Generac Holdings (GNRC) Q4 FY2021 earnings: revenue $1.1 billion, up 40.2% on the year

Generac Holdings Inc. (GNRC) reported revenue of $1.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 40.2% on the same quarter a year earlier as this quarter's filing gives it. Net income was $143 million, up 14.3% on the year as this quarter's filing gives it, and diluted earnings per share $2.04. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$1.1 billion

+40.2% on the year · +13.2% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

16.4%

22.5% a year earlier

Q1 FY2020Q4 FY2021

Net income

$143 million

+14.3% on the year · +8.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.04

+3.6% on the year · +5.7% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	1,067	943	761	+13.2%	+40.2%
Cost of revenue	705	n/a	n/a
Gross profit	363	n/a	n/a
Gross margin	34.0%	n/a	n/a
Research and development	29.4	n/a	n/a
Operating income	175	174	171	+1.1%	+2.6%
Operating margin	16.4%	18.4%	22.5%
Interest expense	9.5	n/a	n/a
Pre-tax income	167	n/a	n/a
Income tax	20.6	n/a	n/a
Effective tax rate	12.4%	n/a	n/a
Net income	143	132	125	+8.6%	+14.3%
Net margin	13.4%	n/a	n/a
Diluted EPS	$2.04	$1.93	$1.97	+5.7%	+3.6%

$ 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	61.8	n/a	n/a
Capital expenditure	22.5	n/a	n/a
Free cash flow	39.2	n/a	n/a
Free cash flow margin	3.7%	n/a	n/a
Cash from investing	-271	n/a	n/a
Cash from financing	-69.5	n/a	n/a
Depreciation and amortisation	29.4	23.2	18.7	+26.5%	+57.1%
Share-based compensation	5.8	n/a	n/a
Dividends paid	0.0	n/a	n/a
Diluted shares, weighted	n/a	64m	n/a
Shares outstanding at period end	64m	63m	63m	+1.1%	+1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	2,214	1,782	1,390	+24.2%	+59.2%
Non-controlling interest	0.3	n/a	n/a
Redeemable equity	58.0	n/a	n/a
Debt	980	910	885	+7.7%	+10.7%
Other liabilities	1,626	n/a	n/a
Total liabilities and equity	4,878	n/a	n/a
Fixed assets	441	n/a	n/a
Goodwill	1,410	n/a	n/a
Intangible assets	1,041	n/a	n/a
Cash and equivalents	147	424	655	-65.2%	-77.5%
Receivables	546	n/a	n/a
Inventory	1,090	n/a	n/a
Other assets	203	n/a	n/a
Total assets	4,878	n/a	n/a

Questions

What was Generac Holdings' revenue in Q4 FY2021?

Generac Holdings (GNRC) reported revenue of $1.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 40.2% on the same quarter a year earlier as the company restated it.

How much did Generac Holdings earn in Q4 FY2021?

Net income for Q4 FY2021 was $143 million, up 14.3% on the year, and diluted earnings per share $2.04.

When did Generac Holdings report Q4 FY2021 results?

Generac Holdings filed its 10-K for the quarter ended 31 December 2021 with the SEC on 22 February 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,067	1,136	1,291	1,088	1,049	888	1,000	1,071	1,064	889	998	1,174	1,235	942	1,061	1,114	1,092	1,059	1,174	1,295
Cost of revenue	705	775	834	727	706	615	672	695	675	573	623	701	733	570	644	687	695	649	652	779
Gross profit	363	361	457	361	343	272	328	376	389	316	376	472	501	372	417	427	396	410	522	516
Gross margin	34%	32%	35%	33%	33%	31%	33%	35%	37%	36%	38%	40%	41%	39%	39%	38%	36%	39%	44%	40%
R&D	29.4	39.7	41.6	40.0	38.4	41.8	43.9	43.3	44.4	49.4	54.0	56.9	59.3	62.0	60.4	60.1	61.0	62.7	65.8	63.8
Operating income	175	155	217	87.5	107	44.5	86.0	105	151	66.9	103	169	198	83.6	112	103	-9.3	117	210	161
Operating margin	16%	14%	17%	8%	10%	5%	9%	10%	14%	8%	10%	14%	16%	9%	11%	9%	-1%	11%	18%	12%
Interest expense	9.5	9.6	10.2	15.5	19.5	23.0	25.2	24.7	24.8	23.6	23.3	22.9	19.9	17.1	18.2	18.5	16.9	15.4	16.8	16.4
Pre-tax income	167	146	203	72.0	87.5	22.0	61.4	80.1	127	38.5	78.7	147	145	58.5	89.9	78.3	-27.6	96.8	190	143
Tax rate	12%	20%	23%	16%	16%	36%	26%	24%	24%	31%	25%	23%	19%	24%	17%	15%	n/a	24%	25%	24%
Net income	143	114	156	58.3	71.0	12.4	45.2	60.4	96.6	26.2	59.1	114	117	43.8	74.0	66.2	-24.5	73.3	143	109
Net margin	13%	10%	12%	5%	7%	1%	5%	6%	9%	3%	6%	10%	9%	5%	7%	6%	-2%	7%	12%	8%
Diluted EPS	$2.04	$1.57	$2.21	$0.83	$0.83	$0.05	$0.70	$0.97	$1.57	$0.39	$0.97	$1.89	$2.15	$0.73	$1.25	$1.12	-$0.42	$1.24	$2.40	$1.83
Operating cash flow	61.8	-10.1	23.8	-56.0	101	-18.6	83.1	140	317	112	77.7	212	339	58.2	72.2	118	189	119	121	171
Capital expenditure	22.5	28.2	18.3	18.3	21.4	24.0	29.9	23.8	51.3	26.8	28.0	28.6	53.3	30.9	57.7	21.9	59.3	29.4	58.3	39.2
Free cash flow	39.2	-38.3	5.5	-74.4	79.5	-42.5	53.2	116	266	85.1	49.7	184	286	27.2	14.5	96.5	130	89.9	62.9	132
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	100	n/a	0.0	50.6	102	0.0	97.5	50.5	0.0	0.0	0.0	0.0	0.0
Dividends paid	0.0	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0
Shares outstanding	64m	64m	64m	63m	62m	62m	62m	61m	60m	61m	60m	59m	60m	59m	59m	59m	59m	59m	59m	59m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 22 February 2022: the filing.