Primerica (PRI) Q3 FY2023 earnings: revenue $697 million, up 3.6% on the year

Primerica, Inc. (PRI) reported revenue of $697 million for Q3 FY2023, the quarter ended 30 September 2023, up 3.6% on the same quarter a year earlier. Net income was $152 million, up 91.1% on the year, and diluted earnings per share $4.23. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2023.

Revenue$697 millionup 3.6%

Net income$152 millionup 91.1%

Diluted EPS$4.23

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	697	n/a	n/a	n/a
Cost of revenue	12.6	n/a	n/a	n/a
Gross profit	685	n/a	n/a	n/a
Gross margin	98.2%	n/a	n/a
Operating income	206	n/a	n/a	n/a
Operating margin	29.6%	n/a	n/a
Interest expense	6.6	n/a	n/a	n/a
Pre-tax income	206	n/a	n/a	n/a
Income tax	48.9	n/a	n/a	n/a
Effective tax rate	23.7%	n/a	n/a
Net income	152	n/a	n/a	n/a
Net margin	21.8%	n/a	n/a
Diluted EPS	$4.23	n/a	n/a	n/a

$ 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. 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	140	n/a	n/a	n/a
Cash from investing	-102	n/a	n/a	n/a
Cash from financing	-130	n/a	n/a	n/a
Depreciation and amortisation	7.4	n/a	n/a	n/a
Share-based compensation	2.0	n/a	n/a	n/a
Buybacks	106	n/a	n/a	n/a
Dividends paid	23.3	n/a	n/a	n/a
Dividend per share	$0.65	n/a	n/a	n/a
Diluted shares, weighted	36m	n/a	n/a	n/a
Shares outstanding at period end	35m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,312	n/a	n/a	n/a
Debt	594	n/a	n/a	n/a
Other liabilities	11,527	n/a	n/a	n/a
Total liabilities and equity	14,433	n/a	n/a	n/a
Goodwill	128	n/a	n/a	n/a
Intangible assets	178	n/a	n/a	n/a
Securities held for sale or to maturity	4,006	n/a	n/a	n/a
Cash and equivalents	469	n/a	n/a	n/a
Other assets	9,652	n/a	n/a	n/a
Total assets	14,433	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	697	706	736	791	774	788	805	793	840	854	873	865
Cost of revenue	12.6	15.1	13.5	15.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	685	691	722	775	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	98%	98%	98%	98%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	206	200	193	273	255	219	221	234	272	247	249	258
Operating margin	30%	28%	26%	34%	33%	28%	27%	30%	32%	29%	29%	30%
Interest expense	6.6	6.6	6.8	6.1	6.1	n/a	6.0	6.0	6.0	n/a	n/a	n/a
Pre-tax income	206	200	193	273	255	219	221	234	272	247	249	258
Tax rate	24%	23%	23%	23%	24%	23%	24%	24%	24%	20%	24%	22%
Net income	152	152	138	1.2	194	167	169	178	206	196	190	202
Net margin	22%	22%	19%	0%	25%	21%	21%	22%	25%	23%	22%	23%
Diluted EPS	$4.23	$4.30	$3.93	$0.03	$4.83	$4.96	$5.05	$5.40	$6.35	$6.11	$5.97	$6.45
Operating cash flow	140	241	211	173	207	271	197	163	203	338	157	194
Buybacks	106	72.5	109	143	129	47.8	118	133	129	70.1	135	135
Dividends paid	23.3	22.9	26.3	25.8	30.5	30.2	34.7	34.2	33.8	33.3	38.1	37.5
Shares outstanding	35m	35m	35m	34m	34m	33m	33m	33m	32m	32m	31m	31m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 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.

Source

10-Q for the period ended 30 September 2023, filed 8 November 2023, accession 0000950170-23-060945: the filing on EDGAR. All of Primerica, Inc.'s filings: EDGAR company page.

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