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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Radian Group Inc | NYSE:RDN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.50 | 1.43% | 35.41 | 35.42 | 34.695 | 35.08 | 702,248 | 23:00:28 |
-- GAAP net income of $167 million, or $0.78 per diluted share --
-- Adjusted diluted net operating income per share increases 16% year-over-year to $0.80 --
-- Writes $18.5 billion in new MI business, sets company record for quarterly flow MI; MI in force increases more than 9% year-over-year to $231 billion --
-- Book value per share grows 23% year-over-year to $18.42 --
-- Extends debt maturity profile while reducing overall interest costs --
-- In July, company completed $250 million share repurchase program, purchasing a total of 11.3 million shares or 5.3% of shares outstanding --
Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2019, of $166.7 million, or $0.78 per diluted share. This compares to net income for the quarter ended June 30, 2018, of $208.9 million, or $0.96 per diluted share, which included a tax benefit of approximately $74 million, or $0.34 per share, resulting from the impact of the company's previously disclosed settlement with the IRS.
Key Financial Highlights (dollars in millions, except per-share data)
Quarter Ended June 30, 2019
Quarter Ended June 30, 2018
Percent Change
Net income (1)
$166.7
$208.9
(20)%
Diluted net income per share
$0.78
$0.96
(19)%
Consolidated pretax income
$209.5
$180.6
16%
Adjusted pretax operating income (2)
$215.8
$191.0
13%
Adjusted diluted net operating
income per share (2)
$0.80
$0.69
16%
Net premiums earned - mortgage insurance (3)
$296.3
$249.0
19%
MI New Insurance Written (NIW)
$18,539
$16,417
13%
MI primary insurance in force
$230,756
$210,741
9%
Book value per share
$18.42
$15.01
23%
Return on Equity (1)(4)
17.8%
26.7%
(33)%
Adjusted Net Operating Return on Equity (2)
18.2%
19.3%
(6)%
(1)
Net income for the second quarter of 2019 includes: (i) a $16.8 million pretax loss on extinguishment of debt and (ii) $12.5 million pretax net gain on investments and other financial instruments. Net income for the second quarter of 2018 includes: (i) the impact of a $73.6 million tax benefit, which includes both the impact of the previously disclosed settlement with the IRS as well as certain previously accrued state and local tax liabilities and (ii) $7.4 million pretax net loss on investments and other financial instruments.
(2)
Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share, and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and a reconciliation of these measures to the comparable GAAP measures, see Exhibits F and G.
(3)
Net premiums earned - mortgage insurance includes a cumulative adjustment to unearned premiums recorded in the second quarter of 2019 related to an update to the amortization rates used to recognize revenue for single premium policies.
(4)
Calculated by dividing annualized net income by average stockholders' equity, based on the average of the beginning and ending balances for each period presented.
Adjusted pretax operating income for the quarter ended June 30, 2019, was $215.8 million, compared to $191.0 million for the quarter ended June 30, 2018. Adjusted diluted net operating income per share for the quarter ended June 30, 2019, was $0.80, an increase of 16 percent compared to $0.69 for the quarter ended June 30, 2018.
Book value per share at June 30, 2019, was $18.42, an increase of 5 percent compared to $17.49 at March 31, 2019, and an increase of 23 percent compared to $15.01 at June 30, 2018.
“We reported another quarter of excellent financial results for Radian, including net income of $167 million, a 23% increase in book value to $18.42, and return on equity of 18%. We wrote record-breaking levels of new mortgage insurance business which grew our in-force portfolio more than 9% to $231 billion, and we increased Services segment revenues to $43 million," said Radian’s Chief Executive Officer Rick Thornberry. "These results reflect the fundamental strength of our business model, the value of our customer relationships, and the dedication of our entire team."
Thornberry added, "We also made progress against our capital strategy by repaying a significant portion of our near-term debt, extending our debt maturities, reducing overall interests costs, and returning value more quickly to shareholders through share repurchases. In July, we completed our $250 million share repurchase program, repurchasing a total of 11.3 million shares and reducing shares outstanding by 5.3% over the course of the program."
SECOND QUARTER HIGHLIGHTS
CAPITAL AND LIQUIDITY UPDATE
The company remains focused on optimizing its capital position, enhancing its return on capital, and increasing its financial flexibility.
Radian Group
Radian Guaranty
CONFERENCE CALL
Radian will discuss second quarter financial results in a conference call tomorrow, Thursday, August 1, 2019, at 10:00 a.m. Eastern time. The conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The call may also be accessed by dialing 844.767.5679 inside the U.S., or 409.207.6967 for international callers, using passcode 9040748 or by referencing Radian.
A replay of the webcast will be available on the Radian website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two and a half hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 866.207.1041 inside the U.S., or 402.970.0847 for international callers, passcode 4071333.
In addition to the information provided in the company's earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian's website under Investors>Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.
NON-GAAP FINANCIAL MEASURES
Radian believes that adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity (non-GAAP measures) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, these measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.
Adjusted pretax operating income is defined as earnings excluding the impact of certain items that are not viewed as part of the operating performance of the company’s primary activities, or not expected to result in an economic impact equal to the amount reflected in pretax income. Adjusted pretax operating income adjusts GAAP pretax income to remove the effects of: (i) net gains (losses) on investments and other financial instruments; (ii) loss on extinguishment of debt; (iii) amortization and impairment of goodwill and other acquired intangible assets; and (iv) impairment of other long-lived assets and other non-operating items, such as losses from the sale of lines of business and acquisition-related expenses. Adjusted diluted net operating income per share represents a diluted net income per share calculation using as its basis adjusted pretax operating income, net of taxes at the company’s statutory tax rate for the period. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income, net of taxes computed using the company's statutory tax rate, by average stockholders' equity, based on the average of the beginning and ending balances for each period presented.
