Globe Life (GL) FY2020 results: revenue $4.7 billion, up 4.6% on the year
Globe Life Inc. (GL) reported revenue of $4.7 billion for fiscal 2020, the year ended 31 December 2020, up 4.6% on the year before. Net income was $732 million, down 3.8%, and diluted earnings per share $6.82. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$4.7 billion
+4.6% on the year
FY2013FY2020
Operating margin
19.1%
20.3% a year earlier
FY2013FY2020
Net income
$732 million
-3.8% on the year
FY2013FY2020
Diluted EPS
$6.82
-0.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,738
4,528
4,304
+4.6%
Gross profit
901
911
865
-1.1%
Gross margin
19.0%
20.1%
20.1%
Operating income
905
920
871
-1.6%
Operating margin
19.1%
20.3%
20.2%
Interest expense
86.7
84.3
90.1
+2.8%
Pre-tax income
897
931
864
-3.7%
Income tax
165
170
162
-3.2%
Effective tax rate
18.4%
18.3%
18.8%
Net income
732
761
701
-3.8%
Net margin
15.4%
16.8%
16.3%
Diluted EPS
$6.82
$6.83
$6.09
-0.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,476
1,364
1,278
+8.3%
Capital expenditure
41.8
42.2
45.1
-1.1%
Free cash flow
1,435
1,322
1,233
+8.6%
Free cash flow margin
30.3%
29.2%
28.6%
Cash from investing
-1,182
-809
-896
Cash from financing
-274
-591
-392
Depreciation
17.0
16.0
13.0
+6.2%
Share-based compensation
35.9
44.8
39.8
-20.0%
Buybacks
444
460
422
-3.4%
Dividends paid
78.2
74.2
71.4
+5.4%
Dividend per share
$0.75
$0.69
$0.64
+8.7%
Diluted shares, weighted
107m
111m
115m
-3.7%
Shares outstanding at period end
113m
117m
121m
-3.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,771
7,294
5,415
+20.2%
Debt
1,923
1,648
1,665
+16.7%
Other liabilities
18,353
17,035
16,016
+7.7%
Total liabilities and equity
29,047
25,977
23,096
+11.8%
Goodwill
442
442
442
0.0%
Investments
108
38.3
63.3
+181.5%
Cash and equivalents
94.8
75.9
121
+24.9%
Other assets
28,403
25,422
22,470
+11.7%
Total assets
29,047
25,977
23,096
+11.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.