$FLEX
FLEX LTD.

2024 Q3 Form 10-Q Financial Statement

#000086637424000034 Filed on July 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $6.545B $6.314B $7.336B
YoY Change -12.39% -13.93%
Cost Of Revenue $5.998B $5.827B $6.732B
YoY Change -11.83% -13.44%
Gross Profit $531.0M $487.0M $604.0M
YoY Change -20.15% -19.37%
Gross Profit Margin 8.11% 7.71% 8.23%
Selling, General & Admin $216.0M $213.0M $270.0M
YoY Change -20.59% -21.11%
% of Gross Profit 40.68% 43.74% 44.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $131.0M $126.0M $133.0M
YoY Change 3.15% -5.26%
% of Gross Profit 24.67% 25.87% 22.02%
Operating Expenses $216.0M $229.0M $290.0M
YoY Change -20.59% -21.03%
Operating Profit $297.0M $258.0M $314.0M
YoY Change -21.01% -17.83%
Interest Expense -$37.00M -$40.00M -$47.00M
YoY Change 54.17% -14.89%
% of Operating Profit -12.46% -15.5% -14.97%
Other Income/Expense, Net $7.000M -$1.000M -$5.000M
YoY Change -36.36% -80.0%
Pretax Income $264.0M $192.0M $239.0M
YoY Change -18.77% -19.67%
Income Tax $50.00M $53.00M $28.00M
% Of Pretax Income 18.94% 27.6% 11.72%
Net Earnings $214.0M $139.0M $186.0M
YoY Change -6.14% -25.27%
Net Earnings / Revenue 3.27% 2.2% 2.54%
Basic Earnings Per Share $0.54 $0.35 $0.42
Diluted Earnings Per Share $0.54 $0.34 $0.41
COMMON SHARES
Basic Shares Outstanding 397.1M shares 401.6M shares 444.5M shares
Diluted Shares Outstanding 400.0M shares 411.0M shares 455.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.243B $2.660B
YoY Change -15.68%
Cash & Equivalents $2.601B $2.243B $2.660B
Short-Term Investments
Other Short-Term Assets $1.187B $1.057B $1.002B
YoY Change 16.49% 5.49%
Inventory $5.466B $5.839B $7.526B
Prepaid Expenses
Receivables $3.502B $3.409B $4.352B
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.35B $12.55B $15.54B
YoY Change -13.66% -19.25%
LONG-TERM ASSETS
Property, Plant & Equipment $2.254B $2.801B $2.987B
YoY Change -3.18% -6.23%
Goodwill $1.146B $8.000M $1.344B
YoY Change -14.29% -99.4%
Intangibles $223.0M $230.0M $299.0M
YoY Change -18.91% -23.08%
Long-Term Investments
YoY Change
Other Assets $1.031B $1.019B $766.0M
YoY Change 7.85% 33.03%
Total Long-Term Assets $5.235B $5.189B $5.396B
YoY Change -4.9% -3.84%
TOTAL ASSETS
Total Short-Term Assets $13.35B $12.55B $15.54B
Total Long-Term Assets $5.235B $5.189B $5.396B
Total Assets $18.59B $17.74B $20.94B
YoY Change -11.36% -15.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.144B $4.726B $5.890B
YoY Change -10.2% -19.76%
Accrued Expenses $428.0M $746.0M
YoY Change -42.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $531.0M $543.0M $151.0M
YoY Change 259.6%
Total Short-Term Liabilities $9.306B $8.969B $10.64B
YoY Change -7.92% -15.69%
LONG-TERM LIABILITIES
Long-Term Debt $3.178B $2.672B $3.444B
YoY Change -6.86% -22.42%
Other Long-Term Liabilities $623.0M $1.100B $1.068B
YoY Change 4.36% 3.0%
Total Long-Term Liabilities $3.801B $3.772B $4.512B
YoY Change -5.19% -16.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.306B $8.969B $10.64B
Total Long-Term Liabilities $3.801B $3.772B $4.512B
Total Liabilities $13.58B $12.74B $15.53B
YoY Change -7.04% -17.96%
SHAREHOLDERS EQUITY
Retained Earnings $799.0M $585.0M -$374.0M
YoY Change -647.26% -256.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.003B $4.996B $5.406B
YoY Change
Total Liabilities & Shareholders Equity $18.59B $17.74B $20.94B
YoY Change -11.36% -15.28%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $214.0M $139.0M $186.0M
YoY Change -6.14% -25.27%
Depreciation, Depletion And Amortization $131.0M $126.0M $133.0M
YoY Change 3.15% -5.26%
Cash From Operating Activities $319.0M $340.0M $6.000M
YoY Change -10.64% 5566.67%
INVESTING ACTIVITIES
Capital Expenditures $103.0M $111.0M $167.0M
YoY Change -32.24% -33.53%
Acquisitions -$2.000M $0.00
YoY Change
Other Investing Activities -$21.00M $29.00M $12.00M
YoY Change -310.0% 141.67%
Cash From Investing Activities -$124.0M -$82.00M -$155.0M
YoY Change -12.68% -47.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 147.0M -468.0M -486.0M
YoY Change 465.38% -3.7%
NET CHANGE
Cash From Operating Activities 319.0M 340.0M 6.000M
Cash From Investing Activities -124.0M -82.00M -155.0M
Cash From Financing Activities 147.0M -468.0M -486.0M
Net Change In Cash 342.0M -210.0M -635.0M
YoY Change 41.91% -66.93%
FREE CASH FLOW
Cash From Operating Activities $319.0M $340.0M $6.000M
Capital Expenditures $103.0M $111.0M $167.0M
Free Cash Flow $216.0M $229.0M -$161.0M
YoY Change 5.37% -242.24%

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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 first quarters for fiscal years 2025 and 2024 ended on June 28, 2024, which is comprised of 89 days in the period, and June 30, 2023, which is comprised of 91 days, respectively.</span></div>
CY2024Q2 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, 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 consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</span></div>
CY2024Q2 flex Number Of Supplier Finance Programs
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CY2024Q2 flex Customer Working Capital Advances
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CY2024Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2024Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2024Q2 flex Long Term Debt Maturity After Year Four
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CY2024Q2 us-gaap Number Of Reportable Segments
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CY2024Q2 us-gaap Number Of Operating Segments
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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192000000 usd
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164000000 usd
CY2024Q2 us-gaap Restructuring Charges
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CY2024Q2 us-gaap Goodwill
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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