TE Connectivity (TEL) Financials

$33.6 B

Mkt cap, 21-May-2018

$7.2 B

Revenue Q2, 2018
Gross profit (Q2, 2018)2.4 B
Gross profit margin (Q2, 2018), %33.5%
Net income (Q2, 2018)450 M
EBIT (Q2, 2018)1.2 B
Cash, 30-Mar-2018559 M
EV36.4 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

13.3 b13.9 b12.2 b12.2 b13.1 b

Revenue growth, %

5%(12%)0%7%

Cost of goods sold

9 b9.2 b8.1 b8.2 b8.7 b

Gross profit

4.3 b4.7 b4.1 b4 b4.5 b

Gross profit Margin, %

33%34%33%33%34%

R&D expense

675 m675 m627 m644 m658 m

General and administrative expense

1.8 b1.9 b1.5 b1.5 b1.6 b

Operating expense total

2.8 b2.6 b2.3 b2.1 b2.4 b

EBIT

1.6 b2 b1.7 b1.9 b2 b

EBIT margin, %

12%15%14%16%16%

Interest expense

142 m131 m136 m127 m130 m

Interest income

17 m19 m17 m19 m20 m

Pre tax profit

1.2 b2 b1.6 b1.2 b1.9 b

Income tax expense

(29 m)207 m337 m(779 m)255 m

Net Income

1.3 b1.8 b2.4 b2 b1.7 b

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

3 b3.1 b3.1 b2.8 b3 b3.1 b3.1 b3.2 b3.4 b3.5 b7.2 b

Cost of goods sold

2 b2 b2.1 b1.9 b2 b2.1 b2 b2.1 b2.2 b2.3 b4.8 b

Gross profit

1 b1.1 b1 b945 m962 m1 b1.1 b1.1 b1.1 b1.2 b2.4 b

Gross profit Margin, %

33%34%34%33%33%33%35%34%34%34%33%

R&D expense

160 m160 m159 m162 m156 m161 m158 m162 m170 m176 m

General and administrative expense

386 m391 m393 m340 m367 m367 m372 m412 m412 m383 m811 m

Operating expense total

595 m603 m579 m547 m427 m570 m579 m635 m602 m596 m811 m

EBIT

425 m448 m469 m398 m535 m452 m486 m473 m536 m581 m1.2 b

EBIT margin, %

14%15%15%14%18%14%16%15%16%17%17%

Interest expense

34 m37 m33 m30 m32 m31 m31 m32 m32 m26 m55 m

Interest income

5 m4 m4 m6 m4 m2 m5 m6 m3 m4 m8 m

Pre tax profit

326 m410 m451 m382 m519 m(228 m)460 m445 m503 m561 m1.2 b

Income tax expense

(109 m)94 m100 m58 m130 m(1 b)54 m(39 m)71 m600 m(708 m)

Net Income

472 m599 m309 m353 m380 m839 m409 m405 m435 m(40 m)450 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

1.4 b2.5 b3.3 b647 m1.2 b

Accounts Receivable

2.3 b2.4 b2.1 b2 b2.3 b

Prepaid Expenses

487 m567 m476 m486 m605 m

Inventories

1.8 b1.7 b1.6 b1.6 b1.8 b

Current Assets

6.3 b7.5 b7.9 b4.8 b5.9 b

PP&E

3.2 b3.1 b2.9 b3.1 b3.4 b

Goodwill

4.3 b4.6 b4.8 b5.5 b5.7 b

Total Assets

18.5 b20.2 b20.6 b17.6 b19.4 b

Accounts Payable

1.4 b1.4 b1.1 b1.1 b1.4 b

Short-term debt

711 m667 m498 m331 m710 m

Current Liabilities

3.9 b4 b3.6 b3.1 b3.8 b

Long-term debt

2.3 b3.3 b3.4 b3.7 b3.6 b

Total Debt

3 b3.9 b3.9 b4.1 b4.3 b

Total Liabilities

10.1 b11.1 b11 b9.1 b9.7 b

Common Stock

189 m184 m182 m168 m157 m

Additional Paid-in Capital

6.1 b5.2 b4.4 b1.8 b

Retained Earnings

2.5 b4.3 b6.7 b8.7 b10.2 b

Total Equity

8.4 b9 b9.6 b8.5 b9.8 b

Debt to Equity Ratio

0.4 x0.4 x0.4 x0.5 x0.4 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.2 x2.2 x2.1 x2.1 x2 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

