← FLEX LTD.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $319.6m | $428.5m | $93.4m | $87.6m | $613.0m | $936.0m | $793.0m | $1.0b | $838.0m | $880.0m | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | $872.0m | $838.0m | $880.0m | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | — | — | $134.0m | $0 | $0 | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | $373.0m | $0 | $0 | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | $4.0m | $240.0m | $239.0m | $0 | $0 | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $311.1m | $421.0m | $93.4m | $87.6m | $613.0m | $940.0m | $1.0b | $1.2b | $838.0m | $880.0m | |
| Amortization and other impairment charges | $177.4m | $120.9m | $331.5m | $325.6m | $147.0m | $75.0m | $87.0m | $106.0m | $100.0m | $106.0m | |
| Amortization of Intangible Assets | $81.4m | $78.6m | $74.4m | $64.1m | $61.8m | $67.9m | $82.0m | $70.0m | $70.0m | $68.0m | |
| Depreciation | $432.2m | $434.4m | $433.4m | $422.4m | $422.3m | $408.9m | $414.0m | $431.0m | $439.0m | $457.0m | |
| Depreciation, Depletion and Amortization | $609.7m | $555.4m | $433.4m | $325.6m | $147.0m | $75.0m | $87.0m | $106.0m | $100.0m | $106.0m | |
| Deferred Income Tax Expense (Benefit) | ($21.5m) | $38.6m | ($12.7m) | $6.6m | ($5.0m) | ($44.0m) | ($201.0m) | ($370.0m) | $55.0m | $38.0m | |
| Deferred income taxes | ($20.0m) | $43.2m | ($13.9m) | $6.5m | ($12.0m) | ($44.0m) | ($192.0m) | ($480.0m) | $23.0m | $1.0m | |
| Equity Method Investment, Other than Temporary Impairment | — | — | — | $98.0m | $36.5m | — | — | — | — | $21.0m | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — | |
| Share-based Payment Arrangement, Expense | $82.3m | $85.2m | $76.0m | $71.5m | $79.0m | $91.0m | $133.0m | $113.0m | $125.0m | $142.0m | |
| Share-based Payment Arrangement, Noncash Expense | $77.3m | $81.3m | $76.0m | $71.5m | $79.0m | $91.0m | $133.0m | $152.0m | $125.0m | $142.0m | |
| Income (Loss) from Equity Method Investments | — | — | — | — | — | — | ($4.0m) | $8.0m | ($3.0m) | ($31.0m) | |
| Income Tax Expense (Benefit) | $51.3m | $92.4m | $88.7m | $70.9m | $101.0m | $105.0m | ($59.0m) | ($206.0m) | $185.0m | $263.0m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | $218.0m | $215.0m | |
| Operating Lease, Expense | — | — | — | — | $179.8m | $180.3m | $185.0m | $188.0m | $194.0m | $213.0m | |
| Other Nonoperating Income (Expense) | ($99.5m) | ($122.8m) | ($110.4m) | ($91.5m) | $67.0m | $225.0m | ($5.0m) | ($44.0m) | $14.0m | ($30.0m) | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Accounts payable | $268.7m | $623.1m | $68.1m | ($14.6m) | $103.0m | $969.0m | ($341.0m) | ($986.0m) | $630.0m | $2.9b | |
| Accounts receivable | ($164.2m) | ($296.9m) | ($3.6b) | ($2.1b) | ($1.7b) | $624.0m | ($388.0m) | $380.0m | ($601.0m) | ($979.0m) | |
| Capital reduction from Nextracker spin-off | — | — | — | — | — | $0 | $0 | ($368.0m) | $0 | $0 | |
| Contract assets | $0 | $0 | $215.9m | ($66.3m) | $148.0m | ($226.0m) | ($27.0m) | ($41.0m) | ($365.0m) | ($435.0m) | |
