Mgic Investment (MTG) FY2020 results: revenue $1.2 billion, down 1.2% on the year
Mgic Investment Corp. (MTG) reported revenue of $1.2 billion for fiscal 2020, the year ended 31 December 2020, down 1.2% on the year before. Net income was $446 million, down 33.8%, and diluted earnings per share $1.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$1.2 billion
-1.2% on the year
FY2013FY2020
Operating margin
46.6%
69.9% a year earlier
FY2013FY2020
Net income
$446 million
-33.8% on the year
FY2013FY2020
Diluted EPS
$1.29
-30.3% 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
1,199
1,214
1,124
-1.2%
Operating income
559
848
844
-34.0%
Operating margin
46.6%
69.9%
75.1%
Interest expense
59.6
52.7
53.0
+13.2%
Pre-tax income
559
848
844
-34.0%
Income tax
113
174
174
-35.0%
Effective tax rate
20.2%
20.5%
20.6%
Net income
446
674
670
-33.8%
Net margin
37.2%
55.5%
59.6%
Diluted EPS
$1.29
$1.85
$1.78
-30.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
732
610
545
+20.1%
Capital expenditure
3.3
5.6
14.2
-41.3%
Free cash flow
729
604
530
+20.7%
Free cash flow margin
60.8%
49.7%
47.2%
Cash from investing
-773
-422
-318
Cash from financing
168
-173
-172
Depreciation and amortisation
57.8
48.8
58.2
+18.5%
Share-based compensation
13.8
18.9
20.9
-27.0%
Buybacks
120
126
163
-4.6%
Dividends paid
82.1
41.9
0.0
+95.8%
Dividend per share
$0.06
n/a
n/a
Diluted shares, weighted
359m
374m
386m
-3.9%
Shares outstanding at period end
339m
347m
355m
-2.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,699
4,309
3,582
+9.0%
Debt
1,243
833
832
+49.3%
Other liabilities
1,412
1,088
1,264
+29.9%
Total liabilities and equity
7,355
6,230
5,678
+18.1%
Fixed assets
47.1
50.1
51.7
-5.9%
Securities held for sale or to maturity
6,662
5,738
5,152
+16.1%
Cash and equivalents
288
162
152
+77.9%
Other assets
358
280
322
+27.9%
Total assets
7,355
6,230
5,678
+18.1%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.