$FLEX
FLEX LTD.

2021 Q3 Form 10-Q Financial Statement

#000086637421000043 Filed on July 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q1 2020 Q2
Revenue $6.342B $6.266B $5.153B
YoY Change 5.96% 14.25% -16.56%
Cost Of Revenue $5.871B $5.731B $4.849B
YoY Change 5.48% 12.31% -16.05%
Gross Profit $471.0M $509.0M $304.0M
YoY Change 19.24% 39.21% -13.82%
Gross Profit Margin 7.43% 8.12% 5.9%
Selling, General & Admin $201.0M $211.0M $191.0M
YoY Change 4.15% 4.87% -8.88%
% of Gross Profit 42.68% 41.45% 62.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $118.0M $43.00M $125.0M
YoY Change -37.83% -80.67% -34.27%
% of Gross Profit 25.05% 8.45% 41.12%
Operating Expenses $201.0M $159.0M $191.0M
YoY Change 4.15% -13.4% -8.88%
Operating Profit $255.0M $282.0M $113.0M
YoY Change 45.71% 54.92% -21.05%
Interest Expense -$35.00M -$35.00M $4.100M
YoY Change 16.67% 24.11% 0.0%
% of Operating Profit -13.73% -12.41% 3.63%
Other Income/Expense, Net -$22.00M -$55.00M $4.832M
YoY Change -833.33% 444.55% -62.78%
Pretax Income $233.0M $260.0M $67.00M
YoY Change 52.29% 475.22% 4.51%
Income Tax $27.00M $20.00M $15.00M
% Of Pretax Income 11.59% 7.69% 22.39%
Net Earnings $206.0M $240.0M $52.00M
YoY Change 82.3% 397.32% 15.89%
Net Earnings / Revenue 3.25% 3.83% 1.01%
Basic Earnings Per Share $0.42 $0.48 $0.10
Diluted Earnings Per Share $0.41 $0.47 $0.10
COMMON SHARES
Basic Shares Outstanding 491.0M shares 499.2M shares 498.0M shares
Diluted Shares Outstanding 499.0M shares 502.0M shares

Balance Sheet

Concept 2021 Q3 2021 Q1 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.693B $2.637B $1.935B
YoY Change 14.16% 37.13% 0.78%
Cash & Equivalents $2.693B $2.637B $1.935B
Short-Term Investments
Other Short-Term Assets $591.0M $590.0M $556.8M
YoY Change 12.79% -10.61% -38.79%
Inventory $4.444B $3.895B $3.483B
Prepaid Expenses
Receivables $3.833B $3.959B $3.281B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.73B $11.36B $9.562B
YoY Change 11.93% 25.06% 1.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.087B $2.097B $2.163B
YoY Change -0.9% -5.37% -6.37%
Goodwill $1.094B $1.090B $1.075B
YoY Change 0.55% 2.35% -0.24%
Intangibles $199.0M $213.0M $250.5M
YoY Change -17.43% -18.7% -20.42%
Long-Term Investments $102.8M
YoY Change -19.75%
Other Assets $453.0M $431.0M $471.9M
YoY Change -4.23% -5.48% -31.06%
Total Long-Term Assets $4.463B $4.473B $4.571B
YoY Change -1.3% -2.85% -9.36%
TOTAL ASSETS
Total Short-Term Assets $11.73B $11.36B $9.562B
Total Long-Term Assets $4.463B $4.473B $4.571B
Total Assets $16.19B $15.84B $14.13B
YoY Change 7.94% 15.68% -2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.448B $5.247B $4.595B
YoY Change 7.97% 2.72% -11.51%
Accrued Expenses $807.0M $862.0M $738.0M
YoY Change 8.91% 80.33% 95.76%
Deferred Revenue $425.2M $848.0M $362.1M
YoY Change 19.81% 134.58% 9.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $274.0M $268.0M $162.3M
YoY Change 334.92% 79.87% -41.19%
Total Short-Term Liabilities $8.138B $7.834B $6.795B
YoY Change 13.71% 8.64% -8.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.505B $3.515B $3.423B
YoY Change -6.26% 30.72% 15.58%
Other Long-Term Liabilities $491.0M $489.0M $435.6M
YoY Change 10.34% 13.72% -7.89%
Total Long-Term Liabilities $3.996B $4.004B $3.859B
YoY Change -4.49% 28.37% 12.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.138B $7.834B $6.795B
Total Long-Term Liabilities $3.996B $4.004B $3.859B
Total Liabilities $12.13B $12.40B $10.65B
YoY Change 6.99% 20.04% -2.01%
SHAREHOLDERS EQUITY
Retained Earnings -$2.083B -$2.289B -$2.851B
YoY Change -23.89% -21.12% -3.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.0M $388.2M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares 50.24M shares
Shareholders Equity $3.508B $3.436B $2.940B
YoY Change
Total Liabilities & Shareholders Equity $16.19B $15.84B $14.13B
YoY Change 7.94% 15.68% -2.05%

