Company Quick10K Filing
Flex
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 518 $4,912
10-Q 2020-01-31 Quarter: 2019-12-31
10-Q 2019-10-30 Quarter: 2019-09-27
10-Q 2019-07-26 Quarter: 2019-06-28
10-K 2019-05-21 Annual: 2019-03-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-28
10-Q 2018-08-02 Quarter: 2018-06-29
10-K 2018-06-14 Annual: 2018-03-31
10-Q 2018-01-29 Quarter: 2017-12-31
10-Q 2017-10-30 Quarter: 2017-09-29
10-Q 2017-08-01 Quarter: 2017-06-30
10-K 2017-05-16 Annual: 2017-03-31
10-Q 2017-01-27 Quarter: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-07-01
10-K 2016-05-20 Annual: 2016-03-31
10-Q 2016-02-01 Quarter: 2015-12-31
10-Q 2015-10-26 Quarter: 2015-09-25
10-Q 2015-07-27 Quarter: 2015-06-26
10-K 2015-05-21 Annual: 2015-03-31
10-Q 2015-01-29 Quarter: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-26
10-Q 2014-07-28 Quarter: 2014-06-27
10-K 2014-05-20 Annual: 2014-03-31
10-Q 2014-01-31 Quarter: 2013-12-31
10-Q 2013-08-02 Quarter: 2013-06-28
10-K 2013-05-28 Annual: 2013-03-31
10-Q 2013-02-04 Quarter: 2012-12-31
10-Q 2013-11-01 Quarter: 2012-10-27
10-Q 2012-10-26 Quarter: 2012-09-28
10-Q 2012-07-30 Quarter: 2012-06-29
10-K 2012-05-29 Annual: 2012-03-31
10-Q 2012-02-02 Quarter: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-07-01
10-K 2011-05-23 Annual: 2011-03-31
10-Q 2011-02-02 Quarter: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-10-01
10-Q 2010-08-05 Quarter: 2010-07-02
10-K 2010-05-24 Annual: 2010-03-31
10-Q 2010-02-02 Quarter: 2009-12-31
8-K 2020-01-30 Earnings, Exhibits
8-K 2019-11-07 Other Events, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-08-20 Shareholder Rights, Shareholder Vote, Other Events, Exhibits
8-K 2019-08-08 Other Events
8-K 2019-07-25 Earnings, Exit Costs, Exhibits
8-K 2019-06-06 Enter Agreement, Other Events, Exhibits
8-K 2019-06-04 Officers
8-K 2019-05-30 Other Events, Exhibits
8-K 2019-05-30 Other Events, Exhibits
8-K 2019-05-30 Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-03-05 Officers
8-K 2019-02-11 Officers, Regulation FD, Exhibits
8-K 2019-02-05 Officers
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-17 Officers
8-K 2018-12-24
8-K 2018-12-07 Officers
8-K 2018-11-14 Officers, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-22 Officers, Exhibits
8-K 2018-08-16 Shareholder Vote, Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-02 Other Events
8-K 2018-06-25 Officers
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-31
8-K 2018-03-26 Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Exit Costs, Exhibits
8-K 2018-01-08 Officers, Exhibits
FLEX 2019-12-31
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-15.01 flex-exx1501x12312019.htm
EX-31.01 flex-exx3101x12312019.htm
EX-31.02 flex-exx3102x12312019.htm
EX-32.01 flex-exx3201x12312019.htm

Flex Earnings 2019-12-31

FLEX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HUBB 7,013 5,036 3,181 4,608 1,334 376 625 8,526 29% 13.6 7%
FLEX 4,912 14,429 26,057 1,493 22 684 6,243 6% 9.1 0%
JBL 4,790 12,609 10,742 18,709 1,860 178 1,400 7,028 10% 5.0 1%
LFUS 4,420 2,622 1,112 1,645 631 167 330 4,633 38% 14.0 6%
MRCY 3,238 1,417 132 655 286 47 120 2,980 44% 24.9 3%
AVX 2,744 2,849 421 1,739 475 271 418 2,414 27% 5.8 9%
VSH 2,675 3,181 1,729 3,063 894 360 624 2,512 29% 4.0 11%
SANM 2,107 4,020 2,392 8,218 571 123 349 2,078 7% 5.9 3%
ITRI 1,843 2,706 1,960 2,433 752 64 264 2,321 31% 8.8 2%
PLXS 1,781 2,016 1,155 3,227 287 145 177 1,902 9% 10.8 7%

