Primerica (PRI) FY2019 results: revenue $2.1 billion, up 8.0% on the year
Primerica, Inc. (PRI) reported revenue of $2.1 billion for fiscal 2019, the year ended 31 December 2019, up 8.0% on the year before. Net income was $366 million, up 13.1%, and diluted earnings per share $8.62. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$2.1 billion
+8.0% on the year
FY2012FY2019
Operating margin
23.2%
21.9% a year earlier
FY2012FY2019
Net income
$366 million
+13.1% on the year
FY2012FY2019
Diluted EPS
$8.62
+17.6% 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
2,053
1,900
1,689
+8.0%
Operating income
477
416
380
+14.7%
Operating margin
23.2%
21.9%
22.5%
Interest expense
28.8
28.8
28.5
+0.0%
Pre-tax income
477
416
380
+14.7%
Income tax
111
92.0
29.3
+20.4%
Effective tax rate
23.2%
22.1%
7.7%
Net income
366
324
350
+13.1%
Net margin
17.9%
17.1%
20.7%
Diluted EPS
$8.62
$7.33
$7.61
+17.6%
$ 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
486
478
392
+1.6%
Cash from investing
-202
-233
-131
Cash from financing
-290
-261
-193
Depreciation and amortisation
18.3
12.4
13.6
+47.4%
Share-based compensation
17.5
17.3
15.3
+1.6%
Buybacks
225
210
150
+7.1%
Dividends paid
57.6
44.1
35.8
+30.6%
Dividend per share
$1.36
$1.00
$0.78
+36.0%
Diluted shares, weighted
42m
44m
46m
-3.8%
Shares outstanding at period end
41m
43m
44m
-3.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,652
1,462
1,419
+13.1%
Debt
374
374
373
+0.1%
Other liabilities
11,662
10,760
10,668
+8.4%
Total liabilities and equity
13,689
12,595
12,461
+8.7%
Fixed assets
46.1
36.0
28.1
+28.1%
Intangible assets
45.3
48.1
51.5
-5.9%
Investments
n/a
8.2
n/a
Securities held for sale or to maturity
3,541
n/a
2,665
Trading assets
n/a
13.6
6.2
Cash and equivalents
257
262
280
-2.0%
Other assets
9,799
12,227
9,430
-19.9%
Total assets
13,689
12,595
12,461
+8.7%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.