Champion Homes (SKY) FY2023 results: revenue $2.6 billion, up 18.1% on the year

Champion Homes, Inc. (SKY) reported revenue of $2.6 billion for fiscal 2023, the year ended 1 April 2023, up 18.1% on the year before. Net income was $402 million, up 62.0%, and diluted earnings per share $7.00. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2023.

Revenue

$2.6 billion

+18.1% on the year

FY2017FY2023

Operating margin

19.9%

15.1% a year earlier

FY2017FY2023

Net income

$402 million

+62.0% on the year

FY2017FY2023

Diluted EPS

$7.00

+61.7% on the year

FY2017FY2023

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	2,607	2,207	1,421	+18.1%
Cost of revenue	1,788	1,618	1,133	+10.5%
Gross profit	819	589	288	+39.0%
Gross margin	31.4%	26.7%	20.2%
Selling, general and administrative	300	256	179	+17.2%
Operating income	518	333	109	+55.7%
Operating margin	19.9%	15.1%	7.7%
Interest expense	3.3	3.2	3.8	+1.0%
Pre-tax income	534	330	111	+61.6%
Income tax	132	82.4	26.5	+60.3%
Effective tax rate	24.7%	24.9%	23.8%
Net income	402	248	84.9	+62.0%
Net margin	15.4%	11.2%	6.0%
Diluted EPS	$7.00	$4.33	$1.49	+61.7%

$ 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	416	224	154	+85.4%
Capital expenditure	52.2	32.0	8.0	+63.4%
Free cash flow	364	192	146	+89.1%
Free cash flow margin	14.0%	8.7%	10.3%
Cash from investing	-61.2	-32.0	-56.8
Cash from financing	-37.0	-19.9	-47.8
Depreciation and amortisation	26.7	20.9	17.7	+27.7%
Share-based compensation	14.2	9.8	6.0	+44.8%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	57m	57m	57m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,233	825	569	+49.4%
Debt	12.4	12.4	39.3	0.0%
Operating lease liabilities	23.4	6.6	7.2	+256.7%
Other liabilities	294	391	303	-24.7%
Total liabilities and equity	1,563	1,235	918	+26.6%
Fixed assets	177	133	115	+33.2%
Goodwill	197	192	192	+2.4%
Intangible assets	45.3	51.3	58.8	-11.6%
Cash and equivalents	747	435	263	+71.7%
Receivables	67.3	90.5	57.5	-25.7%
Inventory	202	241	166	-16.2%
Other assets	127	91.1	65.9	+39.1%
Total assets	1,563	1,235	918	+26.6%

10-K for the year ended 1 April 2023, filed 30 May 2023: the filing.