Primerica (PRI) FY2018 results: revenue $1.9 billion, up 12.5% on the year
Primerica, Inc. (PRI) reported revenue of $1.9 billion for fiscal 2018, the year ended 31 December 2018, up 12.5% on the year before. Net income was $324 million, down 7.5%, and diluted earnings per share $7.33. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$1.9 billion
+12.5% on the year
FY2011FY2018
Operating margin
21.9%
22.5% a year earlier
FY2011FY2018
Net income
$324 million
-7.5% on the year
FY2011FY2018
Diluted EPS
$7.33
-3.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,900
1,689
1,519
+12.5%
Operating income
416
380
338
+9.6%
Operating margin
21.9%
22.5%
22.2%
Interest expense
28.8
28.5
28.7
+1.1%
Pre-tax income
416
380
338
+9.6%
Income tax
92.0
29.3
118
+214.3%
Effective tax rate
22.1%
7.7%
35.0%
Net income
324
350
219
-7.5%
Net margin
17.1%
20.7%
14.4%
Diluted EPS
$7.33
$7.61
$4.59
-3.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
478
392
294
+22.1%
Cash from investing
-233
-131
-47.9
Cash from financing
-261
-193
-187
Depreciation and amortisation
12.4
13.6
14.6
-8.4%
Share-based compensation
17.3
15.3
13.4
+13.0%
Buybacks
210
150
150
+40.1%
Dividends paid
44.1
35.8
33.4
+23.2%
Dividend per share
$1.00
$0.78
$0.70
+28.2%
Diluted shares, weighted
44m
46m
47m
-3.7%
Shares outstanding at period end
43m
44m
46m
-3.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,462
1,419
1,221
+3.0%
Debt
374
373
373
+0.1%
Other liabilities
10,760
10,668
9,845
+0.9%
Total liabilities and equity
12,595
12,461
11,439
+1.1%
Fixed assets
36.0
28.1
27.5
+28.1%
Intangible assets
48.1
51.5
54.9
-6.6%
Investments
8.2
n/a
n/a
Securities held for sale or to maturity
n/a
2,665
2,296
Trading assets
13.6
6.2
7.4
+118.5%
Cash and equivalents
262
280
212
-6.4%
Other assets
12,227
9,430
8,842
+29.7%
Total assets
12,595
12,461
11,439
+1.1%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.