$FLEX
FLEX LTD.

2024 Q4 Form 10-Q Financial Statement

#000086637424000053 Filed on October 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $6.545B
YoY Change -12.39%
Cost Of Revenue $5.998B
YoY Change -11.83%
Gross Profit $531.0M
YoY Change -20.15%
Gross Profit Margin 8.11%
Selling, General & Admin $216.0M
YoY Change -20.59%
% of Gross Profit 40.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $131.0M
YoY Change 3.15%
% of Gross Profit 24.67%
Operating Expenses $216.0M
YoY Change -20.59%
Operating Profit $297.0M
YoY Change -21.01%
Interest Expense -$37.00M
YoY Change 54.17%
% of Operating Profit -12.46%
Other Income/Expense, Net $7.000M
YoY Change -36.36%
Pretax Income $264.0M
YoY Change -18.77%
Income Tax $50.00M
% Of Pretax Income 18.94%
Net Earnings $214.0M
YoY Change -6.14%
Net Earnings / Revenue 3.27%
Basic Earnings Per Share $0.54
Diluted Earnings Per Share $0.54
COMMON SHARES
Basic Shares Outstanding 387.8M shares 397.1M shares
Diluted Shares Outstanding 400.0M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.601B
Short-Term Investments
Other Short-Term Assets $1.187B
YoY Change 16.49%
Inventory $5.466B
Prepaid Expenses
Receivables $3.502B
Other Receivables
Total Short-Term Assets $13.35B
YoY Change -13.66%
LONG-TERM ASSETS
Property, Plant & Equipment $2.254B
YoY Change -3.18%
Goodwill $1.146B
YoY Change -14.29%
Intangibles $223.0M
YoY Change -18.91%
Long-Term Investments
YoY Change
Other Assets $1.031B
YoY Change 7.85%
Total Long-Term Assets $5.235B
YoY Change -4.9%
TOTAL ASSETS
Total Short-Term Assets $13.35B
Total Long-Term Assets $5.235B
Total Assets $18.59B
YoY Change -11.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.144B
YoY Change -10.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $531.0M
YoY Change
Total Short-Term Liabilities $9.306B
YoY Change -7.92%
LONG-TERM LIABILITIES
Long-Term Debt $3.178B
YoY Change -6.86%
Other Long-Term Liabilities $623.0M
YoY Change 4.36%
Total Long-Term Liabilities $3.801B
YoY Change -5.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.306B
Total Long-Term Liabilities $3.801B
Total Liabilities $13.58B
YoY Change -7.04%
SHAREHOLDERS EQUITY
Retained Earnings $799.0M
YoY Change -647.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.003B
YoY Change
Total Liabilities & Shareholders Equity $18.59B
YoY Change -11.36%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $214.0M
YoY Change -6.14%
Depreciation, Depletion And Amortization $131.0M
YoY Change 3.15%
Cash From Operating Activities $319.0M
YoY Change -10.64%
INVESTING ACTIVITIES
Capital Expenditures $103.0M
YoY Change -32.24%
Acquisitions
YoY Change
Other Investing Activities -$21.00M
YoY Change -310.0%
Cash From Investing Activities -$124.0M
YoY Change -12.68%
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
YoY Change 465.38%
NET CHANGE
Cash From Operating Activities 319.0M
Cash From Investing Activities -124.0M
Cash From Financing Activities 147.0M
Net Change In Cash 342.0M
YoY Change 41.91%
FREE CASH FLOW
Cash From Operating Activities $319.0M
Capital Expenditures $103.0M
Free Cash Flow $216.0M
YoY Change 5.37%

Facts In Submission

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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. The second quarters for fiscal years 2025 and 2024 ended on September 27, 2024 and September 29, 2023, respectively, which are comprised of 91 days in both periods.</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 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>
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2024Q3 flex Long Term Debt Maturity After Year Four
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CY2024Q3 us-gaap Proceeds From Issuance Of Debt
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CY2024Q3 us-gaap Interest Expense Debt
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CY2023Q3 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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CY2024Q3 us-gaap Other Expenses
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CY2023Q3 us-gaap Other Expenses
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us-gaap Other Expenses
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us-gaap Other Expenses
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CY2024Q3 us-gaap Investment Income Interest
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CY2023Q3 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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CY2024Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2023Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2024Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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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 Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2024Q3 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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CY2024Q3 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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CY2024Q3 srt Stock Repurchase Program Authorized Amount1
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CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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us-gaap Number Of Operating Segments
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us-gaap Number Of Reportable Segments
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CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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264000000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q3 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2024Q1 us-gaap Restructuring Reserve
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us-gaap Restructuring Charges
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us-gaap Restructuring Reserve Translation And Other Adjustment
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CY2024Q3 us-gaap Restructuring Reserve
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CY2024Q3 us-gaap Restructuring Reserve Current
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CY2024Q3 us-gaap Restructuring Reserve Noncurrent
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false

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