Analysis of Reportable Segments
AmerisourceBergen Corp. operates in 2 segments: U.S. Healthcare Solutions and International Healthcare Solutions.
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- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Segment Profit Margin
AmerisourceBergen Corp., profit margin by reportable segment
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
The reportable segment profit margin data reveals distinct trends between the U.S. Healthcare Solutions segment and the International Healthcare Solutions segment over the reported periods.
- U.S. Healthcare Solutions
- The profit margin for this segment is reported only from September 30, 2020, onward. It shows a consistent upward trend across the three available years. Starting at 1.08% in 2020, the margin increased to 1.12% by 2021 and further to 1.16% in 2022. This gradual improvement suggests effective management or improved operational efficiencies within this segment during the period analyzed.
- International Healthcare Solutions
- For the International Healthcare Solutions segment, profit margin data is also available from September 30, 2020, but shows a declining trend. Initially, the margin was substantially higher at 5.26% in 2020, decreasing markedly to 3.39% in 2021, and further to 2.67% in 2022. This decline suggests challenges potentially related to market conditions, cost pressures, or competitive dynamics in the international domain that negatively impacted profitability.
Overall, the data indicates that while the U.S.-based segment experienced moderate profit margin growth, the international segment faced a significant contraction in profitability. This divergence may warrant deeper investigation into segment-specific operational factors or external market influences.
Segment Profit Margin: U.S. Healthcare Solutions
AmerisourceBergen Corp.; U.S. Healthcare Solutions; segment profit margin calculation
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
- Revenue
- Revenue for the U.S. Healthcare Solutions segment demonstrated a consistent upward trajectory from 2020 to 2022. It increased from approximately 186.39 billion USD in 2020 to 202.46 billion USD in 2021, reflecting a year-over-year growth of about 8.6%. This positive trend continued into 2022, reaching approximately 212.10 billion USD, indicating sustained growth of 4.7% in that year.
- Operating Income
- Operating income mirrored the revenue growth pattern, showing continuous improvement over the three reported years. In 2020, operating income stood at around 2.00 billion USD. It rose to approximately 2.26 billion USD in 2021, representing an increase of roughly 12.4%. The upward momentum persisted in 2022, with operating income reaching nearly 2.46 billion USD, marking a further increase of about 8.7% compared to the previous year.
- Segment Profit Margin
- The segment profit margin exhibited a gradual increase over the period analyzed. Starting at 1.08% in 2020, it improved modestly to 1.12% in 2021 and further to 1.16% in 2022. This steady enhancement in profitability indicates improved operational efficiency or favorable pricing dynamics within the segment despite the scale-up in revenue.
Segment Profit Margin: International Healthcare Solutions
AmerisourceBergen Corp.; International Healthcare Solutions; segment profit margin calculation
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
The segment data reveals notable trends in revenue, operating income, and segment profit margin over the three-year period from September 30, 2020, to September 30, 2022.
- Revenue
- The revenue experienced substantial growth during this timeframe. It increased from approximately US$3.51 billion in 2020 to about US$11.53 billion in 2021, representing a more than threefold rise. This upward trend continued in 2022, with revenue reaching approximately US$26.49 billion, indicating a further significant increase.
- Operating Income
- Operating income also showed strong growth, rising from roughly US$184.4 million in 2020 to about US$390.3 million in 2021. This positive momentum accelerated in 2022, with operating income reaching approximately US$706.5 million, illustrating a substantial improvement in absolute profitability.
- Segment Profit Margin
- Despite the growth in both revenue and operating income, the segment profit margin exhibited a declining trend. It decreased from 5.26% in 2020 to 3.39% in 2021, and further declined to 2.67% in 2022. This suggests that while the segment is expanding its sales and operating income, the efficiency or profitability relative to revenue is diminishing over time.
In summary, the data indicates strong expansion in revenue and operating income over these years; however, the decreasing profit margin points to rising costs, pricing pressures, or other factors impacting profitability ratios within the segment.
Segment Capital Expenditures to Depreciation
AmerisourceBergen Corp., capital expenditures to depreciation by reportable segment
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
- U.S. Healthcare Solutions Capital Expenditures to Depreciation Ratio
-
The ratio data for the U.S. Healthcare Solutions segment starts from the fiscal year ending in 2020, showing values of 1.25 in 2020, 1.16 in 2021, and 1.08 in 2022. This indicates a consistent decline over the three-year period.
