Name: Generac Holdings Inc. (NYSE:GNRC) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

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Generac Holdings Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net sales	1,291,391)	1,135,856)	1,067,071)	942,698)	919,981)	807,434)	761,082)	701,355)	546,848)	475,915)	590,932)	601,135)	541,916)	470,353)	563,404)	562,388)	497,581)	400,091)	488,002)	457,253)	395,376)	331,814)
Costs of goods sold	(834,406)	(775,108)	(704,532)	(606,704)	(580,246)	(485,620)	(460,880)	(425,206)	(337,865)	(303,595)	(368,710)	(383,618)	(346,078)	(308,178)	(359,098)	(362,054)	(319,108)	(258,164)	(308,300)	(299,784)	(260,916)	(221,328)
Gross profit	456,985)	360,748)	362,539)	335,994)	339,735)	321,814)	300,202)	276,149)	208,983)	172,320)	222,222)	217,517)	195,838)	162,175)	204,306)	200,334)	178,473)	141,927)	179,702)	157,469)	134,460)	110,486)
Selling and service	(120,066)	(98,243)	(89,577)	(82,242)	(78,777)	(68,424)	(67,807)	(60,901)	(62,526)	(55,139)	(58,729)	(59,356)	(52,309)	(47,289)	(50,013)	(48,985)	(48,269)	(44,620)	(44,053)	(44,402)	(43,116)	(40,184)
Research and development	(41,599)	(39,744)	(29,406)	(27,165)	(25,344)	(22,388)	(21,489)	(20,658)	(19,455)	(18,649)	(19,488)	(17,603)	(17,694)	(13,609)	(11,897)	(13,653)	(12,616)	(11,853)	(11,193)	(10,864)	(10,567)	(10,301)
General and administrative	(52,600)	(41,972)	(28,961)	(40,802)	(41,610)	(32,899)	(30,912)	(31,061)	(29,782)	(27,889)	(30,852)	(27,596)	(27,658)	(24,762)	(28,228)	(25,499)	(26,639)	(23,475)	(23,076)	(22,102)	(21,361)	(20,973)
Acquisition related costs	—)	—)	(21,465)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Amortization of intangibles	(25,876)	(26,054)	(17,649)	(12,206)	(11,052)	(8,979)	(8,940)	(7,892)	(7,667)	(7,781)	(8,645)	(7,406)	(7,251)	(5,342)	(5,320)	(5,678)	(5,482)	(5,632)	(7,307)	(7,242)	(7,129)	(7,183)
Operating expenses	(240,141)	(206,013)	(187,058)	(162,415)	(156,783)	(132,690)	(129,148)	(120,512)	(119,430)	(109,458)	(117,714)	(111,961)	(104,912)	(91,002)	(95,458)	(93,815)	(93,006)	(85,580)	(85,629)	(84,610)	(82,173)	(78,641)
Income from operations	216,844)	154,735)	175,481)	173,579)	182,952)	189,124)	171,054)	155,637)	89,553)	62,862)	104,508)	105,556)	90,926)	71,173)	108,848)	106,519)	85,467)	56,347)	94,073)	72,859)	52,287)	31,845)
Interest expense	(10,235)	(9,554)	(9,529)	(7,980)	(7,721)	(7,723)	(7,910)	(8,096)	(7,932)	(9,053)	(10,116)	(10,704)	(10,452)	(10,272)	(10,017)	(9,824)	(11,002)	(10,113)	(10,314)	(10,672)	(10,893)	(10,788)
Investment income	92)	77)	403)	165)	244)	603)	261)	301)	660)	960)	878)	523)	452)	914)	798)	382)	367)	346)	241)	14)	38)	5)
Loss on extinguishment of debt	(3,743)	—)	—)	—)	(831)	—)	—)	—)	—)	—)	(926)	—)	—)	—)	—)	—)	(1,332)	—)	—)	—)	—)	—)
Loss on pension settlement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(10,920)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	505)	246)	223)	(400)	(373)	3,309)	581)	(557)	(216)	(1,914)	(65)	(414)	(393)	(1,061)	(2,946)	(483)	(887)	(1,394)	(902)	(1,570)	(1,573)	38)
Other expense, net	(13,381)	(9,231)	(8,903)	(8,215)	(8,681)	(3,811)	(7,068)	(8,352)	(7,488)	(10,007)	(21,149)	(10,595)	(10,393)	(10,419)	(12,165)	(9,925)	(12,854)	(11,161)	(10,975)	(12,228)	(12,428)	(10,745)
Income before provision for income taxes	203,463)	145,504)	166,578)	165,364)	174,271)	185,313)	163,986)	147,285)	82,065)	52,855)	83,359)	94,961)	80,533)	60,754)	96,683)	96,594)	72,613)	45,186)	83,098)	60,631)	39,859)	21,100)
Provision for income taxes	(45,826)	(28,608)	(20,616)	(32,611)	(46,362)	(35,368)	(39,006)	(32,050)	(18,473)	(9,444)	(13,423)	(20,064)	(18,827)	(14,985)	(19,986)	(20,072)	(18,382)	(11,416)	(607)	(20,581)	(14,114)	(8,251)
Net income	157,637)	116,896)	145,962)	132,753)	127,909)	149,945)	124,980)	115,235)	63,592)	43,411)	69,936)	74,897)	61,706)	45,769)	76,697)	76,522)	54,231)	33,770)	82,491)	40,050)	25,745)	12,849)
Net (income) loss attributable to noncontrolling interests	(1,278)	(3,038)	(3,067)	(1,183)	(873)	(952)	21)	(265)	2,553)	1,049)	(322)	677)	252)	(908)	(1,122)	(746)	(970)	(125)	(1,316)	(341)	(85)	(7)
Net income attributable to Generac Holdings Inc.	156,359)	113,858)	142,895)	131,570)	127,036)	148,993)	125,001)	114,970)	66,145)	44,460)	69,614)	75,574)	61,958)	44,861)	75,575)	75,776)	53,261)	33,645)	81,175)	39,709)	25,660)	12,842)