868 m697 m701 m2.2 b1.2 b694 m665 m773 m755 m704 m559 m

Accounts Receivable

2.3 b2.1 b2.2 b1.9 b2.1 b2.2 b2 b2.2 b2.3 b2.4 b

Prepaid Expenses

551 m659 m617 m704 m534 m467 m474 m469 m541 m667 m

Inventories

1.9 b1.7 b1.7 b1.7 b1.6 b1.6 b1.6 b1.7 b1.8 b2 b2 b

Current Assets

6 b7.6 b7.7 b6.5 b5.4 b4.9 b4.8 b5.1 b5.4 b5.7 b6 b

PP&E

3.1 b2.9 b2.9 b2.9 b2.9 b3 b3 b3 b3.2 b3.5 b3.7 b

Goodwill

5.6 b4.8 b4.8 b4.7 b4.7 b5.3 b5.4 b5.4 b5.5 b5.7 b5.7 b

Total Assets

20.2 b20.2 b20.4 b19.2 b17.8 b17.5 b17.6 b18.1 b18.5 b18.8 b19.2 b

Accounts Payable

1.4 b1.2 b1.2 b1.1 b1.1 b1.2 b1.1 b1.2 b1.3 b1.6 b1.6 b

Short-term debt

937 m736 m631 m500 m152 m302 m1.1 b879 m878 m688 m

Current Liabilities

3.9 b4.1 b4 b3.3 b3.1 b3.3 b3.5 b3.9 b3.9 b3.6 b4.2 b

Long-term debt

3.3 b3.4 b3.4 b3.4 b3.7 b3.7 b3 b3.1 b3.1 b3.3 b3.3 b

Total Debt

4.2 b4.1 b4 b3.9 b3.9 b4 b4 b4 b4 b4 b3.3 b

Total Liabilities

11 b11.2 b11.3 b10.6 b10.4 b9.2 b8.8 b9.3 b9.4 b9.2 b9.8 b

Common Stock

184 m184 m182 m182 m182 m168 m168 m168 m157 m157 m

Additional Paid-in Capital

5.2 b4.6 b4.3 b4.3 b3.8 b1.8 b1.7 b1.1 b

Retained Earnings

4.7 b5.3 b5.6 b7 b7.4 b8.2 b9.3 b9.7 b9.7 b10 b

Total Equity

9.2 b9 b9.1 b8.6 b7.4 b8.3 b8.8 b8.8 b9.1 b9.6 b9.5 b

Debt to Equity Ratio

0.5 x0.5 x0.4 x0.5 x0.5 x0.5 x0.5 x0.5 x0.4 x0.4 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

2.2 x2.3 x2.2 x2.2 x2.4 x2.1 x2 x2.1 x2 x2 x2 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

1.3 b1.8 b2.4 b2 b1.7 b

Depreciation and Amortization

607 m617 m616 m585 m635 m

Accounts Receivable

(81 m)(205 m)(210 m)116 m(253 m)

Inventories

(61 m)(76 m)(220 m)16 m(211 m)

Accounts Payable

167 m52 m(22 m)(100 m)308 m

Cash From Operating Activities

2 b2.1 b1.9 b1.9 b2.3 b

Cash From Investing Activities

(545 m)(1.1 b)636 m(1.6 b)(932 m)

Short-term Borrowings

(23 m)(328 m)(330 m)

