Flex (FLEX) FY2016 results: revenue $24.4 billion, down 6.6% on the year
Flex Ltd. (FLEX) reported revenue of $24.4 billion for fiscal 2016, the year ended 31 March 2016, down 6.6% on the year before. Net income was $444 million, down 26.1%, and diluted earnings per share $0.79. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2016.
Revenue
$24.4 billion
-6.6% on the year
FY2009FY2016
Operating margin
n/a
FY2009FY2016
Net income
$444 million
-26.1% on the year
FY2009FY2016
Diluted EPS
$0.79
-22.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
24,419
26,148
26,109
-6.6%
Cost of revenue
22,811
24,603
24,610
-7.3%
Gross profit
1,608
1,545
1,440
+4.1%
Gross margin
6.6%
5.9%
5.5%
Research and development
61.0
26.3
30.0
+131.9%
Selling, general and administrative
955
844
875
+13.1%
Interest expense
98.0
76.4
79.9
+28.3%
Pre-tax income
455
671
400
-32.2%
Income tax
10.6
69.9
34.9
-84.8%
Effective tax rate
2.3%
10.4%
8.7%
Net income
444
601
365
-26.1%
Net margin
1.8%
2.3%
1.4%
Diluted EPS
$0.79
$1.02
$0.59
-22.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,136
794
1,216
+43.1%
Capital expenditure
511
347
610
+47.0%
Free cash flow
626
447
607
+40.1%
Free cash flow margin
2.6%
1.7%
2.3%
Cash from investing
-1,396
-242
-784
Cash from financing
250
-516
-411
Depreciation and amortisation
515
540
465
-4.6%
Share-based compensation
77.6
50.3
40.4
+54.3%
Buybacks
420
416
475
+1.1%
Diluted shares, weighted
565m
592m
623m
-4.5%
Shares outstanding at period end
545m
563m
591m
-3.3%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,571
2,361
2,163
+8.9%
Non-controlling interest
34.7
35.4
38.6
-2.2%
Debt
2,792
2,084
2,103
+34.0%
Other liabilities
6,988
7,186
8,196
-2.8%
Total liabilities and equity
12,385
11,666
12,500
+6.2%
Fixed assets
2,258
2,092
2,289
+7.9%
Goodwill
942
334
293
+182.4%
Intangible assets
404
81.5
84.5
+395.1%
Cash and equivalents
1,608
1,628
1,594
-1.3%
Receivables
2,045
2,338
2,698
-12.5%
Inventory
3,492
3,489
3,599
+0.1%
Other assets
1,638
1,704
1,944
-3.9%
Total assets
12,385
11,666
12,500
+6.2%
10-K for the year ended 31 March 2016, filed 20 May 2016: the filing.