$FLEX
FLEX LTD.

2020 Q2 Form 10-Q Financial Statement

#000086637420000012 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $5.153B $6.176B
YoY Change -16.56% -3.49%
Cost Of Revenue $4.849B $5.776B
YoY Change -16.05% -4.07%
Gross Profit $304.0M $352.8M
YoY Change -13.82% -6.64%
Gross Profit Margin 5.9% 5.71%
Selling, General & Admin $191.0M $209.6M
YoY Change -8.88% -20.26%
% of Gross Profit 62.83% 59.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $125.0M $190.2M
YoY Change -34.27% 56.17%
% of Gross Profit 41.12% 53.91%
Operating Expenses $191.0M $209.6M
YoY Change -8.88% -20.26%
Operating Profit $113.0M $143.1M
YoY Change -21.05% 24.5%
Interest Expense $4.100M $4.100M
YoY Change 0.0% -87.76%
% of Operating Profit 3.63% 2.86%
Other Income/Expense, Net $4.832M $12.98M
YoY Change -62.78% 36.93%
Pretax Income $67.00M $64.11M
YoY Change 4.51% -54.74%
Income Tax $15.00M $19.24M
% Of Pretax Income 22.39% 30.01%
Net Earnings $52.00M $44.87M
YoY Change 15.89% -61.33%
Net Earnings / Revenue 1.01% 0.73%
Basic Earnings Per Share $0.10 $0.09
Diluted Earnings Per Share $0.10 $0.09
COMMON SHARES
Basic Shares Outstanding 498.0M shares 514.2M shares
Diluted Shares Outstanding 502.0M shares 517.6M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.935B $1.920B
YoY Change 0.78% 52.99%
Cash & Equivalents $1.935B $1.920B
Short-Term Investments
Other Short-Term Assets $556.8M $909.6M
YoY Change -38.79% -26.16%
Inventory $3.483B $3.746B
Prepaid Expenses
Receivables $3.281B $2.570B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.562B $9.387B
YoY Change 1.87% -3.08%
LONG-TERM ASSETS
Property, Plant & Equipment $2.163B $2.310B
YoY Change -6.37% 5.47%
Goodwill $1.075B $1.077B
YoY Change -0.24% -1.6%
Intangibles $250.5M $314.7M
YoY Change -20.42% -19.47%
Long-Term Investments
YoY Change
Other Assets $471.9M $684.5M
YoY Change -31.06% -27.89%
Total Long-Term Assets $4.571B $5.043B
YoY Change -9.36% 9.03%
TOTAL ASSETS
Total Short-Term Assets $9.562B $9.387B
Total Long-Term Assets $4.571B $5.043B
Total Assets $14.13B $14.43B
YoY Change -2.05% 0.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.595B $5.193B
YoY Change -11.51% -9.04%
Accrued Expenses $738.0M $377.0M
YoY Change 95.76% 0.0%
Deferred Revenue $362.1M $329.8M
YoY Change 9.79% 24.31%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $162.3M $275.9M
YoY Change -41.19% 543.16%
Total Short-Term Liabilities $6.795B $7.438B
YoY Change -8.64% -4.58%
LONG-TERM LIABILITIES
Long-Term Debt $3.423B $2.962B
YoY Change 15.58% 2.94%
Other Long-Term Liabilities $435.6M $472.9M
YoY Change -7.89% -10.5%
Total Long-Term Liabilities $3.859B $3.435B
YoY Change 12.35% 0.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.795B $7.438B
Total Long-Term Liabilities $3.859B $3.435B
Total Liabilities $10.65B $10.87B
YoY Change -2.01% -2.93%
SHAREHOLDERS EQUITY
Retained Earnings -$2.851B -$2.945B
YoY Change -3.21% -1.48%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.2M $388.2M
YoY Change 0.0% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares
Shareholders Equity $2.940B $3.002B
YoY Change
Total Liabilities & Shareholders Equity $14.13B $14.43B
YoY Change -2.05% 0.83%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $52.00M $44.87M
YoY Change 15.89% -61.33%
Depreciation, Depletion And Amortization $125.0M $190.2M
YoY Change -34.27% 56.17%
Cash From Operating Activities -$629.0M -$656.9M
YoY Change -4.24% -30.36%
INVESTING ACTIVITIES
Capital Expenditures $110.0M $162.1M
YoY Change -32.15% -5.88%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $920.0K
YoY Change -317.39% -93.95%
Cash From Investing Activities -$100.0M $775.1M
YoY Change -112.9% 4.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $51.60M
YoY Change -100.0% -114757.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $741.0M $106.3M
YoY Change 596.99% 759292.86%
NET CHANGE
Cash From Operating Activities -$629.0M -$656.9M
Cash From Investing Activities -$100.0M $775.1M
Cash From Financing Activities $741.0M $106.3M
Net Change In Cash $12.00M $223.8M
YoY Change -94.64% -211.83%
FREE CASH FLOW
Cash From Operating Activities -$629.0M -$656.9M
Capital Expenditures $110.0M $162.1M
Free Cash Flow -$739.0M -$819.0M
YoY Change -9.77% -26.58%

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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1935081000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1920451000 USD
CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
34909000 USD
CY2019Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
78663000 USD
CY2020Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:13.5pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, intangible assets and goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments including highly liquid investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rate in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</span></div>
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2626618000 USD
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2835582000 USD
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
336469000 USD
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
373513000 USD
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
520388000 USD
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
575978000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
3483475000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
3785073000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
1064553000 USD
CY2020Q2 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
10051000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
1074604000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
525053000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
274598000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
250455000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
520595000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
258177000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
262418000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
45161000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
52100000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
44375000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
42820000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15227000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
37836000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
28163000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
250455000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
116100000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
114100000 USD
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
362100000 USD
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
361500000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5153333000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6175939000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12769000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
51820000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
44872000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
497920000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
514238000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2020Q2 us-gaap Profit Loss
ProfitLoss
51820000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
44872000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
497920000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
514238000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3712000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3312000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
501632000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
517550000 shares
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
19668000 USD
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
13377000 USD
CY2020Q2 flex Longterm Debt Netof Debt Issuance Costs
LongtermDebtNetofDebtIssuanceCosts
3585449000 USD
CY2020Q1 flex Longterm Debt Netof Debt Issuance Costs
LongtermDebtNetofDebtIssuanceCosts
2838239000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
162287000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
149130000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3423162000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2689109000 USD
CY2020Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.038
CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.040
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
149983000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
212255000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
870178000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
53109000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
313596000 USD
CY2020Q2 flex Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
2005996000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
3605117000 USD
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
33374000 USD
CY2019Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
40428000 USD
CY2020Q2 us-gaap Other Expenses
OtherExpenses
4832000 USD
CY2019Q2 us-gaap Other Expenses
OtherExpenses
12981000 USD
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
2803000 USD
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
4592000 USD
CY2020Q2 us-gaap Interest Expense
InterestExpense
4100000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
32336000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1664000 USD
CY2020Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-11474000 USD
CY2019Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-593000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
43810000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1071000 USD
CY2020Q2 us-gaap Servicing Asset
ServicingAsset
0 USD
CY2020Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 USD
CY2020Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
315200000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
67383000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
64109000 USD
CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 reportingUnits
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
9700000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
56200000 USD
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
23402000 USD
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
9682000 USD
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
17890000 USD
CY2020Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
17890000 USD
CY2020Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 USD

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