Generac Holdings (GNRC) FY2022 results: revenue $4.6 billion, up 22.1% on the year

Generac Holdings Inc. (GNRC) reported revenue of $4.6 billion for fiscal 2022, the year ended 31 December 2022, up 22.1% on the year before. Net income was $400 million, down 27.4%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$4.6 billion

+22.1% on the year

FY2015FY2022

Operating margin

12.4%

19.3% a year earlier

FY2015FY2022

Net income

$400 million

-27.4% on the year

FY2015FY2022

Diluted EPS

$5.42

-34.7% 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	4,565	3,737	2,485	+22.1%
Cost of revenue	3,043	2,377	1,528	+28.0%
Gross profit	1,522	1,360	958	+11.9%
Gross margin	33.3%	36.4%	38.5%
Research and development	160	104	80.3	+53.2%
Operating income	566	721	479	-21.5%
Operating margin	12.4%	19.3%	19.3%
Interest expense	54.8	33.0	33.0	+66.4%
Pre-tax income	508	692	446	-26.5%
Income tax	99.6	135	99.0	-26.2%
Effective tax rate	19.6%	19.5%	22.2%
Net income	400	550	351	-27.4%
Net margin	8.8%	14.7%	14.1%
Diluted EPS	$5.42	$8.30	$5.48	-34.7%

$ 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	58.5	411	487	-85.8%
Capital expenditure	86.2	110	62.1	-21.6%
Free cash flow	-27.7	301	424
Free cash flow margin	-0.6%	8.1%	17.1%
Cash from investing	-134	-817	-124
Cash from financing	64.0	-103	-30.4
Depreciation and amortisation	156	92.0	68.8	+69.6%
Share-based compensation	29.5	24.0	20.9	+23.1%
Buybacks	346	126	0.0	+174.5%
Dividends paid	0.3	0.0	0.0
Diluted shares, weighted	65m	64m	64m	+0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,257	2,214	1,390	+2.0%
Non-controlling interest	1.9	0.3	-0.1	+498.7%
Redeemable equity	110	58.0	66.2	+90.3%
Debt	1,431	980	885	+46.0%
Finance lease liabilities	n/a	n/a	25.1
Other liabilities	1,369	1,626	869	-15.8%
Total liabilities and equity	5,169	4,878	3,235	+6.0%
Fixed assets	468	441	344	+6.1%
Goodwill	1,401	1,410	855	-0.6%
Intangible assets	931	1,041	292	-10.6%
Cash and equivalents	133	147	655	-9.9%
Receivables	522	546	375	-4.4%
Inventory	1,405	1,090	603	+29.0%
Other assets	310	203	111	+52.9%
Total assets	5,169	4,878	3,235	+6.0%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.