Document
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Table of Contents


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
Form 10-Q
(Mark One)
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2019
 
Or
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  
 
Commission file number 0-23354
 
FLEX LTD.
(Exact name of registrant as specified in its charter)
Singapore
 
Not Applicable
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
2 Changi South Lane,
 
 
Singapore
 
486123
(Address of registrant’s principal executive offices)
 
(Zip Code)
 Registrant’s telephone number, including area code
(656876-9899
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Ordinary Shares, No Par Value
 
FLEX
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
 
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
 
The number of shares of the registrant’s ordinary shares outstanding as of January 24, 2020 was 503,991,662.



Table of Contents

FLEX LTD.
 
INDEX
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Directors and Shareholders of Flex Ltd.
Singapore

Results of Review of Interim Financial Information
 
We have reviewed the accompanying condensed consolidated balance sheet of Flex Ltd. and subsidiaries (the “Company”) as of December 31, 2019, the related condensed consolidated statements of operations, comprehensive income (loss), and shareholders' equity for the three-month and nine-month periods ended December 31, 2019 and December 31, 2018, the related condensed consolidated statements of cash flows for the nine-month periods ended December 31, 2019 and December 31, 2018, and the related notes. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Flex Ltd. and subsidiaries as of March 31, 2019 and the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated May 20, 2019, we expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding changes in accounting principles. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 2019 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

The interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ DELOITTE & TOUCHE LLP
 
San Jose, California
 
January 31, 2020
 


3

Table of Contents

FLEX LTD.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
As of December 31, 2019
 
As of March 31, 2019
 
(In thousands, except share amounts)
(Unaudited)
ASSETS
Current assets:
 

 
 

Cash and cash equivalents
$
1,789,164

 
$
1,696,625

Accounts receivable, net of allowance for doubtful accounts of $96,505 and $91,396 as of December 31, 2019 and March 31, 2019, respectively
3,004,174

 
2,612,961

Contract assets
199,682

 
216,202

Inventories
3,684,173

 
3,722,854

Other current assets
683,514

 
854,790

Total current assets
9,360,707

 
9,103,432

Property and equipment, net
2,205,967

 
2,336,213

Operating lease right-of-use assets, net
615,073

 

Goodwill
1,069,812

 
1,073,055

Other intangible assets, net
279,928

 
330,995

Other assets
603,930

 
655,672

Total assets
$
14,135,417

 
$
13,499,367

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
 

 
 

Bank borrowings and current portion of long-term debt
$
88,869

 
$
632,611

Accounts payable
5,431,310

 
5,147,236

Accrued payroll
392,688

 
391,591

Other current liabilities
1,638,084

 
1,426,075

Total current liabilities
7,550,951

 
7,597,513

Long-term debt, net of current portion
2,701,112

 
2,421,904

Operating lease liabilities, non-current
540,007

 

Other liabilities
444,035

 
507,590

Shareholders’ equity
 

 
 

Ordinary shares, no par value; 554,481,851 and 566,787,620 issued, and 504,242,496 and 516,548,265 outstanding as of December 31, 2019 and March 31, 2019, respectively
6,404,721

 
6,523,750

Treasury stock, at cost; 50,239,355 shares as of December 31, 2019 and March 31, 2019
(388,215
)
 
(388,215
)
Accumulated deficit
(2,950,669
)
 
(3,012,012
)
Accumulated other comprehensive loss
(166,525
)
 
(151,163
)
Total shareholders’ equity
2,899,312

 
2,972,360

Total liabilities and shareholders’ equity
$
14,135,417

 
$
13,499,367


The accompanying notes are an integral part of these condensed consolidated financial statements.


