Horace Mann Educators (HMN) FY2023 results: revenue $1.5 billion, up 7.9% on the year

Horace Mann Educators Corp. (HMN) reported revenue of $1.5 billion for fiscal 2023, the year ended 31 December 2023, up 7.9% on the year before. Net income was $45 million, up 127.3%, and diluted earnings per share $1.09. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.5 billion

+7.9% on the year

FY2016FY2023

Operating margin

3.6%

1.3% a year earlier

FY2016FY2023

Net income

$45 million

+127.3% on the year

FY2016FY2023

Diluted EPS

$1.09

+131.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,492	1,383	1,330	+7.9%
Operating income	53.3	17.8	211	+199.4%
Operating margin	3.6%	1.3%	15.9%
Interest expense	29.7	19.4	13.9	+53.1%
Pre-tax income	53.3	16.5	210	+223.0%
Income tax	8.3	-3.3	39.7
Effective tax rate	15.6%	-20.0%	18.9%
Net income	45.0	19.8	170	+127.3%
Net margin	3.0%	1.4%	12.8%
Diluted EPS	$1.09	$0.47	$4.04	+131.9%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	302	172	205	+76.2%
Cash from investing	-107	-215	-302
Cash from financing	-208	-47.8	208
Depreciation and amortisation	26.2	27.6	18.4	-5.1%
Share-based compensation	9.5	8.9	8.4	+6.7%
Dividends paid	53.9	52.6	51.4	+2.5%
Dividend per share	$1.32	$1.28	$1.24	+3.1%
Diluted shares, weighted	41m	42m	42m	-1.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,175	1,098	1,499	+7.0%
Debt	546	498	503	+9.6%
Other liabilities	12,329	11,710	12,459	+5.3%
Total liabilities and equity	14,050	13,306	14,460	+5.6%
Fixed assets	68.6	69.3	66.0	-1.0%
Goodwill	54.3	54.3	43.5	0.0%
Intangible assets	170	185	145	-8.0%
Securities held for sale or to maturity	n/a	5,185	6,239
Cash and equivalents	29.7	42.8	134	-30.6%
Other assets	13,727	7,770	7,832	+76.7%
Total assets	14,050	13,306	14,460	+5.6%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.