Re sults for Q1 F isc al 2021 E a rning s Anno unc e me nt: July 30, 2020 (Qua rte r E nde d June 26, 2020) 0
Risks a nd Non- GAAP Disc losur e s T his pre se nta tio n c o nta ins fo rwa rd-lo o king sta te me nts within the me a ning o f U.S. se c uritie s la ws, inc luding sta te me nts re la te d to future e xpe c te d re ve nue s a nd e a rning s pe r sha re a nd me a sure s tha t we a re ta king to re spo nd to the c ha lle ng e s pre se nte d b y the COVID-19 pa nde mic a nd the re sulting e c o no mic disruptio ns. T he se fo rwa rd-lo o king sta te me nts invo lve risks a nd unc e rta intie s tha t c o uld c a use the a c tua l re sults to diffe r ma te ria lly fro m tho se a ntic ipa te d b y the se fo rwa rd-lo o king sta te me nts. Re a de rs a re c a utio ne d no t to pla c e undue re lia nc e o n the se fo rwa rd-lo o king sta te me nts. T he se risks inc lude : the e ffe c ts o f the COVID-19 pa nde mic o n o ur b usine ss, re sults o f o pe ra tio ns a nd fina nc ia l c o nditio n; tha t future re ve nue s a nd e a rning s ma y no t b e a c hie ve d a s e xpe c te d; the e ffe c ts tha t the c urre nt ma c ro e c o no mic e nviro nme nt c o uld ha ve o n o ur b usine ss a nd de ma nd fo r o ur pro duc ts; the e ffe c ts tha t c urre nt c re dit a nd ma rke t c o nditio ns c o uld ha ve o n the liq uidity a nd fina nc ia l c o nditio n o f o ur c usto me rs a nd supplie rs, inc luding a ny impa c t o n the ir a b ility to me e t the ir c o ntra c tua l o b lig a tio ns; the c ha lle ng e s o f e ffe c tive ly ma na g ing o ur o pe ra tio ns, inc luding o ur a b ility to c o ntro l c o sts a nd ma na g e c ha ng e s in o ur o pe ra tio ns; litig a tio n a nd re g ula to ry inve stig a tio ns a nd pro c e e ding s; c o mplia nc e with le g a l a nd re g ula to ry re q uire me nts; the po ssib ility tha t b e ne fits o f the Co mpa ny’ s re struc turing a c tio ns ma y no t ma te ria lize a s e xpe c te d; tha t the e xpe c te d re ve nue a nd ma rg ins fro m re c e ntly la unc he d pro g ra ms ma y no t b e re a lize d; o ur de pe nde nc e o n a sma ll numb e r o f c usto me rs; the impa c t o f c o mpo ne nt sho rta g e s, inc luding the ir impa c t o n o ur re ve nue s; g e o po litic a l risk, inc luding the te rmina tio n a nd re ne g o tia tio n o f inte rna tio na l tra de a g re e me nts a nd tra de po lic ie s, inc luding the impa c t o f ta riffs a nd re la te d re g ula to ry a c tio ns; a nd tha t re c e ntly pro po se d c ha ng e s o r future c ha ng e s in ta x la ws in c e rta in jurisdic tio ns whe re we o pe ra te c o uld ma te ria lly impa c t o ur ta x e xpe nse . In a dditio n, the COVID-19 pa nde mic inc re a se s the like liho o d a nd po te ntia l se ve rity o f ma ny o f the fo re g o ing risks. T he ma king o f a ny sta te me nt in o ur pre se nta tio n do e s no t c o nstitute a n a dmissio n b y F le x o r a ny o the r pe rso n tha t the e ve nts o r c irc umsta nc e s de sc rib e d in suc h sta te me nt a re ma te ria l. Additio