FY2013FY2020
Net income
$362 million
-10.0% on the year
FY2013FY2020
Diluted EPS
$4.19
+4.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,115
963
1,002
+15.8%
Operating income
386
460
580
-16.1%
Operating margin
34.6%
47.8%
57.9%
Interest expense
85.0
89.0
94.0
-4.5%
Pre-tax income
413
464
580
-11.0%
Income tax
45.0
63.0
59.0
-28.6%
Effective tax rate
10.9%
13.6%
10.2%
Net income
362
402
521
-10.0%
Net margin
32.5%
41.7%
52.0%
Diluted EPS
$4.19
$4.00
$4.68
+4.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-853
-509
462
Cash from investing
788
1,169
297
-32.6%
Cash from financing
183
-584
-795
Buybacks
446
500
500
-10.8%
Dividends paid
69.0
74.0
71.0
-6.8%
Dividend per share
$0.80
$0.72
$0.64
+11.1%
Diluted shares, weighted
86m
100m
111m
-14.0%
Shares outstanding at period end
78m
93m
104m
-16.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,643
6,639
6,555
+0.1%
Non-controlling interest
41.0
6.0
0.0
+583.3%
Debt
1,224
1,235
1,233
-0.9%
Other liabilities
7,426
6,446
5,815
+15.2%
Total liabilities and equity
15,334
14,326
13,603
+7.0%
Goodwill
117
117
0.0
0.0%
Intangible assets
64.0
77.0
2.0
-16.9%
Investments
851
1,268
729
-32.9%
Cash and equivalents
298
183
104
+62.8%
Other assets
14,004
12,681
12,768
+10.4%
Total assets
15,334
14,326
13,603
+7.0%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.