Horace Mann Educators (HMN) FY2022 results: revenue $1.4 billion, up 4.0% on the year

Horace Mann Educators Corp. (HMN) reported revenue of $1.4 billion for fiscal 2022, the year ended 31 December 2022, up 4.0% on the year before. Net income was $20 million, down 88.4%, and diluted earnings per share $0.47. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$1.4 billion

+4.0% on the year

FY2015FY2022

Operating margin

1.3%

15.9% a year earlier

FY2015FY2022

Net income

$20 million

-88.4% on the year

FY2015FY2022

Diluted EPS

$0.47

-88.4% on the year

FY2015FY2022

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	1,383	1,330	1,310	+4.0%
Operating income	17.8	211	160	-91.6%
Operating margin	1.3%	15.9%	12.2%
Interest expense	19.4	13.9	15.2	+39.6%
Pre-tax income	16.5	210	160	-92.1%
Income tax	-3.3	39.7	26.3
Effective tax rate	-20.0%	18.9%	16.5%
Net income	19.8	170	133	-88.4%
Net margin	1.4%	12.8%	10.2%
Diluted EPS	$0.47	$4.04	$3.17	-88.4%

$ 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	172	205	260	-16.3%
Cash from investing	-215	-302	-407
Cash from financing	-47.8	208	144
Depreciation and amortisation	27.6	18.4	23.4	+50.0%
Share-based compensation	8.9	8.4	6.7	+6.0%
Dividends paid	52.6	51.4	49.6	+2.3%
Dividend per share	$1.28	$1.24	$1.20	+3.2%
Diluted shares, weighted	42m	42m	42m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,098	1,499	1,790	-26.7%
Short-term borrowings	n/a	n/a	135
Debt	498	503	302	-0.9%
Other liabilities	11,710	12,459	11,244	-6.0%
Total liabilities and equity	13,306	14,460	13,472	-8.0%
Fixed assets	69.3	66.0	64.7	+5.0%
Goodwill	54.3	43.5	43.5	+24.8%
Intangible assets	185	145	158	+27.4%
Securities held for sale or to maturity	5,185	6,239	6,345	-16.9%
Cash and equivalents	42.8	134	22.3	-68.0%
Other assets	7,770	7,832	6,838	-0.8%
Total assets	13,306	14,460	13,472	-8.0%

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