Resideo Technologies (REZI) FY2021 results: revenue $5.8 billion, up 15.3% on the year

Resideo Technologies, Inc. (REZI) reported revenue of $5.8 billion for fiscal 2021, the year ended 31 December 2021, up 15.3% on the year before. Net income was $242 million, up 554.1%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$5.8 billion

+15.3% on the year

FY2016FY2021

Operating margin

9.6%

6.1% a year earlier

FY2016FY2021

Net income

$242 million

+554.1% on the year

FY2016FY2021

Diluted EPS

$1.63

+462.1% on the year

FY2016FY2021

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	5,846	5,071	4,988	+15.3%
Cost of revenue	4,262	3,727	3,711	+14.4%
Gross profit	1,584	1,344	1,277	+17.9%
Gross margin	27.1%	26.5%	25.6%
Research and development	86.0	74.0	87.0	+16.2%
Selling, general and administrative	909	889	932	+2.2%
Operating income	559	311	258	+79.7%
Operating margin	9.6%	6.1%	5.2%
Interest expense	48.0	63.0	69.0	-23.8%
Pre-tax income	353	101	71.0	+249.5%
Income tax	111	64.0	35.0	+73.4%
Effective tax rate	31.4%	63.4%	49.3%
Net income	242	37.0	36.0	+554.1%
Net margin	4.1%	0.7%	0.7%
Diluted EPS	$1.63	$0.29	$0.29	+462.1%

$ 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	315	244	23.0	+29.1%
Capital expenditure	63.0	70.0	n/a	-10.0%
Free cash flow	252	174	n/a	+44.8%
Free cash flow margin	4.3%	3.4%	n/a
Cash from investing	-65.0	-103	-112
Cash from financing	20.0	253	-53.0	-92.1%
Depreciation and amortisation	88.0	86.0	80.0	+2.3%
Share-based compensation	39.0	29.0	25.0	+34.5%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	148m	126m	123m	+17.5%
Shares outstanding at period end	145m	143m	123m	+1.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,252	1,993	1,602	+13.0%
Debt	1,243	1,162	1,180	+7.0%
Operating lease liabilities	120	107	111	+12.1%
Other liabilities	2,238	2,348	2,235	-4.7%
Total liabilities and equity	5,853	5,610	5,128	+4.3%
Fixed assets	287	318	316	-9.7%
Goodwill	2,661	2,691	2,642	-1.1%
Intangible assets	120	135	127	-11.1%
Cash and equivalents	775	517	122	+49.9%
Receivables	876	863	817	+1.5%
Inventory	740	672	671	+10.1%
Other assets	394	414	433	-4.8%
Total assets	5,853	5,610	5,128	+4.3%

10-K for the year ended 31 December 2021, filed 15 February 2022: the filing.