$FLEX
FLEX LTD.

2020 Q3 Form 10-Q Financial Statement

#000086637421000062 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2
Revenue $5.985B $5.153B
YoY Change -1.69% -16.56%
Cost Of Revenue $5.566B $4.849B
YoY Change -3.79% -16.05%
Gross Profit $395.0M $304.0M
YoY Change 108.99% -13.82%
Gross Profit Margin 6.6% 5.9%
Selling, General & Admin $193.0M $191.0M
YoY Change -5.85% -8.88%
% of Gross Profit 48.86% 62.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $189.8M $125.0M
YoY Change 13.79% -34.27%
% of Gross Profit 48.05% 41.12%
Operating Expenses $193.0M $191.0M
YoY Change -5.85% -8.88%
Operating Profit $175.0M $113.0M
YoY Change -1193.75% -21.05%
Interest Expense -$30.00M $4.100M
YoY Change -1350.0% 0.0%
% of Operating Profit -17.14% 3.63%
Other Income/Expense, Net $3.000M $4.832M
YoY Change -75.0% -62.78%
Pretax Income $153.0M $67.00M
YoY Change -259.38% 4.51%
Income Tax $40.00M $15.00M
% Of Pretax Income 26.14% 22.39%
Net Earnings $113.0M $52.00M
YoY Change -196.58% 15.89%
Net Earnings / Revenue 1.89% 1.01%
Basic Earnings Per Share $0.23 $0.10
Diluted Earnings Per Share $0.22 $0.10
COMMON SHARES
Basic Shares Outstanding 501.0M shares 498.0M shares
Diluted Shares Outstanding 504.0M shares 502.0M shares

Balance Sheet

Concept 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.359B $1.935B
YoY Change 29.9% 0.78%
Cash & Equivalents $2.359B $1.935B
Short-Term Investments
Other Short-Term Assets $524.0M $556.8M
YoY Change -60.76% -38.79%
Inventory $3.611B $3.483B
Prepaid Expenses
Receivables $3.804B $3.281B
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.48B $9.562B
YoY Change 10.39% 1.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.106B $2.163B
YoY Change -5.03% -6.37%
Goodwill $1.088B $1.075B
YoY Change 2.4% -0.24%
Intangibles $241.0M $250.5M
YoY Change -17.52% -20.42%
Long-Term Investments
YoY Change
Other Assets $473.0M $471.9M
YoY Change -24.15% -31.06%
Total Long-Term Assets $4.522B $4.571B
YoY Change -5.48% -9.36%
TOTAL ASSETS
Total Short-Term Assets $10.48B $9.562B
Total Long-Term Assets $4.522B $4.571B
Total Assets $15.00B $14.13B
YoY Change 5.07% -2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.046B $4.595B
YoY Change -3.47% -11.51%
Accrued Expenses $741.0M $738.0M
YoY Change -0.67% 95.76%
Deferred Revenue $354.9M $362.1M
YoY Change 3.92% 9.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $63.00M $162.3M
YoY Change 94.14% -41.19%
Total Short-Term Liabilities $7.157B $6.795B
YoY Change -5.31% -8.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.739B $3.423B
YoY Change 26.41% 15.58%
Other Long-Term Liabilities $445.0M $435.6M
YoY Change 0.52% -7.89%
Total Long-Term Liabilities $4.184B $3.859B
YoY Change 23.04% 12.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.157B $6.795B
Total Long-Term Liabilities $4.184B $3.859B
Total Liabilities $11.34B $10.65B
YoY Change 3.49% -2.01%
SHAREHOLDERS EQUITY
Retained Earnings -$2.737B -$2.851B
YoY Change -10.62% -3.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.2M
YoY Change -0.06% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares
Shareholders Equity $3.115B $2.940B
YoY Change
Total Liabilities & Shareholders Equity $15.00B $14.13B
YoY Change 5.07% -2.05%

Cashflow Statement

Concept 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $113.0M $52.00M
YoY Change -196.58% 15.89%
Depreciation, Depletion And Amortization $189.8M $125.0M
YoY Change 13.79% -34.27%
Cash From Operating Activities $264.4M -$629.0M
YoY Change -126.67% -4.24%
INVESTING ACTIVITIES
Capital Expenditures -$74.70M $110.0M
YoY Change -31.72% -32.15%
Acquisitions
YoY Change
Other Investing Activities $17.10M -$2.000M
YoY Change -98.25% -317.39%
Cash From Investing Activities -$57.60M -$100.0M
YoY Change -106.63% -112.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 199.2M $741.0M
YoY Change 684.25% 596.99%
NET CHANGE
Cash From Operating Activities 264.4M -$629.0M
Cash From Investing Activities -57.60M -$100.0M
Cash From Financing Activities 199.2M $741.0M
Net Change In Cash 406.0M $12.00M
YoY Change -516.41% -94.64%
FREE CASH FLOW
Cash From Operating Activities $264.4M -$629.0M
Capital Expenditures -$74.70M $110.0M
Free Cash Flow $339.1M -$739.0M
YoY Change -138.44% -9.77%

Facts In Submission

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us-gaap Profit Loss
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q3 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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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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72000000 USD
CY2021Q4 us-gaap Number Of Countries In Which Entity Operates
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30 operating_unit
us-gaap Number Of Reportable Segments
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us-gaap Use Of Estimates
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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, 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>
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
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FiniteLivedIntangibleAssetsNet
213000000 USD
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24000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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24000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 USD
us-gaap Allocated Share Based Compensation Expense
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44000000 USD
us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Profit Loss
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336000000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
113000000 USD
us-gaap Profit Loss
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542000000 USD
us-gaap Profit Loss
ProfitLoss
165000000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
482000000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
501000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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499000000 shares
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2020Q3 us-gaap Earnings Per Share Basic
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0.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2021Q4 us-gaap Profit Loss
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CY2020Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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542000000 USD
us-gaap Profit Loss
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CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
499000000 shares
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q4 us-gaap Earnings Per Share Diluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2021Q4 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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CY2021Q4 us-gaap Investment Income Interest
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CY2020Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2021Q4 us-gaap Income Tax Reconciliation Tax Credits Foreign
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149000000 USD
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us-gaap Income Tax Reconciliation Tax Credits Foreign
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us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
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CY2021Q4 us-gaap Income Tax Reconciliation Tax Credits Foreign
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CY2021Q4 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
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CY2021Q4 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2021Q4 us-gaap Reclassification From Aoci Current Period Net Of Tax 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 Before Reclassifications Net Of Tax
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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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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82000000 USD
CY2021Q1 us-gaap Guarantees Fair Value Disclosure
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CY2021Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
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CY2021Q4 us-gaap Servicing Asset
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CY2021Q4 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
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CY2021Q4 us-gaap Stock Repurchased And Retired During Period Shares
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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2021Q4 us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2021Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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690900000 USD
us-gaap Number Of Operating Segments
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2 segment
us-gaap Number Of Reportable Segments
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
OperatingIncomeLoss
272000000 USD

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