Generac Holdings (GNRC) FY2023 results: revenue $4.0 billion, down 11.9% on the year

Generac Holdings Inc. (GNRC) reported revenue of $4.0 billion for fiscal 2023, the year ended 31 December 2023, down 11.9% on the year before. Net income was $215 million, down 46.3%, and diluted earnings per share $3.27. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$4.0 billion

-11.9% on the year

FY2016FY2023

Operating margin

9.6%

12.4% a year earlier

FY2016FY2023

Net income

$215 million

-46.3% on the year

FY2016FY2023

Diluted EPS

$3.27

-39.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,023	4,565	3,737	-11.9%
Cost of revenue	2,657	3,043	2,377	-12.7%
Gross profit	1,365	1,522	1,360	-10.3%
Gross margin	33.9%	33.3%	36.4%
Research and development	173	160	104	+8.6%
Operating income	386	566	721	-31.8%
Operating margin	9.6%	12.4%	19.3%
Interest expense	97.6	54.8	33.0	+78.1%
Pre-tax income	290	508	692	-42.9%
Income tax	73.2	99.6	135	-26.5%
Effective tax rate	25.2%	19.6%	19.5%
Net income	215	400	550	-46.3%
Net margin	5.3%	8.8%	14.7%
Diluted EPS	$3.27	$5.42	$8.30	-39.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	522	58.5	411	+791.5%
Capital expenditure	129	86.2	110	+49.7%
Free cash flow	393	-27.7	301
Free cash flow margin	9.8%	-0.6%	8.1%
Cash from investing	-178	-134	-817
Cash from financing	-277	64.0	-103
Depreciation and amortisation	167	156	92.0	+6.7%
Share-based compensation	35.5	29.5	24.0	+20.4%
Buybacks	252	346	126	-27.3%
Dividends paid	0.0	0.3	0.0
Diluted shares, weighted	62m	65m	64m	-4.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,340	2,257	2,214	+3.7%
Non-controlling interest	2.8	1.9	0.3	+50.4%
Redeemable equity	6.5	110	58.0	-94.1%
Debt	1,575	1,431	980	+10.1%
Operating lease liabilities	44.8	n/a	n/a
Finance lease liabilities	67.5	n/a	n/a
Other liabilities	1,056	1,369	1,626	-22.8%
Total liabilities and equity	5,093	5,169	4,878	-1.5%
Fixed assets	599	468	441	+28.0%
Goodwill	1,432	1,401	1,410	+2.2%
Intangible assets	846	931	1,041	-9.1%
Cash and equivalents	201	133	147	+51.4%
Receivables	537	522	546	+2.8%
Inventory	1,167	1,405	1,090	-16.9%
Other assets	310	310	203	+0.3%
Total assets	5,093	5,169	4,878	-1.5%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.