In addition to the above non-GAAP measures for the consolidated company, the company also presents as supplemental information a non-GAAP measure for the Services segment, representing earnings before interest, income tax provision (benefit), depreciation and amortization (EBITDA). Services adjusted EBITDA is calculated by using the Services segment’s adjusted pretax operating income as described above, further adjusted to remove the impact of depreciation and corporate allocations for interest and operating expenses. In addition, the company also has presented a related non-GAAP measure, Services adjusted EBITDA margin, which is calculated by dividing Services adjusted EBITDA by GAAP total revenue for the Services segment. Services adjusted EBITDA and Services adjusted EBITDA margin are presented to facilitate comparisons with other services companies, since they are widely accepted measures of performance in the services industry and are used internally as supplemental measures to evaluate the performance of our Services segment.
See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable consolidated GAAP measures.
ABOUT RADIAN
Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)
For historical trend information, refer to Radian’s quarterly financial statistics at http://www.radian.biz/page?name=FinancialReportsCorporate.
Exhibit A:
Condensed Consolidated Statements of Operations Trend Schedule
Exhibit B:
Net Income Per Share Trend Schedule
Exhibit C:
Condensed Consolidated Balance Sheets
Exhibit D:
Net Premiums Earned - Insurance
Exhibit E:
Segment Information
Exhibit F:
Definition of Consolidated Non-GAAP Financial Measures
Exhibit G:
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit H:
Mortgage Insurance Supplemental Information
New Insurance Written
Exhibit I:
Mortgage Insurance Supplemental Information
Primary Insurance in Force and Risk in Force
Exhibit J:
Mortgage Insurance Supplemental Information
Claims and Reserves
Exhibit K:
Mortgage Insurance Supplemental Information
Default Statistics
Exhibit L:
Mortgage Insurance Supplemental Information
Reinsurance Programs
Radian Group Inc. and SubsidiariesCondensed Consolidated Statements of Operations Trend Schedule
Exhibit A
2019
2018
(In thousands, except per-share amounts)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Revenues:
Net premiums earned - insurance
$
299,166
$
263,512
$
261,682
$
258,431
$
251,344
Services revenue
39,303
32,753
38,414
36,566
36,828
Net investment income
43,761
43,847
42,051
38,995
37,473
Net gains (losses) on investments and other financial instruments
12,540
21,913
(11,705
)
(4,480
)
(7,404
)
Other income
194
1,604
1,031
1,174
1,016
Total revenues
394,964
363,629
331,473
330,686
319,257
Expenses:
Provision for losses
47,427
20,754
27,140
20,881
19,337
Policy acquisition costs
6,203
5,893
6,485
5,667
5,996
Cost of services
27,845
24,157
24,939
25,854
24,205
Other operating expenses
70,046
78,805
77,266
70,125
70,184
Restructuring and other exit costs
—
—
113
4,464
925
Interest expense
14,961
15,697
15,584
15,535
15,291
Loss on extinguishment of debt
16,798
—
—
—
—
Amortization and impairment of other acquired intangible assets
2,139
2,187
3,461
3,472
2,748
Total expenses
185,419
147,493
154,988
145,998
138,686
Pretax income
209,545
216,136
176,485
184,688
180,571
Income tax provision (benefit)
42,815
45,179
36,706
41,891
(28,378
)
Net income
$
166,730
$
170,957
$
139,779
$
142,797
$
208,949
Diluted net income per share
$
0.78
$
0.78
$
0.64
$
0.66
$
0.96
Radian Group Inc. and Subsidiaries
Net Income Per Share Trend Schedule
Exhibit B
The calculation of basic and diluted net income per share was as follows:
2019
2018
(In thousands, except per-share amounts)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Net income —basic and diluted
$
166,730
$
170,957
$
139,779
$
142,797
$
208,949
Average common shares outstanding—basic
208,097
213,537
213,435
213,309
213,976
Dilutive effect of share-based compensation arrangements (1)
5,506
4,806
4,448
4,593
3,854
Adjusted average common shares outstanding—diluted
213,603
218,343
217,883
217,902
217,830
Basic net income per share
$
0.80
$
0.80
$
0.65
$
0.67
$
0.98
Diluted net income per share
$
0.78
$
0.78
$
0.64
$
0.66
$
0.96
(1)
The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income per share because they were anti-dilutive:
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Shares of common stock equivalents
168
169
337
338
484
Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C
June 30,
March 31,
December 31,
September 30,
June 30,
(In thousands, except per-share amounts)
2019
2019
2018
2018
2018
Assets:
Investments
$
5,513,319
$
5,475,770
$
5,153,029
$
5,028,235
$
4,873,919
Cash
74,111
118,668
95,393
104,413
95,573
Restricted cash
5,007
9,086
11,609
9,925
9,152
Accounts and notes receivable
122,104
89,237
78,652
108,003
94,848
Deferred income taxes, net
6,872
67,697
131,643
134,201
171,293
Goodwill and other acquired intangible assets, net
54,672
56,811
58,998
55,707
59,179
Prepaid reinsurance premium
385,805
408,622
417,628
413,728
405,447
Other assets
430,236
373,678
367,700
415,272
430,077
Total assets
$
6,592,126
$
6,599,569
$
6,314,652
$
6,269,484
$
6,139,488
Liabilities and stockholders’ equity:
Unearned premiums
$
666,354
$
720,159
$
739,357
$
747,921
$
741,296
Reserve for losses and loss adjustment expense
405,278
388,784
401,361
412,460
451,542
Senior notes
982,890
1,031,197
1,030,348
1,029,511
1,028,687
FHLB advances
106,382
108,532
82,532
71,430
115,308
Reinsurance funds withheld
339,641
329,868
321,212
352,952
331,776
Other liabilities
308,337
310,938
251,127
307,932
269,743
Total liabilities
2,808,882
2,889,478
2,825,937
2,922,206
2,938,352
Common stock
223
230
231
231
231
Treasury stock
(901,419
)
(895,321
)
(894,870
)
(894,635
)
(894,610
)
Additional paid-in capital
2,539,803
2,697,724
2,724,733
2,720,626
2,715,426
Retained earnings
2,056,175
1,889,964
1,719,541
1,580,296
1,438,032
Accumulated other comprehensive income (loss)
88,462
17,494
(60,920
)
(59,240
)
(57,943
)
Total stockholders’ equity
3,783,244
3,710,091
3,488,715
3,347,278
3,201,136
Total liabilities and stockholders’ equity
$
6,592,126
$
6,599,569
$
6,314,652
$
6,269,484
$
6,139,488
Shares outstanding
205,399
212,136
213,473
213,333
213,232
Book value per share
$
18.42
$
17.49
$
16.34
$
15.69
$
15.01
Tangible book value per share (See Exhibit G)
$
18.15
$
17.22
$
16.06
$
15.43
$
14.73
Debt to capital ratio (1)
20.6
%
21.7
%
22.8
%
23.5
%
24.3
%
Risk to capital ratio-Radian Guaranty only
14.6:1
13.4:1
13.9:1
12.4:1
12.5:1
Risk to capital ratio-Mortgage Insurance combined
13.3:1
12.4:1
12.8:1
11.7:1
11.8:1
(1) Calculated as senior notes divided by senior notes and stockholders' equity.
Radian Group Inc. and Subsidiaries
Net Premiums Earned - Insurance
Exhibit D
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Premiums earned - insurance:
Direct - Mortgage Insurance:
Premiums earned, excluding revenue from cancellations (1)
$
315,109
(2)
$
268,496
$
266,536
$
257,940
$
249,302
Single Premium Policy cancellations
15,793
9,957
9,320
11,559
14,776
Total direct - Mortgage Insurance
330,902
(2)
278,453
275,856
269,499
264,078
Assumed - Mortgage Insurance: (1) (3)
2,481
2,450
2,082
1,994
1,510
Ceded - Mortgage Insurance:
Premiums earned, excluding revenue from cancellations
(53,948
)
(2)
(24,486
)
(23,573
)
(20,990
)
(20,491
)
Single Premium Policy cancellations (4)
(4,833
)
(2,953
)
(3,091
)
(3,288
)
(4,046
)
Profit commission - other (5)
21,732
(2)
8,314
8,447
8,267
7,917
Total ceded premiums, net of profit commission - Mortgage Insurance (6)
(37,049
)
(2)
(19,125
)
(18,217
)
(16,011
)
(16,620
)
Net premiums earned - insurance - Mortgage Insurance
296,334
(2)
261,778
259,721
255,482
248,968
Net premiums earned - insurance - Services
2,832
1,734
1,961
2,949
2,376
Net premiums earned - insurance
$
299,166
(2)
$
263,512
$
261,682
$
258,431
$
251,344
(1)
Certain prior period amounts in 2018 have been reclassified to conform to current period presentation.
(2)
Includes a cumulative adjustment to unearned premiums related to an update to the amortization rates used to recognize revenue for Single Premium Policies.
(3)
Includes premiums earned from our participation in certain Front-end and Back-end credit risk transfer programs.
(4)
Includes the impact of related profit commissions.
(5)
The amounts represent the profit commission on the Single Premium QSR Program, excluding the impact of Single Premium Policy cancellations.
(6)
See Exhibit L for additional information on ceded premiums for our various reinsurance programs.
Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 1 of 2) Summarized financial information concerning our operating segments as of and for the periods indicated is as follows. For a definition of adjusted pretax operating income and Services adjusted EBITDA, along with reconciliations to consolidated GAAP measures, see Exhibits F and G.