Cashflow Statement

Concept 2021 Q3 2021 Q1 2020 Q2
OPERATING ACTIVITIES
Net Income $206.0M $240.0M $52.00M
YoY Change 82.3% 397.32% 15.89%
Depreciation, Depletion And Amortization $118.0M $43.00M $125.0M
YoY Change -37.83% -80.67% -34.27%
Cash From Operating Activities $334.0M $161.0M -$629.0M
YoY Change 26.32% -3.01% -4.24%
INVESTING ACTIVITIES
Capital Expenditures $118.0M -$90.00M $110.0M
YoY Change -257.97% 4.77% -32.15%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $114.0M -$2.000M
YoY Change -111.7% 9.62% -317.39%
Cash From Investing Activities -$113.0M $24.00M -$100.0M
YoY Change 96.18% 34.08% -112.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $162.0M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$166.0M -150.0M $741.0M
YoY Change -183.33% 221.89% 596.99%
NET CHANGE
Cash From Operating Activities $334.0M 161.0M -$629.0M
Cash From Investing Activities -$113.0M 24.00M -$100.0M
Cash From Financing Activities -$166.0M -150.0M $741.0M
Net Change In Cash $56.00M 35.00M $12.00M
YoY Change -86.21% -74.51% -94.64%
FREE CASH FLOW
Cash From Operating Activities $334.0M $161.0M -$629.0M
Capital Expenditures $118.0M -$90.00M $110.0M
Free Cash Flow $216.0M $251.0M -$739.0M
YoY Change -36.3% -0.36% -9.77%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
56000000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2637000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1923000000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2693000000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1935000000 USD
CY2021Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
88000000 USD
CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
35000000 USD
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12000000 USD
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000000 USD
CY2021Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
30 operatingUnit
CY2021Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q3 us-gaap Use Of Estimates
UseOfEstimates
<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, 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>
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3344000000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2831000000 USD
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
454000000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
459000000 USD
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
646000000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
605000000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
4444000000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
3895000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
528000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
329000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
199000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
526000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
313000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
213000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
39000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
46000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
45000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
40000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
18000000 USD
CY2021Q3 flex Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
11000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
199000000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
129600000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
127600000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
435400000 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
489900000 USD
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
425200000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
376500000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6342000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5153000000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20000000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13000000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
206000000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
52000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
491000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
498000000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2021Q3 us-gaap Profit Loss
ProfitLoss
206000000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
52000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
491000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
498000000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8000000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
499000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
502000000 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2021Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
39000000 USD
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
33000000 USD
CY2021Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000000 USD
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
3000000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
18000000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
32000000 USD
CY2021Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
10000000 USD
CY2020Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-12000000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8000000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
44000000 USD
CY2021Q3 us-gaap Servicing Asset
ServicingAsset
0 USD
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
9000000.0 shares
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
162200000 USD
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000.0 USD
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
154300000 USD
CY2021Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
233000000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
67000000 USD

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