Erie Indemnity (ERIE) FY2021 results: revenue $2.6 billion, up 3.8% on the year

Erie Indemnity Co. (ERIE) reported revenue of $2.6 billion for fiscal 2021, the year ended 31 December 2021, up 3.8% on the year before. Net income was $298 million, up 1.6%, and diluted earnings per share $5.69. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$2.6 billion

+3.8% on the year

FY2014FY2021

Operating margin

12.1%

13.3% a year earlier

FY2014FY2021

Net income

$298 million

+1.6% on the year

FY2014FY2021

Diluted EPS

$5.69

+1.4% 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	2,634	2,536	2,477	+3.8%
Operating income	318	338	357	-5.9%
Operating margin	12.1%	13.3%	14.4%
Interest expense	4.1	0.7	0.9	+465.3%
Pre-tax income	376	369	397	+2.1%
Income tax	78.5	75.2	79.9	+4.4%
Effective tax rate	20.9%	20.4%	20.1%
Net income	298	293	317	+1.6%
Net margin	11.3%	11.6%	12.8%
Diluted EPS	$5.69	$5.61	$6.06	+1.4%

$ 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	403	343	365	+17.6%
Capital expenditure	149	55.5	102	+168.0%
Free cash flow	254	287	262	-11.5%
Free cash flow margin	9.6%	11.3%	10.6%
Cash from investing	-185	-243	-125
Cash from financing	-195	-275	-170
Depreciation and amortisation	37.2	21.2	16.8	+75.5%
Dividends paid	193	273	168	-29.4%
Diluted shares, weighted	52m	52m	52m	-0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,342	1,188	1,133	+13.0%
Short-term borrowings	0.0	n/a	n/a
Debt	93.8	95.9	97.8	-2.1%
Other liabilities	806	833	785	-3.3%
Total liabilities and equity	2,242	2,117	2,016	+5.9%
Investments	946	928	731	+1.9%
Cash and equivalents	184	161	337	+13.9%
Receivables	479	495	469	-3.1%
Other assets	633	533	480	+18.8%
Total assets	2,242	2,117	2,016	+5.9%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.