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Risks and non-GAAP disclosuresThis presentation contains forward-looking statements, which are based on current expectations and assumptions
that are subject to risks and uncertainties and actual results could materially differ. Such information is subject to
change and we undertake no obligation to update these forward-looking statements. For a discussion of the risks
and uncertainties, see our most recent filings with the Securities and Exchange Commission, including our current,
annual and quarterly reports.
If this presentation references historical non-GAAP financial measures, these measures are located on the
“Investor Relations” section of our website, www.flex.com along with the required reconciliation to the most
comparable GAAP financial measures.
The following business group acronyms will be used throughout this presentation:
Communications &
Enterprise ComputeTelecom, Networking, Server & Storage,
Storage & Security Appliance, Converged
Infrastructure, Software Defined Product
Solutions.
Consumer Technologies
GroupWearables, Fashion, Connected Living,
Gaming, Mobile, PCs/Printers.
Industrial & Emerging
IndustriesSemiconductor & Capital Equipment, Office
Solutions, Household Industrial & Lifestyle,
Industrial Automation & Kiosks, Energy &
Metering, Lighting.
HRS High Reliability SolutionsMedical: Consumer Health, Digital Health,
Disposables, Drug Delivery, Diagnostics, Life
Sciences & Imaging Equipment.
Automotive: Vehicle Electronics, Connectivity,
Clean Technologies.
IEI CEC CTG
1
Table of contents
Richer Business MixSketch-to-scaleWhy Flex?Flex is Ready / Strategically
Positionedto Win
Strategic M&As / Financial
Update
Why Invest in Flex?
Strong Free Cash Flow
Shareholder Return
ROIC
Portfolio Evolution
Profit Growth & Earnings
Power
Customer Diversification
Balanced Capital Structure
4-5
6
7
8
9
10-11
12
13
The World Has Changed
The Flex Advantage
US Footprint
Flex Platform
Megatrends
12 Industries
100+ Locations Globally
Innovation & Centers of
Excellence
Lab IX
Elementum
15
16
17
18
19
21
22
23-24
25
26
Innovation From Sketch-To-
Scale
% of Sketch-To-Scale
Revenue
Design-Enabled
Manufacturing Growth
Silicon Valley Customer
Innovation Center
Innovation Labs
Sketch-To-Scale Impact On
HRS Business
Nike Partnership
28
29
30
31
32
33
34
2020 Revenue & Profit
Growth
High Reliability Solutions
(HRS)
Industrial & Emerging
Industries (IEI)
Communications &
Enterprise Compute (CEC)
Consumer Technologies
Group (CTG)
36-37
38-44
45-48
49-51
52-54
M&A Transactions
NEXTracker
MCi
Wink
Farm Design
Latest Financial Update
IR Contact Info
56
57
58
59
60
62-66
67
2
Why invest in Flex?
Evolving our portfolio to provide more predictable earnings, higher margins and
meaningful earnings power
Strong sustainable free cash flow
Unwavering shareholder return commitment
1
2
3
4
Financial performance underscores successful evolution
665
751
792
FY14 FY15 FY16
Sustainable
$0.89
$1.08
$1.14
FY14 FY15 FY16
Profitable
Adjusted EPS
Resilient
Free Cash Flow Conversion1
Consistent
Free Cash Flow Returned
126%
87%
99%
FY14 FY15 FY16
68%
75%
66%
FY14 FY15 FY16
9% CAGR 11% CAGR $1.9B FCF generated $1.3B repurchased
Adjusted Operating Profit
($M)
1. Free cash flow conversion defined as free cash flow / adjusted net income
(FY14 - 16) (FY14 - 16)(FY13 - 16)(FY13 - 16)
5
Strong sustainable free cash flow
Free Cash Flow Conversion 1
Free Cash Flow Yield 2
1. Free cash flow conversion defined as free cash flow / adjusted net income
