Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Generac Holdings Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	3,737,184)	2,485,200)	2,204,336)	2,023,464)	1,672,445)
Costs of goods sold	(2,377,102)	(1,527,546)	(1,406,584)	(1,298,424)	(1,090,328)
Gross profit	1,360,082)	957,654)	797,752)	725,040)	582,117)
Selling and service	(319,020)	(246,373)	(217,683)	(191,887)	(171,755)
Research and development	(104,303)	(80,251)	(68,394)	(50,019)	(42,925)
General and administrative	(144,272)	(118,233)	(109,017)	(103,841)	(87,512)
Acquisition related costs	(21,465)	(1,411)	(1,851)	—)	—)
Amortization of intangibles	(49,886)	(32,280)	(28,644)	(22,112)	(28,861)
Operating expenses	(638,946)	(478,548)	(425,589)	(367,859)	(331,053)
Income from operations	721,136)	479,106)	372,163)	357,181)	251,064)
Interest expense	(32,953)	(32,991)	(41,544)	(40,956)	(42,667)
Investment income	1,415)	2,182)	2,767)	1,893)	298)
Loss on extinguishment of debt	(831)	—)	(926)	(1,332)	—)
Loss on pension settlement	—)	—)	(10,920)	—)	—)
Other, net	2,759)	(2,106)	(1,933)	(5,710)	(4,007)
Other expense, net	(29,610)	(32,915)	(52,556)	(46,105)	(46,376)
Income before provision for income taxes	691,526)	446,191)	319,607)	311,076)	204,688)
Provision for income taxes	(134,957)	(98,973)	(67,299)	(69,856)	(43,553)
Net income	556,569)	347,218)	252,308)	241,220)	161,135)
Net (income) loss attributable to noncontrolling interests	(6,075)	3,358)	(301)	(2,963)	(1,749)
Net income attributable to Generac Holdings Inc.	550,494)	350,576)	252,007)	238,257)	159,386)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Generac Holdings Inc. net sales increased from 2019 to 2020 and from 2020 to 2021.
Income from operations	The net result for the period of deducting operating expenses from operating revenues.	Generac Holdings Inc. income from operations increased from 2019 to 2020 and from 2020 to 2021.
Income before provision for income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Generac Holdings Inc. income before provision for income taxes increased from 2019 to 2020 and from 2020 to 2021.
Net income attributable to Generac Holdings Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Generac Holdings Inc. net income attributable to Generac Holdings Inc. increased from 2019 to 2020 and from 2020 to 2021.

Generac Holdings Inc. (NYSE:GNRC)

Income Statement