Primerica (PRI) FY2021 results: revenue $2.7 billion, up 22.2% on the year

Primerica, Inc. (PRI) reported revenue of $2.7 billion for fiscal 2021, the year ended 31 December 2021, up 22.2% on the year before. Net income was $477 million, up 23.6%, and diluted earnings per share $11.99. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$2.7 billion

+22.2% on the year

FY2014FY2021

Operating margin

23.7%

22.9% a year earlier

FY2014FY2021

Net income

$477 million

+23.6% on the year

FY2014FY2021

Diluted EPS

$11.99

+25.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,710	2,218	2,053	+22.2%
Cost of revenue	52.8	n/a	n/a
Gross profit	2,657	n/a	n/a
Gross margin	98.1%	n/a	n/a
Operating income	644	507	477	+27.0%
Operating margin	23.7%	22.9%	23.2%
Interest expense	30.6	28.8	28.8	+6.2%
Pre-tax income	644	507	477	+27.0%
Income tax	168	121	111	+39.0%
Effective tax rate	26.0%	23.8%	23.2%
Net income	477	386	366	+23.6%
Net margin	17.6%	17.4%	17.9%
Diluted EPS	$11.99	$9.57	$8.62	+25.3%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	657	643	486	+2.1%
Cash from investing	-923	-53.5	-202
Cash from financing	108	-302	-290
Depreciation and amortisation	29.8	17.7	18.3	+68.6%
Share-based compensation	16.8	19.0	17.5	-11.5%
Buybacks	18.8	231	225	-91.9%
Dividends paid	74.6	64.3	57.6	+16.0%
Dividend per share	$1.88	$1.60	$1.36	+17.5%
Diluted shares, weighted	40m	40m	42m	-1.3%
Shares outstanding at period end	39m	39m	41m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	925	1,836	1,652	-49.6%
Redeemable equity	7.3	n/a	n/a
Debt	15.0	374	374	-96.0%
Other liabilities	15,248	12,695	11,662	+20.1%
Total liabilities and equity	16,196	14,905	13,689	+8.7%
Fixed assets	67.0	57.7	46.1	+16.1%
Goodwill	179	n/a	n/a
Intangible assets	196	45.3	45.3	+332.5%
Securities held for sale or to maturity	4,082	3,811	3,541	+7.1%
Cash and equivalents	393	548	257	-28.3%
Other assets	11,280	10,444	9,799	+8.0%
Total assets	16,196	14,905	13,689	+8.7%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.