Sally Beauty Holdings (SBH) FY2022 results: revenue $3.8 billion, down 1.5% on the year

Sally Beauty Holdings, Inc. (SBH) reported revenue of $3.8 billion for fiscal 2022, the year ended 30 September 2022, down 1.5% on the year before. Net income was $184 million, down 23.5%, and diluted earnings per share $1.66. The figures are the company's own, from the 10-K it filed with the SEC on 17 November 2022.

Revenue

$3.8 billion

-1.5% on the year

FY2015FY2022

Operating margin

8.8%

10.8% a year earlier

FY2015FY2022

Net income

$184 million

-23.5% on the year

FY2015FY2022

Diluted EPS

$1.66

-21.0% 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	3,816	3,875	3,514	-1.5%
Cost of revenue	1,896	1,922	1,799	-1.3%
Gross profit	1,919	1,953	1,716	-1.7%
Gross margin	50.3%	50.4%	48.8%
Selling, general and administrative	1,554	1,530	1,443	+1.5%
Operating income	338	418	259	-19.3%
Operating margin	8.8%	10.8%	7.4%
Interest expense	93.5	93.5	98.8	+0.0%
Pre-tax income	244	325	160	-24.9%
Income tax	60.5	85.1	46.7	-28.8%
Effective tax rate	24.8%	26.2%	29.2%
Net income	184	240	113	-23.5%
Net margin	4.8%	6.2%	3.2%
Diluted EPS	$1.66	$2.10	$0.99	-21.0%

$ 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	156	382	427	-59.0%
Capital expenditure	99.2	73.9	111	+34.3%
Free cash flow	57.2	308	316	-81.4%
Free cash flow margin	1.5%	7.9%	9.0%
Cash from investing	-102	-76.0	-124
Cash from financing	-374	-420	140
Depreciation and amortisation	99.9	102	107	-2.2%
Share-based compensation	9.9	11.7	8.4	-14.7%
Buybacks	130	n/a	61.4
Diluted shares, weighted	110m	114m	115m	-3.4%
Shares outstanding at period end	107m	113m	112m	-5.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	294	281	15.4	+4.6%
Debt	1,152	1,393	1,813	-17.3%
Operating lease liabilities	425	404	394	+5.1%
Finance lease liabilities	0.3	0.5	0.7	-42.9%
Other liabilities	706	769	671	-8.1%
Total liabilities and equity	2,577	2,847	2,895	-9.5%
Fixed assets	298	307	315	-3.1%
Goodwill	526	541	540	-2.8%
Intangible assets	50.3	55.5	58.3	-9.4%
Cash and equivalents	70.6	401	514	-82.4%
Receivables	34.1	32.6	35.6	+4.5%
Inventory	936	871	815	+7.5%
Other assets	662	638	618	+3.7%
Total assets	2,577	2,847	2,895	-9.5%

10-K for the year ended 30 September 2022, filed 17 November 2022: the filing.