Globe Life (GL) FY2019 results: revenue $4.5 billion, up 5.2% on the year
Globe Life Inc. (GL) reported revenue of $4.5 billion for fiscal 2019, the year ended 31 December 2019, up 5.2% on the year before. Net income was $761 million, up 8.5%, and diluted earnings per share $6.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$4.5 billion
+5.2% on the year
FY2012FY2019
Operating margin
20.3%
20.2% a year earlier
FY2012FY2019
Net income
$761 million
+8.5% on the year
FY2012FY2019
Diluted EPS
$6.83
+12.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,528
4,304
4,156
+5.2%
Gross profit
911
865
807
+5.2%
Gross margin
20.1%
20.1%
19.4%
Operating income
920
871
821
+5.7%
Operating margin
20.3%
20.2%
19.8%
Interest expense
84.3
90.1
84.5
-6.4%
Pre-tax income
931
864
831
+7.8%
Income tax
170
162
-628
+5.1%
Effective tax rate
18.3%
18.8%
-75.6%
Net income
761
701
1,454
+8.5%
Net margin
16.8%
16.3%
35.0%
Diluted EPS
$6.83
$6.09
$12.22
+12.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,364
1,278
1,429
+6.7%
Capital expenditure
42.2
45.1
20.3
-6.4%
Free cash flow
1,322
1,233
1,409
+7.2%
Free cash flow margin
29.2%
28.6%
33.9%
Cash from investing
-809
-896
-927
Cash from financing
-591
-392
-454
Depreciation
16.0
13.0
11.0
+23.1%
Share-based compensation
44.8
39.8
37.0
+12.7%
Buybacks
460
422
413
+9.0%
Dividends paid
74.2
71.4
68.8
+3.9%
Dividend per share
$0.69
$0.64
$0.60
+7.8%
Diluted shares, weighted
111m
115m
119m
-3.4%
Shares outstanding at period end
117m
121m
n/a
-3.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,294
5,415
6,231
+34.7%
Debt
1,648
1,665
1,460
-1.0%
Other liabilities
17,035
16,016
15,783
+6.4%
Total liabilities and equity
25,977
23,096
23,475
+12.5%
Goodwill
442
442
442
0.0%
Investments
38.3
63.3
127
-39.5%
Cash and equivalents
75.9
121
119
-37.3%
Other assets
25,422
22,470
22,788
+13.1%
Total assets
25,977
23,096
23,475
+12.5%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.