$FLEX
FLEX LTD.

2023 Q3 Form 10-Q Financial Statement

#000086637423000058 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $7.471B $7.336B
YoY Change 1.69%
Cost Of Revenue $6.803B $6.732B
YoY Change -0.13%
Gross Profit $665.0M $604.0M
YoY Change 24.3%
Gross Profit Margin 8.9% 8.23%
Selling, General & Admin $272.0M $270.0M
YoY Change 12.86%
% of Gross Profit 40.9% 44.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.0M $133.0M
YoY Change 2.42%
% of Gross Profit 19.1% 22.02%
Operating Expenses $272.0M $290.0M
YoY Change 12.86%
Operating Profit $376.0M $314.0M
YoY Change 38.24%
Interest Expense -$24.00M -$47.00M
YoY Change -44.19%
% of Operating Profit -6.38% -14.97%
Other Income/Expense, Net $11.00M -$5.000M
YoY Change -127.5%
Pretax Income $325.0M $239.0M
YoY Change 40.09%
Income Tax -$81.00M $28.00M
% Of Pretax Income -24.92% 11.72%
Net Earnings $228.0M $186.0M
YoY Change 20.63%
Net Earnings / Revenue 3.05% 2.54%
Basic Earnings Per Share $0.51 $0.42
Diluted Earnings Per Share $0.51 $0.41
COMMON SHARES
Basic Shares Outstanding 446.6M shares 444.5M shares
Diluted Shares Outstanding 448.0M shares 455.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.900B $2.660B
YoY Change 9.56%
Cash & Equivalents $2.900B $2.660B
Short-Term Investments
Other Short-Term Assets $1.019B $1.002B
YoY Change 5.6%
Inventory $7.166B $7.526B
Prepaid Expenses
Receivables $3.801B $4.352B
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.46B $15.54B
YoY Change 2.09%
LONG-TERM ASSETS
Property, Plant & Equipment $2.328B $2.987B
YoY Change 9.04%
Goodwill $1.337B $1.344B
YoY Change 0.07%
Intangibles $275.0M $299.0M
YoY Change -26.08%
Long-Term Investments
YoY Change
Other Assets $956.0M $766.0M
YoY Change 111.04%
Total Long-Term Assets $5.505B $5.396B
YoY Change 12.19%
TOTAL ASSETS
Total Short-Term Assets $15.46B $15.54B
Total Long-Term Assets $5.505B $5.396B
Total Assets $20.97B $20.94B
YoY Change 4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.728B $5.890B
YoY Change -14.43%
Accrued Expenses $742.0M $746.0M
YoY Change 8.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $151.0M
YoY Change -100.0%
Total Short-Term Liabilities $10.11B $10.64B
YoY Change -12.8%
LONG-TERM LIABILITIES
Long-Term Debt $3.412B $3.444B
YoY Change 9.04%
Other Long-Term Liabilities $597.0M $1.068B
YoY Change -6.72%
Total Long-Term Liabilities $4.009B $4.512B
YoY Change 6.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.11B $10.64B
Total Long-Term Liabilities $4.009B $4.512B
Total Liabilities $14.61B $15.53B
YoY Change -7.98%
SHAREHOLDERS EQUITY
Retained Earnings -$146.0M -$374.0M
YoY Change -87.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.906B $5.406B
YoY Change
Total Liabilities & Shareholders Equity $20.97B $20.94B
YoY Change 4.56%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $228.0M $186.0M
YoY Change 20.63%
Depreciation, Depletion And Amortization $127.0M $133.0M
YoY Change 2.42%
Cash From Operating Activities $357.0M $6.000M
YoY Change 839.47%
INVESTING ACTIVITIES
Capital Expenditures $152.0M $167.0M
YoY Change 42.06%
Acquisitions $0.00
YoY Change
Other Investing Activities $10.00M $12.00M
YoY Change -600.0%
Cash From Investing Activities -$142.0M -$155.0M
YoY Change 59.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.00M -486.0M
YoY Change -112.38%
NET CHANGE
Cash From Operating Activities 357.0M 6.000M
Cash From Investing Activities -142.0M -155.0M
Cash From Financing Activities 26.00M -486.0M
Net Change In Cash 241.0M -635.0M
YoY Change -176.03%
FREE CASH FLOW
Cash From Operating Activities $357.0M $6.000M
Capital Expenditures $152.0M $167.0M
Free Cash Flow $205.0M -$161.0M
YoY Change -397.1%

Facts In Submission

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CY2023Q2 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="background-color:#ffffff;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 geopolitical conflicts (including the Russian invasion of Ukraine), 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 the Russian invasion of Ukraine. 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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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
468000000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
21000000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
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CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3691000000 usd
CY2023Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.046
CY2023Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.047
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
151000000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1282000000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
547000000 usd
CY2023Q2 flex Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1635000000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3615000000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
47000000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
43000000 usd
CY2022Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000000 usd
CY2023Q2 us-gaap Other Expenses
OtherExpenses
12000000 usd
CY2022Q3 us-gaap Other Expenses
OtherExpenses
5000000 usd
CY2023Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
27000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
92000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-147000000 usd
CY2023Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
67000000 usd
CY2022Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
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CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
25000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-72000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-2000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-4000000 usd
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
8700000 shares
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
197000000 usd
CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
697000000 usd
CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
239000000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
232000000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
23000000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
50000000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
23000000 usd
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
48000000 usd
CY2023Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
48000000 usd
CY2023Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 usd
CY2023Q2 us-gaap Minority Interest
MinorityInterest
380000000 usd
CY2023Q1 us-gaap Minority Interest
MinorityInterest
355000000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
25000000 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
0 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
6000000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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