4

Table of Contents

FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 

 
Three-Month Periods Ended
 
Nine-Month Periods Ended
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019

December 31, 2018

(In thousands, except per share amounts)
(Unaudited)
Net sales
$
6,461,387

 
$
6,922,827

 
$
18,725,380

 
$
19,984,387

Cost of sales
6,017,278

 
6,505,067

 
17,578,056

 
18,757,395

Restructuring charges
13,632

 
60,435

 
174,995

 
89,512

Gross profit
430,477

 
357,325

 
972,329

 
1,137,480

Selling, general and administrative expenses
217,904

 
237,556

 
632,838

 
722,608

Intangible amortization
15,598

 
20,308

 
48,903

 
57,059

Restructuring charges
984

 
5,408

 
24,128

 
10,921

Interest and other, net
36,207

 
54,087

 
135,650

 
136,889

Other charges (income), net
14,395

 
71,879

 
17,005

 
(8,515
)
Income (loss) before income taxes
145,389

 
(31,913
)
 
113,805

 
218,518

Provision for income taxes
34,001

 
13,256

 
74,485

 
60,767

Net income (loss)
$
111,388

 
$
(45,169
)
 
$
39,320

 
$
157,751


 
 
 
 
 
 
 
Earnings (loss) per share:
 

 
 

 
 

 
 

Basic
$
0.22

 
$
(0.09
)
 
$
0.08

 
$
0.30

Diluted
$
0.22

 
$
(0.09
)
 
$
0.08

 
$
0.30

Weighted-average shares used in computing per share amounts:
 

 
 

 
 

 
 

Basic
506,938

 
524,876

 
511,198

 
528,528

Diluted
510,339

 
524,876

 
514,549

 
532,308


The accompanying notes are an integral part of these condensed consolidated financial statements.


5

Table of Contents


FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 

 
Three-Month Periods Ended
 
Nine-Month Periods Ended
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018

(In thousands)
(Unaudited)
Net income (loss)
$
111,388

 
$
(45,169
)
 
$
39,320

 
$
157,751

Other comprehensive income (loss):
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
9,997

 
(7,777
)
 
(11,506
)
 
(58,485
)
Unrealized gain (loss) on derivative instruments and other, net of zero tax
13,242

 
4,635

 
(3,856
)
 
(15,193
)
Comprehensive income (loss)
$
134,627

 
$
(48,311
)
 
$
23,958

 
$
84,073


The accompanying notes are an integral part of these condensed consolidated financial statements.


6

Table of Contents

FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY


 
 
Ordinary Shares
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Three Months Ended December 31, 2019
 
Shares
Outstanding
 
Amount
 
Accumulated
Deficit
 
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
 
Foreign
Currency
Translation
Adjustments
 
Total
Accumulated
Other
Comprehensive
Loss
 
Shareholders'
Equity
 
 
(In thousands)
Unaudited
BALANCE AT SEPTEMBER 27, 2019
 
509,150

 
$
6,057,782

 
$
(3,062,057
)
 
$
(58,654
)
 
$
(131,110
)
 
$
(189,764
)
 
$
2,805,961

Repurchase of Flex Ltd. ordinary shares at cost
 
(5,285
)
 
(60,959
)
 

 

 

 

 
(60,959
)
Exercise of stock options
 
47

 
468

 

 

 

 

 
468

Issuance of Flex Ltd. vested shares under restricted share unit awards
 
330

 

 

 

 

 

 

Net income
 

 

 
111,388

 

 

 

 
111,388

Stock-based compensation, net of tax
 

 
19,215

 

 

 

 

 
19,215

Total other comprehensive income
 

 

 

 
13,242

 
9,997

 
23,239

 
23,239

BALANCE AT DECEMBER 31, 2019
 
504,242

 
$
6,016,506

 
$
(2,950,669
)
 
$
(45,412
)
 
$
(121,113
)
 
$
(166,525
)
 
$
2,899,312



7

Table of Contents

FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Continued)


 
 
Ordinary Shares
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Nine Months Ended December 31, 2019
 
Shares
Outstanding
 
Amount
 
Accumulated
Deficit
 
Unrealized
Loss on
Derivative
Instruments
and Other
 
Foreign
Currency
Translation
Adjustments
 
Total
Accumulated
Other
Comprehensive
Loss
 
Shareholders'
Equity
 
 
(In thousands)
Unaudited
BALANCE AT MARCH 31, 2019
 
516,548

 
$
6,135,535

 
$
(3,012,012
)
 