Revenue exhibited a sustained and accelerating growth trajectory over the analyzed period, increasing from $331.8 million in the first quarter of 2017 to $1.29 billion by the second quarter of 2022. This growth was most pronounced starting in 2020, where quarterly sales consistently exceeded $700 million, reflecting a significant scaling of operations.

Gross Profitability and Cost of Goods Sold: Gross profit followed a linear growth pattern relative to net sales, rising from $110.5 million to $457.0 million. The cost of goods sold increased in absolute terms, but the gross profit margin remained relatively stable, with a slight expansion observed in the latter half of the period, suggesting effective management of direct production costs despite the increase in volume.
Operating Expense Analysis: Operating expenses grew from $78.6 million in March 2017 to $240.1 million in June 2022. Research and development expenditures showed a notable increase, growing from approximately $10.3 million to $41.6 million, indicating a strategic shift toward increased product innovation. Selling and service expenses also rose significantly, particularly from 2021 onwards, coinciding with the surge in sales volume. General and administrative expenses grew more modestly, suggesting a level of operational efficiency in corporate overhead.
Operating Income and Leverage: Income from operations demonstrated substantial expansion, moving from $31.8 million in early 2017 to $216.8 million by mid-2022. The rate of increase in operating income outpaced the rate of increase in net sales, signaling strong operating leverage. This indicates that a larger proportion of incremental revenue reached the operating profit line as the company scaled.
Net Income and Non-Recurring Items: Net income attributable to Generac Holdings Inc. grew from $12.8 million to $156.4 million over the period. This growth was occasionally impacted by non-recurring expenses, including a $10.9 million loss on pension settlement in December 2019 and $21.5 million in acquisition-related costs in December 2021. Despite these anomalies and fluctuating provision for income taxes, the bottom-line trend remained positive and aligned with operating performance.
Financial Obligations and Other Income: Interest expenses remained relatively stable throughout the period, generally fluctuating between $7 million and $11 million per quarter. This stability in interest costs, despite the massive growth in sales and operations, suggests a controlled debt profile or favorable refinancing terms.

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Generac Holdings Inc. (NYSE:GNRC)

Income StatementQuarterly Data

Income Statement
Quarterly Data