Mortgage Insurance
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Net premiums written - insurance (1)
$
265,345
$
251,586
$
247,256
$
253,827
$
251,958
(Increase) decrease in unearned premiums
30,989
(2)
10,192
12,465
1,655
(2,990)
Net premiums earned - insurance
296,334
261,778
259,721
255,482
248,968
Net investment income
43,584
43,665
41,875
38,824
37,447
Other income
602
1,196
641
725
621
Total
340,520
306,639
302,237
295,031
287,036
Provision for losses
47,165
20,844
27,079
20,715
19,362
Policy acquisition costs
6,203
5,893
6,485
5,667
5,996
Other operating expenses before corporate allocations (3)
28,438
30,410
37,070
33,152
33,262
Total (4)
81,806
57,147
70,634
59,534
58,620
Adjusted pretax operating income before corporate allocations
258,714
249,492
231,603
235,497
228,416
Allocation of corporate operating expenses
24,388
25,625
21,627
19,794
20,136
Allocation of interest expense
14,961
15,697
11,133
11,083
10,840
Adjusted pretax operating income
$
219,365
$
208,170
$
198,843
$
204,620
$
197,440
Services
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Net premiums earned - insurance
$
2,832
$
1,734
$
1,961
$
2,949
$
2,376
Services revenue (4)
40,380
33,723
39,006
37,332
37,713
Net investment income
177
182
176
171
26
Other income
(408)
408
390
449
395
Total
42,981
36,047
41,533
40,901
40,510
Provision for losses
318
(18)
113
242
53
Cost of services
28,015
24,559
25,064
26,001
24,357
Other operating expenses before corporate allocations (3)
14,204
13,435
13,719
14,772
14,015
Restructuring and other exit costs (3)
—
—
113
407
1,055
Total
42,537
37,976
39,009
41,422
39,480
Adjusted pretax operating income (loss) before corporate allocations (5)
444
(1,929)
2,524
(521)
1,030
Allocation of corporate operating expenses
3,970
4,171
3,232
2,948
3,010
Allocation of interest expense
—
—
(6
)
4,451
4,452
4,451
Adjusted pretax operating income (loss)
$
(3,526)
$
(6,100)
$
(5,159)
$
(7,921)
$
(6,431)
(1)
Net of ceded premiums written under the QSR Programs and the Excess-of-Loss Program. See Exhibit L for additional information.
See notes continued on next page. Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 2 of 2)
Notes continued from prior page.
(2)
Includes a cumulative adjustment to unearned premiums related to an update to the amortization rates used to recognize revenue for Single Premium Policies.
(3)
Does not include impairment of other long-lived assets and other non-operating items, which are not considered components of adjusted pretax operating income (loss).
(4)
Inter-segment information:
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Inter-segment expense included in Mortgage Insurance segment
$
1,077
$
970
$
592
$
766
$
885
Inter-segment revenue included in Services segment
1,077
970
592
766
885
(5)
Supplemental information for Services adjusted EBITDA (see definition in Exhibit F):
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Adjusted pretax operating income (loss) before corporate allocations
$
444
$
(1,929
)
$
2,524
$
(521
)
$
1,030
Depreciation and amortization
976
995
700
1,077
920
Services adjusted EBITDA
$
1,420
$
(934
)
$
3,224
$
556
$
1,950
(6)
Effective January 1, 2019, Clayton's holding company repaid to Radian Group the intercompany note (with terms consistent with the original issued amount of $300 million from the Senior Notes due 2019 that were used to fund our purchase of Clayton), using proceeds from an additional capital contribution from Radian Group. As a result of the intercompany note repayment, the Services segment no longer incurs interest expense on the intercompany note.
Selected Mortgage Insurance Key Ratios
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Loss ratio (1)
15.9
%
8.0
%
10.4
%
8.1
%
7.8
%
Expense ratio (1)
19.9
%
23.7
%
25.1
%
22.9
%
23.9
%
(1)
Calculated on a GAAP basis using net premiums earned.
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 1 of 2)
Use of Non-GAAP Financial Measures
In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income,” “adjusted diluted net operating income per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way the Company’s business performance is evaluated by both management and the board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis “adjusted pretax operating income,” “adjusted diluted net operating income per share” and “adjusted net operating return on equity” are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of the Company’s business segments and to allocate resources to the segments.
Adjusted pretax operating income is defined as GAAP consolidated pretax income excluding the effects of: (i) net gains (losses) on investments and other financial instruments; (ii) loss on extinguishment of debt; (iii) amortization and impairment of goodwill and other acquired intangible assets; and (iv) impairment of other long-lived assets and other non-operating items, such as losses from the sale of lines of business and acquisition-related expenses. Adjusted diluted net operating income per share is calculated by dividing (i) adjusted pretax operating income attributable to common stockholders, net of taxes computed using the Company’s statutory tax rate, by (ii) the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income, net of taxes computed using the Company’s statutory tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
Although adjusted pretax operating income excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income. These adjustments, along with the reasons for their treatment, are described below.
(1)
Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities. These valuation adjustments may not necessarily result in realized economic gains or losses.
Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses and changes in fair value of other financial instruments. We do not view them to be indicative of our fundamental operating activities.
(2)
Loss on extinguishment of debt. Gains or losses on early extinguishment of debt and losses incurred to purchase our debt prior to maturity are discretionary activities that are undertaken in order to take advantage of market opportunities to strengthen our financial and capital positions; therefore, we do not view these activities as part of our operating performance. Such transactions do not reflect expected future operations and do not provide meaningful insight regarding our current or past operating trends. Therefore, these items are excluded from our calculation of adjusted pretax operating income (loss).
(3)
Amortization and impairment of goodwill and other acquired intangible assets. Amortization of acquired intangible assets represents the periodic expense required to amortize the cost of acquired intangible assets over their estimated useful lives. Acquired intangible assets are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. We do not view these charges as part of the operating performance of our primary activities.
(4)
Impairment of other long-lived assets and other non-operating items. Includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) losses from the sale of lines of business and (ii) acquisition-related expenses.
