10-Q Filing

FLEX LTD. CIK: 866374 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000866374-19-000010`
Period End Date	20190630
Filing Date	20190726
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	flex-628201910xq_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 32 Cash Flow Statement 48 Stockholders Equity 21 Comprehensive Income 12

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$91.40M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.63M	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	566.79M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.25B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.92B	USD	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	564.28M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.70B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	514.04M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $88,628 and $91,396 as of June 28, 2019 and March 31, 2019, respectively	`AccountsReceivableNetCurrent`	$2.57B	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $88,628 and $91,396 as of June 28, 2019 and March 31, 2019, respectively	`AccountsReceivableNetCurrent`	$2.61B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	516.55M	shares	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$216.20M	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$240.56M	USD	Point-in-time
Inventories	`InventoryNet`	$3.72B	USD	Point-in-time
Inventories	`InventoryNet`	$3.75B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$909.56M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$854.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.39B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.10B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.34B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.31B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$656.27M	USD	Point-in-time
Goodwill	`Goodwill`	$1.08B	USD	Point-in-time
Goodwill	`Goodwill`	$1.07B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$314.72M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$331.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$655.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$684.50M	USD	Point-in-time
Total assets	`Assets`	$13.50B	USD	Point-in-time
Total assets	`Assets`	$14.43B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$632.61M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$275.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.15B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.19B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$377.41M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$391.59M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.59B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.43B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.44B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.60B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.42B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.96B	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$555.07M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$507.59M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$472.90M	USD	Point-in-time
Ordinary shares, no par value; 564,278,524 and 566,787,620 issued, and 514,039,169 and 516,548,265 outstanding as of June 28, 2019 and March 31, 2019, respectively	`CommonStockValueOutstanding`	$6.52B	USD	Point-in-time
Ordinary shares, no par value; 564,278,524 and 566,787,620 issued, and 514,039,169 and 516,548,265 outstanding as of June 28, 2019 and March 31, 2019, respectively	`CommonStockValueOutstanding`	$6.49B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 28, 2019 and March 31, 2019	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 28, 2019 and March 31, 2019	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.01B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.95B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-151.16M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-152.23M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.02B	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.97B	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.11B	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$14.43B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$13.50B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.18B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.40B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.78B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.02B	USD	1 Quarter
Restructuring charges	`RestructuringChargesCostOfSales`	$47.41M	USD	1 Quarter
Restructuring charges	`RestructuringChargesCostOfSales`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$377.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$352.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$262.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$209.62M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$18.52M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$17.08M	USD	1 Quarter
Restructuring charges	`RestructuringChargesSellingGeneralAndAdministrativeExpense`	$8.79M	USD	1 Quarter
Restructuring charges	`RestructuringChargesSellingGeneralAndAdministrativeExpense`	-	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-51.69M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-41.74M	USD	1 Quarter
Other charges (income), net	`OtherOperatingandNonoperatingIncomeExpense`	$-1.46M	USD	1 Quarter
Other charges (income), net	`OtherOperatingandNonoperatingIncomeExpense`	$86.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$64.11M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$141.64M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$19.24M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.60M	USD	1 Quarter
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	514.24M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	529.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	535.45M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	517.55M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$190.16M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$121.76M	USD	1 Quarter
Gain from deconsolidation of Bright Machines	`DeconsolidationGainOrLossAmount`	-	USD	1 Quarter
Gain from deconsolidation of Bright Machines	`DeconsolidationGainOrLossAmount`	$91.03M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$891.90M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$1.09B	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-943.26M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-656.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$162.12M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$172.25M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.34M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$38.90M	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	$928.22M	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	$899.26M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$15.22M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$920.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$743.09M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$775.13M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$150.31M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$771.53M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$150.34M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$601.24M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$52.00M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$403.00K	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$45.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-12.38M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.31M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-749.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-17.63M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-217.78M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$223.83M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.25B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.92B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.25B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.92B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.70B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$148.53M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$78.66M	USD	1 Quarter
Non-cash investment in Bright Machines	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	-	USD	1 Quarter
Non-cash investment in Bright Machines	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$132.05M	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	514.04M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	516.55M	shares	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.02B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.97B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.11B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time
Repurchase of Flex Ltd. ordinary shares at cost	`TreasuryStockValueAcquiredCostMethod`	$52.00M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$45.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$403.00K	USD	1 Quarter
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Stock-based compensation, net of tax	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.23M	USD	1 Quarter
Stock-based compensation, net of tax	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$20.95M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-1.07M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-84.99M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	514.04M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	516.55M	shares	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.11B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.02B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.97B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.40M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-44.09M	USD	1 Quarter
Unrealized loss on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-5.47M	USD	1 Quarter
Unrealized loss on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-40.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$31.05M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$43.80M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.