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People (PPLI) FY2024 results: revenue $2.6 billion, down 10.2% on the year

People Inc. (PPLI) reported revenue of $2.6 billion for fiscal 2024, the year ended 31 December 2024, down 10.2% on the year before. Net income was -$540 million, and diluted earnings per share $-6.49. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue
$2.6 billion
-10.2% on the year
FY2017FY2024
Operating margin
-1.1%
-8.1% a year earlier
FY2017FY2024
Net income
-$540 million
FY2017FY2024
Diluted EPS
-$6.49
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue2,6222,9193,344-10.2%
Cost of revenue1,0021,2191,496-17.8%
Gross profit1,6201,7001,848-4.7%
Gross margin61.8%58.2%55.3%
Research and development228238244-4.0%
Operating income-28.7-238-355
Operating margin-1.1%-8.1%-10.6%
Interest expense136158110-13.9%
Pre-tax income-715393-1,388
Income tax-14298.2-311
Effective tax raten/a25.0%n/a
Net income-540266-1,170
Net margin-20.6%9.1%-35.0%
Diluted EPS-$6.49$2.97-$13.55
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow355190-82.8+87.1%
Capital expenditure15.093.623.4-84.0%
Free cash flow34095.9-106+253.9%
Free cash flow margin12.9%3.3%-3.2%
Cash from investing277-87.5-495
Cash from financing-129-223-113
Depreciation and amortisation183369346-50.5%
Share-based compensation77.773.670.8+5.7%
Buybacks0.016685.3
Diluted shares, weighted83m86m86m-3.9%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity5,5786,0785,932-8.2%
Non-controlling interest701677641+3.5%
Redeemable equity25.433.427.2-23.9%
Debt1,4802,0402,070-27.5%
Operating lease liabilities309350519-11.6%
Other liabilities1,5951,3251,205+20.4%
Total liabilities and equity9,68910,50310,394-7.7%
Fixed assets313346511-9.4%
Goodwill1,9932,1382,147-6.8%
Intangible assets5547041,170-21.2%
Investments0.0149565
Cash and equivalents1,3829331,096+48.0%
Receivables483486608-0.5%
Other assets4,9635,7474,297-13.6%
Total assets9,68910,50310,394-7.7%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.