People (PPLI) FY2022 results: revenue $3.3 billion, down 9.6% on the year

People Inc. (PPLI) reported revenue of $3.3 billion for fiscal 2022, the year ended 31 December 2022, down 9.6% on the year before. Net income was -$1.2 billion, and diluted earnings per share $-13.55. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$3.3 billion

-9.6% on the year

FY2017FY2022

Operating margin

-10.6%

-3.7% a year earlier

FY2017FY2022

Net income

-$1.2 billion

FY2017FY2022

Diluted EPS

-$13.55

FY2017FY2022

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	3,344	3,700	2,765	-9.6%
Cost of revenue	1,496	1,296	726	+15.4%
Gross profit	1,848	2,403	2,038	-23.1%
Gross margin	55.3%	65.0%	73.7%
Research and development	244	231	185	+5.8%
Operating income	-355	-137	-538
Operating margin	-10.6%	-3.7%	-19.4%
Interest expense	110	34.3	16.2	+221.5%
Pre-tax income	-1,388	730	244
Income tax	-311	139	-45.7
Effective tax rate	n/a	19.0%	-18.7%
Net income	-1,170	598	270
Net margin	-35.0%	16.2%	9.8%
Diluted EPS	-$13.55	$6.31	$2.97

$ 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	-82.8	137	155
Capital expenditure	23.4	90.2	60.7	-74.1%
Free cash flow	-106	46.7	93.9
Free cash flow margin	-3.2%	1.3%	3.4%
Cash from investing	-495	n/a	-1,872
Cash from financing	-113	n/a	4,352
Depreciation and amortisation	346	150	196	+130.9%
Share-based compensation	70.8	79.5	189	-10.9%
Buybacks	85.3	35.4	63.7	+141.0%
Diluted shares, weighted	86m	92m	91m	-6.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	5,932	7,175	6,598	-17.3%
Non-controlling interest	641	574	553	+11.7%
Redeemable equity	27.2	18.7	232	+45.3%
Debt	2,070	2,100	720	-1.4%
Operating lease liabilities	519	578	205	-10.3%
Other liabilities	1,205	1,854	853	-35.0%
Total liabilities and equity	10,394	12,300	9,162	-15.5%
Fixed assets	511	571	275	-10.5%
Goodwill	2,147	3,227	1,660	-33.5%
Intangible assets	1,170	1,415	395	-17.3%
Investments	565	348	523	+62.6%
Trading assets	n/a	n/a	225
Cash and equivalents	1,096	1,691	3,366	-35.2%
Receivables	608	696	258	-12.6%
Inventory	n/a	30.7	0.3
Other assets	4,297	4,324	2,460	-0.6%
Total assets	10,394	12,300	9,162	-15.5%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.