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8-K Filing Data
Flex (FLEX) 8-K10 Feb 09Other EventsFinancial data
Company Profile
Condensed Consolidated Balance Sheets (Unaudited, USD $) | ||
In Thousands, except Share data | Dec. 31, 2008
| Mar. 31, 2008
|
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash and cash equivalents | $1,796,279 | $1,719,948 |
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable,net | 2,907,353 | 3,550,942 |
Allowance for doubtful accounts | 31,563 | 16,732 |
Inventory, Net [Abstract] | ||
Inventories | 3,500,955 | 4,118,550 |
Other current assets | 977,472 | 923,497 |
Total current assets | 9,182,059 | 10,312,937 |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, net | 2,474,235 | 2,465,656 |
Goodwill | 5,559,351 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Other intangible assets, net | 310,641 | 317,390 |
Other assets | 807,194 | 869,581 |
Total assets | 12,774,129 | 19,524,915 |
Debt, Current [Abstract] | ||
Bank borrowings, current portion of long-term debt and capital lease obligations | 213,227 | 28,591 |
Deferred Compensation Liability, Current [Abstract] | ||
Accounts payable | 4,830,123 | 5,311,337 |
Accrued payroll | 379,059 | 399,718 |
Other current liabilities | 1,766,843 | 1,661,369 |
Total current liabilities | 7,189,252 | 7,401,015 |
Long-term Debt and Capital Lease Obligations [Abstract] | ||
Long-term debt and capital lease obligations, net of current portion | 2,959,740 | 3,388,337 |
Other liabilities | 573,765 | 571,119 |
Stockholders' Equity [Abstract] | ||
Ordinary shares | 8,602,375 | 8,538,723 |
Ordinary shares, no par value | 0 | 0 |
Ordinary shares, issued | 839,364,115 | 835,202,669 |
Ordinary shares, outstanding | 809,584,393 | 835,202,669 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated deficit | (6,218,520) | (372,170) |
Accumulated other comprehensive loss | (72,409) | (2,109) |
Treasury stock, at cost | (260,074) | |
Treasury stock, shares | 29,779,722 | |
Total shareholders' equity | 2,051,372 | 8,164,444 |
Total liabilities and shareholders' equity | $12,774,129 | $19,524,915 |
Condensed Consolidated Statements of Operations (Unaudited, USD $) | ||||
In Thousands, except Per Share data | 3 Months Ended
Dec. 31, 2008 | 3 Months Ended
Dec. 31, 2007 | 9 Months Ended
Dec. 31, 2008 | 9 Months Ended
Dec. 31, 2007 |
Revenues [Abstract] | ||||
Net sales | $8,153,289 | $9,068,658 | $25,366,051 | $19,782,783 |
Cost of Revenue [Abstract] | ||||
Cost of sales | 7,855,950 | 8,538,958 | 24,168,167 | 18,648,730 |
Restructuring charges | 211,780 | 26,317 | 221,533 | |
Gross profit | 297,339 | 317,920 | 1,171,567 | 912,520 |
Research and Development Expense [Abstract] | ||||
Selling, general and administrative expenses | 275,922 | 261,586 | 783,235 | 560,725 |
Amortization of Deferred Charges [Abstract] | ||||
Intangible amortization | 32,613 | 21,058 | 108,176 | 51,444 |
Goodwill impairment charge | 5,949,977 | 5,949,977 | ||
Restructuring Charges [Abstract] | ||||
Restructuring charges | 34,052 | 2,898 | 34,973 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Other charges (income), net | (2,627) | 61,078 | 9,310 | 61,078 |
Interest and other expense, net | 53,641 | 36,921 | 141,254 | 59,349 |
Income (loss) before income taxes | (6,012,187) | (96,775) | (5,823,283) | 144,951 |
Income Tax Expense (Benefit) [Abstract] | ||||
Provision for income taxes | 2,947 | 677,636 | 23,067 | 691,477 |
Net loss | ($6,015,134) | ($774,411) | ($5,846,350) | ($546,526) |
Earnings Per Share [Abstract] | ||||
Basic and diluted loss per share | -7.43 | -0.94 | -7.09 | -0.8 |
Basic and diluted weighted average shares outstanding | 809,536 | 828,147 | 824,737 | 682,024 |
Condensed Consolidated Statements of Cash Flows (Unaudited, USD $) | ||
In Thousands | 9 Months Ended
Dec. 31, 2008 | 9 Months Ended
Dec. 31, 2007 |
Income (Loss) from Continuing Operations [Abstract] | ||
Net loss | ($5,846,350) | ($546,526) |