2. Free cash flow yield based on average market cap at fiscal year-end
Free Cash Flow($M)
680 701
554
639
FY13 FY14 FY15 FY16 FY17E
600 - 700
10%1 year 10%
3 year 10%
5 year 10%
100%1 year 99%
3 year 103%
5 year 99%
$3.2B to $3.3Bfor FY13 to FY17E
6
Unwavering shareholder return commitment
% of Free Cash Flow
Returned to Shareholders
76%
70%
66%1 yr
3 yrs
5 yrs
In the last 6 Years, we
have repurchased…
~ $2.5 billion in stock
~ 335 million shares
~ 33% net shares outstanding
400
510
322
475
416 420
FY11 FY12 FY13 FY14 FY15 FY16
813 757
684 639
591 563 545
shares outstanding (millions)
Share Repurchase($M)
Committed to returning over 50% of annual free cash flow to shareholders
FY16
FY14-FY16
FY12-FY16
*FY17 YTD: $260M shares repurchased, 537M shares outstanding
7
22
19
2224
22
FY12 FY13 FY14 FY15 FY16
Guided by our return on invested capital
Return on Invested Capital1(ROIC %)
AnnualQuarterly• Improving earnings
efficiency
• Disciplined capital
deployment
• Internal target threshold
stands at 20%
• ROIC well above WACC
1. Return on Invested Capital (ROIC) is calculated by dividing the Company's last twelve months after-tax Non-GAAP operating income by the net invested capital asset base as of each date. After-tax non-GAAP operating income excludes charges for
stock-based compensation expense and restructuring charges. The net invested capital asset base is defined as the sum of shareholders' equity and net debt averaged over the last five quarters.
22%
Avg.22 22 22
20 20
Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17
8
Strategic portfolio evolution
Driving predictable earnings and margin expansion
FY16
19% 16%
29% 36%
35%19%
FY10
6%13%
42% 39%
FY20E
~45%
$4.5BHRS + IEI
revenue
$8.6BHRS + IEI
revenue
~$13.0BHRS + IEI
revenue
~2years
~4years
~6years
Estimated average product life cycle
CTG CEC HRS IEI
~28%
~23%
~27%
~22%
9
FY16 Adjusted
OperatingTarget Operating Margin
Profit($M)
Margin Prior Range New Range
$295 7.6% 5 - 7% 6 - 9%
$158 3.4% 4 - 6% 4 - 6%
$265 3.0% 3 - 4% 2.5 - 3.5%
$164 2.3% 2 - 3% 2 - 4%
Corporate
services & other1 ($90)
$792 3.2%
Positioned for operating profit and margin expansion
HRS
IEI
CTG
CEC
1 Corporate services and other primarily includes corporate services costs that are not included in the assessment of the performance of each of the identified business group
CEC
HRSIEI
CTG
FY20E
>60%
Targeted
Operating Profit Mix
Targeted 2020 delivers profit growth
10
Positioned to deliver meaningful earnings power
% Sketch-to-scale FY20E
Portfolio
Evolution
Sketch-to-
scale
~3%
10%+
12%+
Revenue Adj.
Operating
Profit
Adj. EPS
2016 - 2020 CAGR
Substantial earnings leverage
3x
4xRevenue mix
CEC
HRSIEI
CTG
FY20E
~45%
CEC CTG IEI HRS
~35%Total Flex
11
Strong customer diversification continues
* FY17E reflects FY17 YTD through Q3FY17
Number of
10%+
Customers
FY07 FY12 FY17E*
Top 10 Customer Revenue(As % of total revenue)
64%
55%
44%3 2
No 10%
customer
Q3 FY17 was…
the 4th straight quarter with no 10% customer
12
Balanced Capital Structure
Key Characteristics
• Solid liquidity
• No significant near-term maturities
$1,857
$1,500
$525 $500 $700 $500 $600
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 2025
Significant Debt Maturities ($M) (Calendar Year)
Cash
Revolver
Total
Liquidity$3,357
Term Loans LIBOR + 137.5bps
4.625% Notes 5% Notes 4.75% Notes
$53 EURIBOR +100bps
Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures.
For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.
