Henry Schein (HSIC) FY2011 results: revenue $8.5 billion, up 13.3% on the year
Henry Schein Inc. (HSIC) reported revenue of $8.5 billion for fiscal 2011, the year ended 31 December 2011, up 13.3% on the year before. Net income was $368 million, up 12.9%, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2014.
Revenue
$8.5 billion
+13.3% on the year
FY2008FY2011
Operating margin
6.8%
6.9% a year earlier
FY2008FY2011
Net income
$368 million
+12.9% on the year
FY2008FY2011
Diluted EPS
$1.99
+13.8% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
8,530
7,527
6,538
+13.3%
Cost of revenue
6,112
5,356
4,622
+14.1%
Gross profit
2,418
2,171
1,917
+11.4%
Gross margin
28.3%
28.8%
29.3%
Selling, general and administrative
1,836
1,637
1,450
+12.1%
Operating income
582
521
464
+11.7%
Operating margin
6.8%
6.9%
7.1%
Interest expense
30.4
33.6
23.4
-9.7%
Pre-tax income
569
502
453
+13.4%
Income tax
180
160
128
+12.6%
Effective tax rate
31.7%
31.9%
28.2%
Net income
368
326
311
+12.9%
Net margin
4.3%
4.3%
4.8%
Diluted EPS
$1.99
$1.75
$1.72
+13.8%
$ million except per share. Read moreFree 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
555
395
398
+40.2%
Capital expenditure
45.2
39.0
51.6
+15.8%
Free cash flow
509
356
346
+42.9%
Free cash flow margin
6.0%
4.7%
5.3%
Cash from investing
-193
-388
-98.6
Cash from financing
-357
-331
-198
Depreciation and amortisation
116
101
81.5
+14.5%
Share-based compensation
36.9
29.9
25.9
+23.5%
Buybacks
200
57.7
0.0
+246.4%
Diluted shares, weighted
185m
187m
181m
-0.7%
Shares outstanding at period end
180m
184m
181m
-2.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
2,432
2,412
2,161
+0.9%
Non-controlling interest
1.4
1.3
0.0
+5.2%
Debt
441
441
267
+0.0%
Other liabilities
1,865
1,693
1,408
+10.2%
Total liabilities and equity
4,740
4,547
3,836
+4.2%
Fixed assets
262
253
260
+3.8%
Goodwill
1,497
1,425
986
+5.1%
Intangible assets
410
405
204
+1.0%
Investments
n/a
n/a
0.0
Cash and equivalents
147
150
471
-2.0%
Receivables
888
886
725
+0.3%
Inventory
948
870
775
+8.9%
Other assets
588
558
414
+5.3%
Total assets
4,740
4,547
3,836
+4.2%
10-K for the year ended 31 December 2011, filed 11 February 2014: the filing.