$
(41,556
)
 
$
(109,607
)
 
$
(151,163
)
 
$
2,972,360

Repurchase of Flex Ltd. ordinary shares at cost
 
(16,238
)
 
(173,117
)
 

 

 

 

 
(173,117
)
Exercise of stock options
 
225

 
1,196

 

 

 

 

 
1,196

Issuance of Flex Ltd. vested shares under restricted share unit awards
 
3,707

 

 

 

 

 

 

Net Income
 

 

 
39,320

 

 

 

 
39,320

Stock-based compensation, net of tax
 

 
53,332

 

 

 

 

 
53,332

Cumulative effect on opening equity of adopting accounting standards and other
 

 
(440
)
 
22,023

 

 

 

 
21,583

Total other comprehensive loss
 

 

 

 
(3,856
)
 
(11,506
)
 
(15,362
)
 
(15,362
)
BALANCE AT DECEMBER 31, 2019
 
504,242

 
$
6,016,506

 
$
(2,950,669
)
 
$
(45,412
)
 
$
(121,113
)
 
$
(166,525
)
 
$
2,899,312



8

Table of Contents

FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Continued)


 
 
Ordinary Shares
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Three Months Ended December 31, 2018
 
Shares
Outstanding
 
Amount
 
Accumulated
Deficit
 
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
 
Foreign
Currency
Translation
Adjustments
 
Total
Accumulated
Other
Comprehensive
Loss
 
Shareholders'
Equity
 
 
(In thousands)
Unaudited
BALANCE AT SEPTEMBER 28, 2018
 
528,887

 
$
6,228,420

 
$
(2,902,492
)
 
$
(55,574
)
 
$
(100,807
)
 
$
(156,381
)
 
$
3,169,547

Repurchase of Flex Ltd. ordinary shares at cost
 
(6,722
)
 
(63,998
)
 

 

 

 

 
(63,998
)
Exercise of stock options
 
94

 
63

 

 

 

 

 
63

Issuance of Flex Ltd. vested shares under restricted share unit awards
 
214

 

 

 

 

 

 

Net loss
 

 

 
(45,169
)
 

 

 

 
(45,169
)
Stock-based compensation, net of tax
 

 
21,027

 

 

 

 

 
21,027

Total other comprehensive income (loss)
 

 

 

 
4,635

 
(7,777
)
 
(3,142
)
 
(3,142
)
BALANCE AT DECEMBER 31, 2018
 
522,473

 
$
6,185,512

 
$
(2,947,661
)
 
$
(50,939
)
 
$
(108,584
)
 
$
(159,523
)
 
$
3,078,328



9

Table of Contents

FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Continued)


 
 
Ordinary Shares
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Nine Months Ended December 31, 2018
 
Shares
Outstanding
 
Amount
 
Accumulated
Deficit
 
Unrealized
Loss on
Derivative
Instruments
and Other
 
Foreign
Currency
Translation
Adjustments
 
Total
Accumulated
Other
Comprehensive
Loss
 
Shareholders'
Equity
 
 
(In thousands)
Unaudited
BALANCE AT MARCH 31, 2018
 
528,078

 
$
6,248,532

 
$
(3,144,114
)
 
$
(35,746
)
 
$
(50,099
)
 
$
(85,845
)
 
$
3,018,573

Repurchase of Flex Ltd. ordinary shares at cost
 
(11,151
)
 
(123,978
)
 

 

 

 

 
(123,978
)
Exercise of stock options
 
170

 
194

 

 

 

 

 
194

Issuance of Flex Ltd. vested shares under restricted share unit awards
 
5,376

 

 

 

 

 

 

Net income
 

 

 
157,751

 

 

 

 
157,751

Stock-based compensation, net of tax
 

 
61,060

 

 

 

 

 
61,060

Cumulative effect on opening equity of adopting accounting standards and other
 

 
(296
)
 
38,702

 

 

 

 
38,406

Total other comprehensive loss
 

 

 

 
(15,193
)
 
(58,485
)
 
(73,678
)
 
(73,678
)
BALANCE AT DECEMBER 31, 2018
 
522,473

 
$
6,185,512

 
$
(2,947,661
)
 
$
(50,939
)
 
$
(108,584
)
 
$
(159,523
)
 
$
3,078,328


The accompanying notes are an integral part of these condensed consolidated financial statements.

