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RADIAN GROUP INC (RDN)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Mortgage Insurance | | | | | | 1,062.9 | 1,035.2 | 997.4 |
| Mortgage and Real Estate Services | | | | | 1,250.2 | 161.8 | | 163.1 |
| Other | | | | | 22.9 | | 203.2 | 32.7 |
| Total revenues | 1,190.7 | 1,329.9 | 1,438.6 | 1,527.0 | 1,273.0 | 1,221.6 | 1,238.5 | 1,193.3 |
| Revenue growth | -10.5% | -7.6% | -5.8% | 19.9% | 4.2% | -1.4% | 3.8% | 11.2% |
| Loss and loss adjustment expenses | -338.2 | 20.9 | 485.1 | 132.0 | 104.6 | 135.2 | | |
| Policy acquisition costs | 23.9 | 29.0 | 31.0 | 25.3 | 25.3 | 24.3 | 23.5 | 22.4 |
| Investment expenses | 6.9 | 7.0 | 6.6 | 8.1 | 7.5 | 6.4 | 6.7 | 5.5 |
| Other operating expenses | 122.7 | 423.8 | 365.3 | 456.2 | 389.9 | 646.3 | 643.4 | 636.4 |
| Equity in earnings | | | | | | | | |
| EBITDA | 1,109.5 | 921.2 | 617.2 | 937.8 | 797.1 | 614.7 | | 529.8 |
| EBITDA margin | 93.2% | 69.3% | 42.9% | 61.4% | 62.6% | 50.3% | 39.5% | 44.4% |
| Depreciation | 68.0 | 68.6 | 61.4 | 50.4 | 56.7 | 58.0 | | 13.0 |
| EBITA | 1,041.5 | 852.6 | 555.7 | 887.4 | 740.5 | 556.7 | 489.7 | 516.9 |
| EBITA margin | 87.5% | 64.1% | 38.6% | 58.1% | 58.2% | 45.6% | 39.5% | 43.3% |
| Amortization of intangibles | 4.3 | 3.5 | 5.1 | | | | | 13.0 |
| EBIT | 1,037.2 | 849.2 | 550.6 | 887.4 | 740.5 | 556.7 | 489.7 | 503.9 |
| EBIT margin | 87.1% | 63.9% | 38.3% | 58.1% | 58.2% | 45.6% | 39.5% | 42.2% |
| Interest expense, net [+] | 84.5 | 84.3 | 71.2 | 79.0 | 145.5 | 234.5 | 156.2 | 116.2 |
| Interest expense | 84.5 | 84.3 | 71.2 | 56.3 | 61.5 | 62.8 | 81.1 | 91.1 |
| Interest income | | | | -22.7 | -84.0 | -171.7 | -75.1 | -25.1 |
| Other income (expense), net | | | | | 11.3 | 3.0 | | -69.2 |
| Pre-tax income | 952.8 | 764.8 | 479.4 | 849.0 | 684.2 | 346.7 | 483.7 | 437.8 |
| Income taxes | 209.8 | 164.2 | 85.8 | 176.7 | 78.2 | 225.6 | 175.4 | 156.3 |
| Tax rate | 22.0% | 21.5% | 17.9% | 20.8% | 11.4% | 65.1% | 36.3% | 35.7% |
| Net income | 742.9 | 600.7 | 393.6 | 672.3 | 606.0 | 121.1 | 308.3 | 286.9 |
| Net margin | 62.4% | 45.2% | 27.4% | 44.0% | 47.6% | 9.9% | 24.9% | 24.0% |
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| Basic EPS | $4.42 | $3.19 | $2.01 | $3.22 | $2.83 | $0.56 | $1.46 | $1.41 |
| Diluted EPS | $4.35 | $3.16 | $2.00 | $3.20 | $2.77 | $0.55 | $1.34 | $1.14 |
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| Shares outstanding (basic) | 167.9 | 188.4 | 195.4 | 208.8 | 214.3 | 215.3 | 211.8 | 199.9 |
| Shares outstanding (diluted) | 170.7 | 190.3 | 196.6 | 210.3 | 218.6 | 220.4 | 229.3 | 246.3 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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