• Low cost of debt ~3.5%
• Strong credit metrics (Debt / Adj. EBITDA (LTM): 2.3x)
Investment Grade Rating: Moody’s, S&P, Fitch
Term Loans LIBOR + 137.5bps
$106 EURIBOR +69bps
13
The world has changed
Increased
regionalizationGrowth of
Asian OEMs
Faster product
cycles
More disruptive
productsNew hardware
OEMsGlobal
Citizenship
Intelligence of
ThingsTM
Supply chain
complexity
Innovation
on the rise
15
Flex is ready… the Flex advantage
$25Brevenue
50Msq. ft. of
manufacturing
& services space
200,000employees
100sites in over
30 countries
2,500design
engineers
16
The Flex US advantage
6Msq. ft. of US
footprint
15 states• design & innovation centers
• plastic injection molding
• specialty materials
• automation
• flexible circuits
• tooling
• after-market services
• distribution
$300M+investments in
the last 4 years
17
Ready for megatrends affecting each business group
Automotive Medical
Communications Industrial Consumer
Zero
Accidents
Car
Connectivity
Zero
Emissions
Improved
Compliance
Patient
Centric
Smart
Connected
Solutions
Human
Machine
Interfacing
Emerging
Wireless
Connectivity
Converged
Infrastructure
Smart
EnergyFlexibility
Connected
Lifestyle
19
Very diversified business across industries
Medical
$2Billion
Automotive
$2Billion
Industrial
Goods
$1Billion
Home
Appliances
$1Billion
Capital
Equipment
$1Billion
Energy
$2Billion
Telecom
$3Billion
Enterprise
Compute
$2Billion
Wearables
$1Billion
Connected
Living
$1Billion
Mobile
$2Billion
Networking
$3Billion
21
Purposefully positioned in 100+ sites and 30 countries
Austin, TX ●●●●Dallas, TX ●●
Houston, TX ●Plano, TX ●
Milpitas, CA ●●●●San Jose, CA ●
Ashville, NC ●Charlotte, NC ●Raleigh, NC ●●
Stuttgart, Germany ●
Althofen, Austria ●●
Columbia, SC ●
Northfield, MN ●
Aguascalientes, MX ●●
Guadalajara, MX ●●●
Tijuana, MX ●●
Manaus, Brazil ●●
Jaguariuna, Brazil ●Sorocaba, Brazil ●●
Budapest, Hungary ●Gyal, Hungary ●Pecs, Hungary ●Sarvar, Hungary ●●Tab, Hungary ●Zalaegerszeg, Hungary ●
Leitrim, Ireland ●Cork, Ireland ●
Limerick, Ireland ●●
Migdal Haemek, Israel ●●Ofakim, Israel ●Yavne, Israel ●
Lodz, Poland ●Tczew, Poland ●●
Timisoara, Romania ●●
Ronneby, Sweden ●●
Mukachevo, Ukraine ●
Bangalore, India ●Chennai, India ●●
Milan, Italy ●●Treviso, Italy ●Trieste, Italy ●
Valencia, CA ●
Memphis, TN ●
Louisville, KY ●
Dubai, UAE ●
Manchester, UK ●Swindon, UK ●
Istanbul, Turkey ●
Oostrum, Netherlands ●Venray, Netherlands ●
Brno, Czech Republic ●Pardubice, Czech Republic ●
Global Services
Design
Manufacturing
Overland Park, KS ●
Gushu (Shenzhen), China ●●Huang Tian (Shenzhen), China ●●Nanjing, China ●Shanghai, China ●●Shenzhen, China ●●Suzhou, China ●Wuzhong (Suzhou), China ●●●Zhuhai, China ●●
Changi, Singapore ●Joo Koon Singapore ●●Kallang, Singapore ●
Batam, Indonesia ●
Penang, Malaysia ●●Port of Tanjung Pelepas (Johor), Malaysia ●●Senai (Johor), Malaysia ●●Skudai (Johor), Malaysia ●
Delhi, India ●Mumbai, India ●
Taipei, Taiwan ●●
Ibaraki, Japan ●●
Chengdu, China ●●
Mechanicals
Zurich, Switzerland ●
Dalingshan (Dongguan), China ●Hong Kong, China ●●Qiaotou (Dongguan), China ●Atlanta, GA ●
Burlington, Canada ●Newmarket, Canada ●Ottawa, Canada ●Toronto, Canada ●
Coopersville, MI ●●Farmington Hills, MI ●
Tempe, AZ ●
Buffalo Grove, IL ●
Manchester, CT ●
Sonderborg, Denmark ●
Headquarters
Juarez, MX ●●●Reynosa, MX ●
22
Innovation at Flex
Cultivateand accelerate
collective
innovation
Developthe smart
components that
enable intelligence
Identifyand leverage
technology
across industries
Commercializerelevant product
solutions
To innovate is to do something that has never been done before
Automotive
Healthcare
Industrial
Connected Living
