Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Generac Holdings Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	556,569)	347,218)	252,308)	241,220)	161,135)
Depreciation	42,155)	36,493)	32,265)	25,296)	23,127)
Amortization of intangible assets	49,886)	32,280)	28,644)	22,112)	28,861)
Amortization of original issue discount and deferred financing costs	2,589)	2,598)	4,712)	4,749)	3,516)
Loss on extinguishment of debt	831)	—)	926)	1,332)	—)
Loss on pension settlement	—)	—)	10,920)	—)	—)
Deferred income taxes	(2,096)	21,195)	18,733)	23,600)	21,439)
Share-based compensation expense	23,954)	20,882)	16,694)	14,563)	10,205)
Gain on disposal of assets	(4,393)	—)	—)	—)	—)
Other	206)	7,145)	1,086)	2,474)	410)
Accounts receivable	(131,861)	(55,976)	8,231)	(43,243)	(29,771)
Inventories	(470,991)	(77,983)	26,369)	(152,594)	(16,278)
Other assets	(819)	12,859)	(358)	(6,362)	(14,783)
Accounts payable	297,323)	66,040)	(69,404)	86,359)	42,788)
Accrued wages and employee benefits	5,814)	20,157)	(3,724)	12,626)	6,105)
Other accrued liabilities	73,798)	60,593)	(16,252)	16,972)	27,514)
Excess tax benefits from equity awards	(31,809)	(6,968)	(2,263)	(1,877)	(3,152)
Net changes in operating assets and liabilities, net of acquisitions	(258,545)	18,722)	(57,401)	(88,119)	12,423)
Adjustments to reconcile net income to net cash provided by operating activities	(145,413)	139,315)	56,579)	6,007)	99,981)
Net cash provided by operating activities	411,156)	486,533)	308,887)	247,227)	261,116)
Proceeds from sale of property and equipment	259)	179)	95)	214)	82)
Proceeds from sale of investment	4,968)	—)	—)	—)	—)
Proceeds from beneficial interest in securitization transactions	4,609)	2,651)	2,630)	3,933)	—)
Contribution to equity method investment	(3,660)	—)	—)	—)	—)
Expenditures for property and equipment	(109,992)	(62,128)	(60,802)	(47,601)	(33,261)
Acquisition of businesses, net of cash acquired	(713,471)	(64,797)	(112,001)	(65,440)	1,257)
Net cash used in investing activities	(817,287)	(124,095)	(170,078)	(108,894)	(31,922)
Proceeds from short-term borrowings	272,818)	257,593)	73,340)	53,965)	101,991)
Proceeds from long-term borrowings	150,088)	277)	1,660)	51,425)	3,069)
Repayments of short-term borrowings	(239,113)	(277,719)	(59,518)	(27,880)	(114,874)
Repayments of long-term borrowings and finance lease obligations	(108,556)	(4,758)	(53,049)	(101,827)	(117,475)
Stock repurchases	(125,992)	—)	—)	(25,656)	(30,012)
Payment of contingent acquisition consideration	(3,750)	(4,000)	(5,550)	—)	—)
Payment of debt issuance costs	(1,185)	—)	(1,473)	(1,702)	(3,901)
Purchase of additional ownership interest	(27,164)	—)	—)	—)	—)
Cash dividends paid to noncontrolling interest of subsidiary	—)	—)	(285)	(314)	—)
Taxes paid related to equity awards	(58,903)	(14,910)	(6,438)	(5,659)	(5,892)
Proceeds from the exercise of stock options	38,787)	13,089)	9,395)	5,614)	6,951)
Net cash used in financing activities	(102,970)	(30,428)	(41,918)	(52,034)	(160,143)
Effect of exchange rate changes on cash and cash equivalents	1,312)	235)	1,510)	(289)	2,149)
Net increase (decrease) in cash and cash equivalents	(507,789)	332,245)	98,401)	86,010)	71,200)
Cash and cash equivalents at beginning of period	655,128)	322,883)	224,482)	138,472)	67,272)
Cash and cash equivalents at end of period	147,339)	655,128)	322,883)	224,482)	138,472)

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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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Generac Holdings Inc. net cash provided by operating activities increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Generac Holdings Inc. net cash used in investing activities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Generac Holdings Inc. net cash used in financing activities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Generac Holdings Inc. (NYSE:GNRC)

Cash Flow Statement