| Deconsolidation, Gain (Loss), Amount | — | $151.6m | $86.6m | $0 | $0 | — | — | — | — | — | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | — | — | $0 | $0 | — | — | — | — | — | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | — | — | $21.0m | $32.0m | $7.0m | ($24.0m) | ($10.0m) | ($17.0m) | |
| Gain (Loss) on Investments | — | — | — | — | $83.5m | $61.0m | — | — | — | — | |
| Goodwill | $984.9m | $1.1b | $1.1b | $1.1b | $1.1b | $1.3b | $1.3b | $1.1b | $1.3b | $1.4b | |
| Increase (Decrease) in Accounts Payable | $268.7m | $623.1m | $68.1m | ($14.6m) | $103.0m | $969.0m | ($341.0m) | ($986.0m) | $630.0m | $2.9b | |
| Increase (Decrease) in Accounts Receivable | $164.2m | $296.9m | $3.6b | $2.1b | $1.7b | ($624.0m) | $388.0m | ($380.0m) | $601.0m | $979.0m | |
| Increase (Decrease) in Inventories | ($85.0m) | $354.3m | $360.2m | $66.5m | $96.0m | $2.7b | $974.0m | ($1.1b) | ($1.2b) | $742.0m | |
| Inventories | $85.0m | ($354.3m) | ($360.2m) | ($66.5m) | ($96.0m) | ($2.7b) | ($974.0m) | $1.1b | $1.2b | ($742.0m) | |
| Investment Income, Interest | $12.1m | $18.8m | $19.5m | $19.4m | $14.0m | $14.0m | $30.0m | $56.0m | $61.0m | $51.0m | |
| Non-cash lease expense | — | — | $0 | $122.0m | $124.0m | $130.0m | $131.0m | $139.0m | $142.0m | $148.0m | |
| Other current and noncurrent assets | $84.9m | ($138.2m) | ($7.5m) | ($19.3m) | $62.0m | ($295.0m) | ($55.0m) | ($297.0m) | ($216.0m) | ($1.2b) | |
| Other current and noncurrent liabilities | ($117.7m) | $13.0m | ($147.7m) | ($138.7m) | $324.0m | $1.1b | $1.2b | ($412.0m) | ($789.0m) | $338.0m | |
| Other non-cash income | $6.9m | ($58.2m) | $12.7m | ($38.9m) | ($119.0m) | ($54.0m) | ($44.0m) | ($25.0m) | $3.0m | $80.0m | |
| Payment for purchase of Nextracker LLC units from TPG | — | — | — | — | — | $0 | $0 | ($57.0m) | $0 | $0 | |
| Payments for repurchases of ordinary shares | ($349.5m) | ($180.1m) | ($189.0m) | ($259.9m) | ($183.0m) | ($686.0m) | ($337.0m) | ($1.3b) | ($1.3b) | ($944.0m) | |
| Proceeds from Issuance of Redeemable Preferred Stock | — | — | — | — | — | $488.0m | $0 | $0 | — | — | |
| Proceeds from Stock Options Exercised | $12.4m | $2.8m | $245k | — | — | — | — | — | — | — | |
| Proceeds from issuances of Nextracker shares | — | — | — | — | $0 | $0 | $694.0m | $552.0m | $0 | $0 | |
| Proceeds from the disposition of property and equipment | $35.6m | $44.8m | $94.2m | $105.8m | $85.0m | $11.0m | $20.0m | $25.0m | $15.0m | $8.0m | |
| Stock-based compensation | $77.3m | $81.3m | $76.0m | $71.5m | $79.0m | $91.0m | $133.0m | $152.0m | $125.0m | $142.0m | |
| Unrealized Gain (Loss) on Investments | — | — | — | — | — | — | — | — | — | ($25.0m) | |
| Other Operating Income (Expense), Net | — | — | — | — | — | — | — | ($20.0m) | $5.0m | ($13.0m) | |
| Net Cash Provided by (Used in) Operating Activities | $1.1b | $753.6m | ($3.0b) | ($1.5b) | $144.0m | $1.0b | $950.0m | $1.3b | $1.5b | $1.7b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $525.1m | $562.0m | $725.6m | $461.7m | $351.0m | $443.0m | $635.0m | $530.0m | $438.0m | $633.0m | |
| Acquisitions of businesses, net of cash acquired | ($189.1m) | ($268.4m) | ($12.8m) | ($1.4m) | $0 | ($539.0m) | $2.0m | $0 | ($405.0m) | ($40.0m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $189.1m | $268.4m | $12.8m | $1.4m | $0 | $539.0m | ($2.0m) | $0 | $405.0m | $40.0m | |
