Interparfums (IPAR) FY2021 results: revenue $880 million, up 63.2% on the year

Interparfums Inc. (IPAR) reported revenue of $880 million for fiscal 2021, the year ended 31 December 2021, up 63.2% on the year before. Net income was $87 million, up 128.7%, and diluted earnings per share $2.75. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$880 million

+63.2% on the year

FY2014FY2021

Operating margin

16.8%

13.0% a year earlier

FY2014FY2021

Net income

$87 million

+128.7% on the year

FY2014FY2021

Diluted EPS

$2.75

+127.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	880	539	714	+63.2%
Cost of revenue	323	208	268	+54.9%
Gross profit	557	331	446	+68.4%
Gross margin	63.3%	61.4%	62.5%
Selling, general and administrative	406	261	341	+55.9%
Operating income	148	70.1	105	+111.2%
Operating margin	16.8%	13.0%	14.7%
Interest expense	2.8	2.0	2.1	+43.4%
Pre-tax income	151	69.3	105	+117.8%
Income tax	41.0	19.4	29.1	+111.5%
Effective tax rate	27.1%	27.9%	27.7%
Net income	87.4	38.2	60.2	+128.7%
Net margin	9.9%	7.1%	8.4%
Diluted EPS	$2.75	$1.21	$1.90	+127.3%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	120	65.0	76.5	+84.0%
Capital expenditure	141	11.0	5.4	+1,183.0%
Free cash flow	-21.7	54.0	71.0
Free cash flow margin	-2.5%	10.0%	10.0%
Cash from investing	-188	-22.3	-64.6
Cash from financing	78.2	-18.6	-68.2
Depreciation and amortisation	12.7	9.1	3.7	+40.0%
Share-based compensation	2.9	3.0	3.4	-5.8%
Dividends paid	31.7	20.8	34.6	+52.3%
Dividend per share	$1.00	$0.33	$1.16	+203.0%
Diluted shares, weighted	32m	32m	32m	+0.6%
Shares outstanding at period end	n/a	32m	32m

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	n/a	536	468
Non-controlling interest	166	167	141	-0.1%
Debt	n/a	24.7	23.1
Operating lease liabilities	n/a	21.4	24.6
Other liabilities	229	142	172	+61.7%
Total liabilities and equity	n/a	890	829
Fixed assets	n/a	19.6	11.1
Intangible assets	n/a	214	202
Investments	160	127	120	+26.4%
Cash and equivalents	n/a	170	133
Receivables	n/a	124	133
Inventory	n/a	159	168
Other assets	n/a	77.3	61.8
Total assets	n/a	890	829

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.