Globe Life (GL) FY2011 results: revenue $3.4 billion, up 0.3% on the year
Globe Life Inc. (GL) reported revenue of $3.4 billion for fiscal 2011, the year ended 31 December 2011, up 0.3% on the year before. Net income was $497 million, down 0.3%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2012.
Revenue
$3.4 billion
+0.3% on the year
FY2007FY2011
Operating margin
21.7%
21.5% a year earlier
FY2007FY2011
Net income
$497 million
-0.3% on the year
FY2007FY2011
Diluted EPS
$3.02
+11.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
3,377
3,368
3,115
+0.3%
Gross profit
698
713
673
-2.2%
Gross margin
20.7%
21.2%
21.6%
Operating income
732
722
673
+1.3%
Operating margin
21.7%
21.5%
21.6%
Interest expense
77.9
75.5
69.9
+3.1%
Pre-tax income
724
751
544
-3.6%
Income tax
226
246
179
-8.2%
Effective tax rate
31.2%
32.8%
33.0%
Net income
497
499
383
-0.3%
Net margin
14.7%
14.8%
12.3%
Diluted EPS
$3.02
$2.70
$2.05
+11.9%
$ million except per share. Read moreFree 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
859
1,029
976
-16.4%
Capital expenditure
5.4
9.2
6.5
-41.3%
Free cash flow
854
1,019
970
-16.2%
Free cash flow margin
25.3%
30.3%
31.1%
Cash from investing
-312
-558
-937
Cash from financing
-824
-330
148
Depreciation
6.8
6.0
4.6
+13.3%
Share-based compensation
15.0
11.8
9.9
+26.2%
Buybacks
973
246
47.6
+295.3%
Dividends paid
49.1
50.1
46.6
-1.9%
Dividend per share
$0.31
$0.41
$0.38
-25.8%
Diluted shares, weighted
165m
185m
187m
-10.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,860
3,667
3,068
+5.2%
Short-term borrowings
225
199
233
+13.1%
Debt
914
790
796
+15.8%
Other liabilities
11,590
10,967
11,926
+5.7%
Total liabilities and equity
16,588
15,623
16,024
+6.2%
Goodwill
397
397
397
0.0%
Securities held for sale or to maturity
11,888
10,543
n/a
+12.8%
Cash and equivalents
84.1
366
232
-77.0%
Other assets
4,219
4,317
15,395
-2.3%
Total assets
16,588
15,623
16,024
+6.2%
10-K for the year ended 31 December 2011, filed 28 February 2012: the filing.