na l info rma tio n c o nc e rning the se a nd o the r risks is de sc rib e d unde r “Risk F a c to rs” a nd “Ma na g e me nt’ s Disc ussio n a nd Ana lysis o f F ina nc ia l Co nditio n a nd Re sults o f Ope ra tio ns” in o ur a nnua l re po rt o n F o rm 10- K fo r the fisc a l ye a r e nde d Ma rc h 31, 2020. Ple a se re fe r to the a ppe ndix se c tio n o f this pre se nta tio n fo r re c o nc ilia tio n o f the No n-GAAP fina nc ia l me a sure s to the mo st dire c tly c o mpa ra b le GAAP me a sure s. If this pre se nta tio n re fe re nc e s histo ric a l no n-GAAP fina nc ia l me a sure s, the se me a sure s a re lo c a te d o n the “Inve sto r Re la tio ns” se c tio n o f o ur we b site , www.fle x.c o m a lo ng with the re q uire d re c o nc ilia tio n to the mo st c o mpa ra b le GAAP fina nc ia l me a sure s. T he fig ure s pre se nte d in this pre se nta tio n ha ve b e e n ro unde d. T his ma y le a d to individua l va lue s no t a dding up to the to ta ls pre se nte d. T he fo llo wing b usine ss se g me nt a c ro nyms will b e use d thro ug ho ut this pre se nta tio n: Automotive : a uto no mo us, c o nne c tivity, e le c trific a tio n a nd Consume r De vic e s: mo b ile a nd hig h ve lo c ity c o nsume r sma rt te c hno lo g ie s. de vic e s. F le x Re liability F le x Agility He a lth Solutions: me dic a l de vic e s, me dic a l e q uipme nt, a nd ife style : a pplia nc e s, c o nsume r pa c ka g ing , flo o rc a re , mic ro L drug de live ry. mo b ility a nd a udio . Solutions Solutions ia l: c a pita l e q uipme nt, industria l de vic e s, re ne wa b le & C: da ta infra struc ture , e dg e infra struc ture a nd Industr CE g rid e dg e a nd po we r syste ms. c o mmunic a tio ns infra struc ture . 1 1
Busine ss Update Re va thi Adva ithi, CE O 2
COVID- 19 Update Prio ritizing e mplo ye e he a lth a nd sa fe ty a nd pa rtne ring with c usto me rs a nd supplie rs to a ddre ss o ng o ing c ha lle ng e s Pr ior ity r e mains e mploye e Suppor ting c ustome r s Managing c osts pr ude ntly he alth and safe ty and supplie r s • I mple me nting re struc turing during Q2 F Y2021 a s pa rt o f a lig nme nt to • 20 millio n+ ma sks pro duc e d to - • All site s g lo b a lly a re b a c k in ne w stra te g y da te fo r e mplo ye e use pro duc tio n • T e mpo ra ry a uste rity me a sure s in • F le xib le wo rk fro m ho me po lic ie s • Mo nito ring o ng o ing disruptio ns in pla c e until o ve ra ll e c o no mic b e ing ma de a va ila b le to g lo b a l c e rta in g e o g ra phie s c o nditio ns impro ve wo rkfo rc e • Ma na g ing thro ug h e le va te d le a d • Stro ng liq uidity po sitio n a nd • Suppo rting lo c a l c o mmunitie s with time s fo r c e rta in c o mpo ne nts disc ipline d use d o f c a sh during this PPE do na tio ns pe rio d 3 3
