Generac (GNRC) Financials

$3 B

Mkt cap, 25-May-2018

$397.6 M

Revenue Q1, 2018
Gross profit (Q1, 2018)140 M
Gross profit margin (Q1, 2018), %35.2%
Net income (Q1, 2018)33.8 M
EBIT (Q1, 2018)56.3 M
Cash, 31-Mar-2018146.2 M
EV2.9 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.5 b1.5 b1.3 b1.4 b1.7 b

Revenue growth, %

(2%)(10%)10%

Cost of goods sold

916.2 m944.7 m857.3 m930.3 m1.1 b

Gross profit

569.6 m516.2 m460 m514.1 m582.1 m

Gross profit Margin, %

38%35%35%36%35%

R&D expense

37.2 m42.9 m

General and administrative expense

74.7 m87.5 m

Operating expense total

111.9 m331.1 m

Depreciation and amortization

28.9 m

EBIT

351.5 m293.4 m179.6 m204.6 m251.1 m

EBIT margin, %

24%20%14%14%15%

Interest expense

54.4 m47.2 m42.8 m44.6 m42.7 m

Pre tax profit

278.7 m258.4 m123 m156.4 m204.7 m

Income tax expense

104.2 m83.7 m45.2 m57.6 m43.6 m

Net Income

174.5 m174.6 m77.7 m98.8 m161.1 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

363.3 m342 m362.6 m352.3 m311.8 m288.4 m359.3 m286.5 m367.4 m373.1 m331.8 m395.4 m397.6 m

Cost of goods sold

223.8 m222.5 m234.6 m222 m209.2 m192.5 m229 m188.5 m243.2 m235.3 m221.3 m260.9 m257.6 m

Gross profit

139.5 m119.5 m128 m130.3 m102.6 m95.9 m130.3 m98.1 m124.1 m137.8 m110.5 m134.5 m140 m

Gross profit Margin, %

38%35%35%37%33%33%36%34%34%37%33%34%35%

R&D expense

7.2 m7.7 m8 m7.8 m8.2 m8.4 m8.3 m8.2 m9.9 m9.4 m10.3 m10.6 m11.9 m

General and administrative expense

13.7 m13.1 m12.5 m13.4 m14.2 m13.6 m13.1 m17.8 m19.6 m18.1 m21 m21.4 m23.5 m

Operating expense total

52.2 m54.2 m49.9 m59.5 m57.7 m56.4 m62.5 m71.1 m80.1 m81.4 m78.6 m82.2 m83.6 m

Depreciation and amortization

5.6 m

EBIT

87.3 m65.3 m78.2 m70.8 m44.9 m39.5 m67.9 m27 m44.1 m56.3 m31.8 m52.3 m56.3 m

EBIT margin, %

24%19%22%20%14%14%19%9%12%15%10%13%14%

Interest expense

12.5 m11.7 m11.4 m12.3 m11.3 m10.8 m10.2 m11 m11.4 m11.3 m10.8 m10.9 m10.1 m

Pre tax profit

74 m54.2 m82.4 m54.9 m30.7 m23.5 m53.3 m15.9 m32.9 m41.5 m21.1 m39.9 m45.2 m

Income tax expense

27 m19.5 m28.4 m18.4 m11 m8.6 m19.2 m5.7 m11.9 m15.5 m8.3 m14.1 m11.4 m

Net Income

47.1 m34.7 m54 m36.5 m19.7 m14.8 m34 m10.2 m20.9 m26 m12.8 m25.7 m33.8 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

150.1 m189.8 m115.9 m67.3 m138.5 m

Accounts Receivable

Inventories

300.3 m319.4 m325.4 m349.7 m380.3 m

Current Assets

654.2 m730.5 m661.4 m683.5 m818.6 m

PP&E

146.4 m168.8 m184.2 m212.8 m230.4 m

Goodwill

608.3 m635.6 m669.7 m704.6 m721.5 m

Total Assets

1.8 b1.9 b1.8 b1.9 b2 b

Accounts Payable

109.2 m132.2 m108.3 m181.5 m233.6 m

Short-term debt

9.6 m5.4 m8.6 m31.2 m20.6 m

Current Liabilities

250.8 m240.5 m213.2 m341.9 m388.9 m

Long-term debt

Total Debt

31.2 m20.6 m

Total Liabilities

1.4 b1.4 b

Additional Paid-in Capital

421.7 m434.9 m443.1 m449 m459.8 m

Retained Earnings

105.8 m280.4 m358.2 m456.1 m616.3 m

Total Equity

317.1 m465.9 m401.1 m559.8 m

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0 x

Financial Leverage

5.7 x3.8 x4.6 x3.6 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

116.5 m173.7 m198 m173.2 m150.1 m155.6 m46.5 m69.4 m75.6 m54.2 m57.5 m67.1 m146.2 m