Consumer Electronics
Energy
Fitness/Wellness
Communications
Aerospace & Defense
Consortia
Investments
Suppliers
OEMs
Employees
Centers of Excellence
Startups
Research Institutions
Universities
LabIX
Sensor Actuators
Human Machine Interface
Connectivity
Smart Software
Battery & Power
Flexible Technologies &
Miniaturization
Security & Computing
Design
Prototyping
New Product Introduction
Certification
Manufacturing
Distribution
Reverse Logistics
Tax & Trade
23
Developing solutions to accelerate innovation
Components and platform solutions with differentiated performance
Sewing
& Textile
Automation &
Robotics
Centers of Competence
Digital
Health
Micro-
electronics
=+
Centers of Excellence
Connectivity
Flexible Technology &
Miniaturization
Smart
software
Sensors &
ActuatorsSecurity &
Computing
Human Machine
InterfaceBattery
& Power
Wearable sensor patch
Notification module
Component Solutions
24
Accelerating innovation with portfolio companies
Lab IX portfolio highlights
Smart
Software
Battery &
Power
Sensors &
ActuatorsConnectivity Human Machine
Interface
Flexible
Technologies &
Miniaturization
Security &
Computing
Autonomous crime
prevention robots
3D augmented interactive
reality platform
Smart drones for
transportation
Landscape computing
solutions for smart cities
Ultrathin, flexible,
rechargeable
batteries
Smart adapter to wirelessly
control lights
Biometric smart clothing
Breath quality measurement
Advanced adaptive
irrigation system
Brain sensing
headband
Electro-adhesion technology
Mood enhancing / altering
wearable
Women's health
device
Stretchable biometric
circuits and sensors
High-speed contactless
data connectivity
Low power Wi-Fi chip
for wireless peripherals
Miniaturized global
navigation modules
Secure long range
wireless network
Extending the cloud via
smart storage hub
Shared, interactive
shopping list
Analytics for home &
building automation
3D display technology
for personal use
Force-sensitive touch
technology
25
Real-time solutions to improve decision making
Incubated in 2012 by Flex – Now a majority-
owned subsidiary of Flex
• Consolidated financial with Flex
• Flex owns the majority of outstanding
equity and Board of Directors control
Board of Directors, Advisory Board and
Investors include:
• Lightspeed Venture Partners
• Workday
• Silverlake
• Flex
• Yahoo
Over $60M in total funding
Powered by Elementum: mobile software for end-to-end supply chain management
26
Innovation from Sketch-to-Scale
New Product
Introduction
Active
Tracking
Concepting
Manufacturing
Design &
Engineering
Market
ExpansionEnd of LifeDistribution &
Logistics
IP Protection CertificationPrototyping
Reverse
Logistics
28
Sketch-to-Scale
3%
9%
5%
18%
CEC CTG IEI HRS
FY 2013
7%Total Flex
12%
27%
21%
30%
CEC CTG IEI HRS
FY 2016
21%Total Flex
CEC CTG IEI HRS
FY 2020E
~35%Total Flex
25-30%
35-40%
% of Sketch-to-Scale revenue
29
Design-enabled manufacturing growth
Mcor 3D
printer
Pella home
automation
Ford
transmission
solenoids
Whirlpool display
panelFossil
smartwatch
Itron gas
meterCiena 6500
platform
$1.6B
$3BFY16
FY15330+
400+FY16
FY15
>20% YoY design win growth
>85% YoY manufacturing pull-through increase
Flex e-inhaler
Sketch-to-Scale delivers greater value
30
Enabling disruption with our innovative services
Manufacturing
• Scalable
Manufacturing
• Procurement &
Sourcing
Advanced Engineering &
Robotics Labs
• Value Engineering Services
• Manufacturing Technology
Innovation
Interconnect Technology
Center
• Multek (PCBs, Flexible & Rigid)
• Advanced Printed Circuits
• Integrated Design Capabilities
Failure Analysis Labs
& Mechanicals
• Materials
Characterization
• Sheet Metal
