Interface (TILE) FY2022 results: revenue $1.3 billion, up 8.1% on the year

Interface Inc. (TILE) reported revenue of $1.3 billion for fiscal 2022, the year ended 1 January 2023, up 8.1% on the year before. Net income was $20 million, down 64.6%, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.3 billion

+8.1% on the year

FY2015FY2022

Operating margin

5.8%

8.7% a year earlier

FY2015FY2022

Net income

$20 million

-64.6% on the year

FY2015FY2022

Diluted EPS

$0.33

-64.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,298	1,200	1,103	+8.1%
Cost of revenue	860	768	693	+12.1%
Gross profit	438	433	411	+1.2%
Gross margin	33.7%	36.0%	37.2%
Research and development	19.1	19.3	18.6	-1.0%
Selling, general and administrative	324	324	333	-0.0%
Operating income	75.4	105	-39.3	-28.1%
Operating margin	5.8%	8.7%	-3.6%
Interest expense	29.9	29.7	29.2	+0.8%
Pre-tax income	41.9	72.6	-79.4	-42.3%
Income tax	22.4	17.4	-7.5	+28.5%
Effective tax rate	53.3%	24.0%	n/a
Net income	19.6	55.2	-71.9	-64.6%
Net margin	1.5%	4.6%	-6.5%
Diluted EPS	$0.33	$0.94	-$1.23	-64.9%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	43.1	86.7	119	-50.3%
Capital expenditure	18.4	28.1	62.9	-34.3%
Free cash flow	24.6	58.6	56.1	-58.0%
Free cash flow margin	1.9%	4.9%	5.1%
Cash from investing	-18.4	-28.1	-61.7
Cash from financing	-19.5	-60.9	-42.7
Depreciation and amortisation	40.3	46.3	45.9	-13.0%
Share-based compensation	8.5	5.5	-0.5	+56.0%
Buybacks	17.2	0.0	0.0
Dividends paid	2.4	2.4	5.6	-0.3%
Dividend per share	$0.04	$0.04	$0.10	0.0%
Diluted shares, weighted	59m	59m	59m	-0.2%
Shares outstanding at period end	58m	59m	59m	-1.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	362	363	327	-0.5%
Debt	520	518	577	+0.4%
Operating lease liabilities	72.3	77.9	86.5	-7.2%
Finance lease liabilities	4.1	3.2	2.7	+29.3%
Other liabilities	308	367	314	-16.1%
Total liabilities and equity	1,267	1,330	1,306	-4.8%
Goodwill	102	147	166	-30.3%
Intangible assets	59.8	76.2	27.3	-21.6%
Investments	0.0	0.0	0.0
Cash and equivalents	97.6	97.3	103	+0.3%
Receivables	183	172	140	+6.5%
Inventory	306	265	229	+15.6%
Other assets	518	573	641	-9.6%
Total assets	1,267	1,330	1,306	-4.8%

10-K for the year ended 1 January 2023, filed 1 March 2023: the filing.