Radian Group (RDN) FY2019 results: revenue $1.5 billion, up 19.9% on the year
Radian Group Inc. (RDN) reported revenue of $1.5 billion for fiscal 2019, the year ended 31 December 2019, up 19.9% on the year before. Net income was $672 million, up 10.9%, and diluted earnings per share $3.20. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$1.5 billion
+19.9% on the year
FY2012FY2019
Operating margin
55.6%
53.7% a year earlier
FY2012FY2019
Net income
$672 million
+10.9% on the year
FY2012FY2019
Diluted EPS
$3.20
+15.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,527
1,273
1,222
+19.9%
Cost of revenue
108
98.1
105
+10.4%
Gross profit
1,419
1,175
1,117
+20.7%
Gross margin
92.9%
92.3%
91.4%
Operating income
849
684
347
+24.1%
Operating margin
55.6%
53.7%
28.4%
Interest expense
56.3
61.5
62.8
-8.4%
Pre-tax income
849
684
347
+24.1%
Income tax
177
78.2
226
+126.0%
Effective tax rate
20.8%
11.4%
65.1%
Net income
672
606
121
+10.9%
Net margin
44.0%
47.6%
9.9%
Diluted EPS
$3.20
$2.77
$0.55
+15.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
694
678
361
+2.5%
Capital expenditure
27.6
26.0
28.7
+6.2%
Free cash flow
667
652
332
+2.3%
Free cash flow margin
43.7%
51.2%
27.2%
Cash from investing
-302
-689
-201
Cash from financing
-403
22.4
-125
Depreciation and amortisation
20.8
19.4
58.0
+7.2%
Share-based compensation
21.4
17.6
13.5
+21.3%
Buybacks
300
50.1
0.0
+499.8%
Dividends paid
2.1
2.1
2.2
-3.7%
Dividend per share
n/a
n/a
$0.01
Diluted shares, weighted
210m
219m
220m
-3.8%
Shares outstanding at period end
201m
213m
216m
-5.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,049
3,489
3,000
+16.1%
Debt
n/a
n/a
1,027
Other liabilities
2,760
2,826
1,874
-2.3%
Total liabilities and equity
6,808
6,315
5,901
+7.8%
Fixed assets
87.9
37.1
38.3
+136.9%
Intangible assets
18.4
44.9
53.3
-59.1%
Securities held for sale or to maturity
4,689
4,022
3,459
+16.6%
Trading assets
n/a
469
606
Cash and equivalents
92.7
95.4
80.6
-2.8%
Other assets
1,920
1,647
1,664
+16.6%
Total assets
6,808
6,315
5,901
+7.8%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.