10-Q Filing

FLEX LTD. CIK: 866374 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000866374-21-000043`
Period End Date	20210630
Filing Date	20210730
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	flex-20210702_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 26 Cash Flow Statement 42 Stockholders Equity 20 Comprehensive Income 10

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$61.00M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$60.00M	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`	539.35M	shares	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	542.81M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.64B	USD	Point-in-time
Accounts receivable, net of allowance of $60 and $61, respectively	`AccountsReceivableNetCurrent`	$4.11B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	489.11M	shares	Point-in-time
Accounts receivable, net of allowance of $60 and $61, respectively	`AccountsReceivableNetCurrent`	$3.83B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	492.57M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$168.00M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$135.00M	USD	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Inventories	`InventoryNet`	$4.44B	USD	Point-in-time
Inventories	`InventoryNet`	$3.90B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$591.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$590.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.36B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.73B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.10B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.09B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$642.00M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$630.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.09B	USD	Point-in-time
Goodwill	`Goodwill`	$1.09B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$199.00M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$213.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$453.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$431.00M	USD	Point-in-time
Total assets	`Assets`	$16.19B	USD	Point-in-time
Total assets	`Assets`	$15.84B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$268.00M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$274.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.45B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.25B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$473.00M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$432.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.98B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.85B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.83B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.14B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.50B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.52B	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$562.00M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$550.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$489.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$491.00M	USD	Point-in-time
Ordinary shares, no par value; 539,348,399 and 542,807,200 issued, and 489,109,044 and 492,567,845 outstanding, respectively	`CommonStockValueOutstanding`	$6.09B	USD	Point-in-time
Ordinary shares, no par value; 539,348,399 and 542,807,200 issued, and 489,109,044 and 492,567,845 outstanding, respectively	`CommonStockValueOutstanding`	$6.23B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of July 2, 2021 and March 31, 2021	`TreasuryStockValue`	$388.00M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of July 2, 2021 and March 31, 2021	`TreasuryStockValue`	$388.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.08B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.29B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-111.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.51B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.94B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.44B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.83B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$15.84B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$16.19B	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.34B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.15B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$4.85B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.87B	USD	1 Quarter
Gross profit	`GrossProfit`	$304.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$471.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$201.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$191.00M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$15.00M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$15.00M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-31.00M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-22.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$233.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$27.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.00M	USD	1 Quarter
Net income	`ProfitLoss`	$52.00M	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	491.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	498.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	502.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	499.00M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$52.00M	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$125.00M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$118.00M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$806.00M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$-10.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-629.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$334.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$118.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$110.00M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-113.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.00M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$1.25B	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$1.00M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$511.00M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$162.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$4.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-166.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$741.00M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$12.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$56.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.64B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.94B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.69B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.69B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.94B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.64B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$88.00M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$35.00M	USD	1 Quarter
Right-of-use assets obtained in exchange of operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$12.00M	USD	1 Quarter
Right-of-use assets obtained in exchange of operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$36.00M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	489.11M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	492.57M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$3.51B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.94B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.44B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.83B	USD	Point-in-time
Repurchase of Flex Ltd. ordinary shares at cost	`TreasuryStockValueAcquiredCostMethod`	$162.00M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Net income	`ProfitLoss`	$52.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$20.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$13.00M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$8.00M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$44.00M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	489.11M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	492.57M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$3.44B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.51B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.94B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.83B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$52.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$5.00M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$14.00M	USD	1 Quarter
Unrealized gain on derivative instruments and other, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$30.00M	USD	1 Quarter
Unrealized gain on derivative instruments and other, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$3.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$96.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$214.00M	USD	1 Quarter

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