Radian Group (RDN) FY2016 results: revenue $1.2 billion, up 3.8% on the year
Radian Group Inc. (RDN) reported revenue of $1.2 billion for fiscal 2016, the year ended 31 December 2016, up 3.8% on the year before. Net income was $308 million, up 7.4%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2017.
Revenue
$1.2 billion
+3.8% on the year
FY2009FY2016
Operating margin
39.1%
36.7% a year earlier
FY2009FY2016
Net income
$308 million
+7.4% on the year
FY2009FY2016
Diluted EPS
$1.37
+12.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,238
1,193
1,073
+3.8%
Cost of revenue
114
93.7
44.7
+21.8%
Gross profit
1,124
1,100
1,028
+2.3%
Gross margin
90.8%
92.1%
95.8%
Operating income
484
438
407
+10.5%
Operating margin
39.1%
36.7%
38.0%
Interest expense
81.1
91.1
90.5
-10.9%
Pre-tax income
484
438
407
+10.5%
Income tax
175
156
-852
+12.2%
Effective tax rate
36.3%
35.7%
-209.4%
Net income
308
287
960
+7.4%
Net margin
24.9%
24.0%
89.5%
Diluted EPS
$1.37
$1.22
$4.16
+12.3%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
382
11.7
-146
+3,156.8%
Capital expenditure
35.5
25.5
18.5
+39.6%
Free cash flow
346
-13.7
-165
Free cash flow margin
28.0%
-1.2%
-15.4%
Cash from investing
-176
2.8
-336
Cash from financing
-203
0.6
482
Depreciation and amortisation
18.8
19.7
57.3
-4.6%
Share-based compensation
16.3
23.0
43.0
-29.2%
Buybacks
100
202
0.0
-50.4%
Dividends paid
2.1
2.0
1.9
+5.5%
Dividend per share
$0.01
$0.01
$0.01
0.0%
Diluted shares, weighted
229m
246m
234m
-6.9%
Shares outstanding at period end
215m
207m
191m
+3.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,872
2,497
2,097
+15.0%
Redeemable equity
0.0
0.0
74.7
Debt
1,070
1,219
1,192
-12.3%
Other liabilities
1,921
1,926
3,478
-0.2%
Total liabilities and equity
5,863
5,642
6,842
+3.9%
Fixed assets
70.7
46.8
27.2
+51.0%
Goodwill
n/a
n/a
192
Intangible assets
81.1
94.2
96.3
-14.0%
Securities held for sale or to maturity
2,839
1,865
537
+52.2%
Trading assets
880
1,279
1,634
-31.2%
Cash and equivalents
52.1
46.9
30.5
+11.2%
Other assets
1,941
2,310
4,326
-16.0%
Total assets
5,863
5,642
6,842
+3.9%
10-K for the year ended 31 December 2016, filed 27 February 2017: the filing.