Radian Group (RDN) FY2021 results: revenue $1.3 billion, down 7.6% on the year

Radian Group Inc. (RDN) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, down 7.6% on the year before. Net income was $601 million, up 52.6%, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.3 billion

-7.6% on the year

FY2014FY2021

Operating margin

57.5%

33.3% a year earlier

FY2014FY2021

Net income

$601 million

+52.6% on the year

FY2014FY2021

Diluted EPS

$3.16

+58.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,330	1,439	1,527	-7.6%
Cost of revenue	104	86.1	108	+20.5%
Gross profit	1,226	1,353	1,419	-9.3%
Gross margin	92.2%	94.0%	92.9%
Operating income	765	479	849	+59.5%
Operating margin	57.5%	33.3%	55.6%
Interest expense	84.3	71.2	56.3	+18.5%
Pre-tax income	765	479	849	+59.5%
Income tax	164	85.8	177	+91.3%
Effective tax rate	21.5%	17.9%	20.8%
Net income	601	394	672	+52.6%
Net margin	45.2%	27.4%	44.0%
Diluted EPS	$3.16	$2.00	$3.20	+58.0%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	557	658	694	-15.4%
Capital expenditure	12.6	17.0	27.6	-25.9%
Free cash flow	545	641	667	-15.1%
Free cash flow margin	40.9%	44.6%	43.7%
Cash from investing	-1.9	-883	-302
Cash from financing	-497	223	-403
Depreciation and amortisation	16.0	18.3	20.8	-12.6%
Share-based compensation	28.4	19.2	21.4	+47.8%
Buybacks	399	226	300	+76.4%
Dividends paid	103	97.5	2.1	+6.0%
Dividend per share	$0.55	n/a	n/a
Diluted shares, weighted	190m	197m	210m	-3.2%
Shares outstanding at period end	175m	192m	201m	-8.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	4,259	4,284	4,049	-0.6%
Other liabilities	3,580	3,664	2,760	-2.3%
Total liabilities and equity	7,839	7,948	6,808	-1.4%
Fixed assets	75.1	80.5	87.9	-6.7%
Goodwill	9.8	9.8	n/a	0.0%
Intangible assets	9.8	13.2	18.4	-26.1%
Securities held for sale or to maturity	5,517	5,723	4,689	-3.6%
Cash and equivalents	151	87.9	92.7	+71.9%
Other assets	2,076	2,033	1,920	+2.1%
Total assets	7,839	7,948	6,808	-1.4%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.