Manufacturing
System
Integration
• Configure to
Order
• Build to Order
New Product Introduction
• Prototype to Product Launch
• 3D Printing (plastic)
Confidential
Center
• Private & Secure
Manufacturing
Room
Lab IX
• Startup hardware
Accelerator
• Business Scaling
Resources
Global Services
• Forward & Reverse
Logistics
• Vendor Managed
Inventory
Innovation Labs &
Design Center
• Technology Innovation &
Engineering
• Design for ‘X’ Services
• 3D Printing (metal)
Silicon Valley’s Customer Innovation Center
31
Flex Innovation Labs
Shared exploration of disruptive technologies across all industries
• Headquartered in the heart of Silicon Valley
• A new concept lab focused on technology ideation, prototyping and new co-
innovation models
• World-class product, system and architecture expertise
• Environment designed to foster collaboration across Flex, our customers and
partners
Innovation Labs: where sketch-to-scale starts
Innovation Workshops Concepting Product Design
& Engineering
Minimum Viable ProductDesign
Qualification32
Sketch-to-scale impact on HRS business
Design related growth China & India expansion
FY11
(HRS revenue)
Large deal growth
FY16
FY16FY11
2X
3X7%
18%
30%(% HRS revenue)
($25Mil+)
33
Revolutionary partnerships
• In 18 months, 20 inventions on the factory floor
• Fastest new Nike factory ramp,150 days from start to first ship
• On track to have meaningful revenue in FY18
• Enabling customization & regionalization
34
Structured to deliver profitable growth
Annual Revenue
Growth Target Comments
10% +• Megatrends driving growth
• Deep & broad global technical capabilities
10% +• Redefining Energy engagement model
• Positioned to penetrate massive TAM across Industrials
- 5% to 0%• Navigating challenging industry dynamics
• Maintaining market leading position across the board
3% to 5% • Success with ICE and Strategic customers
• New industry growth vectors
HRS
IEI
CTG
CEC
Targeted 2020 revenue growth model
36
FY16 Adjusted
OperatingTarget Operating Margin
Profit($M)
Margin Prior Range New Range
$295 7.6% 5 - 7% 6 - 9%
$158 3.4% 4 - 6% 4 - 6%
$265 3.0% 3 - 4% 2.5 - 3.5%
$164 2.3% 2 - 3% 2 - 4%
Corporate
services & other1 ($90)
$792 3.2%
Positioned for operating profit and margin expansion
HRS
IEI
CTG
CEC
1 Corporate services and other primarily includes corporate services costs that are not included in the assessment of the performance of each of the identified business group
CEC
HRSIEI
CTG
FY20E
>60%
Targeted
Operating Profit Mix
Targeted 2020 delivers profit growth
37
3,557
3,899
3,100
FY15 FY16 FY17 YTD
High Reliability Solutions (HRS)
Revenue($M)
FY16
19% 16%
29% 36%
35%19%
FY10
6%13%
42% 39%
CTG CEC HRS IEI
38
HRS markets grow with predictability & longer life cycles
Automotive Medical Aerospace & Defense
16FDA regulated
sites
~$2BAuto segment
~$1.7BMedical segment
#1Industry*(Technology &
Revenue)
#1Industry*(Technology &
Revenue)
79%(Bookings
increase over
FY14)
65+ Medical products
designed
60+manufacturing transfers
made
~9,000Auto employees
25+locations
15countries
* Compared to traditional competitors
39
Autonomous
vehicles
13%2014-2024
Global revenue
CAGR
$61BADAS
Market
by 2024
Clean tech
28%2012-2022
Global volume
CAGR
13MElectric
Cars
by 2022
26% 2013-2020
Global volume
CAGR
48MConnected
Cars
by 2020
Connectivity
Automotive megatrends
139MX-by-Wire
Systems
by 2019
Vehicle
electrification
15%2014-2021
Global volume
CAGR
40
Automotive repositioned to focus on growth industries
Clean TechSmart Electronics Lighting
• Smart rearview camera
• Connectivity & infotainment
products
• Motion & power controls
• Center high mounted stop
lights (CHMSL)