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FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine-Month Periods Ended
 
December 31, 2019
 
December 31, 2018
 
(In thousands)
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 


 

Net income
$
39,320


$
157,751

Depreciation, amortization and other impairment charges
525,596


507,164

Gain from deconsolidation of Bright Machines

 
(86,614
)
Changes in working capital and other
(2,264,222
)

(2,906,906
)
Net cash used in operating activities
(1,699,306
)

(2,328,605
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 


 

Purchases of property and equipment
(375,774
)

(592,092
)
Proceeds from the disposition of property and equipment
102,324


86,724

Acquisition of businesses, net of cash acquired
(1,390
)

(12,796
)
Proceeds from divestiture of businesses, net of cash held in divested businesses
3,402


267,147

Cash collections of deferred purchase price
2,510,633

 
2,707,562

Other investing activities, net
21,868


14,687

Net cash provided by investing activities
2,261,063


2,471,232

CASH FLOWS FROM FINANCING ACTIVITIES:
 


 

Proceeds from bank borrowings and long-term debt
1,017,148


2,481,407

Repayments of bank borrowings and long-term debt
(1,307,611
)

(2,447,873
)
Payments for repurchases of ordinary shares
(173,117
)

(123,979
)
Net proceeds from issuance of ordinary shares
1,196


195

Other financing activities, net
461


9,689

Net cash used in financing activities
(461,923
)

(80,561
)
Effect of exchange rates on cash and cash equivalents
(7,295
)

(31,122
)
Net increase in cash and cash equivalents
92,539


30,944

Cash and cash equivalents, beginning of period
1,696,625


1,472,424

Cash and cash equivalents, end of period
$
1,789,164


$
1,503,368







Non-cash investing activities:
 


 

Unpaid purchases of property and equipment
$
64,115


$
94,592

Non-cash investment in Bright Machines
$


$
127,641

 
The accompanying notes are an integral part of these condensed consolidated financial statements.


11

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION
Organization of the Company
Flex Ltd. ("Flex" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is a globally-recognized, provider of Sketch-to-Scale® services - innovative design, engineering, manufacturing, and supply chain services and solutions - from conceptual sketch to full-scale production. The Company designs, builds, ships and manages complete packaged consumer and enterprise products, from medical devices and connected automotive systems to sustainable lighting and cloud and data center solutions for companies of all sizes in various industries and end-markets, through its activities in the following segments:
High Reliability Solutions ("HRS"), which is comprised of our health solutions business, including surgical equipment, drug delivery, diagnostics, telemedicine, disposable devices, imaging and monitoring, patient mobility and ophthalmology; and our automotive business, including vehicle electrification, connectivity, autonomous, and smart technologies;
Industrial and Emerging Industries ("IEI"), which is comprised of energy including advanced metering infrastructure, energy storage, smart lighting, smart solar energy; and industrial, including semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks;
Communications & Enterprise Compute ("CEC"), which includes our telecom business of radio access base stations, remote radio heads and small cells for wireless infrastructure; our networking business, which includes optical, routing, and switching products for data and video networks; our server and storage platforms for both enterprise and cloud-based deployments; next generation storage and security appliance products; and rack-level solutions, converged infrastructure and software-defined product solutions; and
Consumer Technologies Group ("CTG"), which includes our consumer-related businesses in IoT enabled devices, audio and consumer power electronics, mobile devices; and various supply chain solutions for consumer, computing and printing devices.
The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance) and supply chain management software solutions and component product offerings (including flexible printed circuit boards and power adapters and chargers).
Basis of Presentation
 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2019 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended December 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2020
The first quarters for fiscal years 2020 and 2019 ended on June 28, 2019, which is comprised of 89 days in the period, and June 29, 2018, which is comprised of 90 days in the period, respectively. The second quarters for fiscal years 2020 and 2019 ended on September 27, 2019 and September 28, 2018, which are comprised of 91 days in both periods. The Company's third quarters ended on December 31 of each year, which are comprised of 95 days and 94 days for fiscal years 2020 and 2019, respectively.
The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-

