$FLEX
FLEX LTD.

2022 Q1 Form 10-Q Financial Statement

#000086637422000016 Filed on February 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2020 Q4
Revenue $6.851B $6.619B $6.720B
YoY Change 9.34% -1.5% 4.01%
Cost Of Revenue $6.332B $6.128B $6.212B
YoY Change 10.49% -1.35% 3.24%
Gross Profit $505.0M $491.0M $508.0M
YoY Change -0.79% -3.35% 18.14%
Gross Profit Margin 7.37% 7.42% 7.56%
Selling, General & Admin $254.0M $225.0M $222.0M
YoY Change 20.38% 1.35% 1.83%
% of Gross Profit 50.3% 45.82% 43.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.0M $118.0M $180.0M
YoY Change 195.35% -34.44% 6.76%
% of Gross Profit 25.15% 24.03% 35.43%
Operating Expenses $52.00M $225.0M $238.0M
YoY Change -67.3% -5.46% 9.17%
Operating Profit $228.0M $251.0M $270.0M
YoY Change -19.15% -7.04% 27.36%
Interest Expense -$37.00M -$33.00M -$33.00M
YoY Change 5.71% 0.0% -4225.0%
% of Operating Profit -16.23% -13.15% -12.22%
Other Income/Expense, Net -$218.0M -$8.000M $46.00M
YoY Change 296.36% -117.39% 318.18%
Pretax Income $197.0M $243.0M $233.0M
YoY Change -24.23% 4.29% 60.69%
Income Tax $26.00M $16.00M $25.00M
% Of Pretax Income 13.2% 6.58% 10.73%
Net Earnings $168.0M $227.0M $208.0M
YoY Change -30.0% 9.13% 87.39%
Net Earnings / Revenue 2.45% 3.43% 3.1%
Basic Earnings Per Share $0.36 $0.48
Diluted Earnings Per Share $0.36 $0.48 $409.4K
COMMON SHARES
Basic Shares Outstanding 464.1M shares 469.0M shares 501.2M shares
Diluted Shares Outstanding 474.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.964B $2.458B $2.611B
YoY Change 12.4% -5.86% 45.95%
Cash & Equivalents $2.964B $2.574B $2.611B
Short-Term Investments
Other Short-Term Assets $903.0M $798.0M $610.0M
YoY Change 53.05% 30.82% -10.76%
Inventory $6.580B $5.958B $3.699B
Prepaid Expenses
Receivables $3.371B $3.493B $4.070B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.34B $13.21B $11.11B
YoY Change 26.17% 18.92% 18.7%
LONG-TERM ASSETS
Property, Plant & Equipment $2.125B $2.112B $2.097B
YoY Change 1.34% 0.72% -4.94%
Goodwill $1.342B $1.346B $1.109B
YoY Change 23.12% 21.37% 3.66%
Intangibles $411.0M $428.0M $233.0M
YoY Change 92.96% 83.69% -16.76%
Long-Term Investments
YoY Change
Other Assets $473.0M $454.0M $509.0M
YoY Change 9.74% -10.81% -15.72%
Total Long-Term Assets $4.988B $4.962B $4.557B
YoY Change 11.51% 8.89% -4.56%
TOTAL ASSETS
Total Short-Term Assets $14.34B $13.21B $11.11B
Total Long-Term Assets $4.988B $4.962B $4.557B
Total Assets $19.33B $18.18B $15.67B
YoY Change 22.03% 16.0% 10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.254B $5.992B $5.159B
YoY Change 19.19% 16.15% -5.01%
Accrued Expenses $470.0M $450.0M $843.0M
YoY Change -45.48% -46.62% 16.12%
Deferred Revenue $2.002B $1.549B $483.4M
YoY Change 136.08% 220.44% -7.61%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $949.0M $648.0M $72.00M
YoY Change 254.1% 800.0% -18.98%
Total Short-Term Liabilities $10.71B $9.642B $7.519B
YoY Change 36.72% 28.24% -0.42%
LONG-TERM LIABILITIES
Long-Term Debt $3.248B $3.798B $3.740B
YoY Change -7.6% 1.55% 38.46%
Other Long-Term Liabilities $608.0M $535.0M $484.0M
YoY Change 24.34% 10.54% 9.0%
Total Long-Term Liabilities $3.856B $4.333B $4.224B
YoY Change -3.7% 2.58% 34.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.71B $9.642B $7.519B
Total Long-Term Liabilities $3.856B $4.333B $4.224B
Total Liabilities $15.12B $13.98B $11.74B
YoY Change 21.92% 19.01% 9.79%
SHAREHOLDERS EQUITY
Retained Earnings -$1.353B -$1.520B -$2.529B
YoY Change -40.89% -39.9% -14.29%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.0M $388.0M
YoY Change 0.0% 0.0% -0.06%
Treasury Stock Shares 50.24M shares 50.24M shares 50.24M shares
Shareholders Equity $4.129B $3.655B $3.381B
YoY Change
Total Liabilities & Shareholders Equity $19.33B $18.18B $15.67B
YoY Change 22.03% 16.0% 10.84%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $168.0M $227.0M $208.0M
YoY Change -30.0% 9.13% 87.39%
Depreciation, Depletion And Amortization $127.0M $118.0M $180.0M
YoY Change 195.35% -34.44% 6.76%
Cash From Operating Activities $360.0M $180.0M $348.0M
YoY Change 123.6% -48.28% -783.69%
INVESTING ACTIVITIES
Capital Expenditures -$110.0M -$92.00M -$76.00M
YoY Change 22.22% 21.05% -27.13%
Acquisitions
YoY Change
Other Investing Activities -$13.00M $2.000M $8.000M
YoY Change -111.4% -75.0% -98.89%
Cash From Investing Activities -$123.0M -$90.00M -$68.00M
YoY Change -612.5% 32.35% -111.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 172.0M -321.0M -47.00M
YoY Change -214.67% 582.98% -92.08%
NET CHANGE
Cash From Operating Activities 360.0M 180.0M 348.0M
Cash From Investing Activities -123.0M -90.00M -68.00M
Cash From Financing Activities 172.0M -321.0M -47.00M
Net Change In Cash 409.0M -231.0M 233.0M
YoY Change 1068.57% -199.14% -959.78%
FREE CASH FLOW
Cash From Operating Activities $360.0M $180.0M $348.0M
Capital Expenditures -$110.0M -$92.00M -$76.00M
Free Cash Flow $470.0M $272.0M $424.0M
YoY Change 87.25% -35.85% 694.01%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 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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CY2021Q4 us-gaap Number Of Countries In Which Entity Operates
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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>
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CY2021Q4 flex Finite Lived Intangible Asset Expected Amortization After Year Four
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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 Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Diluted
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2021Q4 flex Long Term Debt Maturity After Year Four
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CY2021Q4 us-gaap Long Term Debt
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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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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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us-gaap Gain Loss On Investments
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CY2021Q4 us-gaap Income Tax Reconciliation Tax Credits Foreign
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us-gaap Income Tax Reconciliation Tax Credits Foreign
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us-gaap Income Tax Reconciliation Tax Credits Foreign
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us-gaap Income Tax Reconciliation Tax Credits Foreign
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us-gaap Income Tax Reconciliation Tax Credits Foreign
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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 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 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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CY2021Q1 us-gaap Guarantees Fair Value Disclosure
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CY2021Q4 us-gaap Guarantees Fair Value Disclosure
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CY2021Q4 us-gaap Servicing Asset
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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
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32000000 shares
CY2021Q4 us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased And Retired During Period Value
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CY2021Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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us-gaap Number Of Operating Segments
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