$FLEX
FLEX LTD.

2021 Q1 Form 10-Q Financial Statement

#000086637421000019 Filed on January 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $6.266B $6.720B $5.484B
YoY Change 14.25% 4.01% -11.91%
Cost Of Revenue $5.731B $6.212B $5.103B
YoY Change 12.31% 3.24% -12.57%
Gross Profit $509.0M $508.0M $365.6M
YoY Change 39.21% 18.14% -3.86%
Gross Profit Margin 8.12% 7.56% 6.67%
Selling, General & Admin $211.0M $222.0M $201.2M
YoY Change 4.87% 1.83% -12.67%
% of Gross Profit 41.45% 43.7% 55.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.00M $180.0M $222.5M
YoY Change -80.67% 6.76% -13.69%
% of Gross Profit 8.45% 35.43% 60.85%
Operating Expenses $159.0M $238.0M $183.6M
YoY Change -13.4% 9.17% -27.32%
Operating Profit $282.0M $270.0M $182.0M
YoY Change 54.92% 27.36% 42.55%
Interest Expense -$35.00M -$33.00M -$28.20M
YoY Change 24.11% -4225.0% -16.07%
% of Operating Profit -12.41% -12.22% -15.49%
Other Income/Expense, Net -$55.00M $46.00M -$10.10M
YoY Change 444.55% 318.18% 124.44%
Pretax Income $260.0M $233.0M $45.20M
YoY Change 475.22% 60.69% -223.84%
Income Tax $20.00M $25.00M -$3.500M
% Of Pretax Income 7.69% 10.73% -7.74%
Net Earnings $240.0M $208.0M $48.26M
YoY Change 397.32% 87.39% -174.99%
Net Earnings / Revenue 3.83% 3.1% 0.88%
Basic Earnings Per Share $0.48 $0.10
Diluted Earnings Per Share $0.47 $409.4K $0.10
COMMON SHARES
Basic Shares Outstanding 499.2M shares 501.2M shares 504.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.637B $2.611B $1.923B
YoY Change 37.13% 45.95% 13.32%
Cash & Equivalents $2.637B $2.611B $1.923B
Short-Term Investments
Other Short-Term Assets $590.0M $610.0M $660.0M
YoY Change -10.61% -10.76% -22.79%
Inventory $3.895B $3.699B $3.785B
Prepaid Expenses
Receivables $3.959B $4.070B $2.436B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.36B $11.11B $9.086B
YoY Change 25.06% 18.7% -0.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.097B $2.097B $2.216B
YoY Change -5.37% -4.94% -5.15%
Goodwill $1.090B $1.109B $1.065B
YoY Change 2.35% 3.66% -0.75%
Intangibles $213.0M $233.0M $262.0M
YoY Change -18.7% -16.76% -20.84%
Long-Term Investments $102.8M $128.1M
YoY Change -19.75% -56.44%
Other Assets $431.0M $509.0M $456.0M
YoY Change -5.48% -15.72% -30.45%
Total Long-Term Assets $4.473B $4.557B $4.604B
YoY Change -2.85% -4.56% 4.73%
TOTAL ASSETS
Total Short-Term Assets $11.36B $11.11B $9.086B
Total Long-Term Assets $4.473B $4.557B $4.604B
Total Assets $15.84B $15.67B $13.69B
YoY Change 15.68% 10.84% 1.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.247B $5.159B $5.108B
YoY Change 2.72% -5.01% -0.76%
Accrued Expenses $862.0M $843.0M $478.0M
YoY Change 80.33% 16.12% 21.94%
Deferred Revenue $848.0M $483.4M $361.5M
YoY Change 134.58% -7.61% 33.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $268.0M $72.00M $149.0M
YoY Change 79.87% -18.98% -76.45%
Total Short-Term Liabilities $7.834B $7.519B $7.211B
YoY Change 8.64% -0.42% -5.09%
LONG-TERM LIABILITIES
Long-Term Debt $3.515B $3.740B $2.689B
YoY Change 30.72% 38.46% 11.03%
Other Long-Term Liabilities $489.0M $484.0M $430.0M
YoY Change 13.72% 9.0% -15.29%
Total Long-Term Liabilities $4.004B $4.224B $3.119B
YoY Change 28.37% 34.3% 6.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.834B $7.519B $7.211B
Total Long-Term Liabilities $4.004B $4.224B $3.119B
Total Liabilities $12.40B $11.74B $10.33B
YoY Change 20.04% 9.79% -1.87%
SHAREHOLDERS EQUITY
Retained Earnings -$2.289B -$2.529B -$2.902B
YoY Change -21.12% -14.29% -3.65%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.0M $388.0M
YoY Change 0.0% -0.06% -0.06%
Treasury Stock Shares 50.24M shares 50.24M shares 50.24M shares
Shareholders Equity $3.436B $3.381B $2.831B
YoY Change
Total Liabilities & Shareholders Equity $15.84B $15.67B $13.69B
YoY Change 15.68% 10.84% 1.41%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $240.0M $208.0M $48.26M
YoY Change 397.32% 87.39% -174.99%
Depreciation, Depletion And Amortization $43.00M $180.0M $222.5M
YoY Change -80.67% 6.76% -13.69%
Cash From Operating Activities $161.0M $348.0M $166.0M
YoY Change -3.01% -783.69% -125.84%
INVESTING ACTIVITIES
Capital Expenditures -$90.00M -$76.00M -$85.90M
YoY Change 4.77% -27.13% -35.66%
Acquisitions
YoY Change
Other Investing Activities $114.0M $8.000M $104.0M
YoY Change 9.62% -98.89% -88.64%
Cash From Investing Activities $24.00M -$68.00M $17.90M
YoY Change 34.08% -111.01% -97.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -150.0M -47.00M -46.60M
YoY Change 221.89% -92.08% -191.55%
NET CHANGE
Cash From Operating Activities 161.0M 348.0M 166.0M
Cash From Investing Activities 24.00M -68.00M 17.90M
Cash From Financing Activities -150.0M -47.00M -46.60M
Net Change In Cash 35.00M 233.0M 137.3M
YoY Change -74.51% -959.78% -27.81%
FREE CASH FLOW
Cash From Operating Activities $161.0M $348.0M $166.0M
Capital Expenditures -$90.00M -$76.00M -$85.90M
Free Cash Flow $251.0M $424.0M $251.9M
YoY Change -0.36% 694.01% -149.5%

Facts In Submission

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FLEX LTD.
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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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