FLEX FY 2021 Earnings Report — Flex Ltd. Revenue & Financial Results | Market Cap Arena

FY 2021 Earnings

Reported May 19, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$24.1B	—	$24.2B	—	-0.4%
Op. Income	$795M	—	$415M	—	91.6%
Gross Margin	7.0%	—	5.5%	—	1.5pp
Net Margin	2.5%	—	0.4%	—	2.2pp
EPS (Diluted)	$1.21	—	$0.17	—	611.8%
Free Cash Flow	-$207M	—	-$2.0B	—	89.6%

Revenue Flow

Item	Amount
REVENUE	$24.1B
Cost of Revenue	$22.4B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$817M
Other Expenses	$75M
Operating Expenses	$892M
Cost & Expenses	$23.3B
OPERATING INCOME	$795M
Interest Income	$14M
Interest Expense	$150M
Other Income/Expenses	-$81M
INCOME BEFORE TAX	$714M
Income Tax Expense	$101M
Net Income from Continuing Ops	$613M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$613M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$613M
D&A	$569M
EBIT	$875M
EBITDA	$1.4B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$24.1B
Cost of Revenue	$22.4B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$817M
Other Expenses	$75M
Operating Expenses	$892M
Cost & Expenses	$23.3B
OPERATING INCOME	$795M
Interest Income	$14M
Interest Expense	$150M
Other Income/Expenses	-$81M
INCOME BEFORE TAX	$714M
Income Tax Expense	$101M
Net Income from Continuing Ops	$613M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$613M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$613M
D&A	$569M
EBIT	$875M
EBITDA	$1.4B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$613M
Depreciation & Amortization	$569M
Stock-Based Compensation	$79M
Deferred Income Tax	-$12M
Other Non-Cash Items	$10M
Change in Working Capital	-$1.1B
OPERATING CASH FLOW	$144M
Capital Expenditure	-$351M
Acquisitions (Net)	-$3M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$152M
NET CASH FROM INVESTING	-$202M
Net Debt Issuance	$923M
Common Stock Repurchased	-$183M
Common Dividends Paid	$0
Other Financing Activities	$3M
NET CASH FROM FINANCING	$743M
FREE CASH FLOW	-$207M
Net Change in Cash	$714M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.6B
Short-Term Investments	$0
Net Receivables	$4.2B
Inventory	$3.9B
Other Current Assets	$590M
TOTAL CURRENT ASSETS	$11.4B
PP&E (Net)	$2.7B
Goodwill	$1.1B
Intangible Assets	$213M
Long-Term Investments	$108M
Tax Assets	$0
Other Non-Current Assets	$323M
TOTAL NON-CURRENT ASSETS	$4.5B
TOTAL ASSETS	$15.8B
Account Payables	$5.2B
Short-Term Debt	$268M
Deferred Revenue	$848M
Other Current Liabilities	$998M
TOTAL CURRENT LIABILITIES	$7.8B
Long-Term Debt	$3.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$489M
TOTAL NON-CURRENT LIABILITIES	$4.6B
TOTAL LIABILITIES	$12.4B
Common Stock	$6.2B
Additional Paid-In Capital	$0
Retained Earnings	-$2.3B
Treasury Stock	-$388M
Accum. Other Comp. Income	-$119M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$15.8B
Total Debt	$4.3B
Net Debt	$1.7B