The gradual decrease suggests a reduction in capital expenditures relative to depreciation expenses within this segment. A ratio exceeding 1 in 2020 and 2021 implies capital expenditures were higher than depreciation, possibly indicating investment or asset expansion. However, the decreasing trend approaching closer to 1 by 2022 may suggest a stabilization or moderation of new investments relative to asset wear and tear.
- International Healthcare Solutions Capital Expenditures to Depreciation Ratio
-
This segment's ratio also begins reporting from 2020, with values of 1.99 in 2020, 2.05 in 2021, and a decrease to 1.75 in 2022. The high ratios in 2020 and 2021 indicate capital expenditures were nearly double, or more than double, the depreciation charged, reflecting a significant level of investment during these years.
Despite the decline in 2022, the ratio remains substantially above 1, which suggests ongoing investment activity exceeding the depreciation amount. The decrease from the peak in 2021 to 2022 could indicate a scaling back or a normalization of capital expenditure patterns within this international segment.
- Comparative Insights
-
Comparing both segments, the International Healthcare Solutions consistently maintain a higher capital expenditure to depreciation ratio than the U.S. Healthcare Solutions segment. This points to a more aggressive investment approach internationally relative to asset depreciation.
Both segments display a downward trend in these ratios over recent years, signifying a potential shift towards more conservative capital investments or a stabilization phase after a period of expansion. The differences in ratio levels highlight distinct strategic or operational dynamics between the U.S. and international segments.
Segment Capital Expenditures to Depreciation: U.S. Healthcare Solutions
AmerisourceBergen Corp.; U.S. Healthcare Solutions; segment capital expenditures to depreciation calculation
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital Expenditures
- Capital expenditures increased significantly starting in 2020, with a value of 316,249 thousand US dollars, followed by a slight decrease in 2021 to 310,525 thousand US dollars, and a further decrease in 2022 to 295,406 thousand US dollars. This indicates an initial rise in investment, which tapered off gradually in the subsequent years.
- Depreciation and Amortization
- Depreciation and amortization expenses have shown a consistent upward trend over the three years with data available. They rose from 253,687 thousand US dollars in 2020 to 266,575 thousand US dollars in 2021, and further to 274,554 thousand US dollars in 2022, reflecting increasing amortization of capital assets and possibly acquisitions or asset additions.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation declined from 1.25 in 2020 to 1.16 in 2021, and further to 1.08 in 2022. This indicates that capital expenditures, while still exceeding depreciation, are decreasing relative to it, suggesting a reduced pace of asset investment compared to the rate of asset depreciation and amortization.
- Overall Analysis
- Overall, the data reveals a pattern of significant investment in capital assets beginning in 2020, followed by a conservative decline over the next two years. Meanwhile, depreciation expenses have steadily increased, implying aging assets or increased amortization schedules. The decreasing ratio between capital expenditures and depreciation suggests a moderation in asset reinvestment intensity relative to asset consumption, which could imply a strategic shift toward managing existing assets more efficiently or a temporary slowdown in expansion-related capital deployment.
Segment Capital Expenditures to Depreciation: International Healthcare Solutions
AmerisourceBergen Corp.; International Healthcare Solutions; segment capital expenditures to depreciation calculation
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital Expenditures
- Capital expenditures have demonstrated a notable upward trajectory from the fiscal year ending September 30, 2020, through September 30, 2022. Beginning at $53,428 thousand in 2020, capital expenditures more than doubled to $127,692 thousand in 2021 and further increased to $200,912 thousand in 2022, indicating significant investments in assets or infrastructure during this period.
- Depreciation and Amortization
- Depreciation and amortization expenses have mirrored the trend observed in capital expenditures, exhibiting a steady rise from $26,897 thousand in 2020 to $62,376 thousand in 2021, and reaching $114,790 thousand in 2022. This increase reflects either the capitalization of additional assets or adjustments in the amortization methods or asset base over time.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation remained relatively stable but showed a slight decrease over the tracked years. It was 1.99 in 2020, rose marginally to 2.05 in 2021, and then decreased to 1.75 in 2022. This suggests that while capital investments were increasing, the rate of depreciation grew at a comparatively faster pace in 2022, potentially indicating accelerated asset aging or increased amortization rates.
