Resideo Technologies (REZI) FY2022 results: revenue $6.4 billion, up 9.0% on the year

Resideo Technologies, Inc. (REZI) reported revenue of $6.4 billion for fiscal 2022, the year ended 31 December 2022, up 9.0% on the year before. Net income was $283 million, up 16.9%, and diluted earnings per share $1.90. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$6.4 billion

+9.0% on the year

FY2016FY2022

Operating margin

9.6%

9.6% a year earlier

FY2016FY2022

Net income

$283 million

+16.9% on the year

FY2016FY2022

Diluted EPS

$1.90

+16.6% on the year

FY2016FY2022

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	6,370	5,846	5,071	+9.0%
Cost of revenue	4,604	4,262	3,727	+8.0%
Gross profit	1,766	1,584	1,344	+11.5%
Gross margin	27.7%	27.1%	26.5%
Research and development	111	86.0	74.0	+29.1%
Selling, general and administrative	974	909	889	+7.2%
Operating income	611	559	311	+9.3%
Operating margin	9.6%	9.6%	6.1%
Interest expense	54.0	48.0	63.0	+12.5%
Pre-tax income	418	353	101	+18.4%
Income tax	135	111	64.0	+21.6%
Effective tax rate	32.3%	31.4%	63.4%
Net income	283	242	37.0	+16.9%
Net margin	4.4%	4.1%	0.7%
Diluted EPS	$1.90	$1.63	$0.29	+16.6%

$ 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	152	315	244	-51.7%
Capital expenditure	85.0	63.0	70.0	+34.9%
Free cash flow	67.0	252	174	-73.4%
Free cash flow margin	1.1%	4.3%	3.4%
Cash from investing	-764	-65.0	-103
Cash from financing	170	20.0	253	+750.0%
Depreciation and amortisation	94.0	88.0	86.0	+6.8%
Share-based compensation	50.0	39.0	29.0	+28.2%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	149m	148m	126m	+0.4%
Shares outstanding at period end	146m	145m	143m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,529	2,252	1,993	+12.3%
Debt	1,431	1,243	1,162	+15.1%
Operating lease liabilities	166	120	107	+38.3%
Other liabilities	2,261	2,238	2,348	+1.0%
Total liabilities and equity	6,387	5,853	5,610	+9.1%
Fixed assets	366	287	318	+27.5%
Goodwill	2,724	2,661	2,691	+2.4%
Intangible assets	475	120	135	+295.8%
Cash and equivalents	326	775	517	-57.9%
Receivables	1,002	876	863	+14.4%
Inventory	975	740	672	+31.8%
Other assets	519	394	414	+31.7%
Total assets	6,387	5,853	5,610	+9.1%

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