• Overhead consoles &
ambient lighting
• LED driver modules
• Flexible LED lighting
(Q-Prime)
• Power & signal distribution
• Electrohydraulic controls
• Power conversion, storage &
charging
41
Rising costs
5.2%2014-2018
Global expense
CAGR
$19THealthcare
Spending
by 2018
6.1% 2013-2020
Global revenue
CAGR
$14BDiabetes
Market
by 2020
Chronic disease
Medical megatrends
$59BDigital
Health
by 2020
Connected health
33%2015-2020
Global volume
CAGR
42
Medical innovations in the connected world
Health Monitoring Drug Delivery Health Treatment
• DIVG delivery patches
• Insulin pump patches
• Electromechanical drug
delivery systems
• Smart patches
• 3D motion sensors
• Hearing aids
• EEG/EMG devices
• Electronic glasses
• Wearable sensor patches
• Electronic tattoos
• Artificial limbs
• Smart pills
• Bionic eye
• Dental hearing systems
• Smart implants
43
HRS continues to deliver
FY17 FY18 FY19 FY20 FY21
10%+
Revenue
FY17 FY18 FY19
Bookings
95%booked
93%booked
86%booked
44
4,4594,681
3,673
FY15 FY16 FY17 YTD
Industrial & Emerging Industries (IEI)
Revenue($M)
FY16
19% 16%
29% 36%
35%19%
FY10
6%13%
42% 39%
CTG CEC HRS IEI
45
Broad Industrial market and massive TAM
2015 Flex TAM
Industrial Home & Lifestyle
TAM: $170B
Agriculture
TAM: $35B
Capital Equipment
TAM: $175B
Lighting
TAM: $20B
Industrial Automation
TAM: $115B
Appliance
TAM: $170B
Flex Energy Solutions
TAM: $100B+
46
There is significant opportunity in solar and storage
1
4.4
4.7
10.6
16.3
21.7
41.3
Solar
Oil
Other
Nuclear
Hydroelectric
Natural Gas
Coal
Global Electricity Production in 2015
100
2
4
6
8
10
12
14
CO2 Emissions in 2015 from
Electricity and Heat GenerationBillion tonnes CO2
Source: International Energy Agency (IEA), SolarPower Europe, GreenTech Media (GTM), Flex Estimates
Global market size in $B, CAGR in %
Solar & Storage Growth
93
5
9
130
195
35
Storage
Solar
98
139
230
2015 2020 2026
+8%
Energy source as a %
Oil
Natural Gas
Coal
47
Flex Energy solutions
Supporting broad marketsUtility CommunityDistributed Generation Residential
Solar Tracking SystemsEnergy Storage Analytics
48
FY16
19% 16%
29% 36%
35%19%
FY10
6%13%
42% 39%
CTG CEC HRS IEI
Communications & Enterprise Compute (CEC)
Revenue($M)
9,1918,842
6,400
FY15 FY16 FY17 YTD
49
CEC leading market share position
Wireless
4G/5G
SDN Optical
100G/400G
Converged
Storage
Switching &
IP Routing
Telecom
No. 1 WWNetworking
No. 1 WW
Enterprise
Compute
No. 1 WW
Security
Appliance
Examples of
established customers
50
Strategy for growth
• Expansion of new market segment
• Open Source & Software defined infrastructure
• Expand customer base
• Converged Infrastructure
• Maintain leadership position
• Enable transition via hybrid
Core OEM
Solution Providers
Cloud
Disruptive OEM Solutions
51
Consumer Technologies Group (CTG)
Revenue($M)
8,940
6,998
4,828
FY15 FY16 FY17 YTD
FY16
19% 16%
29% 36%
35%19%
FY10
6%13%
42% 39%
CTG CEC HRS IEI
52
Developing growth vectors
Fashion
Connected
Home
Consumer
Health
New Generation
Products
Digital SportNike
• Smart Appliances
• Home Hubs
• Media Devices
• Connected Audio
• Connected Jewelry
• Bags with Power
• Smart Accessories
• Advanced Wearables
• Telehealth
• Personalized Monitoring
• Drones
• Virtual & Augmented Reality
• Telematics
• Activity Trackers
• Smart Helmets
• Smart Watches
• Athletic Apparel
• Shoes
53
Investing in new business models
+5%
+2%
3-4%
42
6
7
113%
-34%
48%
FY16 Achieved
STRATEGIC
CORE
ICE1
Operating
Profit
Customers
AddedRevenue
Growth
1 ICE stands for Innovative, Connected, & Emerging Technologies54
1 Reflects M&A transactions completed from FY13 to FY16 (excludes OEM asset acquisitions)
