Champion Homes (SKY) FY2024 results: revenue $2.0 billion, down 22.3% on the year

Champion Homes, Inc. (SKY) reported revenue of $2.0 billion for fiscal 2024, the year ended 30 March 2024, down 22.3% on the year before. Net income was $147 million, down 63.5%, and diluted earnings per share $2.53. The figures are the company's own, from the 10-K it filed with the SEC on 29 May 2024.

Revenue

$2.0 billion

-22.3% on the year

FY2017FY2024

Operating margin

8.7%

19.9% a year earlier

FY2017FY2024

Net income

$147 million

-63.5% on the year

FY2017FY2024

Diluted EPS

$2.53

-63.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,025	2,607	2,207	-22.3%
Cost of revenue	1,539	1,788	1,618	-13.9%
Gross profit	486	819	589	-40.7%
Gross margin	24.0%	31.4%	26.7%
Selling, general and administrative	311	300	256	+3.4%
Operating income	175	518	333	-66.2%
Operating margin	8.7%	19.9%	15.1%
Interest expense	4.6	3.3	3.2	+40.8%
Pre-tax income	201	534	330	-62.4%
Income tax	47.1	132	82.4	-64.3%
Effective tax rate	23.5%	24.7%	24.9%
Net income	147	402	248	-63.5%
Net margin	7.2%	15.4%	11.2%
Diluted EPS	$2.53	$7.00	$4.33	-63.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	223	416	224	-46.5%
Capital expenditure	52.9	52.2	32.0	+1.3%
Free cash flow	170	364	192	-53.4%
Free cash flow margin	8.4%	14.0%	8.7%
Cash from investing	-486	-61.2	-32.0
Cash from financing	10.9	-37.0	-19.9
Depreciation and amortisation	34.9	26.7	20.9	+30.6%
Share-based compensation	19.6	14.2	9.8	+38.1%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	58m	57m	57m	+1.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,422	1,233	825	+15.4%
Debt	24.7	12.4	12.4	+98.5%
Operating lease liabilities	31.3	23.4	6.6	+33.8%
Other liabilities	445	294	391	+51.4%
Total liabilities and equity	1,923	1,563	1,235	+23.1%
Fixed assets	291	177	133	+64.3%
Goodwill	358	197	192	+82.1%
Intangible assets	76.4	45.3	51.3	+68.4%
Cash and equivalents	495	747	435	-33.8%
Receivables	64.6	67.3	90.5	-4.0%
Inventory	319	202	241	+57.6%
Other assets	320	127	91.1	+152.3%
Total assets	1,923	1,563	1,235	+23.1%

10-K for the year ended 30 March 2024, filed 29 May 2024: the filing.