Flex (FLEX) FY2013 results: revenue $23.6 billion, down 19.8% on the year
Flex Ltd. (FLEX) reported revenue of $23.6 billion for fiscal 2013, the year ended 31 March 2013, down 19.8% on the year before. Net income was $277 million, down 43.3%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 28 May 2013.
Revenue
$23.6 billion
-19.8% on the year
FY2008FY2013
Operating margin
n/a
FY2008FY2013
Net income
$277 million
-43.3% on the year
FY2008FY2013
Diluted EPS
$0.41
-38.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
23,569
29,388
28,443
-19.8%
Cost of revenue
22,187
27,870
27,095
-20.4%
Gross profit
1,166
1,517
1,585
-23.1%
Gross margin
4.9%
5.2%
5.6%
Research and development
n/a
78.9
46.5
Selling, general and administrative
805
878
802
-8.2%
Interest expense
68.9
67.8
88.7
+1.6%
Pre-tax income
329
575
634
-42.8%
Income tax
26.3
54.0
22.0
-51.2%
Effective tax rate
8.0%
9.4%
3.5%
Net income
277
489
596
-43.3%
Net margin
1.2%
1.7%
2.1%
Diluted EPS
$0.41
$0.67
$0.75
-38.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,115
804
857
+38.7%
Capital expenditure
489
437
471
+11.8%
Free cash flow
626
367
387
+70.7%
Free cash flow margin
2.7%
1.2%
1.4%
Cash from investing
-697
-481
-413
Cash from financing
-340
-522
-642
Depreciation and amortisation
566
522
472
+8.5%
Share-based compensation
34.5
48.5
55.2
-28.7%
Buybacks
322
510
400
-36.8%
Diluted shares, weighted
675m
728m
790m
-7.3%
Shares outstanding at period end
639m
684m
757m
-6.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,247
2,284
2,295
-1.6%
Debt
2,068
2,189
2,220
-5.5%
Other liabilities
6,277
6,561
7,119
-4.3%
Total liabilities and equity
10,592
11,034
11,633
-4.0%
Fixed assets
2,175
2,076
2,084
+4.7%
Goodwill
262
102
93.2
+157.7%
Intangible assets
81.5
58.3
120
+40.0%
Cash and equivalents
1,587
1,518
1,748
+4.5%
Receivables
2,112
2,594
2,572
-18.6%
Inventory
2,722
3,301
3,517
-17.5%
Other assets
1,652
1,384
1,499
+19.3%
Total assets
10,592
11,034
11,633
-4.0%
10-K for the year ended 31 March 2013, filed 28 May 2013: the filing.