$FLEX
FLEX LTD.

2020 Q1 Form 10-Q Financial Statement

#000086637420000003 Filed on January 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4
Revenue $5.484B $6.461B $6.923B
YoY Change -11.91% -6.67% 2.54%
Cost Of Revenue $5.103B $6.017B $6.505B
YoY Change -12.57% -7.5% 3.17%
Gross Profit $365.6M $430.0M $357.3M
YoY Change -3.86% 20.34% -19.94%
Gross Profit Margin 6.67% 6.66% 5.16%
Selling, General & Admin $201.2M $218.0M $237.6M
YoY Change -12.67% -8.23% -3.97%
% of Gross Profit 55.03% 50.7% 66.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $222.5M $168.6M $238.1M
YoY Change -13.69% -29.19% 75.98%
% of Gross Profit 60.85% 39.21% 66.63%
Operating Expenses $183.6M $218.0M $237.6M
YoY Change -27.32% -8.23% -3.97%
Operating Profit $182.0M $212.0M $119.8M
YoY Change 42.55% 77.01% -39.8%
Interest Expense -$28.20M $800.0K $38.80M
YoY Change -16.07% -97.94% 20.87%
% of Operating Profit -15.49% 0.38% 32.4%
Other Income/Expense, Net -$10.10M $11.00M $12.08M
YoY Change 124.44% -8.92% -138.52%
Pretax Income $45.20M $145.0M -$31.91M
YoY Change -223.84% -554.36% -122.61%
Income Tax -$3.500M $34.00M $13.26M
% Of Pretax Income -7.74% 23.45%
Net Earnings $48.26M $111.0M -$45.17M
YoY Change -174.99% -345.74% -138.17%
Net Earnings / Revenue 0.88% 1.72% -0.65%
Basic Earnings Per Share $0.10 $0.22 -$0.09
Diluted Earnings Per Share $0.10 $0.22 -$0.09
COMMON SHARES
Basic Shares Outstanding 504.0M shares 507.0M shares 524.9M shares
Diluted Shares Outstanding 510.0M shares 524.9M shares

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.923B $1.789B $1.503B
YoY Change 13.32% 19.03% 16.42%
Cash & Equivalents $1.923B $1.789B $1.503B
Short-Term Investments
Other Short-Term Assets $660.0M $683.5M $930.4M
YoY Change -22.79% -26.53% -3.63%
Inventory $3.785B $3.684B $3.898B
Prepaid Expenses
Receivables $2.436B $3.004B $2.862B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.086B $9.361B $9.492B
YoY Change -0.19% -1.38% 4.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.216B $2.206B $2.214B
YoY Change -5.15% -0.37% -9.37%
Goodwill $1.065B $1.070B $1.079B
YoY Change -0.75% -0.84% -2.35%
Intangibles $262.0M $279.9M $349.6M
YoY Change -20.84% -19.94% -20.27%
Long-Term Investments $128.1M
YoY Change -56.44%
Other Assets $456.0M $603.9M $840.5M
YoY Change -30.45% -28.15% 9.04%
Total Long-Term Assets $4.604B $4.775B $4.483B
YoY Change 4.73% 6.5% -5.76%
TOTAL ASSETS
Total Short-Term Assets $9.086B $9.361B $9.492B
Total Long-Term Assets $4.604B $4.775B $4.483B
Total Assets $13.69B $14.14B $13.98B
YoY Change 1.41% 1.15% 0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.108B $5.431B $5.543B
YoY Change -0.76% -2.02% 2.53%
Accrued Expenses $478.0M $726.0M $390.0M
YoY Change 21.94% 86.15% -52.84%
Deferred Revenue $361.5M $523.2M $308.0M
YoY Change 33.0% 69.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $149.0M $88.87M $43.25M
YoY Change -76.45% 105.48% 0.69%
Total Short-Term Liabilities $7.211B $7.551B $7.504B
YoY Change -5.09% 0.63% 1.18%
LONG-TERM LIABILITIES
Long-Term Debt $2.689B $2.701B $2.906B
YoY Change 11.03% -7.06% 0.16%
Other Long-Term Liabilities $430.0M $444.0M $486.9M
YoY Change -15.29% -8.8% -10.26%
Total Long-Term Liabilities $3.119B $3.145B $3.393B
YoY Change 6.47% -7.31% -1.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.211B $7.551B $7.504B
Total Long-Term Liabilities $3.119B $3.145B $3.393B
Total Liabilities $10.33B $10.70B $10.90B
YoY Change -1.87% -1.84% 0.34%
SHAREHOLDERS EQUITY
Retained Earnings -$2.902B -$2.951B -$2.948B
YoY Change -3.65% 0.1% -5.66%
Common Stock $6.574B
YoY Change -0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.2M $388.2M
YoY Change -0.06% 0.0% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares 50.24M shares
Shareholders Equity $2.831B $2.899B $3.078B
YoY Change
Total Liabilities & Shareholders Equity $13.69B $14.14B $13.98B
YoY Change 1.41% 1.15% 0.97%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income $48.26M $111.0M -$45.17M
YoY Change -174.99% -345.74% -138.17%
Depreciation, Depletion And Amortization $222.5M $168.6M $238.1M
YoY Change -13.69% -29.19% 75.98%
Cash From Operating Activities $166.0M -$50.90M -$621.0M
YoY Change -125.84% -91.8% -33.63%
INVESTING ACTIVITIES
Capital Expenditures -$85.90M -$104.3M -$228.7M
YoY Change -35.66% -54.39% 35.41%
Acquisitions
YoY Change
Other Investing Activities $104.0M $721.5M $997.4M
YoY Change -88.64% -27.66% -8.5%
Cash From Investing Activities $17.90M $617.4M $768.6M
YoY Change -97.71% -19.67% -16.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.60M -593.6M -18.20M
YoY Change -191.55% 3161.54% -71.43%
NET CHANGE
Cash From Operating Activities 166.0M -50.90M -621.0M
Cash From Investing Activities 17.90M 617.4M 768.6M
Cash From Financing Activities -46.60M -593.6M -18.20M
Net Change In Cash 137.3M -27.10M 129.4M
YoY Change -27.81% -120.94% -265.47%
FREE CASH FLOW
Cash From Operating Activities $166.0M -$50.90M -$621.0M
Capital Expenditures -$85.90M -$104.3M -$228.7M
Free Cash Flow $251.9M $53.40M -$392.3M
YoY Change -149.5% -113.61% -48.83%

Facts In Submission

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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-73678000 USD
CY2019Q4 us-gaap Servicing Asset
ServicingAsset
0 USD
CY2019Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5300000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
16200000 shares
CY2019Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
61000000.0 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
173100000 USD
CY2019Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 USD
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
402000000.0 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
145389000 USD
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-31913000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
113805000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
218518000 USD
CY2019Q4 us-gaap Restructuring Charges
RestructuringCharges
14600000 USD
us-gaap Restructuring Charges
RestructuringCharges
199100000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
32434000 USD
us-gaap Restructuring Charges
RestructuringCharges
199123000 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
27448000 USD
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
27448000 USD
CY2019Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 USD

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