- Overall Insights
- The data indicates a strategic phase of increased capital investment starting from 2020, coinciding with higher depreciation and amortization expenses. The consistent growth in both figures underscores expansion or modernization efforts within the segment. The slight decline in the capital expenditures to depreciation ratio by 2022 may reflect a shift in asset management or lifecycle considerations, highlighting the importance of monitoring asset utilization and replacement strategies in subsequent periods.
Revenue
AmerisourceBergen Corp., revenue by reportable segment
US$ in thousands
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions | ||||||
| Intersegment eliminations | ||||||
| Total |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
- Revenue Trends for U.S. Healthcare Solutions
- The revenue for U.S. Healthcare Solutions exhibits a consistent upward trajectory from fiscal year 2020 onward. Starting at approximately $186.4 billion in 2020, the segment's revenue increased to about $202.5 billion in 2021 and further to $212.1 billion in 2022. This indicates steady growth in this core segment over the three-year period.
- Revenue Trends for International Healthcare Solutions
- International Healthcare Solutions showed significant growth over the same timeframe. Revenue increased from approximately $3.5 billion in 2020 to around $11.5 billion in 2021, and then more than doubled to nearly $26.5 billion in 2022. This demonstrates an accelerated expansion in the international segment, with particularly strong growth between 2021 and 2022.
- Intersegment Eliminations
- The intersegment eliminations, which represent adjustments to remove revenue overlap between segments, remained relatively minor but showed a slight increase in absolute value, moving from approximately -$2.1 million in 2020 to -$2.3 million in 2021, and further to about -$4.9 million in 2022. This suggests marginally increased intersegment transactions over time.
- Total Revenue
- The total revenue reflects the cumulative impact of the segmental trends, rising each year from approximately $189.9 billion in 2020 to $214.0 billion in 2021, and reaching $238.6 billion in 2022. The overall revenue growth underscores the contribution of both U.S. and international segments, with the international segment contributing to a higher growth rate in the most recent year.
- Summary
- The data demonstrates robust and consistent growth in annual revenues, driven primarily by the U.S. Healthcare Solutions segment along with a rapidly expanding International Healthcare Solutions segment. The international segment's accelerated revenue increase in 2022 is a particularly notable development. Intersegment eliminations remain a small fraction of total revenue and have increased slightly, reflecting somewhat greater internal transactions. Overall, the revenue pattern indicates effective expansion strategies and increasing market reach over the reviewed period.
Operating income
AmerisourceBergen Corp., operating income by reportable segment
US$ in thousands
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions | ||||||
| Total |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
- U.S. Healthcare Solutions Operating Income
- The operating income for U.S. Healthcare Solutions reveals a consistent upward trend over the three reported years. Starting from approximately $2.0 billion in 2020, the figure increased to roughly $2.26 billion in 2021, and further to approximately $2.46 billion in 2022. This steady growth highlights a stable and expanding performance within the U.S. Healthcare segment.
- International Healthcare Solutions Operating Income
- The International Healthcare Solutions segment exhibits a marked increase over the same period. Operating income nearly doubled from around $184 million in 2020 to about $390 million in 2021, followed by an even more substantial rise to roughly $706 million in 2022. This significant growth suggests a rapidly expanding international presence and improved profitability in this segment.
- Total Operating Income
- Total operating income, combining both U.S. and International segments, demonstrates a robust upward trajectory. From approximately $2.2 billion in 2020, the total climbed to about $2.65 billion in 2021 and surged to over $3.16 billion in 2022. The data indicate that both segments contributed positively to overall financial performance, with international operations driving a considerable portion of total growth.
- Overall Insights
- The analysis reflects strong and continuous expansion in operating income across both primary business segments. While the U.S. Healthcare Solutions segment shows steady growth, the International Healthcare Solutions segment is experiencing more accelerated gains, suggesting successful strategic initiatives in international markets. The combined effect drives significant increases in total operating income, underlining positive business momentum and enhanced operational efficiency over the evaluated periods.