Long-term Borrowings

(714 m)(149 m)

Dividends Paid

(384 m)(443 m)(502 m)(509 m)(546 m)

Cash From Financing Activities

(1.7 b)65 m(1.6 b)(3 b)(814 m)

Net Change in Cash

(186 m)1.1 b872 m(2.7 b)571 m

Interest Paid

155 m121 m128 m117 m128 m

Income Taxes Paid

312 m283 m350 m806 m323 m

Free Cash Flow

1.4 b1.4 b1.3 b1.3 b1.6 b

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

472 m1.1 b1.4 b353 m733 m1.6 b409 m814 m1.2 b(40 m)450 m

Depreciation and Amortization

160 m307 m455 m146 m290 m438 m160 m312 m469 m168 m341 m

Accounts Receivable

34 m(19 m)(125 m)237 m9 m15 m(30 m)(215 m)(260 m)(89 m)(337 m)

Inventories

(161 m)(180 m)(218 m)(99 m)(61 m)(2 m)(59 m)(69 m)(195 m)(185 m)(244 m)

Accounts Payable

8 m(11 m)(29 m)(55 m)(41 m)(29 m)64 m148 m217 m149 m187 m

Cash From Operating Activities

295 m693 m1.3 b366 m520 m1.2 b404 m925 m1.4 b350 m727 m

Cash From Investing Activities

(1.7 b)(2 b)(2.2 b)(121 m)15 m(1.1 b)(154 m)(297 m)(538 m)(241 m)(442 m)

Short-term Borrowings

(92 m)(197 m)(162 m)(162 m)

Long-term Borrowings

(223 m)(150 m)(200 m)(708 m)(708 m)

Dividends Paid

(118 m)(236 m)(370 m)(127 m)(245 m)(377 m)(132 m)(263 m)(405 m)

Cash From Financing Activities

(209 m)(383 m)(839 m)(1.3 b)(2.7 b)(2.8 b)(209 m)(492 m)(791 m)(634 m)(964 m)

Net Change in Cash

(1.6 b)(1.8 b)(1.8 b)(1.1 b)(2.2 b)(2.6 b)18 m126 m108 m(514 m)

Income Taxes Paid

2 m

Free Cash Flow

160 m402 m864 m227 m250 m818 m274 m636 m996 m109 m280 m

Ratios

USDY, 2018

EV/EBIT

30.2 x

EV/CFO

50 x

EV/FCF

129.9 x

Financial Leverage

2 x
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Operating Metrics

TE Connectivity's Backlog was reported to be $3.7b in Q2, 2018.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018

Backlog

$3 b$3 b$2.99 b$2.93 b$3.33 b$2.72 b$2.74 b$2.94 b$3.61 b$3.02 b$3.18 b$3.27 b$3.87 b$3.53 b$3.68 b

Backlog (Transportation Solutions)

$989 m$1.67 b$1.65 b$1.64 b$1.21 b$1.58 b$1.55 b$1.66 b$1.34 b$1.78 b$1.81 b$1.89 b$1.68 b$2.13 b$2.14 b

Backlog (Industrial Solutions)

$850 m$818 m$828 m$820 m$814 m$728 m$764 m$879 m$875 m$832 m$927 m$951 m$1.03 b$942 m$1.05 b

Backlog (Communications Solutions)

$1.16 b$515 m$513 m$469 m$1.31 b$408 m$425 m$399 m$1.39 b$417 m$446 m$432 m$1.16 b$454 m$492 m

Manufacturing Facilities

90 95 104 104

Manufacturing Facilities (Americas)

38 41 44 40

Manufacturing Facilities (EMEA)

32 34 39 43

Manufacturing Facilities (Asia-Pacific)

20 20 21 21

Direct Sales (%)

75%80%80%80%

Book-to-bill Ratio

102%106%103%

Countries

150 150 150 150

Order Volume

$3.30 b
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