Sally Beauty Holdings (SBH) FY2021 results: revenue $3.9 billion, up 10.3% on the year
Sally Beauty Holdings, Inc. (SBH) reported revenue of $3.9 billion for fiscal 2021, the year ended 30 September 2021, up 10.3% on the year before. Net income was $240 million, up 111.8%, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2021.
Revenue
$3.9 billion
+10.3% on the year
FY2014FY2021
Operating margin
10.8%
7.4% a year earlier
FY2014FY2021
Net income
$240 million
+111.8% on the year
FY2014FY2021
Diluted EPS
$2.10
+112.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
3,875
3,514
3,876
+10.3%
Cost of revenue
1,922
1,799
1,966
+6.8%
Gross profit
1,953
1,716
1,911
+13.9%
Gross margin
50.4%
48.8%
49.3%
Selling, general and administrative
1,530
1,443
1,453
+6.1%
Operating income
418
259
458
+61.7%
Operating margin
10.8%
7.4%
11.8%
Interest expense
93.5
98.8
96.3
-5.3%
Pre-tax income
325
160
362
+103.1%
Income tax
85.1
46.7
90.5
+82.1%
Effective tax rate
26.2%
29.2%
25.0%
Net income
240
113
272
+111.8%
Net margin
6.2%
3.2%
7.0%
Diluted EPS
$2.10
$0.99
$2.26
+112.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
382
427
320
-10.5%
Capital expenditure
73.9
111
108
-33.3%
Free cash flow
308
316
213
-2.6%
Free cash flow margin
7.9%
9.0%
5.5%
Cash from investing
-76.0
-124
-95.9
Cash from financing
-420
140
-229
Depreciation and amortisation
102
107
108
-4.3%
Share-based compensation
11.7
8.4
9.2
+38.3%
Buybacks
n/a
61.4
47.4
Diluted shares, weighted
114m
115m
120m
-0.4%
Shares outstanding at period end
113m
112m
117m
+0.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
281
15.4
-60.3
+1,717.9%
Debt
1,393
1,813
1,609
-23.2%
Operating lease liabilities
404
394
n/a
+2.5%
Finance lease liabilities
0.5
0.7
n/a
-29.1%
Other liabilities
769
671
549
+14.5%
Total liabilities and equity
2,847
2,895
2,098
-1.7%
Fixed assets
307
315
320
-2.4%
Goodwill
541
540
531
+0.2%
Intangible assets
55.5
58.3
62.1
-4.7%
Cash and equivalents
401
514
71.5
-22.0%
Receivables
32.6
35.6
43.1
-8.3%
Inventory
871
815
953
+7.0%
Other assets
638
618
118
+3.3%
Total assets
2,847
2,895
2,098
-1.7%
10-K for the year ended 30 September 2021, filed 22 November 2021: the filing.