12

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owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. The associated noncontrolling owners' interest in the income or losses of these companies is not material to the Company's results of operations for all periods presented, and is classified as a component of interest and other, net, in the condensed consolidated statements of operations.
As previously disclosed, the Company has made certain immaterial corrections to net sales previously reported for the first, second, and third quarters of fiscal year 2019 primarily to reflect revenue from certain contracts with customers on a net basis. As a result of correcting these errors, net sales and cost of sales in the accompanying Condensed Consolidated Statement of Operations for the three-month and nine-month periods ended December 31, 2018 have been reduced by $22 million and $95 million, respectively, from previously reported amounts. These corrections had no impact on gross profit, segment income or net income for the periods presented. Amounts presented for the three-month and nine-month periods ended December 31, 2018 related to the disaggregation of revenue in the CTG segment in Note 4, and CTG segment net sales and total net sales in Note 16, have also been restated accordingly. The Company evaluated these corrections, considering both qualitative and quantitative factors, and concluded they are immaterial to the previously issued financial statements.
Recently Adopted Accounting Pronouncement
In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, "Leases", and subsequent updates (collectively, referred to as Accounting Standard Codification 842 or “ASC 842”). ASC 842 requires a lessee to recognize a right of use (“ROU”) asset and lease liability. Leases will be classified as finance or operating, with classification affecting the recognition of expense and presentation in the income statement.
The Company adopted ASC 842 on April 1, 2019 using the optional transition method, by which companies may elect not to recast the comparative periods presented in financial statements in the period of adoption and recognize a cumulative effect adjustment in the period of adoption. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the Company's adoption date. The Company has elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. In addition, the Company has elected the short-term lease recognition and measurement exemption for all classes of assets, which allows the Company to not recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less and with no purchase option the Company is reasonably certain of exercising. The Company has also elected the practical expedient to account for the lease and nonlease components as a single lease component, for all classes of underlying assets. Therefore, the lease payments used to measure the lease liability include all of the fixed considerations in the contract. Lease payments included in the measurement of the lease liability comprise the following: fixed payments (including in-substance fixed payments), and variable payments that depend on an index or rate (initially measured using the index or rate at the lease commencement date). As the Company cannot determine the interest rate implicit in the lease for its leases, the Company uses its estimate of the incremental borrowing rate as of the commencement date in determining the present value of lease payments. The Company’s estimated incremental borrowing rate is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.
The adoption of ASC 842 had a material impact to the Company’s consolidated balance sheet, but did not materially impact the consolidated statement of income or consolidated statement of cash flows. The most significant changes to the consolidated balance sheet relate to the recognition of new ROU assets and lease liabilities for operating leases. The Company’s accounting for finance leases remains substantially unchanged and the balances are not material for any periods presented.
As a result of adopting ASC 842 as of April 1, 2019, the Company recognized additional operating liabilities of $658 million with a corresponding ROU asset of $624 million and a deferred gain of $22 million for sale leaseback transactions to opening retained earnings.
In October 2018, the FASB issued ASU 2018-16 “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes” to expand the lists of eligible benchmark interest rates to include OIS based on SOFR to facilitate the marketplace transition from LIBOR. The Company adopted the guidance during the first quarter of fiscal year 2020 with an immaterial impact on the Company's financial position, results of operations and cash flows.
In August 2018, the FASB issued ASU 2018-15 "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” to provide guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing

