10-Q Filing

FLEX LTD. CIK: 866374 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000866374-22-000052`
Period End Date	20220630
Filing Date	20220729
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	flex-20220701_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 32 Cash Flow Statement 40 Stockholders Equity 29 Comprehensive Income 14

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$56.00M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.65B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.96B	USD	Point-in-time
Ordinary shares, issued (in shares)	`CommonStockSharesIssued`	507.78M	shares	Point-in-time
Ordinary shares, issued (in shares)	`CommonStockSharesIssued`	510.80M	shares	Point-in-time
Accounts receivable, net of allowance of $7 and $56, respectively	`AccountsReceivableNetCurrent`	$3.78B	USD	Point-in-time
Ordinary shares, outstanding (in shares)	`CommonStockSharesOutstanding`	460.56M	shares	Point-in-time
Accounts receivable, net of allowance of $7 and $56, respectively	`AccountsReceivableNetCurrent`	$3.37B	USD	Point-in-time
Ordinary shares, outstanding (in shares)	`CommonStockSharesOutstanding`	457.54M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	50.24M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$519.00M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$510.00M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	50.24M	shares	Point-in-time
Inventories	`InventoryNet`	$6.58B	USD	Point-in-time
Inventories	`InventoryNet`	$7.24B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$903.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$965.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.34B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.15B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.12B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.13B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$637.00M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$611.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.34B	USD	Point-in-time
Goodwill	`Goodwill`	$1.34B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$411.00M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$372.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$453.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$473.00M	USD	Point-in-time
Total assets	`Assets`	$19.32B	USD	Point-in-time
Total assets	`Assets`	$20.05B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$946.00M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$949.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.25B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.69B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$419.00M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$470.00M	USD	Point-in-time
Deferred revenue and customer working capital advances	`ContractWithCustomerLiabilityCurrent`	$2.00B	USD	Point-in-time
Deferred revenue and customer working capital advances	`ContractWithCustomerLiabilityCurrent`	$2.40B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.04B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.13B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.71B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.59B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.25B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.13B	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$551.00M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$520.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$608.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$640.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.12B	USD	Point-in-time
Total liabilities	`Liabilities`	$15.88B	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$84.00M	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$78.00M	USD	Point-in-time
Ordinary shares, no par value; 507,782,209 and 510,799,667 issued, and 457,542,854 and 460,560,312 outstanding, respectively	`CommonStockValueOutstanding`	$5.90B	USD	Point-in-time
Ordinary shares, no par value; 507,782,209 and 510,799,667 issued, and 457,542,854 and 460,560,312 outstanding, respectively	`CommonStockValueOutstanding`	$6.05B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of July 1, 2022 and March 31, 2022	`TreasuryStockValue`	$388.00M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of July 1, 2022 and March 31, 2022	`TreasuryStockValue`	$388.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.16B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.35B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-182.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-254.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$4.09B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.51B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.44B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$4.13B	USD	Point-in-time
Total liabilities, redeemable noncontrolling interest, and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$19.32B	USD	Point-in-time
Total liabilities, redeemable noncontrolling interest, and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$20.05B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.35B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.34B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.81B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.87B	USD	1 Quarter
Gross profit	`GrossProfit`	$535.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$471.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$241.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$201.00M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$15.00M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$22.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$255.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$272.00M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-22.00M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-40.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$232.00M	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`	$37.00M	USD	1 Quarter
Net income	`ProfitLoss`	$195.00M	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Net income attributable to redeemable noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$6.00M	USD	1 Quarter
Net income attributable to redeemable noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net income attributable to Flex Ltd.	`NetIncomeLoss`	$206.00M	USD	1 Quarter
Net income attributable to Flex Ltd.	`NetIncomeLoss`	$189.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.41	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	458.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	491.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	468.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	499.00M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$195.00M	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$124.00M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$118.00M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$281.00M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$-10.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$334.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$38.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$118.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$107.00M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$16.00M	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`	$-89.00M	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`	$35.00M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$162.00M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$181.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$6.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-210.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-166.00M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-56.00M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$56.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-317.00M	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`	$2.65B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.96B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.69B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.96B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.64B	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`	$2.65B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$88.00M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$172.00M	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`	$22.00M	USD	1 Quarter

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Redeemable noncontrolling interests, beginning balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	-	USD	Point-in-time
Redeemable noncontrolling interests, beginning balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$84.00M	USD	Point-in-time
Redeemable noncontrolling interests, beginning balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$78.00M	USD	Point-in-time
Redeemable noncontrolling interests, beginning balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	-	USD	Point-in-time
Net income	`TemporaryEquityNetIncome`	$6.00M	USD	1 Quarter
Redeemable noncontrolling interests, ending balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	-	USD	Point-in-time
Redeemable noncontrolling interests, ending balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$84.00M	USD	Point-in-time
Redeemable noncontrolling interests, ending balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$78.00M	USD	Point-in-time
Redeemable noncontrolling interests, ending balance	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	-	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	460.56M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	457.54M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$3.44B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$4.13B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$4.09B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.51B	USD	Point-in-time
Repurchase of Flex Ltd. ordinary shares at cost	`TreasuryStockValueAcquiredCostMethod`	$162.00M	USD	1 Quarter
Repurchase of Flex Ltd. ordinary shares at cost	`TreasuryStockValueAcquiredCostMethod`	$181.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$189.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$206.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$26.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$20.00M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-72.00M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$8.00M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	460.56M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	457.54M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$3.44B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$4.09B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.51B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$4.13B	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$195.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Net income	`ProfitLoss`	$206.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-71.00M	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$3.00M	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$-1.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$123.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$214.00M	USD	1 Quarter
Comprehensive income attributable to redeemable noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive income attributable to redeemable noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$6.00M	USD	1 Quarter
Comprehensive income attributable to Flex Ltd.	`ComprehensiveIncomeNetOfTax`	$117.00M	USD	1 Quarter
Comprehensive income attributable to Flex Ltd.	`ComprehensiveIncomeNetOfTax`	$214.00M	USD	1 Quarter

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