Globe Life (GL) FY2013 results: revenue $3.5 billion, down 2.7% on the year
Globe Life Inc. (GL) reported revenue of $3.5 billion for fiscal 2013, the year ended 31 December 2013, down 2.7% on the year before. Net income was $528 million, down 0.2%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$3.5 billion
-2.7% on the year
FY2007FY2013
Operating margin
21.6%
21.0% a year earlier
FY2007FY2013
Net income
$528 million
-0.2% on the year
FY2007FY2013
Diluted EPS
$3.79
+5.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,494
3,590
3,377
-2.7%
Gross profit
747
728
698
+2.6%
Gross margin
21.4%
20.3%
20.7%
Operating income
756
754
732
+0.3%
Operating margin
21.6%
21.0%
21.7%
Interest expense
80.5
80.5
77.9
-0.1%
Pre-tax income
755
766
724
-1.4%
Income tax
248
237
226
+4.8%
Effective tax rate
32.8%
30.9%
31.2%
Net income
528
529
497
-0.2%
Net margin
15.1%
14.7%
14.7%
Diluted EPS
$3.79
$3.61
$3.02
+5.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,119
943
859
+18.7%
Capital expenditure
11.2
4.7
5.4
+139.3%
Free cash flow
1,108
938
854
+18.1%
Free cash flow margin
31.7%
26.1%
25.3%
Cash from investing
-614
-698
-312
Cash from financing
-536
-269
-824
Depreciation
6.4
7.1
6.8
-9.9%
Share-based compensation
25.6
21.6
15.0
+18.7%
Buybacks
482
570
973
-15.4%
Dividends paid
60.9
55.5
49.1
+9.7%
Dividend per share
$0.45
$0.40
$0.31
+13.3%
Diluted shares, weighted
140m
147m
165m
-5.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,776
4,362
3,860
-13.4%
Short-term borrowings
229
319
225
-28.2%
Debt
991
990
914
+0.1%
Other liabilities
13,195
13,106
11,590
+0.7%
Total liabilities and equity
18,192
18,777
16,588
-3.1%
Goodwill
442
442
397
0.0%
Investments
76.9
n/a
n/a
Securities held for sale or to maturity
n/a
13,541
11,888
Cash and equivalents
36.9
61.7
84.1
-40.1%
Other assets
17,636
4,732
4,219
+272.7%
Total assets
18,192
18,777
16,588
-3.1%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.