$FLEX
FLEX LTD.

2024 Q1 Form 10-Q Financial Statement

#000086637424000012 Filed on February 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $6.169B $7.103B
YoY Change -17.49% -8.42%
Cost Of Revenue $24.40B $6.400B
YoY Change 253.4% -10.71%
Gross Profit $437.0M $642.0M
YoY Change -23.87% 10.12%
Gross Profit Margin 7.08% 9.04%
Selling, General & Admin $922.0M $264.0M
YoY Change 246.62% 8.64%
% of Gross Profit 210.98% 41.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $147.0M $130.0M
YoY Change 13.08% 4.84%
% of Gross Profit 33.64% 20.25%
Operating Expenses $992.0M $264.0M
YoY Change 246.85% 8.64%
Operating Profit $159.0M $348.0M
YoY Change -44.79% 8.41%
Interest Expense -$143.0M -$36.00M
YoY Change 175.0% -38.98%
% of Operating Profit -89.94% -10.34%
Other Income/Expense, Net -$44.00M $11.00M
YoY Change 633.33% -210.0%
Pretax Income $666.0M $307.0M
YoY Change 220.19% 17.18%
Income Tax -$206.0M $74.00M
% Of Pretax Income -30.93% 24.1%
Net Earnings $395.0M $197.0M
YoY Change 178.17% -14.35%
Net Earnings / Revenue 6.4% 2.77%
Basic Earnings Per Share $0.95 $0.46
Diluted Earnings Per Share $0.93 $0.45
COMMON SHARES
Basic Shares Outstanding 421.2M shares 434.9M shares
Diluted Shares Outstanding 425.0M shares 436.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.474B $2.764B
YoY Change -24.89% 7.76%
Cash & Equivalents $2.474B $2.764B
Short-Term Investments
Other Short-Term Assets $1.031B $1.089B
YoY Change 12.43% 13.08%
Inventory $6.205B $6.815B
Prepaid Expenses
Receivables $3.033B $3.605B
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.99B $14.88B
YoY Change -18.91% -5.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.269B $2.328B
YoY Change -23.27% 1.7%
Goodwill $1.135B $1.348B
YoY Change -15.49% 0.6%
Intangibles $245.0M $266.0M
YoY Change -22.47% -19.88%
Long-Term Investments
YoY Change
Other Assets $1.015B $935.0M
YoY Change 33.91% 81.2%
Total Long-Term Assets $5.265B $5.489B
YoY Change -2.03% 8.2%
TOTAL ASSETS
Total Short-Term Assets $12.99B $14.88B
Total Long-Term Assets $5.265B $5.489B
Total Assets $18.26B $20.37B
YoY Change -14.67% -2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.468B $5.292B
YoY Change -24.65% -20.18%
Accrued Expenses $901.0M $513.0M
YoY Change 72.61% 2.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.000M
YoY Change -100.0% -99.39%
Total Short-Term Liabilities $8.539B $9.386B
YoY Change -21.34% -19.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.261B $3.431B
YoY Change -11.65% -2.58%
Other Long-Term Liabilities $642.0M $602.0M
YoY Change -43.83% 0.17%
Total Long-Term Liabilities $3.903B $4.033B
YoY Change -19.26% -2.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.539B $9.386B
Total Long-Term Liabilities $3.903B $4.033B
Total Liabilities $12.93B $13.92B
YoY Change -17.57% -14.54%
SHAREHOLDERS EQUITY
Retained Earnings $446.0M $51.00M
YoY Change -179.64% -107.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.325B $5.965B
YoY Change
Total Liabilities & Shareholders Equity $18.26B $20.37B
YoY Change -14.67% -2.52%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $395.0M $197.0M
YoY Change 178.17% -14.35%
Depreciation, Depletion And Amortization $147.0M $130.0M
YoY Change 13.08% 4.84%
Cash From Operating Activities $679.0M $284.0M
YoY Change 50.89% -20.89%
INVESTING ACTIVITIES
Capital Expenditures $81.00M $130.0M
YoY Change -55.0% -181.76%
Acquisitions
YoY Change
Other Investing Activities $3.000M $13.00M
YoY Change 200.0% 160.0%
Cash From Investing Activities -$78.00M -$117.0M
YoY Change -56.42% -24.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -888.0M -308.0M
YoY Change -295.16% 96.18%
NET CHANGE
Cash From Operating Activities 679.0M 284.0M
Cash From Investing Activities -78.00M -117.0M
Cash From Financing Activities -888.0M -308.0M
Net Change In Cash -287.0M -141.0M
YoY Change -139.53% -393.75%
FREE CASH FLOW
Cash From Operating Activities $679.0M $284.0M
Capital Expenditures $81.00M $130.0M
Free Cash Flow $598.0M $154.0M
YoY Change 121.48% -70.27%

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<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 third quarters for fiscal years 2024 and 2023 ended on December 31 of each year and are comprised of 93 and 92 days, respectively. The Company's first three quarters for fiscal years 2024 and 2023 both are comprised of 275 days.</span></div>
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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, the Israel-Hamas war, and other geopolitical conflicts), 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 and the Israel-Hamas war. 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><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%">Recently Issued Accounting Pronouncements</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%">In October 2023, the FASB issued ASU 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative", which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). This ASU will become effective on the date the SEC removes the applicable disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not be become effective for any entity. The Company expects the new guidance will have an immaterial impact on its condensed consolidated financial statements, and intends to adopt the guidance when it becomes effective.</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%">In November 2023, the FASB issued ASU 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2025, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal year 2025.</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%">In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2026. The </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the fourth quarter of fiscal year 2026.</span></div>
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NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
0 usd
CY2023Q4 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2022Q4 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
7000000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
19000000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0000866374-24-000012-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
flex-20231231.htm Edgar Link pending
flex-20231231.xsd Edgar Link pending
flex-exx1501x12312023.htm Edgar Link pending
flex-exx3101x12312023.htm Edgar Link pending
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flex-20231231_cal.xml Edgar Link unprocessable
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