Henry Schein (HSIC) FY2014 results: revenue $10.4 billion, up 8.5% on the year
Henry Schein Inc. (HSIC) reported revenue of $10.4 billion for fiscal 2014, the year ended 27 December 2014, up 8.5% on the year before. Net income was $466 million, up 8.0%, and diluted earnings per share $2.72. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2015.
Revenue
$10.4 billion
+8.5% on the year
FY2008FY2014
Operating margin
6.9%
7.1% a year earlier
FY2008FY2014
Net income
$466 million
+8.0% on the year
FY2008FY2014
Diluted EPS
$2.72
+10.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,371
9,561
8,940
+8.5%
Cost of revenue
7,460
6,905
6,432
+8.0%
Gross profit
2,911
2,656
2,508
+9.6%
Gross margin
28.1%
27.8%
28.0%
Selling, general and administrative
2,196
1,979
1,873
+11.0%
Operating income
715
677
619
+5.6%
Operating margin
6.9%
7.1%
6.9%
Interest expense
24.1
27.5
30.9
-12.6%
Pre-tax income
709
665
604
+6.7%
Income tax
216
191
188
+12.9%
Effective tax rate
30.4%
28.7%
31.1%
Net income
466
432
388
+8.0%
Net margin
4.5%
4.5%
4.3%
Diluted EPS
$2.72
$2.46
$2.16
+10.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
593
664
408
-10.8%
Capital expenditure
82.1
60.2
51.2
+36.4%
Free cash flow
510
604
357
-15.5%
Free cash flow margin
4.9%
6.3%
4.0%
Cash from investing
n/a
n/a
-270
Cash from financing
n/a
n/a
-171
Depreciation and amortisation
152
128
125
+18.9%
Share-based compensation
45.9
35.5
37.3
+29.1%
Buybacks
300
300
300
-0.1%
Diluted shares, weighted
171m
175m
180m
-2.1%
Shares outstanding at period end
168m
171m
176m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,814
2,785
2,614
+1.0%
Non-controlling interest
2.9
2.8
2.3
+1.7%
Debt
731
485
533
+50.8%
Other liabilities
2,591
2,351
2,185
+10.2%
Total liabilities and equity
6,139
5,625
5,334
+9.1%
Fixed assets
311
276
273
+12.9%
Goodwill
1,884
1,635
1,601
+15.2%
Intangible assets
644
417
462
+54.3%
Cash and equivalents
89.5
189
122
-52.6%
Receivables
1,128
1,055
1,015
+6.9%
Inventory
1,328
1,250
1,204
+6.2%
Other assets
755
802
657
-5.9%
Total assets
6,139
5,625
5,334
+9.1%
10-K for the year ended 27 December 2014, filed 11 February 2015: the filing.