Inventories

296 m292.3 m287.2 m327.6 m356.9 m385.8 m362.3 m374.7 m366.7 m359.4 m390.9 m378.1 m439.7 m

Current Assets

616 m686.5 m717.2 m732.3 m704.5 m746.9 m654.4 m686.3 m698.6 m671.4 m680.7 m697.8 m866.8 m

PP&E

120.8 m148 m153.1 m159.1 m171.4 m174.7 m178.1 m197.6 m206.7 m207.5 m215.4 m217.1 m232 m

Goodwill

589.6 m607.2 m607.8 m607.8 m635.6 m639 m668.1 m723.4 m716.8 m711.8 m710.1 m716.8 m724.2 m

Total Assets

1.7 b1.8 b1.8 b1.8 b1.8 b1.9 b1.8 b1.9 b1.9 b1.9 b1.9 b1.9 b2.1 b

Accounts Payable

101.7 m113.7 m116.1 m131.4 m135.1 m149.4 m123.2 m148.4 m166.7 m145.9 m159.4 m163.4 m228.1 m

Short-term debt

18 m7 m6.5 m5.5 m3.1 m3 m4.5 m34.1 m33.6 m35.5 m28.1 m22.2 m31.4 m

Current Liabilities

240.9 m233.4 m214 m229.5 m234.6 m246 m225 m302.5 m324 m333.6 m315.9 m310.3 m412.6 m

Total Debt

18 m7 m6.5 m5.5 m3.1 m3 m4.5 m34.1 m33.6 m35.5 m28.1 m22.2 m31.4 m

Total Liabilities

1.5 b1.5 b1.4 b1.4 b1.3 b1.4 b1.3 b1.4 b1.4 b1.4 b1.4 b1.4 b1.5 b

Additional Paid-in Capital

419.3 m424.3 m427.3 m431.5 m438 m440 m442 m440.9 m443.8 m446.3 m452.1 m454.8 m464.1 m

Retained Earnings

57.3 m140.5 m194.5 m231 m300.1 m315 m349 m368.4 m389.3 m415.5 m469.5 m495.5 m636.8 m

Total Equity

257.3 m353 m519.8 m489.3 m474.5 m450.3 m413.9 m420.4 m428 m570.2 m

Financial Leverage

6.7 x5.1 x3.6 x3.8 x4.1 x4.3 x4.5 x4.4 x4.4 x3.6 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

174.5 m174.6 m77.7 m98.8 m161.1 m

Depreciation and Amortization

25.8 m21 m23.6 m33 m23.1 m

Accounts Receivable

(5.3 m)(3 m)9.6 m(9.1 m)(29.8 m)

Inventories

(52 m)3.5 m9.1 m15.5 m(16.3 m)

Accounts Payable

(5.8 m)15.3 m(27.8 m)32.9 m42.8 m

Cash From Operating Activities

259.9 m253 m188.6 m253.4 m261.1 m

Cash From Investing Activities

(144.5 m)(95.5 m)(104.3 m)(105.8 m)(31.9 m)

Short-term Borrowings

(114.9 m)

Dividends Paid

(343.4 m)(902 k)(1.4 m)(76 k)

Cash From Financing Activities

(73.4 m)(116 m)(154.5 m)(195.7 m)(160.1 m)

Interest Paid

55.8 m42.6 m39.5 m42.5 m41.1 m

Income Taxes Paid

25.8 m34.3 m6.1 m8.9 m23.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

47.1 m34.7 m54 m36.5 m19.7 m14.8 m34 m10.2 m20.9 m26 m12.8 m33.8 m

Depreciation and Amortization

5.1 m5.3 m5.2 m6 m6.3 m7.8 m8.2 m9.5 m7.2 m11.7 m

Accounts Receivable

18.7 m

Inventories

287.2 m327.6 m356.9 m385.8 m362.3 m374.7 m366.7 m359.4 m390.9 m(48.8 m)

Accounts Payable

116.1 m131.4 m135.1 m149.4 m123.2 m148.4 m166.7 m145.9 m159.4 m(9.4 m)

Cash From Operating Activities

29 m

Cash From Investing Activities

(6 m)

Short-term Borrowings

(3.9 m)

Cash From Financing Activities

(16.2 m)

Ratios

USDY, 2018

EV/EBIT

51.9 x

EV/CFO

100.9 x

Financial Leverage

3.6 x
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