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 2 of 2)
We have also presented a non-GAAP measure for tangible book value per share, which represents book value per share less the per-share impact of goodwill and other acquired intangible assets, net. We use this measure to assess the quality and growth of our capital. Because tangible book value per share is a widely-used financial measure which focuses on the underlying fundamentals of our financial position and operating trends without the impact of goodwill and other acquired intangible assets, we believe that current and prospective investors may find it useful in their analysis of the Company.
In addition to the above non-GAAP measures for the consolidated company, we also have presented as supplemental information a non-GAAP measure for our Services segment, representing a measure of earnings before interest, income tax provision (benefit), depreciation and amortization (“EBITDA”). We calculate Services adjusted EBITDA by using adjusted pretax operating income as described above, further adjusted to remove the impact of depreciation and corporate allocations for interest and operating expenses. In addition, we also have presented a related non-GAAP measure, Services adjusted EBITDA margin, which we calculate by dividing Services adjusted EBITDA by GAAP total revenue for the Services segment. We have presented Services adjusted EBITDA and Services adjusted EBITDA margin to facilitate comparisons with other services companies, since they are widely accepted measures of performance in the services industry and are used internally as supplemental measures to evaluate the performance of our Services segment.
See Exhibit G for the reconciliation of the most comparable GAAP measures, consolidated pretax income, diluted net income per share, return on equity and book value per share, to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income, adjusted diluted net operating income per share, adjusted net operating return on equity, and tangible book value per share, respectively. Exhibit G also contains the reconciliation of the most comparable GAAP measure, net income, to Services adjusted EBITDA.
Total adjusted pretax operating income, adjusted diluted net operating income per share, adjusted net operating return on equity, tangible book value per share, Services adjusted EBITDA and Services adjusted EBITDA margin should not be considered in isolation or viewed as substitutes for GAAP pretax income, diluted net income per share, return on equity, book value per share or net income. Our definitions of adjusted pretax operating income, adjusted diluted net operating income per share, adjusted net operating return on equity, tangible book value per share, Services adjusted EBITDA or Services adjusted EBITDA margin may not be comparable to similarly-named measures reported by other companies.
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 1 of 3)
Reconciliation of Consolidated Pretax Income to Adjusted Pretax Operating Income
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Consolidated pretax income
$
209,545
$
216,136
$
176,485
$
184,688
$
180,571
Less reconciling income (expense) items:
Net gains (losses) on investments and other financial instruments
12,540
21,913
(11,705
)
(4,480
)
(7,404
)
Loss on extinguishment of debt
(16,798
)
—
—
—
—
Amortization and impairment of other acquired intangible assets
(2,139
)
(2,187
)
(3,461
)
(3,472
)
(2,748
)
Impairment of other long-lived assets and other non-operating items (1)
103
(5,660
)
(2,033
)
(4,059
)
(286
)
Total adjusted pretax operating income (2)
$
215,839
$
202,070
$
193,684
$
196,699
$
191,009
(1)
The amount for the three months ended September 31, 2018 includes $3.6 million of other exit costs associated with impairment of internal-use software included within restructuring and other exit costs on the Condensed Consolidated Statement of Operations in Exhibit A. The amounts for all other periods are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A and primarily relate to impairments of other long-lived assets.
(2)
Total adjusted pretax operating income on a consolidated basis consists of adjusted pretax operating income (loss) for our Mortgage Insurance segment and our Services segment, as further detailed in Exhibit E.
Reconciliation of Diluted Net Income Per Share to Adjusted Diluted Net Operating Income Per Share
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Diluted net income per share
$
0.78
$
0.78
$
0.64
$
0.66
$
0.96
Less per-share impact of reconciling income (expense) items:
Net gains (losses) on investments and other financial instruments
0.06
0.10
(0.05
)
(0.02
)
(0.03
)
Loss on extinguishment of debt
(0.08
)
—
—
—
—
Amortization and impairment of other acquired intangible assets
(0.01
)
(0.01
)
(0.02
)
(0.02
)
(0.01
)
Impairment of other long-lived assets and other non-operating items
—
(0.02
)
(0.01
)
(0.02
)
—
Income tax provision (benefit) on reconciling income (expense) items (1)
(0.01
)
0.01
(0.02
)
(0.01
)
(0.01
)
Difference between statutory and effective tax rates
—
(0.01
)
—
—
0.30
(2)
Per-share impact of reconciling income (expense) items
(0.02
)
0.05
(0.06
)
(0.05
)
0.27
Adjusted diluted net operating income per share (1)
$
0.80
$
0.73
$
0.70
$
0.71
$
0.69
(1)
Calculated using the company’s federal statutory tax rate of 21%. Any permanent tax adjustments and state income taxes on these items have been deemed immaterial and are not included.
(2)
Includes $0.34 of tax benefit related to the settlement of the IRS Matter, which includes both the impact of the settlement with the IRS as well as the reversal of certain related previously accrued state and local tax liabilities.
