Grocery Outlet Holding (GO) FY2022 results: revenue $3.6 billion, up 16.2% on the year

Grocery Outlet Holding Corp. (GO) reported revenue of $3.6 billion for fiscal 2022, the year ended 31 December 2022, up 16.2% on the year before. Net income was $65 million, up 4.4%, and diluted earnings per share $0.65. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$3.6 billion

+16.2% on the year

FY2017FY2022

Operating margin

2.7%

2.9% a year earlier

FY2017FY2022

Net income

$65 million

+4.4% on the year

FY2017FY2022

Diluted EPS

$0.65

+3.2% on the year

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,578	3,080	3,135	+16.2%
Cost of revenue	2,486	2,131	2,161	+16.7%
Gross profit	1,092	949	973	+15.1%
Gross margin	30.5%	30.8%	31.1%
Selling, general and administrative	997	860	772	+16.0%
Operating income	95.0	89.1	107	+6.6%
Operating margin	2.7%	2.9%	3.4%
Pre-tax income	75.7	77.5	87.1	-2.3%
Income tax	10.7	15.2	-19.6	-29.6%
Effective tax rate	14.1%	19.6%	-22.5%
Net income	65.1	62.3	107	+4.4%
Net margin	1.8%	2.0%	3.4%
Diluted EPS	$0.65	$0.63	$1.08	+3.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	186	166	181	+12.0%
Capital expenditure	130	123	125	+5.8%
Free cash flow	55.0	42.2	56.3	+30.4%
Free cash flow margin	1.5%	1.4%	1.8%
Cash from investing	-150	-137	-134
Cash from financing	-72.9	5.9	29.8
Depreciation and amortisation	78.3	68.4	55.5	+14.5%
Share-based compensation	32.6	17.6	38.1	+84.8%
Buybacks	3.5	0.0	0.0
Dividends paid	0.1	0.2	0.4	-46.2%
Diluted shares, weighted	100m	99m	98m	+0.7%
Shares outstanding at period end	98m	96m	95m	+1.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,110	1,009	922	+10.0%
Debt	380	460	460	-17.5%
Operating lease liabilities	976	956	876	+2.1%
Finance lease liabilities	4.4	5.6	5.1	-21.8%
Other liabilities	302	239	222	+26.4%
Total liabilities and equity	2,772	2,670	2,486	+3.8%
Fixed assets	561	499	434	+12.3%
Goodwill	748	748	748	0.0%
Intangible assets	64.0	51.9	48.2	+23.3%
Cash and equivalents	103	140	105	-26.7%
Receivables	9.0	5.8	3.3	+54.8%
Other assets	1,288	1,225	1,147	+5.2%
Total assets	2,772	2,670	2,486	+3.8%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.