$FLEX
FLEX LTD.

2020 Q4 Form 10-Q Financial Statement

#000086637420000030 Filed on November 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $6.720B $5.985B $6.088B
YoY Change 4.01% -1.69% -8.62%
Cost Of Revenue $6.212B $5.566B $5.785B
YoY Change 3.24% -3.79% -7.2%
Gross Profit $508.0M $395.0M $189.0M
YoY Change 18.14% 108.99% -53.02%
Gross Profit Margin 7.56% 6.6% 3.1%
Selling, General & Admin $222.0M $193.0M $205.0M
YoY Change 1.83% -5.85% -10.35%
% of Gross Profit 43.7% 48.86% 108.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $180.0M $189.8M $166.8M
YoY Change 6.76% 13.79% 13.24%
% of Gross Profit 35.43% 48.05% 88.25%
Operating Expenses $238.0M $193.0M $205.0M
YoY Change 9.17% -5.85% -10.35%
Operating Profit $270.0M $175.0M -$16.00M
YoY Change 27.36% -1193.75% -109.22%
Interest Expense -$33.00M -$30.00M $2.400M
YoY Change -4225.0% -1350.0% 0.0%
% of Operating Profit -12.22% -17.14%
Other Income/Expense, Net $46.00M $3.000M $12.00M
YoY Change 318.18% -75.0% 8.02%
Pretax Income $233.0M $153.0M -$96.00M
YoY Change 60.69% -259.38% -188.24%
Income Tax $25.00M $40.00M $21.00M
% Of Pretax Income 10.73% 26.14%
Net Earnings $208.0M $113.0M -$117.0M
YoY Change 87.39% -196.58% -234.66%
Net Earnings / Revenue 3.1% 1.89% -1.92%
Basic Earnings Per Share $0.23 -$0.23
Diluted Earnings Per Share $409.4K $0.22 -$0.23
COMMON SHARES
Basic Shares Outstanding 501.2M shares 501.0M shares 513.0M shares
Diluted Shares Outstanding 504.0M shares 513.0M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.611B $2.359B $1.816B
YoY Change 45.95% 29.9% 31.79%
Cash & Equivalents $2.611B $2.359B $1.816B
Short-Term Investments
Other Short-Term Assets $610.0M $524.0M $1.335B
YoY Change -10.76% -60.76% 42.82%
Inventory $3.699B $3.611B $3.721B
Prepaid Expenses
Receivables $4.070B $3.804B $2.415B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.11B $10.48B $9.493B
YoY Change 18.7% 10.39% -5.39%
LONG-TERM ASSETS
Property, Plant & Equipment $2.097B $2.106B $2.217B
YoY Change -4.94% -5.03% -2.65%
Goodwill $1.109B $1.088B $1.062B
YoY Change 3.66% 2.4% -1.85%
Intangibles $233.0M $241.0M $292.2M
YoY Change -16.76% -17.52% -22.17%
Long-Term Investments
YoY Change
Other Assets $509.0M $473.0M $623.6M
YoY Change -15.72% -24.15% -34.85%
Total Long-Term Assets $4.557B $4.522B $4.784B
YoY Change -4.56% -5.48% 1.94%
TOTAL ASSETS
Total Short-Term Assets $11.11B $10.48B $9.493B
Total Long-Term Assets $4.557B $4.522B $4.784B
Total Assets $15.67B $15.00B $14.28B
YoY Change 10.84% 5.07% -3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.159B $5.046B $5.227B
YoY Change -5.01% -3.47% -16.17%
Accrued Expenses $843.0M $741.0M $746.0M
YoY Change 16.12% -0.67% 83.74%
Deferred Revenue $483.4M $354.9M $341.5M
YoY Change -7.61% 3.92% 38.2%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $72.00M $63.00M $32.45M
YoY Change -18.98% 94.14% -41.68%
Total Short-Term Liabilities $7.519B $7.157B $7.558B
YoY Change -0.42% -5.31% -7.32%
LONG-TERM LIABILITIES
Long-Term Debt $3.740B $3.739B $2.958B
YoY Change 38.46% 26.41% 3.08%
Other Long-Term Liabilities $484.0M $445.0M $442.7M
YoY Change 9.0% 0.52% -16.87%
Total Long-Term Liabilities $4.224B $4.184B $3.401B
YoY Change 34.3% 23.04% -0.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.519B $7.157B $7.558B
Total Long-Term Liabilities $4.224B $4.184B $3.401B
Total Liabilities $11.74B $11.34B $10.96B
YoY Change 9.79% 3.49% -5.17%
SHAREHOLDERS EQUITY
Retained Earnings -$2.529B -$2.737B -$3.062B
YoY Change -14.29% -10.62% 5.5%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.0M $388.2M
YoY Change -0.06% -0.06% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares 50.24M shares
Shareholders Equity $3.381B $3.115B $2.806B
YoY Change
Total Liabilities & Shareholders Equity $15.67B $15.00B $14.28B
YoY Change 10.84% 5.07% -3.05%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $208.0M $113.0M -$117.0M
YoY Change 87.39% -196.58% -234.66%
Depreciation, Depletion And Amortization $180.0M $189.8M $166.8M
