PRI FY 2013 Earnings Report — Primerica, Inc. Revenue & Financial Results | Market Cap Arena

Primerica, Inc.PRI

FY 2013 Earnings

Reported February 27, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$1.3B	—	$1.2B	—	6.4%
Op. Income	$286M	—	$300M	—	-4.6%
Gross Margin	85.2%	—	86.2%	—	-0.9pp
Net Margin	12.8%	—	14.6%	—	-1.8pp
EPS (Diluted)	$2.83	—	$2.71	—	4.4%
Free Cash Flow	$164M	—	$109M	—	50.5%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$187M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$232M
General & Administrative	$104M
SG&A Expenses	$336M
Other Expenses	-$794M
Operating Expenses	-$794M
Cost & Expenses	$1.0B
OPERATING INCOME	$286M
Interest Income	$0
Interest Expense	$35M
Other Income/Expenses	-$648M
INCOME BEFORE TAX	$251M
Income Tax Expense	$88M
Net Income from Continuing Ops	$159M
Net Income from Discontinued Ops	$4M
Other Adjustments	$0
NET INCOME	$163M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$156M
D&A	$11M
EBIT	$280M
EBITDA	$291M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$187M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$232M
General & Administrative	$104M
SG&A Expenses	$336M
Other Expenses	-$794M
Operating Expenses	-$794M
Cost & Expenses	$1.0B
OPERATING INCOME	$286M
Interest Income	$0
Interest Expense	$35M
Other Income/Expenses	-$648M
INCOME BEFORE TAX	$251M
Income Tax Expense	$88M
Net Income from Continuing Ops	$159M
Net Income from Discontinued Ops	$4M
Other Adjustments	$0
NET INCOME	$163M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$156M
D&A	$11M
EBIT	$280M
EBITDA	$291M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$163M
Depreciation & Amortization	$11M
Stock-Based Compensation	$14M
Deferred Income Tax	$18M
Other Non-Cash Items	-$154M
Change in Working Capital	$136M
OPERATING CASH FLOW	$188M
Capital Expenditure	-$24M
Acquisitions (Net)	$0
Purchases of Investments	-$312M
Sales/Maturities of Investments	$371M
Other Investing Activities	$0
NET CASH FROM INVESTING	$35M
Net Debt Issuance	$0
Common Stock Repurchased	-$101M
Common Dividends Paid	-$25M
Other Financing Activities	-$59M
NET CASH FROM FINANCING	-$185M
FREE CASH FLOW	$164M
Net Change in Cash	$37M

Balance Sheet

Item	Amount
Cash & Equivalents	$149M
Short-Term Investments	$1.8B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$25M
Goodwill	$0
Intangible Assets	$69M
Long-Term Investments	$1.8B
Tax Assets	$32M
Other Non-Current Assets	-$1.8B
TOTAL NON-CURRENT ASSETS	$101M
TOTAL ASSETS	$10.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$15M
TOTAL CURRENT LIABILITIES	$15M
Long-Term Debt	$374M
Deferred Revenue NC	-$91M
Deferred Tax Liabilities	$91M
Other Non-Current Liabilities	$8.6B
TOTAL NON-CURRENT LIABILITIES	$9.1B
TOTAL LIABILITIES	$9.1B
Common Stock	$548.0K
Additional Paid-In Capital	$473M
Retained Earnings	$641M
Treasury Stock	$0
Accum. Other Comp. Income	$108M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$10.3B
Total Debt	$374M
Net Debt	$225M