Erie Indemnity (ERIE) FY2022 results: revenue $2.8 billion, up 7.8% on the year

Erie Indemnity Co. (ERIE) reported revenue of $2.8 billion for fiscal 2022, the year ended 31 December 2022, up 7.8% on the year before. Net income was $299 million, up 0.2%, and diluted earnings per share $5.71. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$2.8 billion

+7.8% on the year

FY2015FY2022

Operating margin

13.2%

12.1% a year earlier

FY2015FY2022

Net income

$299 million

+0.2% on the year

FY2015FY2022

Diluted EPS

$5.71

+0.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,840	2,634	2,536	+7.8%
Operating income	376	318	338	+18.3%
Operating margin	13.2%	12.1%	13.3%
Interest expense	2.0	4.1	0.7	-51.4%
Pre-tax income	376	376	369	+0.0%
Income tax	77.9	78.5	75.2	-0.8%
Effective tax rate	20.7%	20.9%	20.4%
Net income	299	298	293	+0.2%
Net margin	10.5%	11.3%	11.6%
Diluted EPS	$5.71	$5.69	$5.61	+0.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	366	403	343	-9.1%
Capital expenditure	67.2	149	55.5	-54.8%
Free cash flow	299	254	287	+17.7%
Free cash flow margin	10.5%	9.6%	11.3%
Cash from investing	-107	-185	-243
Cash from financing	-301	-195	-275
Depreciation and amortisation	45.9	37.2	21.2	+23.4%
Dividends paid	207	193	273	+7.2%
Diluted shares, weighted	52m	52m	52m	-0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,448	1,342	1,188	+7.9%
Short-term borrowings	n/a	0.0	n/a
Debt	0.0	93.8	95.9
Other liabilities	791	806	833	-1.8%
Total liabilities and equity	2,239	2,242	2,117	-0.1%
Investments	895	946	928	-5.4%
Cash and equivalents	142	184	161	-22.7%
Receivables	525	479	495	+9.6%
Other assets	678	633	533	+7.0%
Total assets	2,239	2,242	2,117	-0.1%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.