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arrangement that is hosted by the vendor, i.e., a service contract. Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. The new guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, as well as requires additional quantitative and qualitative disclosures. The guidance is effective for the Company beginning in the first quarter of fiscal year 2021 with early adoption permitted. The Company early adopted the guidance during the second quarter of fiscal year 2020 with an immaterial impact to its condensed consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”, which amends ASC 820 to add, remove, and modify fair value measurement disclosure requirements. The Company adopted the guidance during the first quarter of fiscal year 2020 with an immaterial impact on the Company's financial position, results of operations and cash flows.
In June 2018, the FASB issued ASU 2018-07 "Compensation - Stock Compensation (Topic 718): Improvement to Nonemployee Share-Based Payment Accounting" with the objective of simplifying several aspects of the accounting for nonemployee share-based payment transactions in current GAAP. The Company adopted this guidance during the first quarter of fiscal year 2020 with an immaterial impact on its consolidated financial statements.
In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" with the objective of improving the financial reporting of hedging relationships and simplifying the application of the hedge accounting guidance in current GAAP. The Company adopted this guidance during the first quarter of fiscal year 2020 with an immaterial impact on its consolidated financial statements.
Recently Issued Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance is effective for the Company beginning in the first quarter of fiscal year 2021 with early adoption permitted. The Company is currently assessing and expects the new guidance to have an immaterial impact on its consolidated financial statements, and it intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2021.
In October 2018, the FASB issued ASU 2018-17 “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities” to provide a new private company variable interest entity exemption and change how decision makers apply the variable interest criteria. The guidance is effective for the Company beginning in the first quarter of fiscal year 2021 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and it intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2021.
In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.
2BALANCE SHEET ITEMS 
Inventories 
The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: 
 
As of December 31, 2019
 
As of March 31, 2019
 
(In thousands)
Raw materials
$
2,723,041

 
$
2,922,101

Work-in-progress
382,881

 
366,135

Finished goods
578,251

 
434,618

 
$
3,684,173

 
$
3,722,854



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Goodwill and Other Intangible Assets 
The following table summarizes the activity in the Company’s goodwill account for each of its four reporting units (which align to the Company's reportable segments) during the nine-month period ended December 31, 2019
 
HRS
 
IEI
 
CEC
 
CTG
 
Total
 
(In thousands)
Balance, beginning of the year
$
507,209

 
$
333,257

 
$
129,325

 
$
103,264

 
$
1,073,055

Divestitures
(1,102
)
 
(137
)
 

 

 
(1,239
)
Foreign currency translation adjustments
(2,004
)
 

 

 

 
(2,004
)
Balance, end of the period
$
504,103

 
$
333,120

 
$
129,325

 
$
103,264

 
$
1,069,812


The components of acquired intangible assets are as follows:
 
As of December 31, 2019
 
As of March 31, 2019
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
(In thousands)
Intangible assets:
 

 
 

 
 

 
 

 
 

 
 

Customer-related intangibles
$
277,422

 
$
(120,812
)
 
$
156,610

 
$
297,306

 
$
(113,627
)
 
$
183,679

Licenses and other intangibles
247,097

 
(123,779
)
 
123,318

 
274,604

 
(127,288
)
 
147,316

Total
$
524,519

 
$
(244,591
)
 
$
279,928

 
$
571,910

 
$
(240,915
)
 
$
330,995



Goodwill is tested for impairment on an annual basis and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying value, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. As previously disclosed, at the date of its most recent annual impairment test the fair value of the CTG reporting unit exceeded its carrying value by 22%. The Company has assessed whether an interim impairment test should be performed on the CTG reporting unit in light of recent CTG’s financial performance. Management has concluded that it is more likely than not that CTG’s fair value exceeds its carrying value as of December 31, 2019, thus a full interim impairment test was not completed. The Company shall perform its next annual impairment test on January 1, 2020. As the Company continues to refine its long-term strategy for the CTG reporting unit, it is reasonably possible that changes in circumstances could require management to perform additional impairment tests for CTG. In the event that CTG is determined to be impaired during the annual impairment test, the resulting charge could be material to the consolidated results of operations.
The gross carrying amounts of intangible assets are removed when fully amortized. The estimated future annual amortization expense for intangible assets is as follows:
Fiscal Year Ending March 31,
 
Amount
 
 
(In thousands)
2020 (1)
 
$
15,351

2021
 
60,289

2022
 
51,846

2023
 
44,193

2024
 
42,572

Thereafter
 
65,677

Total amortization expense
 
$
279,928

____________________________________________________________
(1)
Represents estimated amortization for the remaining three-month period ending March 31, 2020.

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 Other Current Assets
Other current assets include approximately $