Depreciation [Abstract] | ||
Depreciation, amortization and other impairment charges | 435,467 | 486,597 |
Asset Impairment Charges [Abstract] | ||
Goodwill impairment charge | 5,949,977 | |
Deferred Income Taxes and Tax Credits [Abstract] | ||
Deferred income taxes | (19,145) | 640,375 |
Gain on divestiture of operations | (9,309) | |
Gain on repurchase of 1% Convertible Subordinated Notes | (28,148) | |
Provision for doubtful accounts | 66,588 | 1,164 |
Non-cash other, net | 3,451 | 11,243 |
Increase (Decrease) in Receivables [Abstract] | ||
Accounts receivable | 486,341 | (371,529) |
Increase (Decrease) in Inventories [Abstract] | ||
Inventories | 631,966 | 20,951 |
Other assets | 62,583 | (121,421) |
Increase (Decrease) in Accounts Payable [Abstract] | ||
Accounts payable | (505,430) | 858,593 |
Other liabilities | (206,065) | 110,289 |
Net cash provided by operating activities | 1,031,235 | 1,080,427 |
Payments for (Proceeds from) Productive Assets [Abstract] | ||
Purchases of property and equipment, net of dispositions | (373,266) | (210,435) |
Payments for (Proceeds from) Loans Receivable, Alternative [Abstract] | ||
Acquisition of businesses, net of cash acquired | (199,584) | (439,216) |
Proceeds from divestitures of operations | 5,269 | 11,138 |
Other investments and notes receivable, net | (8,085) | (62,798) |
Net cash used in investing activities | (575,666) | (701,311) |
Proceeds from Issuance of Long-term Debt [Abstract] | ||
Proceeds from bank borrowings and long-term debt, net of issuance costs | 9,317,918 | 4,596,822 |
Repayments of Long-term Debt and Capital Securities [Abstract] | ||
Repayments of bank borrowings, long-term debt and capital lease obligations | (9,289,583) | (3,893,594) |
Payments for repurchase of long-term debt | (226,199) | |
Payments for repurchases of ordinary shares | (260,074) | |
Proceeds from Issuance or Sale of Equity [Abstract] | ||
Net proceeds from issuance of ordinary shares | 12,842 | 29,097 |
Net cash provided by (used in) financing activities | (445,096) | 732,325 |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||
Effect of exchange rates on cash | 65,858 | (25,142) |
Net increase in cash and cash equivalents | 76,331 | 1,086,299 |
Cash and cash equivalents, beginning of period | 1,719,948 | 714,525 |
Cash and cash equivalents, end of period | 1,796,279 | 1,800,824 |
Issuance of ordinary shares for acquisition of business | 2,519,670 | |
Fair value of vested options assumed in acquisition of business | $11,282 |
Notes to Consolidated Financial Statements (Unaudited) | |
9 Months Ended
Dec. 31, 2008 USD / shares | |
Financial Notes | |
Organization of the company | ORGANIZATION OF THE COMPANY |
Summary of accounting policies | SUMMARY OF ACCOUNTING POLICIES |
Stock-based compensation | STOCK-BASED COMPENSATION |
Earnings (loss) per share | EARNINGS (LOSS) PER SHARE |
Other comprehensive income | OTHER COMPREHENSIVE INCOME |
Bank borrowings and long-term debt | BANK BORROWINGS AND LONG-TERM DEBT |
Trade receivables securitization | TRADE RECEIVABLES SECURITIZATION |
Restructuring charges | RESTRUCTURING CHARGES |
Other charges (income), net | OTHER CHARGES (INCOME), NET |
Interest and other expense, net | INTEREST AND OTHER EXPENSE, NET |
Commitments and contingencies | COMMITMENTS AND CONTINGENCIES |
Business and asset acquisitions | BUSINESS AND ASSET ACQUISITIONS |
Share repurchase plan | SHARE REPURCHASE PLAN |
Document and Entity Information (USD $) | |
In Thousands, except Share data | 9 Months Ended
Dec. 31, 2008 |
Document and Entity Information | |
Entity Registrant Name | FLEXTRONICS INTERNATIONAL LTD. |
Entity Central Index Key | 0000866374 |
Document Type | 10-Q |
Document Period End Date | 2008-12-31 |
Amendment Flag | false |
Amendment Description | N/A |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Public Float | $2,073 |
Entity Ordinary Shares Outstanding | 809,584 |