Flex (FLEX) FY2019 results: revenue $26.2 billion, up 3.0% on the year
Flex Ltd. (FLEX) reported revenue of $26.2 billion for fiscal 2019, the year ended 31 March 2019, up 3.0% on the year before. Net income was $93 million, down 78.3%, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2019.
Revenue
$26.2 billion
+3.0% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$93 million
-78.3% on the year
FY2012FY2019
Diluted EPS
$0.18
-77.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
26,211
25,441
23,863
+3.0%
Cost of revenue
24,594
23,778
22,303
+3.4%
Gross profit
1,518
1,596
1,521
-4.9%
Gross margin
5.8%
6.3%
6.4%
Research and development
n/a
78.2
65.6
Selling, general and administrative
953
1,019
937
-6.5%
Interest expense
146
123
108
+18.6%
Pre-tax income
182
521
371
-65.0%
Income tax
89.0
92.4
51.3
-3.6%
Effective tax rate
48.9%
17.7%
13.8%
Net income
93.0
429
320
-78.3%
Net margin
0.4%
1.7%
1.3%
Diluted EPS
$0.18
$0.80
$0.59
-77.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-2,971
-3,866
-3,822
Capital expenditure
726
562
525
+29.1%
Free cash flow
-3,697
-4,428
-4,347
Free cash flow margin
-14.1%
-17.4%
-18.2%
Cash from investing
3,253
3,711
4,270
-12.3%
Cash from financing
-30.0
-188
-242
Depreciation and amortisation
433
434
432
-0.2%
Share-based compensation
76.0
81.3
77.3
-6.5%
Buybacks
189
180
350
+5.0%
Diluted shares, weighted
530m
537m
546m
-1.2%
Shares outstanding at period end
517m
528m
531m
-2.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,972
3,019
2,645
-1.5%
Non-controlling interest
n/a
0.0
33.7
Redeemable equity
0.0
n/a
n/a
Debt
3,065
2,954
2,968
+3.7%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
7,462
7,743
6,947
-3.6%
Total liabilities and equity
13,499
13,716
12,593
-1.6%
Fixed assets
2,336
2,240
2,317
+4.3%
Goodwill
1,073
1,121
985
-4.3%
Intangible assets
331
424
362
-22.0%
Cash and equivalents
1,697
1,472
1,831
+15.2%
Receivables
2,613
2,518
2,193
+3.8%
Inventory
3,723
3,800
3,396
-2.0%
Other assets
1,727
2,141
1,509
-19.3%
Total assets
13,499
13,716
12,593
-1.6%
10-K for the year ended 31 March 2019, filed 21 May 2019: the filing.