Flex (FLEX) FY2020 results: revenue $24.2 billion, down 7.6% on the year
Flex Ltd. (FLEX) reported revenue of $24.2 billion for fiscal 2020, the year ended 31 March 2020, down 7.6% on the year before. Net income was $88 million, down 5.4%, and diluted earnings per share $0.17. The figures are the company's own, from the 10-K it filed with the SEC on 28 May 2020.
Revenue
$24.2 billion
-7.6% on the year
FY2013FY2020
Operating margin
1.7%
FY2013FY2020
Net income
$88 million
-5.4% on the year
FY2013FY2020
Diluted EPS
$0.17
-5.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
24,210
26,211
25,441
-7.6%
Cost of revenue
22,681
24,594
23,778
-7.8%
Gross profit
1,338
1,518
1,596
-11.8%
Gross margin
5.5%
5.8%
6.3%
Research and development
n/a
n/a
78.2
Selling, general and administrative
834
953
1,019
-12.5%
Operating income
415
n/a
n/a
Operating margin
1.7%
n/a
n/a
Interest expense
7.2
146
123
-95.1%
Pre-tax income
159
182
521
-12.7%
Income tax
70.9
89.0
92.4
-20.3%
Effective tax rate
44.6%
48.9%
17.7%
Net income
88.0
93.0
429
-5.4%
Net margin
0.4%
0.4%
1.7%
Diluted EPS
$0.17
$0.18
$0.80
-5.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-1,533
-2,971
-3,866
Capital expenditure
462
726
562
-36.4%
Free cash flow
-1,995
-3,697
-4,428
Free cash flow margin
-8.2%
-14.1%
-17.4%
Cash from investing
2,279
3,253
3,711
-29.9%
Cash from financing
-508
-30.0
-188
Depreciation and amortisation
487
433
434
+12.3%
Share-based compensation
71.0
76.0
81.3
-6.6%
Buybacks
260
189
180
+37.5%
Diluted shares, weighted
512m
530m
537m
-3.3%
Shares outstanding at period end
497m
517m
528m
-3.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,831
2,972
3,019
-4.8%
Non-controlling interest
n/a
n/a
0.0
Redeemable equity
0.0
0.0
n/a
Debt
2,852
3,065
2,954
-7.0%
Operating lease liabilities
529
0.0
n/a
Other liabilities
7,478
7,462
7,743
+0.2%
Total liabilities and equity
13,690
13,499
13,716
+1.4%
Fixed assets
2,216
2,336
2,240
-5.1%
Goodwill
1,065
1,073
1,121
-0.8%
Intangible assets
262
331
424
-20.7%
Cash and equivalents
1,923
1,697
1,472
+13.3%
Receivables
2,436
2,613
2,518
-6.8%
Inventory
3,785
3,723
3,800
+1.7%
Other assets
2,003
1,727
2,141
+16.0%
Total assets
13,690
13,499
13,716
+1.4%
10-K for the year ended 31 March 2020, filed 28 May 2020: the filing.