Henry Schein (HSIC) FY2022 results: revenue $12.6 billion, up 2.0% on the year

Henry Schein Inc. (HSIC) reported revenue of $12.6 billion for fiscal 2022, the year ended 31 December 2022, up 2.0% on the year before. Net income was $538 million, down 14.8%, and diluted earnings per share $3.91. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$12.6 billion

+2.0% on the year

FY2015FY2022

Operating margin

5.9%

6.9% a year earlier

FY2015FY2022

Net income

$538 million

-14.8% on the year

FY2015FY2022

Diluted EPS

$3.91

-12.1% 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	12,647	12,401	10,119	+2.0%
Cost of revenue	8,816	8,729	7,305	+1.0%
Gross profit	3,831	3,672	2,814	+4.3%
Gross margin	30.3%	29.6%	27.8%
Selling, general and administrative	2,771	2,634	2,086	+5.2%
Operating income	747	852	535	-12.3%
Operating margin	5.9%	6.9%	5.3%
Interest expense	35.0	27.0	41.0	+29.6%
Pre-tax income	721	831	500	-13.2%
Income tax	170	198	95.0	-14.1%
Effective tax rate	23.6%	23.8%	19.0%
Net income	538	631	404	-14.8%
Net margin	4.3%	5.1%	4.0%
Diluted EPS	$3.91	$4.45	$2.82	-12.1%

$ 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	602	710	599	-15.2%
Capital expenditure	96.0	79.0	49.0	+21.5%
Free cash flow	506	631	550	-19.8%
Free cash flow margin	4.0%	5.1%	5.4%
Cash from investing	-276	-677	-115
Cash from financing	-315	-333	-187
Depreciation and amortisation	212	210	186	+1.0%
Share-based compensation	54.0	78.0	9.0	-30.8%
Buybacks	485	401	74.0	+20.9%
Diluted shares, weighted	138m	142m	143m	-2.8%
Shares outstanding at period end	132m	137m	142m	-3.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,446	3,425	3,348	+0.6%
Non-controlling interest	649	638	636	+1.7%
Redeemable equity	576	613	328	-6.1%
Debt	1,149	873	699	+31.6%
Operating lease liabilities	275	268	239	+2.7%
Finance lease liabilities	6.0	4.0	3.5	+50.0%
Other liabilities	2,506	2,660	2,519	-5.8%
Total liabilities and equity	8,607	8,481	7,773	+1.5%
Fixed assets	n/a	366	342
Goodwill	2,893	2,854	2,504	+1.4%
Intangible assets	587	668	479	-12.1%
Cash and equivalents	117	118	421	-0.8%
Receivables	1,442	1,452	1,425	-0.7%
Inventory	1,963	1,861	1,512	+5.5%
Other assets	1,605	1,162	1,088	+38.1%
Total assets	8,607	8,481	7,773	+1.5%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.