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 2 of 3)
Reconciliation of Return on Equity to Adjusted Net Operating Return on Equity (1)
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Return on equity (1)
17.8
%
19.0
%
16.4
%
17.4
%
26.7
%
Less impact of reconciling income (expense) items: (2)
Net gains (losses) on investments and other financial instruments
1.3
2.4
(1.4
)
(0.5
)
(0.9
)
Loss on extinguishment of debt
(1.8
)
—
—
—
—
Amortization and impairment of other acquired intangible assets
(0.2
)
(0.2
)
(0.4
)
(0.4
)
(0.4
)
Impairment of other long-lived assets and other non-operating items
—
(0.6
)
(0.3
)
(0.5
)
(0.1
)
Income tax provision (benefit) on reconciling income (expense) items (3)
(0.1
)
0.3
(0.4
)
(0.3
)
(0.3
)
Difference between statutory and effective tax rates
0.2
—
0.2
(0.5
)
8.5
(4)
Impact of reconciling income (expense) items
(0.4
)
1.3
(1.5
)
(1.6
)
7.4
Adjusted net operating return on equity
18.2
%
17.7
%
17.9
%
19.0
%
19.3
%
(1)
Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
(2)
Annualized, as a percentage of average stockholders’ equity.
(3)
Calculated using the company’s federal statutory tax rate of 21%. Any permanent tax adjustments and state income taxes on these items have been deemed immaterial and are not included.
(4)
Includes 9.4% of tax benefit related to the settlement of the IRS Matter, which includes both the impact of the settlement with the IRS as well as the reversal of certain related previously accrued state and local tax liabilities.
Reconciliation of Book Value Per Share to Tangible Book Value Per Share (1)
2019
2018
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Book value per share
$
18.42
$
17.49
$
16.34
$
15.69
$
15.01
Less: Goodwill and other acquired intangible assets, net per share
0.27
0.27
0.28
0.26
0.28
Tangible book value per share
$
18.15
$
17.22
$
16.06
$
15.43
$
14.73
(1)
All book value per share items are calculated based on the number of shares outstanding at the end of each respective period.
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 3 of 3)
Reconciliation of Net Income to Services Adjusted EBITDA
2019
2018
(In thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Net income
$
166,730
$
170,957
$
139,779
$
142,797
$
208,949
Less reconciling income (expense) items:
Net gains (losses) on investments and other financial instruments
12,540
21,913
(11,705
)
(4,480
)
(7,404
)
Loss on extinguishment of debt
(16,798
)
—
—
—
—
Amortization and impairment of other acquired intangible assets
(2,139
)
(2,187
)
(3,461
)
(3,472
)
(2,748
)
Impairment of other long-lived assets and other non-operating items
103
(5,660
)
(2,033
)
(4,059
)
(286
)
Income tax provision (benefit)
42,815
45,179
36,706
41,891
(28,378
)
Mortgage Insurance adjusted pretax operating income
219,365
208,170
198,843
204,620
197,440
Services adjusted pretax operating income (loss)
(3,526
)
(6,100
)
(5,159
)
(7,921
)
(6,431
)
Less reconciling income (expense) items:
Allocation of corporate operating expenses to Services
(3,970
)
(4,171
)
(3,232
)
(2,948
)
(3,010
)
Allocation of corporate interest expense to Services
—
—
(4,451
)
(4,452
)
(4,451
)
Services depreciation and amortization
(976
)
(995
)
(700
)
(1,077
)
(920
)
Services adjusted EBITDA
$
1,420
$
(934
)
$
3,224
$
556
$
1,950
On a consolidated basis, “adjusted pretax operating income,” “adjusted diluted net operating income per share,” “adjusted net operating return on equity” and “tangible book value per share” are measures not determined in accordance with GAAP. “Services adjusted EBITDA” and “Services adjusted EBITDA margin” are also non-GAAP measures. These measures should not be considered in isolation or viewed as substitutes for GAAP pretax income, diluted net income per share, return on equity, book value per share or net income. Our definitions of adjusted pretax operating income, adjusted diluted net operating income per share, adjusted net operating return on equity, tangible book value per share, Services adjusted EBITDA or Services adjusted EBITDA margin may not be comparable to similarly-named measures reported by other companies. See Exhibit F for additional information on our consolidated non-GAAP financial measures.
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - New Insurance Written
Exhibit H
2019
2018
($ in millions)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Total primary new insurance written
$
18,539
$
10,900
$
12,737
$
15,764
$
16,417
Percentage of primary new insurance written by FICO score (1)
>=740
62.2
%
57.6
%
54.6
%
55.5
%
56.0
%
680-739
32.5
34.7
35.8
34.7
35.9
620-679
5.3
7.7
9.6
9.8
8.1
Total primary new insurance written
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Percentage of primary new insurance written
Borrower-paid
96.5
%
95.1
%
94.0
%
91.4
%
89.1
%
Percentage by premium type
Direct monthly and other recurring premiums
83.3
%
83.4
%
82.8
%
78.4
%
76.1
%
Direct single premiums (2):
Lender-paid
2.5
3.9
5.0
7.4
9.9
Borrower-paid (3)
14.2
12.7
12.2
14.2
14.0
Total primary new insurance written
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Primary new insurance written for purchases
89.8
%
92.2
%
94.9
%
95.5
%
94.8
%
Primary new insurance written for refinances
10.2
%
7.8
%
5.1
%
4.5
%
5.2
%
Percentage by LTV
95.01% and above
20.5
%
19.7
%
18.3
%
16.9
%
16.3
%
90.01% to 95.00%
38.1
40.9
43.1
44.3
45.3
85.01% to 90.00%
26.9
27.3
27.5
27.9
27.5
85.00% and below
14.5
12.1
11.1
10.9
10.9
Total primary new insurance written
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
(1)
For loans with multiple borrowers, the percentage of primary new insurance written by FICO score represents the lowest of the borrowers’ FICO scores. All periods prior to March 31, 2019 had previously been presented based on the FICO score of the primary borrower and have been restated to reflect the lowest of the borrowers’ FICO scores.
