Champion Homes (SKY) FY2022 results: revenue $2.2 billion, up 55.3% on the year

Champion Homes, Inc. (SKY) reported revenue of $2.2 billion for fiscal 2022, the year ended 2 April 2022, up 55.3% on the year before. Net income was $248 million, up 192.2%, and diluted earnings per share $4.33. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2022.

Revenue

$2.2 billion

+55.3% on the year

FY2017FY2022

Operating margin

15.1%

7.7% a year earlier

FY2017FY2022

Net income

$248 million

+192.2% on the year

FY2017FY2022

Diluted EPS

$4.33

+190.6% on the year

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,207	1,421	1,370	+55.3%
Cost of revenue	1,618	1,133	1,091	+42.8%
Gross profit	589	288	279	+104.8%
Gross margin	26.7%	20.2%	20.4%
Selling, general and administrative	256	179	193	+43.2%
Operating income	333	109	86.5	+206.1%
Operating margin	15.1%	7.7%	6.3%
Interest expense	3.2	3.8	4.6	-14.9%
Pre-tax income	330	111	85.1	+196.6%
Income tax	82.4	26.5	26.9	+210.9%
Effective tax rate	24.9%	23.8%	31.6%
Net income	248	84.9	58.2	+192.2%
Net margin	11.2%	6.0%	4.2%
Diluted EPS	$4.33	$1.49	$1.02	+190.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	224	154	76.7	+45.9%
Capital expenditure	32.0	8.0	15.4	+298.9%
Free cash flow	192	146	61.4	+32.0%
Free cash flow margin	8.7%	10.3%	4.5%
Cash from investing	-32.0	-56.8	-14.1
Cash from financing	-19.9	-47.8	21.6
Depreciation and amortisation	20.9	17.7	18.5	+18.3%
Share-based compensation	9.8	6.0	8.3	+62.0%
Diluted shares, weighted	57m	57m	57m	+0.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	825	569	474	+45.1%
Debt	12.4	39.3	77.3	-68.4%
Operating lease liabilities	6.6	7.2	10.0	-9.3%
Other liabilities	391	303	220	+29.0%
Total liabilities and equity	1,235	918	782	+34.5%
Fixed assets	133	115	109	+15.5%
Goodwill	192	192	174	+0.1%
Intangible assets	51.3	58.8	43.4	-12.8%
Cash and equivalents	435	263	209	+65.8%
Receivables	90.5	57.5	45.7	+57.5%
Inventory	241	166	126	+45.3%
Other assets	91.1	65.9	74.0	+38.1%
Total assets	1,235	918	782	+34.5%

10-K for the year ended 2 April 2022, filed 24 May 2022: the filing.