Radian Group (RDN) FY2013 results: revenue $750 million, down 16.9% on the year
Radian Group Inc. (RDN) reported revenue of $750 million for fiscal 2013, the year ended 31 December 2013, down 16.9% on the year before. Net income was -$197 million, and diluted earnings per share $-1.18. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$750 million
-16.9% on the year
FY2009FY2013
Operating margin
-27.6%
-49.2% a year earlier
FY2009FY2013
Net income
-$197 million
FY2009FY2013
Diluted EPS
-$1.18
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
750
903
1,948
-16.9%
Cost of revenue
0.0
0.0
n/a
Gross profit
750
903
n/a
-16.9%
Gross margin
100.0%
100.0%
n/a
Operating income
-207
-444
369
Operating margin
-27.6%
-49.2%
18.9%
Interest expense
74.6
51.8
61.4
+44.0%
Pre-tax income
-173
n/a
n/a
Income tax
-31.5
-48.3
66.4
Net income
-197
-451
302
Net margin
-26.3%
-50.0%
15.5%
Diluted EPS
-$1.18
-$3.41
$2.26
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
-665
-510
-898
Capital expenditure
6.0
2.2
3.0
+173.0%
Free cash flow
-671
-513
-901
Free cash flow margin
-89.5%
-56.8%
-46.2%
Cash from investing
60.3
661
1,073
-90.9%
Cash from financing
597
-155
-161
Depreciation and amortisation
80.1
72.4
63.1
+10.7%
Share-based compensation
95.0
28.4
-1.0
+234.8%
Buybacks
0.0
n/a
n/a
Dividends paid
1.6
1.3
1.3
+22.2%
Dividend per share
$0.01
$0.01
$0.01
0.0%
Diluted shares, weighted
166m
133m
134m
+25.5%
Shares outstanding at period end
173m
134m
133m
+29.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
940
736
1,182
+27.6%
Debt
930
664
819
+40.2%
Other liabilities
3,752
4,503
4,656
-16.7%
Total liabilities and equity
5,622
5,903
6,657
-4.8%
Fixed assets
10.5
7.5
11.0
+41.0%
Goodwill
2.1
n/a
n/a
Intangible assets
0.2
n/a
n/a
Investments
n/a
778
1,262
Securities held for sale or to maturity
35.5
n/a
n/a
Trading assets
2,239
4,095
4,211
-45.3%
Cash and equivalents
22.9
29.4
33.0
-22.2%
Other assets
3,312
994
1,140
+233.1%
Total assets
5,622
5,903
6,657
-4.8%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.