| Proceeds from divestiture of businesses, net of cash held in divested businesses | $36.7m | ($2.9m) | $267.1m | $3.4m | ($3.0m) | $9.0m | $2.0m | $12.0m | ($21.0m) | ($4.0m) | |
| Other investing activities, net | ($60.3m) | ($120.4m) | $44.0m | $67.5m | $67.0m | $11.0m | $7.0m | $1.0m | $11.0m | ($3.0m) | |
| Payments for (Proceeds from) Other Investing Activities | $60.3m | $120.4m | ($44.0m) | ($67.5m) | ($67.0m) | ($11.0m) | ($7.0m) | ($1.0m) | ($11.0m) | $3.0m | |
| Net Cash Provided by (Used in) Investing Activities | ($702.2m) | ($909.0m) | $3.3b | $2.3b | ($202.0m) | ($951.0m) | ($604.0m) | ($492.0m) | ($838.0m) | ($672.0m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from bank borrowings and long-term debt | $312.7m | $1.4b | $3.2b | $1.1b | $2.1b | $759.0m | $718.0m | $2.0m | $499.0m | $1.3b | |
| Repayments of bank borrowings and long-term debt | ($141.7m) | ($1.4b) | ($3.1b) | ($1.3b) | ($1.1b) | ($284.0m) | ($1.0b) | ($409.0m) | ($58.0m) | ($1.2b) | |
| Proceeds from Issuance of Common Stock | — | — | — | — | — | — | $694.0m | $552.0m | $0 | $0 | |
| Payments for Repurchase of Common Stock | $349.5m | $180.1m | $189.0m | $259.9m | $183.0m | $686.0m | $337.0m | $1.3b | $1.3b | $944.0m | |
| Other financing activities, net | ($76.0m) | $44.5m | $19.4m | ($2.4m) | $3.0m | $3.0m | ($27.0m) | ($78.0m) | ($5.0m) | ($14.0m) | |
| Proceeds from (Payments for) Other Financing Activities | ($76.0m) | $44.5m | $19.4m | ($2.4m) | $3.0m | $3.0m | ($27.0m) | ($78.0m) | ($5.0m) | ($14.0m) | |
| Net cash (used in) provided by financing activities | ($242.1m) | ($187.8m) | ($29.7m) | ($508.5m) | $743.0m | $280.0m | $2.0m | ($1.7b) | ($821.0m) | ($924.0m) | |
| Net Cash Provided by (Used in) Financing Activities | ($242.1m) | ($187.8m) | ($29.7m) | ($508.5m) | $743.0m | $280.0m | $2.0m | ($1.7b) | ($821.0m) | ($924.0m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $17.5m | ($15.1m) | ($28.0m) | ($11.2m) | $29.0m | ($26.0m) | ($18.0m) | $2.0m | ($31.0m) | $11.0m | |
| Effect of exchange rates on cash | $17.5m | ($15.1m) | ($28.0m) | ($11.2m) | $29.0m | ($26.0m) | ($18.0m) | $2.0m | ($31.0m) | $11.0m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $223.1m | ($358.3m) | $224.2m | $226.1m | $714.0m | $327.0m | $330.0m | ($820.0m) | ($185.0m) | $100.0m | |
| Net (decrease) increase in cash and cash equivalents | $223.1m | ($358.3m) | $224.2m | $226.1m | $714.0m | $327.0m | $330.0m | ($820.0m) | ($185.0m) | $100.0m | |
| Cash and cash equivalents, beginning of year | $1.6b | $1.8b | $1.7b | $1.9b | $2.6b | $3.0b | $3.3b | $2.5b | $2.3b | $2.4b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | $1.7b | $1.9b | $2.6b | $3.0b | $3.3b | $2.5b | $2.3b | $2.4b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | $190.2m | $171.7m | $147.0m | $169.0m | $227.0m | $226.0m | $214.0m | $212.0m | |
| Income Taxes Paid, Net | $86.7m | $91.8m | $134.2m | $98.9m | $105.0m | $122.0m | $124.0m | $243.0m | $184.0m | $323.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.