Radian Group (RDN) FY2015 results: revenue $1.2 billion, up 11.2% on the year
Radian Group Inc. (RDN) reported revenue of $1.2 billion for fiscal 2015, the year ended 31 December 2015, up 11.2% on the year before. Net income was $287 million, down 70.1%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$1.2 billion
+11.2% on the year
FY2009FY2015
Operating margin
36.7%
38.0% a year earlier
FY2009FY2015
Net income
$287 million
-70.1% on the year
FY2009FY2015
Diluted EPS
$1.22
-70.7% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,193
1,073
750
+11.2%
Cost of revenue
93.7
44.7
0.0
+109.8%
Gross profit
1,100
1,028
750
+7.0%
Gross margin
92.1%
95.8%
100.0%
Operating income
438
407
-207
+7.5%
Operating margin
36.7%
38.0%
-27.6%
Interest expense
91.1
90.5
74.6
+0.7%
Pre-tax income
438
407
-173
+7.5%
Income tax
156
-852
-31.5
Effective tax rate
35.7%
-209.4%
n/a
Net income
287
960
-197
-70.1%
Net margin
24.0%
89.5%
-26.3%
Diluted EPS
$1.22
$4.16
-$1.18
-70.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
11.7
-146
-665
Capital expenditure
25.5
18.5
6.0
+37.7%
Free cash flow
-13.7
-165
-671
Free cash flow margin
-1.2%
-15.4%
-89.5%
Cash from investing
2.8
-336
60.3
Cash from financing
0.6
482
597
-99.9%
Depreciation and amortisation
19.7
57.3
80.1
-65.6%
Share-based compensation
23.0
43.0
95.0
-46.5%
Buybacks
202
0.0
0.0
Dividends paid
2.0
1.9
1.6
+7.0%
Dividend per share
$0.01
$0.01
$0.01
0.0%
Diluted shares, weighted
246m
234m
166m
+5.3%
Shares outstanding at period end
207m
191m
173m
+8.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,497
2,097
940
+19.1%
Redeemable equity
0.0
74.7
n/a
Debt
1,219
1,192
930
+2.3%
Other liabilities
1,926
3,478
3,752
-44.6%
Total liabilities and equity
5,642
6,842
5,622
-17.5%
Fixed assets
46.8
27.2
10.5
+71.8%
Goodwill
n/a
192
2.1
Intangible assets
94.2
96.3
0.2
-2.1%
Securities held for sale or to maturity
1,865
537
35.5
+247.5%
Trading assets
1,279
1,634
2,239
-21.7%
Cash and equivalents
46.9
30.5
22.9
+53.9%
Other assets
2,310
4,326
3,312
-46.6%
Total assets
5,642
6,842
5,622
-17.5%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.