Flex (FLEX) FY2021 results: revenue $24.1 billion, down 0.4% on the year
Flex Ltd. (FLEX) reported revenue of $24.1 billion for fiscal 2021, the year ended 31 March 2021, down 0.4% on the year before. Net income was $613 million, up 596.6%, and diluted earnings per share $1.21. The figures are the company's own, from the 10-K it filed with the SEC on 19 May 2021.
Revenue
$24.1 billion
-0.4% on the year
FY2014FY2021
Operating margin
3.3%
1.7% a year earlier
FY2014FY2021
Net income
$613 million
+596.6% on the year
FY2014FY2021
Diluted EPS
$1.21
+611.8% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
24,124
24,210
26,211
-0.4%
Cost of revenue
22,349
22,681
24,594
-1.5%
Gross profit
1,687
1,338
1,518
+26.1%
Gross margin
7.0%
5.5%
5.8%
Selling, general and administrative
817
834
953
-2.1%
Operating income
795
415
n/a
+91.6%
Operating margin
3.3%
1.7%
n/a
Interest expense
150
7.2
146
+1,983.3%
Pre-tax income
714
159
182
+349.1%
Income tax
101
70.9
89.0
+42.4%
Effective tax rate
14.1%
44.6%
48.9%
Net income
613
88.0
93.0
+596.6%
Net margin
2.5%
0.4%
0.4%
Diluted EPS
$1.21
$0.17
$0.18
+611.8%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
144
-1,533
-2,971
Capital expenditure
351
462
726
-24.0%
Free cash flow
-207
-1,995
-3,697
Free cash flow margin
-0.9%
-8.2%
-14.1%
Cash from investing
-202
2,279
3,253
Cash from financing
743
-508
-30.0
Depreciation and amortisation
484
487
433
-0.5%
Share-based compensation
79.0
71.0
76.0
+11.3%
Buybacks
183
260
189
-29.6%
Diluted shares, weighted
506m
512m
530m
-1.3%
Shares outstanding at period end
493m
497m
517m
-1.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
3,436
2,831
2,972
+21.4%
Redeemable equity
0.0
0.0
0.0
Debt
3,804
2,852
3,065
+33.4%
Operating lease liabilities
562
529
0.0
+6.2%
Other liabilities
8,034
7,478
7,462
+7.4%
Total liabilities and equity
15,836
13,690
13,499
+15.7%
Fixed assets
2,097
2,216
2,336
-5.4%
Goodwill
1,090
1,065
1,073
+2.4%
Intangible assets
213
262
331
-18.8%
Cash and equivalents
2,637
1,923
1,697
+37.2%
Receivables
3,959
2,436
2,613
+62.5%
Inventory
3,895
3,785
3,723
+2.9%
Other assets
1,945
2,003
1,727
-2.9%
Total assets
15,836
13,690
13,499
+15.7%
10-K for the year ended 31 March 2021, filed 19 May 2021: the filing.