Primerica (PRI) Q4 FY2022 earnings: revenue $687 million, down 5.1% on the year

Primerica, Inc. (PRI) reported revenue of $687 million for Q4 FY2022, the quarter ended 31 December 2022, down 5.1% on the same quarter a year earlier. Net income was $132 million, up 278.1% on the year, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$687 million

-5.1% on the year · +2.0% on the quarter

Q1 FY2021Q4 FY2022

Operating margin

24.4%

9.2% a year earlier

Q1 FY2021Q4 FY2022

Net income

$132 million

+278.1% on the year · +65.7% on the quarter

Q1 FY2021Q4 FY2022

Diluted EPS

$3.54

+306.9% on the year · +67.8% on the quarter

Q1 FY2021Q4 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2022	Q3 FY2022	Q4 FY2021	On the quarter	On the year
Revenue	687	673	724	+2.0%	-5.1%
Cost of revenue	15.0	13.4	n/a	+11.2%
Gross profit	672	660	n/a	+1.8%
Gross margin	97.8%	98.0%	n/a
Operating income	168	121	66.3	+38.3%	+152.7%
Operating margin	24.4%	18.0%	9.2%
Interest expense	6.8	6.8	8.8	-0.5%	-23.1%
Pre-tax income	168	121	66.3	+38.3%	+152.7%
Income tax	35.7	41.6	31.8	-14.1%	+12.3%
Effective tax rate	21.3%	34.3%	47.9%
Net income	132	79.6	34.9	+65.7%	+278.1%
Net margin	19.2%	11.8%	4.8%
Diluted EPS	$3.54	$2.11	$0.87	+67.8%	+306.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2022	Q3 FY2022	Q4 FY2021	On the quarter	On the year
Operating cash flow	206	167	222	+23.7%	-7.0%
Cash from investing	-103	-8.0	-201
Cash from financing	-52.6	-118	45.7
Depreciation and amortisation	8.5	8.3	10.1	+3.2%	-15.8%
Share-based compensation	2.7	1.1	2.0	+155.6%	+34.9%
Buybacks	32.0	97.4	n/a	-67.2%
Dividends paid	20.4	20.6	18.7	-0.9%	+9.1%
Dividend per share	n/a	$0.55	n/a
Diluted shares, weighted	37m	38m	40m	-1.2%	-6.6%
Shares outstanding at period end	37m	37m	39m	-0.5%	-6.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2022	Q3 FY2022	Q4 FY2021	On the quarter	On the year
Shareholders' equity	1,721	1,620	2,083	+6.3%	-17.3%
Redeemable equity	n/a	n/a	7.3
Debt	593	n/a	15.0		+3,852.7%
Other liabilities	13,034	13,422	14,018	-2.9%	-7.0%
Total liabilities and equity	15,349	15,042	16,123	+2.0%	-4.8%
Fixed assets	52.7	n/a	67.0		-21.4%
Goodwill	128	128	179	0.0%	-28.7%
Intangible assets	186	188	196	-1.4%	-5.3%
Securities held for sale or to maturity	3,940	3,892	4,082	+1.2%	-3.5%
Cash and equivalents	489	438	393	+11.7%	+24.6%
Other assets	10,553	10,397	11,207	+1.5%	-5.8%
Total assets	15,349	15,042	16,123	+2.0%	-4.8%

Questions

What was Primerica's revenue in Q4 FY2022?

Primerica (PRI) reported revenue of $687 million for Q4 FY2022, the quarter ended 31 December 2022, down 5.1% on the same quarter a year earlier.

How much did Primerica earn in Q4 FY2022?

Net income for Q4 FY2022 was $132 million, up 278.1% on the year, and diluted earnings per share $3.54.

When did Primerica report Q4 FY2022 results?

Primerica filed its 10-K for the year that ended with the quarter on 28 February 2023; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	724	691	669	673	687	671	673	697	706	736	791	774	788	805	793	840	854	873	865	902
Cost of revenue	n/a	20.6	19.4	13.4	15.0	15.0	12.6	12.6	15.1	13.5	15.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	n/a	671	649	660	672	656	661	685	691	722	775	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	n/a	97%	97%	98%	98%	98%	98%	98%	98%	98%	98%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	66.3	146	163	121	168	171	195	206	200	193	273	255	219	221	234	272	247	249	258	272
Operating margin	9%	21%	24%	18%	24%	25%	29%	30%	28%	26%	34%	33%	28%	27%	30%	32%	29%	29%	30%	30%
Interest expense	8.8	6.9	6.8	6.8	6.8	6.7	6.7	6.6	6.6	6.8	6.1	6.1	n/a	6.0	6.0	6.0	n/a	n/a	n/a	n/a
Pre-tax income	66.3	146	163	121	168	171	195	206	200	193	273	255	219	221	234	272	247	249	258	272
Tax rate	48%	23%	23%	34%	21%	23%	23%	24%	23%	23%	23%	24%	23%	24%	24%	24%	20%	24%	22%	23%
Net income	34.9	115	128	79.6	132	128	145	152	152	138	1.2	194	167	169	178	207	196	190	202	209
Net margin	5%	17%	19%	12%	19%	19%	21%	22%	22%	19%	0%	25%	21%	21%	22%	25%	23%	22%	23%	23%
Diluted EPS	$0.87	$2.91	$3.31	$2.11	$3.54	$3.46	$3.97	$4.23	$4.30	$3.93	$0.03	$4.83	$4.96	$5.05	$5.40	$6.35	$6.13	$5.97	$6.45	$6.76
Operating cash flow	222	214	170	167	206	176	136	140	241	211	173	207	271	197	163	203	338	157	194	291
Buybacks	n/a	99.0	128	97.4	32.0	85.3	111	106	72.5	109	143	129	47.8	118	133	129	70.1	135	135	122
Dividends paid	18.7	21.6	21.2	20.6	20.4	23.9	23.6	23.3	22.9	26.3	25.8	30.5	30.2	34.7	34.2	33.8	33.3	38.1	37.5	37.1
Shares outstanding	39m	39m	38m	37m	37m	36m	36m	35m	35m	35m	34m	34m	33m	33m	33m	32m	32m	31m	31m	31m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2022, filed 28 February 2023: the filing.