Globe Life (GL) FY2014 results: revenue $3.6 billion, up 3.6% on the year
Globe Life Inc. (GL) reported revenue of $3.6 billion for fiscal 2014, the year ended 31 December 2014, up 3.6% on the year before. Net income was $543 million, up 2.7%, and diluted earnings per share $4.09. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$3.6 billion
+3.6% on the year
FY2007FY2014
Operating margin
21.3%
21.6% a year earlier
FY2007FY2014
Net income
$543 million
+2.7% on the year
FY2007FY2014
Diluted EPS
$4.09
+8.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,620
3,494
3,590
+3.6%
Gross profit
761
747
728
+1.8%
Gross margin
21.0%
21.4%
20.3%
Operating income
772
756
754
+2.1%
Operating margin
21.3%
21.6%
21.0%
Interest expense
76.1
80.5
80.5
-5.4%
Pre-tax income
785
755
766
+3.9%
Income tax
257
248
237
+3.4%
Effective tax rate
32.7%
32.8%
30.9%
Net income
543
528
529
+2.7%
Net margin
15.0%
15.1%
14.7%
Diluted EPS
$4.09
$3.79
$3.61
+8.0%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
865
1,119
943
-22.7%
Capital expenditure
19.4
11.2
4.7
+73.4%
Free cash flow
845
1,108
938
-23.7%
Free cash flow margin
23.4%
31.7%
26.1%
Cash from investing
-350
-614
-698
Cash from financing
-500
-536
-269
Depreciation
7.4
6.4
7.1
+15.6%
Share-based compensation
32.2
25.6
21.6
+25.6%
Buybacks
449
482
570
-6.8%
Dividends paid
65.0
60.9
55.5
+6.7%
Dividend per share
$0.51
$0.45
$0.40
+12.5%
Diluted shares, weighted
133m
140m
147m
-5.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,697
3,776
4,362
+24.4%
Short-term borrowings
n/a
229
319
Debt
1,231
991
990
+24.2%
Other liabilities
14,344
13,195
13,106
+8.7%
Total liabilities and equity
20,272
18,192
18,777
+11.4%
Goodwill
442
442
442
0.0%
Investments
15.9
76.9
n/a
-79.3%
Securities held for sale or to maturity
n/a
n/a
13,541
Cash and equivalents
66.0
36.9
61.7
+78.7%
Other assets
19,749
17,636
4,732
+12.0%
Total assets
20,272
18,192
18,777
+11.4%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.