Radian Group (RDN) FY2014 results: revenue $1.1 billion, up 43.0% on the year
Radian Group Inc. (RDN) reported revenue of $1.1 billion for fiscal 2014, the year ended 31 December 2014, up 43.0% on the year before. Net income was $960 million, and diluted earnings per share $4.16. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$1.1 billion
+43.0% on the year
FY2009FY2014
Operating margin
38.0%
-27.6% a year earlier
FY2009FY2014
Net income
$960 million
FY2009FY2014
Diluted EPS
$4.16
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,073
750
903
+43.0%
Cost of revenue
44.7
0.0
0.0
Gross profit
1,028
750
903
+37.1%
Gross margin
95.8%
100.0%
100.0%
Operating income
407
-207
-444
Operating margin
38.0%
-27.6%
-49.2%
Interest expense
90.5
74.6
51.8
+21.2%
Pre-tax income
407
-173
n/a
Income tax
-852
-31.5
-48.3
Effective tax rate
-209.4%
n/a
n/a
Net income
960
-197
-451
Net margin
89.5%
-26.3%
-50.0%
Diluted EPS
$4.16
-$1.18
-$3.41
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-146
-665
-510
Capital expenditure
18.5
6.0
2.2
+208.0%
Free cash flow
-165
-671
-513
Free cash flow margin
-15.4%
-89.5%
-56.8%
Cash from investing
-336
60.3
661
Cash from financing
482
597
-155
-19.3%
Depreciation and amortisation
57.3
80.1
72.4
-28.5%
Share-based compensation
43.0
95.0
28.4
-54.7%
Buybacks
0.0
0.0
n/a
Dividends paid
1.9
1.6
1.3
+14.3%
Dividend per share
$0.01
$0.01
$0.01
0.0%
Diluted shares, weighted
234m
166m
133m
+40.6%
Shares outstanding at period end
191m
173m
134m
+10.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,097
940
736
+123.2%
Redeemable equity
74.7
n/a
n/a
Debt
1,192
930
664
+28.2%
Other liabilities
3,478
3,752
4,503
-7.3%
Total liabilities and equity
6,842
5,622
5,903
+21.7%
Fixed assets
27.2
10.5
7.5
+159.1%
Goodwill
192
2.1
n/a
+9,061.4%
Intangible assets
96.3
0.2
n/a
+46,879.5%
Investments
n/a
n/a
778
Securities held for sale or to maturity
537
35.5
n/a
+1,412.2%
Trading assets
1,634
2,239
4,095
-27.0%
Cash and equivalents
30.5
22.9
29.4
+33.2%
Other assets
4,326
3,312
994
+30.6%
Total assets
6,842
5,622
5,903
+21.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.