Primerica (PRI) FY2020 results: revenue $2.2 billion, up 8.0% on the year
Primerica, Inc. (PRI) reported revenue of $2.2 billion for fiscal 2020, the year ended 31 December 2020, up 8.0% on the year before. Net income was $386 million, up 5.4%, and diluted earnings per share $9.57. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$2.2 billion
+8.0% on the year
FY2013FY2020
Operating margin
22.9%
23.2% a year earlier
FY2013FY2020
Net income
$386 million
+5.4% on the year
FY2013FY2020
Diluted EPS
$9.57
+11.0% 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
2,218
2,053
1,900
+8.0%
Operating income
507
477
416
+6.2%
Operating margin
22.9%
23.2%
21.9%
Interest expense
28.8
28.8
28.8
+0.1%
Pre-tax income
507
477
416
+6.2%
Income tax
121
111
92.0
+8.9%
Effective tax rate
23.8%
23.2%
22.1%
Net income
386
366
324
+5.4%
Net margin
17.4%
17.9%
17.1%
Diluted EPS
$9.57
$8.62
$7.33
+11.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
643
486
478
+32.5%
Cash from investing
-53.5
-202
-233
Cash from financing
-302
-290
-261
Depreciation and amortisation
17.7
18.3
12.4
-3.3%
Share-based compensation
19.0
17.5
17.3
+8.5%
Buybacks
231
225
210
+2.8%
Dividends paid
64.3
57.6
44.1
+11.7%
Dividend per share
$1.60
$1.36
$1.00
+17.6%
Diluted shares, weighted
40m
42m
44m
-5.0%
Shares outstanding at period end
39m
41m
43m
-4.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,836
1,652
1,462
+11.1%
Debt
374
374
374
+0.1%
Other liabilities
12,695
11,662
10,760
+8.9%
Total liabilities and equity
14,905
13,689
12,595
+8.9%
Fixed assets
57.7
46.1
36.0
+25.2%
Intangible assets
45.3
45.3
48.1
0.0%
Investments
n/a
n/a
8.2
Securities held for sale or to maturity
3,811
3,541
n/a
+7.6%
Trading assets
n/a
n/a
13.6
Cash and equivalents
548
257
262
+113.2%
Other assets
10,444
9,799
12,227
+6.6%
Total assets
14,905
13,689
12,595
+8.9%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.