Targeted M&A strategy aligned with portfolio evolution
$25-$100M
82
<$25M
Target
capabilities
Strategic
customers
Longer
product
lifecycles
EPS accretiveBarriers to
entry
Higher
margins
Key Selection Criteria
# of AcquisitionsBased on purchase price 1
3
>$100M
% of M&A
spend by
business
group 1
72%
HRS27%
IEI
1%
CTG
56
Expanded solar offerings through strategic acquisitions
Leader in predictive modeling software and machine-
learning technologies
• Provides the ability to do advanced diagnostics and real-time
control of solar tracking systems
Smart, connected, and most efficient solar panel
tracker technology on market
• Globally recognized for delivering the most advanced single axis PV
trackers for dozens of projects across five continents
• NEXTracker’s technology allows a 120-degree tracking range that
yields 20-40% more energy than a non-tracker system
• Globally, trackers are only 15% of total installed base of utility
grade solar installations, and we think it will grow to 25% in the
next three years
• The acquisition augments the Flex Energy business and contribute
to its more than $1 billion in sales, and is accretive to Flex's growth,
margin, EPS and cash flow generation
57
Smart investment to extend leadership in Smart Tech
• Customer and Global Expansion
• Accelerates our position with strategic OEM’s
• #1 market share leader in China
• Specified by the OEM’s
• Extends Flex’s market leadership in Automotive
• #1 global market leader in exterior mirror motion controls
• Extends existing $100M motion control business
• “Smart” mirror embedded with electronics
MCi is a leading global manufacturer of glass
and powerfold mirror actuators
58
Doubling down on the Intelligence of Things
• Smart Home platform connecting devices seamlessly and
globally
• Wink is a connected home IoT software that connects the
world’s greatest brands together
• 30+ OEM partners, most of which are Flex customers
• Synergy for Flex to drive new and exciting relationships
400K+ users & 1.7M+ devices
New home added every 2 minutes
59
Shaping the future of healthcare with Farm Design
Human Factors Engineering (HFE)1 & Design CompanySupports the Flex sketch-to-scale strategy
• 40+ years in operation
• New Hampshire facilities and Cleveland Clinic - desirable geographic
proximity for Northeast-based customers
• Over 300 utility & design patents
• Increases Flex HFE capabilities - HFE is now a FDA requirement and
many customers do not have the expertise
• Design expertise in orthopaedics, cardiology, med-surgery, and
diagnostics
• 50+ Employees with medical HFE expertise
1. Human Factors Engineering (HFE): Understanding how people interact with technology and studying how user interface design affects the interactions people have with technology is the focus of human factors engineering (HFE) and usability engineering (UE). - FDA
trained researchers • human factor engineers • generative research •
formative usability testing • usability validation testing • domestic and
international experience
60
Revenue & Adjusted Gross Margin($M)
Quarterly Financial Highlights
22% 22% 22%20% 20%
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Return on Invested Capital(ROIC %)
$0.35
$0.29 $0.27 $0.28
$0.34
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Adjusted Earnings Per Share (EPS)
6,763
5,773 5,877 6,009 6,115
6.7%7.1% 6.9% 6.9% 7.1%
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Adj. Gross Margin
Adjusted Operating Income ($M)
236 200 190 197
223
3.5% 3.5%3.2% 3.3%
3.6%
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Adj. Operating Margin
Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures.
