$ERIE
ERIE INDEMNITY CO Stock $erie

$erie Overview Financials Valuation SEC Filings Company Website

2015 Q1 Form 10-Q Financial Statement

#000092262115000019 Filed on April 30, 2015

Income Statement

Concept	2015 Q1	2014 Q1
Revenue	$350.8M	$326.2M
YoY Change	7.54%	-79.23%
Cost Of Revenue	$1.060B	$1.034B
YoY Change	2.51%	22.8%
Gross Profit	-$709.2M	-$707.8M
YoY Change	0.2%	-197.09%
Gross Profit Margin	-202.14%	-216.94%
Selling, General & Admin	$55.00M	$321.0M
YoY Change	-82.87%	9.56%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$298.4M	$267.8M
YoY Change	11.42%	-76.4%
Operating Profit	$52.43M	-$975.6M
YoY Change	-105.37%	140.29%
Interest Expense	$6.700M	$159.0M
YoY Change	-95.79%
% of Operating Profit	12.78%
Other Income/Expense, Net
YoY Change
Pretax Income	$58.97M	$70.03M
YoY Change	-15.79%	-83.94%
Income Tax	$20.14M	$47.00M
% Of Pretax Income	34.15%	67.12%
Net Earnings	$38.83M	$46.26M
YoY Change	-16.06%	25.03%
Net Earnings / Revenue	11.07%	14.18%
Basic Earnings Per Share
Diluted Earnings Per Share	$737.6K	$783.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2015 Q1	2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$420.0M	$379.0M
YoY Change	10.82%	-2.32%
Cash & Equivalents	$57.61M	$379.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$420.0M	$379.0M
YoY Change	10.82%	-77.31%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$915.0M	$1.098B
YoY Change	-16.67%	-6.23%
Other Assets	$1.319B	$1.218B
YoY Change	8.29%	26.48%
Total Long-Term Assets	$17.57B	$16.55B
YoY Change	6.17%	17.22%
TOTAL ASSETS
Total Short-Term Assets	$420.0M	$379.0M
Total Long-Term Assets	$17.57B	$16.55B
Total Assets	$17.99B	$16.93B
YoY Change	6.27%	7.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$8.638B	$8.238B
YoY Change	4.86%	-1.51%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$724.0M	$511.0M
YoY Change	41.68%
Total Long-Term Liabilities	$724.0M	$511.0M
YoY Change	41.68%
TOTAL LIABILITIES
Total Short-Term Liabilities	$8.638B	$8.238B
Total Long-Term Liabilities	$724.0M	$511.0M
Total Liabilities	$9.856B	$9.241B
YoY Change	6.66%	5.32%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$710.0M	$742.0M
YoY Change
Total Liabilities & Shareholders Equity	$17.99B	$16.93B
YoY Change	6.27%	7.22%

Cashflow Statement

Concept	2015 Q1	2014 Q1
OPERATING ACTIVITIES
Net Income	$38.83M	$46.26M
YoY Change	-16.06%	25.03%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$15.30M	$54.00M
YoY Change	-128.33%	-57.48%
INVESTING ACTIVITIES
Capital Expenditures	-$2.400M	-$6.000M
YoY Change	-60.0%	0.0%
Acquisitions
YoY Change
Other Investing Activities	$15.30M	-$89.00M
YoY Change	-117.19%	-29.92%
Cash From Investing Activities	$12.80M	-$95.00M
YoY Change	-113.47%	-28.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$0.00	$10.00M
YoY Change	-100.0%	-33.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-31.70M	-32.00M
YoY Change	-0.94%	433.33%
NET CHANGE
Cash From Operating Activities	-15.30M	54.00M
Cash From Investing Activities	12.80M	-95.00M
Cash From Financing Activities	-31.70M	-32.00M
Net Change In Cash	-34.20M	-73.00M
YoY Change	-53.15%	508.33%
FREE CASH FLOW
Cash From Operating Activities	-$15.30M	$54.00M
Capital Expenditures	-$2.400M	-$6.000M
Free Cash Flow	-$12.90M	$60.00M
YoY Change	-121.5%	-54.89%

