Flex (FLEX) FY2014 results: revenue $26.1 billion, up 10.8% on the year
Flex Ltd. (FLEX) reported revenue of $26.1 billion for fiscal 2014, the year ended 31 March 2014, up 10.8% on the year before. Net income was $365 million, up 31.8%, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2014.
Revenue
$26.1 billion
+10.8% on the year
FY2008FY2014
Operating margin
n/a
FY2008FY2014
Net income
$365 million
+31.8% on the year
FY2008FY2014
Diluted EPS
$0.59
+43.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
26,109
23,569
29,388
+10.8%
Cost of revenue
24,610
22,187
27,870
+10.9%
Gross profit
1,440
1,166
1,517
+23.5%
Gross margin
5.5%
4.9%
5.2%
Research and development
30.0
n/a
78.9
Selling, general and administrative
875
805
878
+8.6%
Interest expense
79.9
68.9
67.8
+16.0%
Pre-tax income
400
329
575
+21.8%
Income tax
34.9
26.3
54.0
+32.5%
Effective tax rate
8.7%
8.0%
9.4%
Net income
365
277
489
+31.8%
Net margin
1.4%
1.2%
1.7%
Diluted EPS
$0.59
$0.41
$0.67
+43.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,216
1,115
804
+9.1%
Capital expenditure
610
489
437
+24.7%
Free cash flow
607
626
367
-3.1%
Free cash flow margin
2.3%
2.7%
1.2%
Cash from investing
-784
-697
-481
Cash from financing
-411
-340
-522
Depreciation and amortisation
465
566
522
-18.0%
Share-based compensation
40.4
34.5
48.5
+17.1%
Buybacks
475
322
510
+47.6%
Diluted shares, weighted
623m
675m
728m
-7.6%
Shares outstanding at period end
591m
639m
684m
-7.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,163
2,247
2,284
-3.7%
Non-controlling interest
38.6
n/a
n/a
Debt
2,103
2,068
2,189
+1.7%
Other liabilities
8,196
6,277
6,561
+30.6%
Total liabilities and equity
12,500
10,592
11,034
+18.0%
Fixed assets
2,289
2,175
2,076
+5.2%
Goodwill
293
262
102
+11.7%
Intangible assets
84.5
81.5
58.3
+3.6%
Cash and equivalents
1,594
1,587
1,518
+0.4%
Receivables
2,698
2,112
2,594
+27.7%
Inventory
3,599
2,722
3,301
+32.2%
Other assets
1,944
1,652
1,384
+17.7%
Total assets
12,500
10,592
11,034
+18.0%
10-K for the year ended 31 March 2014, filed 20 May 2014: the filing.