Interface (TILE) FY2023 results: revenue $1.3 billion, down 2.8% on the year

Interface Inc. (TILE) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, down 2.8% on the year before. Net income was $45 million, up 127.6%, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.3 billion

-2.8% on the year

FY2016FY2023

Operating margin

8.3%

5.8% a year earlier

FY2016FY2023

Net income

$45 million

+127.6% on the year

FY2016FY2023

Diluted EPS

$0.76

+130.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,261	1,298	1,200	-2.8%
Cost of revenue	820	860	768	-4.6%
Gross profit	441	438	433	+0.8%
Gross margin	35.0%	33.7%	36.0%
Research and development	17.0	19.1	19.3	-11.0%
Selling, general and administrative	339	324	324	+4.6%
Operating income	105	75.4	105	+38.6%
Operating margin	8.3%	5.8%	8.7%
Interest expense	31.8	29.9	29.7	+6.2%
Pre-tax income	63.7	41.9	72.6	+51.9%
Income tax	19.1	22.4	17.4	-14.4%
Effective tax rate	30.1%	53.3%	24.0%
Net income	44.5	19.6	55.2	+127.6%
Net margin	3.5%	1.5%	4.6%
Diluted EPS	$0.76	$0.33	$0.94	+130.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	142	43.1	86.7	+229.8%
Capital expenditure	26.1	18.4	28.1	+41.6%
Free cash flow	116	24.6	58.6	+370.8%
Free cash flow margin	9.2%	1.9%	4.9%
Cash from investing	-19.5	-18.4	-28.1
Cash from financing	-112	-19.5	-60.9
Depreciation and amortisation	40.8	40.3	46.3	+1.1%
Share-based compensation	10.3	8.5	5.5	+20.4%
Buybacks	0.0	17.2	0.0
Dividends paid	2.3	2.4	2.4	-1.4%
Dividend per share	$0.04	$0.04	$0.04	0.0%
Diluted shares, weighted	58m	59m	59m	-0.9%
Shares outstanding at period end	58m	58m	59m	+0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	426	362	363	+17.8%
Debt	417	520	518	-19.8%
Operating lease liabilities	78.3	72.3	77.9	+8.2%
Finance lease liabilities	5.0	4.1	3.2	+21.7%
Other liabilities	304	308	367	-1.5%
Total liabilities and equity	1,230	1,267	1,330	-2.9%
Goodwill	105	102	147	+3.0%
Intangible assets	56.3	59.8	76.2	-5.9%
Investments	0.0	0.0	0.0
Cash and equivalents	110	97.6	97.3	+13.3%
Receivables	163	183	172	-10.6%
Inventory	279	306	265	-8.9%
Other assets	515	518	573	-0.4%
Total assets	1,230	1,267	1,330	-2.9%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.