For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.62
Q3 FY17(December 31, 2016)
Target Adjusted
Operating Margin Range
($M)
Rev$ OP$(adj.)
OP%(adj.)
$2,102 $62 3.0%Challenging demand environment but continuing to
operate within the targeted range.
$1,849 $59 3.2%Driving a more diversified customer base by leveraging new
technologies and the expansion into new markets.
$1,141 $40 3.5%Sequential improvement and progressing towards targeted
range, despite energy project delays.
$1,023 $83 8.1%Strong execution and margins remain meaningfully inside
the targeted range.
Corporate
Services &
Other1-- ($21) --
Total $6,115 $223 3.6%
6
4
2
2.5
9
6
4
3.5
Operating Performance by Business Group
1. Corporate services and other: corporate service costs that are not included in the assessment of the performance of each of the identified business groups.
3.2%
3.0%
3.5%
8.1%
Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures.
For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.
CEC
CTG
IEI
HRS
63
26%
16%34%
24%
Q3 FY2017 Highlights and Key Trends
158
114 121 144
363
9.3% 9.7%8.3% 7.3%
9.6%
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
FCF Yield
Free Cash Flow($M)
90 89 95 90
75
551 545 546 541 537
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Shares Outstanding (M)
Share Repurchases($M)
HRSIEI
CTG CEC
Strong
Cash FlowContinued
Portfolio Evolution
Capital Return
Commitment
Adj.
Op. Profit
Mix
FCF yield is calculated based on (LTM free cash flow/outstanding shares at
quarter-end) / share price at quarter-end.
Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly
comparable GAAP measures. For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.
50%
34%
19%17%
30% Revenue
Mix
36%
CTGCEC
IEIHRS
64
37%
18%15%
30%
Revenue by Business Group
Communications &
Enterprise ComputeTelecom, Networking, Server & Storage,
Storage & Security Appliance, Converged
Infrastructure, Software Defined Product
Solutions.
Consumer Technologies
GroupWearables, Fashion, Connected Living,
Gaming, Mobile, PCs/Printers.
Industrial & Emerging
IndustriesSemiconductor & Capital Equipment, Office
Solutions, Household Industrial & Lifestyle,
Industrial Automation & Kiosks, Energy &
Metering, Lighting.
High Reliability SolutionsMedical: Consumer Health, Digital Health,
Disposables, Drug Delivery, Diagnostics, Life
Sciences & Imaging Equipment.
Automotive: Vehicle Electronics, Connectivity,
Clean Technologies.
Dec
2015
33%
HRS IEI
CTG CEC
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17E($M) $ $ $ $ $ Q/Q % Y/Y % Outlook Q/Q %
CEC 2,469 2,201 2,196 2,102 2,102 0% (15%) Down 5 - 10%
CTG 2,058 1,364 1,314 1,665 1,849 11% (10%) Down 20 - 30%
IEI 1,214 1,190 1,289 1,243 1,141 (8%) (6%) Up 10% - 15%
HRS 1,022 1,018 1,078 999 1,023 2% 0% Flat to Up 5%
Total Revenue $6,763 $5,773 $5,877 $6,009 $6,115 2% (10%)
34%
19%17%
30% Dec
2016
36%
HRS IEI
CTG CEC
65
Q4 FY2017 Guidance – March 2017
GAAP Income Before Income Taxes $100 - $130 million
GAAP Earnings Per Share $0.17 - $0.21
Other Information:
Interest & Other Expense $25 to $30 million
Adjusted Income Tax Rate 8.0% to 10.0%
WASO ~543 million shares
($M, except per share amounts)
$5,500 - $5,900Revenue
$185 - $215Adjusted Operating Income
$0.27 - $0.31Adjusted Earnings Per Share
»
»»
66
Creating a smarter, more connected world
For more information contact:
Kevin Kessel
VP, Investor Relations
kevin.kessel@flex.com
(408) 576 - 7985
Or visit us at investors.flex.com
Mary Lee
Director, Investor Relations
mary.lee@flex.com
(408) 576 - 5167
Katherine Chen
Analyst, Investor Relations
katherine.chen@flex.com
(408) 577 - 4037
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