Radian Group (RDN) FY2018 results: revenue $1.3 billion, up 4.2% on the year
Radian Group Inc. (RDN) reported revenue of $1.3 billion for fiscal 2018, the year ended 31 December 2018, up 4.2% on the year before. Net income was $606 million, up 400.5%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.3 billion
+4.2% on the year
FY2011FY2018
Operating margin
53.7%
28.4% a year earlier
FY2011FY2018
Net income
$606 million
+400.5% on the year
FY2011FY2018
Diluted EPS
$2.77
+403.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,273
1,222
1,238
+4.2%
Cost of revenue
98.1
105
114
-6.2%
Gross profit
1,175
1,117
1,124
+5.2%
Gross margin
92.3%
91.4%
90.8%
Operating income
684
347
484
+97.3%
Operating margin
53.7%
28.4%
39.1%
Interest expense
61.5
62.8
81.1
-2.0%
Pre-tax income
684
347
484
+97.3%
Income tax
78.2
226
175
-65.4%
Effective tax rate
11.4%
65.1%
36.3%
Net income
606
121
308
+400.5%
Net margin
47.6%
9.9%
24.9%
Diluted EPS
$2.77
$0.55
$1.37
+403.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
678
361
382
+88.0%
Capital expenditure
26.0
28.7
35.5
-9.3%
Free cash flow
652
332
346
+96.4%
Free cash flow margin
51.2%
27.2%
28.0%
Cash from investing
-689
-201
-176
Cash from financing
22.4
-125
-203
Depreciation and amortisation
19.4
58.0
18.8
-66.6%
Share-based compensation
17.6
13.5
16.3
+30.8%
Buybacks
50.1
0.0
100
+834,116.7%
Dividends paid
2.1
2.2
2.1
-0.6%
Dividend per share
n/a
$0.01
$0.01
Diluted shares, weighted
219m
220m
229m
-0.8%
Shares outstanding at period end
213m
216m
215m
-1.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,489
3,000
2,872
+16.3%
Redeemable equity
n/a
n/a
0.0
Debt
n/a
1,027
1,070
Other liabilities
2,826
1,874
1,921
+50.8%
Total liabilities and equity
6,315
5,901
5,863
+7.0%
Fixed assets
37.1
38.3
70.7
-3.1%
Intangible assets
44.9
53.3
81.1
-15.7%
Securities held for sale or to maturity
4,022
3,459
2,839
+16.3%
Trading assets
469
606
880
-22.7%
Cash and equivalents
95.4
80.6
52.1
+18.4%
Other assets
1,647
1,664
1,941
-1.0%
Total assets
6,315
5,901
5,863
+7.0%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.