YoY Change 6.76% 13.79% 13.24%
Cash From Operating Activities $348.0M $264.4M -$991.5M
YoY Change -783.69% -126.67% 29.73%
INVESTING ACTIVITIES
Capital Expenditures -$76.00M -$74.70M -$109.4M
YoY Change -27.13% -31.72% -42.78%
Acquisitions
YoY Change
Other Investing Activities $8.000M $17.10M $978.1M
YoY Change -98.89% -98.25% -14.99%
Cash From Investing Activities -$68.00M -$57.60M $868.6M
YoY Change -111.01% -106.63% -9.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.00M 199.2M 25.40M
YoY Change -92.08% 684.25% -140.71%
NET CHANGE
Cash From Operating Activities 348.0M 264.4M -991.5M
Cash From Investing Activities -68.00M -57.60M 868.6M
Cash From Financing Activities -47.00M 199.2M 25.40M
Net Change In Cash 233.0M 406.0M -97.50M
YoY Change -959.78% -516.41% -173.42%
FREE CASH FLOW
Cash From Operating Activities $348.0M $264.4M -$991.5M
Capital Expenditures -$76.00M -$74.70M -$109.4M
Free Cash Flow $424.0M $339.1M -$882.1M
YoY Change 694.01% -138.44% 53.92%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="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="margin-bottom:8pt;margin-top:8pt;text-indent:13.5pt"><span style="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, and intangible assets; valuation of 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 rates 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>
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CY2020Q3 us-gaap Goodwill
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2020Q3 flex Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2020Q3 us-gaap Operating Lease Liability Current
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Profit Loss
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CY2020Q1 us-gaap Long Term Debt Current
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CY2020Q1 us-gaap Long Term Debt Noncurrent
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CY2020Q1 us-gaap Longterm Debt Weighted Average Interest Rate
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CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2020Q3 flex Long Term Debt Maturity After Year Four
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CY2020Q3 us-gaap Long Term Debt
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CY2020Q3 us-gaap Interest Expense Debt
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CY2019Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2019Q3 us-gaap Other Expenses
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us-gaap Other Expenses
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CY2020Q3 us-gaap Investment Income Interest
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CY2019Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2019Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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CY2020Q1 us-gaap Restructuring Reserve
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2020Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2019Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020Q3 us-gaap Servicing Asset
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CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
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CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2019Q3 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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153000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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221000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Number Of Reportable Segments
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CY2020Q3 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2020Q3 us-gaap Restructuring Reserve
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32000000 USD
CY2020Q3 us-gaap Restructuring Reserve Noncurrent
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0 USD

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