Depreciation and amortization
AmerisourceBergen Corp., depreciation and amortization by reportable segment
US$ in thousands
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions | ||||||
| Acquisition-related intangibles amortization | ||||||
| Total |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
The data reflects the annual depreciation and amortization expenses for different segments of the company over three reported years from September 30, 2020, to September 30, 2022. The analysis focuses on the trends and changes within these years across the U.S. Healthcare Solutions, International Healthcare Solutions, and Acquisition-related intangibles amortization.
- U.S. Healthcare Solutions
- This segment shows a steady increase in depreciation and amortization expenses over the three years. The values rose from $253.7 million in 2020 to $266.6 million in 2021, and further to $274.6 million in 2022. The incremental growth year-over-year suggests ongoing investments in fixed assets or capitalized expenditures within the U.S. Healthcare business, contributing to higher amortization and depreciation costs.
- International Healthcare Solutions
- There is a pronounced upward trend in this segment, with expenses growing sharply from $26.9 million in 2020 to $62.4 million in 2021, and nearly doubling again to $114.8 million in 2022. This rapid increase may indicate expansion efforts, increased asset base, or recent acquisitions in international operations, leading to higher amortization and depreciation charges over the period.
- Acquisition-related intangibles amortization
- The amortization expense related to acquisition intangibles exhibits the most significant growth among the categories analyzed. The figures increased substantially from $110.5 million in 2020 to $176.2 million in 2021, then surged to $304.6 million in 2022. This pattern likely reflects an increase in the value or volume of acquisitions made by the company, resulting in higher amortization expenses tied to intangible assets such as trademarks, customer relationships, or patents.
- Total Depreciation and Amortization
- The aggregate depreciation and amortization expense shows a consistent and marked increase, moving from approximately $391.1 million in 2020 to $505.2 million in 2021, and then to $693.9 million in 2022. The total growth aligns with the increasing trend in each reported segment, particularly driven by the sharp rises in acquisition-related intangibles amortization and international segment expenses.
Overall, the data indicates substantial growth in depreciation and amortization expenses over the three-year span, primarily fueled by the company's activities in acquisitions and expansion in international markets. The increasing amortization of acquisition-related intangibles suggests continued strategic investments in acquiring intangible assets. These trends highlight a growing asset base subject to allocation of cost over time, reflecting both operational growth and strategic expansion initiatives.
Capital expenditures
AmerisourceBergen Corp., capital expenditures by reportable segment
US$ in thousands
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | |
|---|---|---|---|---|---|---|
| U.S. Healthcare Solutions | ||||||
| International Healthcare Solutions | ||||||
| Total |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
The data on annual reportable segment capital expenditures reveals distinct trends across the two segments and the total expenditure over the last three reported years ending September 30, 2020 to 2022. The analysis focuses solely on the observed financial values and does not infer causative factors beyond the recorded figures.
- U.S. Healthcare Solutions
- Capital expenditures in this segment showed a decreasing trend over the three-year period. The expenditure declined from $316,249 thousand in 2020 to $310,525 thousand in 2021, followed by a further decrease to $295,406 thousand in 2022. This sustained reduction may indicate a strategic shift in investment levels within the U.S. segment or an optimization of capital allocation.
- International Healthcare Solutions
- The International Healthcare Solutions segment displayed a significant upward trend in capital expenditures. Starting at $53,428 thousand in 2020, expenditures more than doubled to $127,692 thousand in 2021, and continued to grow to $200,912 thousand in 2022. This strong increase suggests a marked expansion or increased investment emphasis in the international operations during this timeframe.
- Total Capital Expenditures
- Total capital expenditures reflect the combined changes in the two segments. The total increased steadily from $369,677 thousand in 2020 to $438,217 thousand in 2021, and further to $496,318 thousand in 2022. The overall growth in capital expenditure is predominantly driven by the substantial rise in international segment spending, which more than offsets the decline seen in the U.S. segment.
In summary, while capital spending in the U.S. Healthcare Solutions segment has contracted moderately each year since 2020, the International Healthcare Solutions segment shows rapid expansion in capital investment. Consequently, the total capital expenditures associated with reportable segments have increased notably, indicating a strategic pivot or renewed focus on international growth initiatives.