(2)
Percentages exclude the impact of reinsurance.
(3)
Borrower-paid Single Premium Policies have lower Minimum Required Assets under PMIERs as compared to lender-paid Single Premium Policies.
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force
Exhibit I (page 1 of 2)
June 30,
March 31,
December 31,
September 30,
June 30,
($ in millions)
2019
2019
2018
2018
2018
Primary insurance in force (1)
Prime
$
225,443
$
218,227
$
215,739
$
211,168
$
204,537
Alt-A and A minus and below
5,313
5,507
5,704
5,928
6,204
Total Primary
$
230,756
$
223,734
$
221,443
$
217,096
$
210,741
Primary risk in force (1) (2)
Prime
$
57,795
$
56,054
$
55,374
$
54,168
$
52,446
Alt-A and A minus and below
1,262
1,307
1,354
1,409
1,476
Total Primary
$
59,057
$
57,361
$
56,728
$
55,577
$
53,922
Percentage of primary risk in force
Direct monthly and other recurring premiums
71.2
%
70.6
%
70.3
%
69.9
%
69.6
%
Direct single premiums
28.8
%
29.4
%
29.7
%
30.1
%
30.4
%
Percentage of primary risk in force by FICO score (3)
>=740
55.7
%
55.2
%
55.1
%
55.1
%
55.0
%
680-739
34.6
34.8
34.8
34.7
34.6
620-679
8.9
9.2
9.3
9.3
9.4
<=619
0.8
0.8
0.8
0.9
1.0
Total Primary
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Percentage of primary risk in force by LTV
95.01% and above
13.2
%
12.2
%
11.6
%
11.0
%
10.3
%
90.01% to 95.00%
52.5
53.0
53.1
53.1
53.3
85.01% to 90.00%
28.2
28.6
29.0
29.4
29.7
85.00% and below
6.1
6.2
6.3
6.5
6.7
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Percentage of primary risk in force by policy year
2008 and prior
8.9
%
9.6
%
10.1
%
10.9
%
11.9
%
2009
0.3
0.3
0.4
0.4
0.4
2010
0.2
0.3
0.3
0.3
0.4
2011
0.7
0.7
0.8
0.9
1.0
2012
2.9
3.3
3.7
4.1
4.5
2013
5.2
5.8
6.2
6.7
7.4
2014
5.3
5.8
6.1
6.5
7.1
2015
8.9
9.7
10.2
10.9
11.9
2016
14.8
16.0
16.8
17.9
19.2
2017
18.9
20.3
21.1
22.0
23.2
2018
21.8
23.5
24.3
19.4
13.0
2019
12.1
4.7
—
—
—
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Primary risk in force on defaulted loans
$
986
$
1,002
$
1,032
$
1,019
$
1,093
Table continued on next page.
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force
Exhibit I (page 2 of 2)
Table continued from prior page.
June 30,
March 31,
December 31,
September 30,
June 30,
2019
2019
2018
2018
2018
Persistency Rate (12 months ended)
83.4
%
83.4
%
83.1
%
81.4
%
80.9
%
Persistency Rate (quarterly, annualized) (4)
80.8
%
85.4
%
85.5
%
83.4
%
82.3
%
(1)
Excludes the impact of premiums ceded under our reinsurance agreements.
(2)
Does not include pool risk in force or other risk in force, which combined represent approximately 1.0% of our total risk in force for all periods presented.
(3)
For loans with multiple borrowers, the percentage of primary risk in force by FICO score represents the lowest of the borrowers’ FICO scores. All periods prior to March 31, 2019 had previously been presented based on the FICO score of the primary borrower and have been restated to reflect the lowest of the borrowers’ FICO scores.
(4)
The Persistency Rate on a quarterly, annualized basis may be impacted by seasonality or other factors, and may not be indicative of full-year trends.
Radian Group Inc. and Subsidiaries
Mortgage Insurance (“MI”) Supplemental Information - Claims and Reserves
Exhibit J
2019
2018
($ in thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Net claims paid: (1)
Total primary claims paid
$
31,940
$
33,360
$
35,175
$
45,814
$
48,092
Total pool and other
472
1,230
190
1,241
1,111
Subtotal
32,412
34,590
35,365
47,055
49,203
Impact of commutations (2)
15
—
4,356
12,712
7,331
Total net claims paid
$
32,427
$
34,590
$
39,721
$
59,767
$
56,534
Total average net primary claim paid (1) (3)
$
50.1
$
48.6
$
52.0
$
53.6
$
54.8
Average direct primary claim paid (3) (4)
$
51.1
$
49.2
$
52.9
$
54.2
$
55.5
(1)
Net of reinsurance recoveries.
(2)
Includes payments to commute mortgage insurance coverage on certain performing and non-performing loans.
(3)
Calculated without giving effect to the impact of commutations.
(4)
Before reinsurance recoveries.
