Flex (FLEX) FY2017 results: revenue $23.9 billion, down 2.3% on the year
Flex Ltd. (FLEX) reported revenue of $23.9 billion for fiscal 2017, the year ended 31 March 2017, down 2.3% on the year before. Net income was $320 million, down 28.0%, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2019.
Revenue
$23.9 billion
-2.3% on the year
FY2010FY2017
Operating margin
n/a
FY2010FY2017
Net income
$320 million
-28.0% on the year
FY2010FY2017
Diluted EPS
$0.59
-25.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
23,863
24,419
26,148
-2.3%
Cost of revenue
22,303
22,811
24,603
-2.2%
Gross profit
1,521
1,608
1,545
-5.4%
Gross margin
6.4%
6.6%
5.9%
Research and development
65.6
61.0
26.3
+7.5%
Selling, general and administrative
937
955
844
-1.8%
Interest expense
108
98.0
76.4
+10.2%
Pre-tax income
371
455
671
-18.4%
Income tax
51.3
10.6
69.9
+384.1%
Effective tax rate
13.8%
2.3%
10.4%
Net income
320
444
601
-28.0%
Net margin
1.3%
1.8%
2.3%
Diluted EPS
$0.59
$0.79
$1.02
-25.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-3,822
1,136
794
Capital expenditure
525
511
347
+2.8%
Free cash flow
-4,347
626
447
Free cash flow margin
-18.2%
2.6%
1.7%
Cash from investing
4,270
-1,396
-242
Cash from financing
-242
250
-516
Depreciation and amortisation
432
515
540
-16.1%
Share-based compensation
77.3
77.6
50.3
-0.3%
Buybacks
350
420
416
-16.8%
Diluted shares, weighted
546m
565m
592m
-3.3%
Shares outstanding at period end
531m
545m
563m
-2.5%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,645
2,571
2,361
+2.9%
Non-controlling interest
33.7
34.7
35.4
-2.6%
Debt
2,968
2,792
2,084
+6.3%
Other liabilities
6,947
6,988
7,186
-0.6%
Total liabilities and equity
12,593
12,385
11,666
+1.7%
Fixed assets
2,317
2,258
2,092
+2.6%
Goodwill
985
942
334
+4.5%
Intangible assets
362
404
81.5
-10.3%
Cash and equivalents
1,831
1,608
1,628
+13.9%
Receivables
2,193
2,045
2,338
+7.2%
Inventory
3,396
3,492
3,489
-2.7%
Other assets
1,509
1,638
1,704
-7.8%
Total assets
12,593
12,385
11,666
+1.7%
10-K for the year ended 31 March 2017, filed 21 May 2019: the filing.