Radian Group (RDN) FY2020 results: revenue $1.4 billion, down 5.8% on the year
Radian Group Inc. (RDN) reported revenue of $1.4 billion for fiscal 2020, the year ended 31 December 2020, down 5.8% on the year before. Net income was $394 million, down 41.5%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.4 billion
-5.8% on the year
FY2013FY2020
Operating margin
33.3%
55.6% a year earlier
FY2013FY2020
Net income
$394 million
-41.5% on the year
FY2013FY2020
Diluted EPS
$2.00
-37.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,439
1,527
1,273
-5.8%
Cost of revenue
86.1
108
98.1
-20.5%
Gross profit
1,353
1,419
1,175
-4.7%
Gross margin
94.0%
92.9%
92.3%
Operating income
479
849
684
-43.5%
Operating margin
33.3%
55.6%
53.7%
Interest expense
71.2
56.3
61.5
+26.4%
Pre-tax income
479
849
684
-43.5%
Income tax
85.8
177
78.2
-51.4%
Effective tax rate
17.9%
20.8%
11.4%
Net income
394
672
606
-41.5%
Net margin
27.4%
44.0%
47.6%
Diluted EPS
$2.00
$3.20
$2.77
-37.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
658
694
678
-5.2%
Capital expenditure
17.0
27.6
26.0
-38.4%
Free cash flow
641
667
652
-3.8%
Free cash flow margin
44.6%
43.7%
51.2%
Cash from investing
-883
-302
-689
Cash from financing
223
-403
22.4
Depreciation and amortisation
18.3
20.8
19.4
-12.0%
Share-based compensation
19.2
21.4
17.6
-10.4%
Buybacks
226
300
50.1
-24.6%
Dividends paid
97.5
2.1
2.1
+4,628.7%
Diluted shares, weighted
197m
210m
219m
-6.5%
Shares outstanding at period end
192m
201m
213m
-4.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,284
4,049
3,489
+5.8%
Other liabilities
3,664
2,760
2,826
+32.8%
Total liabilities and equity
7,948
6,808
6,315
+16.7%
Fixed assets
80.5
87.9
37.1
-8.4%
Goodwill
9.8
n/a
n/a
Intangible assets
13.2
18.4
44.9
-28.0%
Securities held for sale or to maturity
5,723
4,689
4,022
+22.1%
Trading assets
n/a
n/a
469
Cash and equivalents
87.9
92.7
95.4
-5.2%
Other assets
2,033
1,920
1,647
+5.9%
Total assets
7,948
6,808
6,315
+16.7%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.