Q1 F Y2021 F ina nc ia l Summar y Pre se rve d pro fita b ility thro ug h o pe ra tio na l a nd c o st disc ipline de spite c ha lle ng ing de ma nd e nviro nme nt Adj. F r e e Cash F low Adj. Ope r ating Inc ome Re ve nue Adj. E ar nings ($M) ($M) ($M) Pe r Shar e Adj. Ope ra ting Ma rg in $0.34 6,226 6,176 3.8% $0.28 3.4% $0.27 $0.27 3.3% 134 3.2% 129 114 208 207 204 5,484 $0.23 163 5,153 Ma r-19 Ma r-20 (74) F Y19 F Y20 Ma r-19 Ma r-20 Jun-19 Jun-20 Ma r-19 Ma r-20 Jun-19 Jun-20 Ma r-19 Ma r-20 Jun-19 Jun-20 Ma r-19 Ma r-20 Jun-19 Jun-20 Q4 Q1 Q4 Q1 4 4
Guide d by c onsiste nt Q1 F Y2021 Busine ss Hig hlig hts busine ss pr inc iple s Dive rsific a tio n stra te g y a nd so und e xe c utio n he lpe d drive a re a s o f stre ng th de spite o ve ra ll mute d e nviro nme nt Manage po rtfo lio to impro ve mix a nd pro fita b ility • COVI D-19 c o ntinue d to a ffe c t pro duc tio n a nd de ma nd Dr ive disc ipline d, susta ina b le • F le x Re lia b ility So lutio ns re ve nue o f $2.2B, -12% Q/ Q a nd -1% Y/ Y e xe c utio n - He a lth So lutio ns te a m e xe c ute d we ll o n c ritic a l c a re pro duc t ra mps, suc h a s ve ntila to rs a nd te sting e q uipme nt Pur sue de sig n-le d ma nufa c turing • F le x Ag ility So lutio ns re ve nue o f $2.9B, -1% Q/ Q, -25% Y/ Y fo r b e tte r ma rg ins - CE C ra mpe d to me e t ne two rking a nd c o mpute de ma nd fo r wo rk a nd le a rn-fro m-ho me a pplic a tio ns Ge ne r ate • T e a ms wo rke d pro duc tive ly, wo n ne w b usine ss, a nd fo und b e tte r a djuste d F CF with prude nt c a pita l a llo c a tio n wa ys to o pe ra te in the c urre nt se tting - L a unc he d ne w Virtua l Custo me r Pla tfo rm to sho wc a se uniq ue Gr ow c a pa b ilitie s a t g lo b a l site s to ne w c usto me rs drive pro fita b le g ro wth a nd ma rke t le a de rship F o c use d o n g ro wth thro ug h ne w wins in ta rg e te d ma rke ts, suc h a s • me dic a l mo nito ring , industria l ro b o tic s a nd b e ve ra g e a pplia nc e 5 5
Q1 2021 F inanc ial Re sults Chris Co llie r, CF O 6
Q1 F Y2021 Inc ome Sta te me nt Summa r y Pre se rve d pro fita b ility thro ug h o pe ra tio na l a nd c o st disc ipline de spite c ha lle ng ing de ma nd e nviro nme nt ($M, e xc e pt pe r sha re a mo unts) Pr ior Yr Cur r e nt Qtr June 28, 2019 June 26, 2020 Ne t sa le s $6,176 $5,153 Adjuste d o pe ra ting inc o me 208 163 Adjuste d ne t inc o me 138 116 Adjuste d E PS $0.27 $0.23 GAAP inc o me b e fo re inc o me ta xe s $64 $67 GAAP ne t inc o me 45 52 GAAP E PS $0.09 $0.10 7 7
Qua r te r ly F ina nc ia l Highlig hts So lid o pe ra tio na l e xe c utio n in a dyna mic a nd c ha lle ng ing e nviro nme nt Adj. Gr oss Pr ofit Adj. SG&A Adj. Ope r ating Inc ome ($M) ($M) ($M) Adj. Gro ss Ma rg in % o f Re ve nue Adj. Ope ra ting Ma rg in 7.8% 7.7% 7.6% 7.5% 7.4% 7.3% 7.2% 3.2% 7.1% 7.0% 6.9% 3.0% 6.5% 6.8% 6.7% 6.6% 6.2% 6.5% 6.4% 3.4% 6.3% 6.2% 6.1% 6.0% 3.2% 5.9% 5.8% 5.7% 5.6% 404 196 5.5% 5.4% 5.3% 5.2% 5.1% 5.0% 208 4.9% 4.8% 4.7% 4.6% 4.5% 4.4% 4.3% 4.2% 318 155 4.1% 4.0% 3.9% 3.8% 3.7% 3.6% 163 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 2.9% 2.8% 2.7% 2.6% 2.5% Jun-19 Jun-20 Jun-19 Jun-20 Jun-19 Jun-20 8 8
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