($ in thousands, except primary reserve
June 30,
March 31,
December 31,
September 30,
June 30,
per primary default amounts)
2019
2019
2018
2018
2018
Reserve for losses by category (1)
Mortgage insurance (“MI”) reserves
Prime
$
242,378
$
240,489
$
242,135
$
241,858
$
264,548
Alt-A and A minus and below
104,863
111,955
119,553
129,297
144,432
IBNR and other
33,888
(2
)
13,008
13,864
14,505
14,246
LAE
9,070
8,994
10,271
11,203
12,228
Total primary reserves
390,199
374,446
385,823
396,863
435,454
Total pool reserves
10,816
10,621
11,640
11,705
12,197
Total 1st lien reserves
401,015
385,067
397,463
408,568
447,651
Other
279
294
428
412
443
Total MI reserves
401,294
385,361
397,891
408,980
448,094
Services reserves
3,984
3,423
3,470
3,480
3,448
Total reserves
$
405,278
$
388,784
$
401,361
$
412,460
$
451,542
1st lien reserve per default
Primary reserve per primary default excluding IBNR and other
$
18,139
$
17,962
$
17,634
$
18,409
$
19,070
(1)
Includes ceded losses on reinsurance transactions, which are expected to be recovered and are included in the reinsurance recoverables reported in other assets in our condensed consolidated balance sheets.
(2)
Includes $19.4 million increase in the Company's IBNR reserve estimate related to previously disclosed legal proceedings involving challenges from certain servicers regarding loss mitigation activities.
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Default Statistics
Exhibit K
June 30,
March 31,
December 31,
September 30,
June 30,
2019
2019
2018
2018
2018
Default Statistics
Primary Insurance:
Prime
Number of insured loans
1,018,715
994,865
986,704
969,994
947,165
Number of loans in default
14,521
14,831
15,402
14,916
15,849
Percentage of loans in default
1.43
%
1.49
%
1.56
%
1.54
%
1.67
%
Alt-A and A minus and below
Number of insured loans
33,609
34,763
35,906
37,268
38,892
Number of loans in default
5,122
5,291
5,691
5,854
6,239
Percentage of loans in default
15.24
%
15.22
%
15.85
%
15.71
%
16.04
%
Total Primary
Number of insured loans
1,052,324
1,029,628
1,022,610
1,007,262
986,057
Number of loans in default (1)
19,643
20,122
21,093
20,770
22,088
Percentage of loans in default
1.87
%
1.95
%
2.06
%
2.06
%
2.24
%
(1)
Includes the following amounts related to the FEMA Designated Areas associated with Hurricanes Harvey and Irma, as of the dates presented:
June 30,
March 31,
December 31,
September 30,
June 30,
2019
2019
2018
2018
2018
Number of FEMA loans in default
2,382
2,420
2,627
2,946
4,132
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Reinsurance Programs
Exhibit L
2019
2018
($ in thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Quota Share Reinsurance (“QSR”) and Single Premium QSR Programs
Ceded premiums written (1)
$
588
$
7,017
$
12,923
$
24,094
$
31,623
% of premiums written
2.2
%
2.7
%
4.8
%
8.5
%
11.0
%
Ceded premiums earned
$
29,212
(2)
$
15,676
$
15,726
$
15,813
$
16,418
% of premiums earned
8.7
%
5.5
%
5.6
%
5.7
%
6.2
%
Ceding commissions written
$
6,861
$
4,695
$
6,006
$
8,988
$
10,892
Ceding commissions earned (3)
$
16,353
(2)
$
8,685
$
7,718
$
8,373
$
8,539
Profit commission
$
26,476
(2)
$
11,318
$
10,638
$
11,358
$
11,414
Ceded losses
$
1,868
$
1,687
$
1,730
$
1,191
$
1,019
Excess-of-Loss Program
Ceded premiums written
$
13,468
$
2,919
$
9,009
$
—
$
—
% of premiums written
4.8
%
1.1
%
3.3
%
—
%
—
%
Ceded premiums earned
$
7,662
$
3,265
$
2,305
$
—
$
—
% of premiums earned
2.3
%
1.2
%
0.8
%
—
%
—
%
Ceded RIF (4)
QSR Program
$
768,554
$
840,621
$
910,862
$
974,359
$
1,044,463
Single Premium QSR Program
8,495,651
8,267,506
8,168,939
7,984,178
7,614,614
Excess-of-Loss Program
1,017,440
454,641
455,440
—
—
Total Ceded RIF
$
10,281,645
$
9,562,768
$
9,535,241
$
8,958,537
$
8,659,077
PMIERs impact - reduction in Minimum Required Assets (5)
QSR Program
$
41,873
$
45,477
$
48,734
$
51,883
$
55,583
Single Premium QSR Program
516,468
507,656
522,318
511,052
489,631
Excess-of-Loss Program
926,640
454,641
455,440
—
—
Total PMIERs impact
$
1,484,981
$
1,007,774
$
1,026,492
$
562,935
$
545,214
(1)
Net of profit commission, where applicable.
(2)
Includes a cumulative adjustment to unearned premiums related to an update to the amortization rates used to recognize revenue for Single Premium Policies.
(3)
Includes amounts reported in policy acquisition costs and other operating expenses. Operating expenses include the following ceding commissions, net of deferred policy acquisition costs, for the periods indicated:
2019
2018
($ in thousands)
Qtr 2
Qtr 1
Qtr 4
Qtr 3
Qtr 2
Ceding commissions
$
(12,408
)
$
(5,643
)
$
(5,837
)
$
(5,988
)
$
(6,085
)
(4)
Included in primary RIF.
(5)
Excludes the impact of intercompany reinsurance.
FORWARD-LOOKING STATEMENTS
All statements in this report that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190731006032/en/
Emily Riley - Phone: 215.231.1035 email: emily.riley@radian.com
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