FLEX FY 2014 Earnings Report — Flex Ltd. Revenue & Financial Results | Market Cap Arena

FY 2014 Earnings

Reported May 20, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$26.1B	—	$23.6B	—	10.8%
Op. Income	$537M	—	$331M	—	61.9%
Gross Margin	5.5%	—	4.9%	—	0.6pp
Net Margin	1.4%	—	1.2%	—	0.2pp
EPS (Diluted)	$0.59	—	$0.41	—	43.9%
Free Cash Flow	$607M	—	$626M	—	-3.1%

Revenue Flow

Item	Amount
REVENUE	$26.1B
Cost of Revenue	$24.7B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$875M
Other Expenses	$29M
Operating Expenses	$904M
Cost & Expenses	$25.6B
OPERATING INCOME	$537M
Interest Income	$18M
Interest Expense	$80M
Other Income/Expenses	-$136M
INCOME BEFORE TAX	$400M
Income Tax Expense	$35M
Net Income from Continuing Ops	$366M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$366M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$366M
D&A	$465M
EBIT	$462M
EBITDA	$927M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$26.1B
Cost of Revenue	$24.7B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$875M
Other Expenses	$29M
Operating Expenses	$904M
Cost & Expenses	$25.6B
OPERATING INCOME	$537M
Interest Income	$18M
Interest Expense	$80M
Other Income/Expenses	-$136M
INCOME BEFORE TAX	$400M
Income Tax Expense	$35M
Net Income from Continuing Ops	$366M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$366M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$366M
D&A	$465M
EBIT	$462M
EBITDA	$927M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$366M
Depreciation & Amortization	$465M
Stock-Based Compensation	$40M
Deferred Income Tax	-$36M
Other Non-Cash Items	-$19M
Change in Working Capital	$401M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$610M
Acquisitions (Net)	-$233M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$59M
NET CASH FROM INVESTING	-$784M
Net Debt Issuance	-$16M
Common Stock Repurchased	-$475M
Common Dividends Paid	$0
Other Financing Activities	$80M
NET CASH FROM FINANCING	-$411M
FREE CASH FLOW	$607M
Net Change in Cash	$7M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$0
Net Receivables	$2.7B
Inventory	$3.6B
Other Current Assets	$1.5B
TOTAL CURRENT ASSETS	$9.4B
PP&E (Net)	$2.3B
Goodwill	$293M
Intangible Assets	$84M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$434M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$12.5B
Account Payables	$4.7B
Short-Term Debt	$33M
Deferred Revenue	$0
Other Current Liabilities	$2.5B
TOTAL CURRENT LIABILITIES	$7.7B
Long-Term Debt	$2.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$572M
TOTAL NON-CURRENT LIABILITIES	$2.6B
TOTAL LIABILITIES	$10.3B
Common Stock	$7.6B
Additional Paid-In Capital	$0
Retained Earnings	-$4.9B
Treasury Stock	-$388M
Accum. Other Comp. Income	-$126M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$39M
TOTAL EQUITY	$2.2B
TOTAL LIABILITIES & EQUITY	$12.5B
Total Debt	$2.1B
Net Debt	$509M