RESULTS OF OPERATIONS FOR FISCAL 2022 VS. 2021

The following table summarizes net sales for fiscal 2022 and 2021:

U.S. manufacturing and retail net sales $ 1,991,066 $ 1,266,308 $ 724,758

The following table summarizes gross profit for fiscal 2022 and 2021:

Gross profit as a percent of sales during fiscal 2022 was 26.7% compared to 20.2% during fiscal 2021. The following is a summary of the change by operating segment.

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

SG&A expenses were $256.2 million during fiscal 2022, an increase of $77.3 million compared to the prior year. The following is a summary of the change by operating segment.

(736 ) (22.7 %) Average outstanding floor plan payable $ 31,485 $ 26,992 Average outstanding long-term debt $ 19,155 $ 64,663

The following table summarizes other income, net for fiscal 2022 and 2021:

The following table summarizes income tax expense for fiscal 2022 and 2021:

Income tax expense during fiscal 2022 was $82.4 million, representing an effective tax rate of 24.9%, compared to income tax expense of $26.5 million, representing an effective tax rate of 23.8%, in fiscal 2021.

The Company has a letter of credit sub-facility under the Amended Credit Agreement. At April 2, 2022, letters of credit issued under the sub-facility totaled $30.4 million.

Management believes the ultimate liability with respect to these contingent obligations will not have a material effect on the Company's consolidated financial position, results of operations or cash flows.

NON-GAAP FINANCIAL MEASURES - ADJUSTED EBITDA

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Income Taxes and Deferred Tax Assets

Refer to Note 1, "Summary of Significant Accounting Policies," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements.

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