Radian Group (RDN) FY2017 results: revenue $1.2 billion, down 1.4% on the year
Radian Group Inc. (RDN) reported revenue of $1.2 billion for fiscal 2017, the year ended 31 December 2017, down 1.4% on the year before. Net income was $121 million, down 60.7%, and diluted earnings per share $0.55. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2018.
Revenue
$1.2 billion
-1.4% on the year
FY2010FY2017
Operating margin
28.4%
39.1% a year earlier
FY2010FY2017
Net income
$121 million
-60.7% on the year
FY2010FY2017
Diluted EPS
$0.55
-59.9% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,222
1,238
1,193
-1.4%
Cost of revenue
105
114
93.7
-8.4%
Gross profit
1,117
1,124
1,100
-0.6%
Gross margin
91.4%
90.8%
92.1%
Operating income
347
484
438
-28.3%
Operating margin
28.4%
39.1%
36.7%
Interest expense
62.8
81.1
91.1
-22.6%
Pre-tax income
347
484
438
-28.3%
Income tax
226
175
156
+28.6%
Effective tax rate
65.1%
36.3%
35.7%
Net income
121
308
287
-60.7%
Net margin
9.9%
24.9%
24.0%
Diluted EPS
$0.55
$1.37
$1.22
-59.9%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
361
382
11.7
-5.5%
Capital expenditure
28.7
35.5
25.5
-19.3%
Free cash flow
332
346
-13.7
-4.1%
Free cash flow margin
27.2%
28.0%
-1.2%
Cash from investing
-201
-176
2.8
Cash from financing
-125
-203
0.6
Depreciation and amortisation
58.0
18.8
19.7
+208.7%
Share-based compensation
13.5
16.3
23.0
-17.2%
Buybacks
0.0
100
202
-100.0%
Dividends paid
2.2
2.1
2.0
+2.3%
Dividend per share
$0.01
$0.01
$0.01
0.0%
Diluted shares, weighted
220m
229m
246m
-3.9%
Shares outstanding at period end
216m
215m
207m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,000
2,872
2,497
+4.4%
Redeemable equity
n/a
0.0
0.0
Debt
1,027
1,070
1,219
-4.0%
Other liabilities
1,874
1,921
1,926
-2.5%
Total liabilities and equity
5,901
5,863
5,642
+0.6%
Fixed assets
38.3
70.7
46.8
-45.8%
Intangible assets
53.3
81.1
94.2
-34.3%
Securities held for sale or to maturity
3,459
2,839
1,865
+21.8%
Trading assets
606
880
1,279
-31.1%
Cash and equivalents
80.6
52.1
46.9
+54.5%
Other assets
1,664
1,941
2,310
-14.3%
Total assets
5,901
5,863
5,642
+0.6%
10-K for the year ended 31 December 2017, filed 28 February 2018: the filing.