Facts In Submission

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CY2014Q1	us-gaap	Premiums Earned Net PremiumsEarnedNet	1288000000	USD
CY2015Q1	us-gaap	Premiums Earned Net PremiumsEarnedNet	1402000000	USD
CY2014Q4	us-gaap	Premiums Receivable At Carrying Value PremiumsReceivableAtCarryingValue	1281000000	USD
CY2015Q1	us-gaap	Premiums Receivable At Carrying Value PremiumsReceivableAtCarryingValue	1304000000	USD
CY2014Q1	us-gaap	Proceeds From Annuities And Investment Certificates ProceedsFromAnnuitiesAndInvestmentCertificates	22000000	USD
CY2015Q1	us-gaap	Proceeds From Annuities And Investment Certificates ProceedsFromAnnuitiesAndInvestmentCertificates	20000000	USD
CY2014Q1	us-gaap	Proceeds From Fees Received ProceedsFromFeesReceived	8000000	USD
CY2014	us-gaap	Profit Loss ProfitLoss	573000000	USD
CY2015Q1	us-gaap	Profit Loss ProfitLoss	136000000	USD
CY2014Q1	us-gaap	Realized Investment Gains Losses RealizedInvestmentGainsLosses	56000000	USD
CY2015Q1	us-gaap	Realized Investment Gains Losses RealizedInvestmentGainsLosses	56000000	USD
CY2014Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	159000000	USD
CY2015Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	271000000	USD
CY2014Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities Equity ProceedsFromSaleOfAvailableForSaleSecuritiesEquity	64000000	USD
CY2015Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities Equity ProceedsFromSaleOfAvailableForSaleSecuritiesEquity	49000000	USD
CY2014Q1	us-gaap	Proceeds From Sale Of Trading Securities Heldforinvestment ProceedsFromSaleOfTradingSecuritiesHeldforinvestment	267000000	USD
CY2015Q1	us-gaap	Proceeds From Sale Of Trading Securities Heldforinvestment ProceedsFromSaleOfTradingSecuritiesHeldforinvestment	512000000	USD
CY2014Q1	us-gaap	Profit Loss ProfitLoss	109000000	USD
CY2015Q1	us-gaap	Proceeds From Fees Received ProceedsFromFeesReceived	8000000	USD
CY2014Q1	us-gaap	Proceeds From Insurance Premiums Collected ProceedsFromInsurancePremiumsCollected	1289000000	USD
CY2015Q1	us-gaap	Proceeds From Insurance Premiums Collected ProceedsFromInsurancePremiumsCollected	1389000000	USD
CY2014Q1	us-gaap	Proceeds From Interest And Dividends Received ProceedsFromInterestAndDividendsReceived	121000000	USD
CY2015Q1	us-gaap	Proceeds From Interest And Dividends Received ProceedsFromInterestAndDividendsReceived	126000000	USD
CY2014Q1	us-gaap	Proceeds From Limited Partnership Investments ProceedsFromLimitedPartnershipInvestments	41000000	USD
CY2015Q1	us-gaap	Proceeds From Limited Partnership Investments ProceedsFromLimitedPartnershipInvestments	76000000	USD
CY2014Q1	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	244000000	USD
CY2015Q1	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	209000000	USD
CY2014Q4	us-gaap	Reinsurance Recoverables ReinsuranceRecoverables	161000000	USD
CY2015Q1	us-gaap	Reinsurance Recoverables ReinsuranceRecoverables	162000000	USD
CY2014Q1	us-gaap	Repayments Of Annuities And Investment Certificates RepaymentsOfAnnuitiesAndInvestmentCertificates	18000000	USD
CY2015Q1	us-gaap	Repayments Of Annuities And Investment Certificates RepaymentsOfAnnuitiesAndInvestmentCertificates	20000000	USD
CY2014Q1	us-gaap	Revenues Revenues	1511000000	USD
CY2015Q1	us-gaap	Revenues Revenues	1605000000	USD
CY2014Q4	us-gaap	Stockholders Equity StockholdersEquity	703000000	USD
CY2015Q1	us-gaap	Stockholders Equity StockholdersEquity	710000000	USD
CY2013Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	7550000000	USD
CY2014Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	7983000000	USD
CY2015Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	8137000000	USD
CY2014Q4	us-gaap	Trading Securities Equity TradingSecuritiesEquity	3223000000	USD
CY2015Q1	us-gaap	Trading Securities Equity TradingSecuritiesEquity	3096000000	USD
CY2014	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	19000000	USD
CY2014Q4	us-gaap	Unearned Premiums UnearnedPremiums	2834000000	USD
CY2015Q1	us-gaap	Unearned Premiums UnearnedPremiums	2845000000	USD
CY2015Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 1.  Nature of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Indemnity Company (“Indemnity”) is a publicly held Pennsylvania business corporation that has been the managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (“Exchange”) since 1925.  The Exchange is a subscriber-owned, Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity’s primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.  This is done in accordance with a subscriber’s agreement (a limited power of attorney) executed by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange.  Pursuant to the subscriber’s agreement and for its services as attorney-in-fact, Indemnity earns a management fee calculated as a percentage of the direct premiums written by the Exchange and the other members of the Property and Casualty Group (defined below), which are assumed by the Exchange under an intercompany pooling arrangement.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Exchange, together with its wholly owned subsidiaries, Erie Insurance Company (“EIC”), Erie Insurance Company of New York (“ENY”), Erie Insurance Property and Casualty Company (“EPC”), and Flagship City Insurance Company (“Flagship”), operate as a property and casualty insurer and are collectively referred to as the “Property and Casualty Group”.  The Property and Casualty Group operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12</font><font style="font-family:inherit;font-size:10pt;"> Midwestern, Mid-Atlantic and Southeastern states and the District of Columbia.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Family Life Insurance Company (“EFL”), a wholly owned subsidiary of the Exchange, operates as a life insurer that underwrites and sells individual and group life insurance policies and fixed annuities.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All property and casualty and life insurance operations are owned by the Exchange and Indemnity functions solely as the management company.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements of Erie Indemnity Company reflect the results of Indemnity and its variable interest entity, the Exchange, which we refer to collectively as the “Erie Insurance Group” (“we,” “us,” “our”).</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">“Indemnity shareholder interest” refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders.  “Noncontrolling interest” refers to the interest in the Erie Insurance Exchange held for the subscribers (policyholders).</font></div></div>
CY2015Q1	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position, results of operations, and cash flows for the interim periods have been included.  Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">.  The accompanying consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> as filed with the Securities and Exchange Commission on </font><font style="font-family:inherit;font-size:10pt;">February 26, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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$ERIE
ERIE INDEMNITY CO Stock $erie

2015 Q1 Form 10-Q Financial Statement

#000092262115000019 Filed on April 30, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERIE ERIE INDEMNITY CO Stock $erie

2015 Q1 Form 10-Q Financial Statement

#000092262115000019 Filed on April 30, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERIE
ERIE INDEMNITY CO Stock $erie