Q4 FY24 Earnings Presentation Quarter End: March 31, 2024 Earnings Announcement: May 1, 2024 Risks and Non-GAAP Disclosures ...

Financial Data and Key Metrics Changes - Total revenue for Q4 was $6.2 billion, down 12% year-over-year, while gross profit improved to $532 million with a gross margin of 8.6%, an increase of 160 basis points from the prior year [5][6] - Operating margin reached a record 5.4%, up 120 basis points year-over-year and up 50 basis points from Q3 [5] - Adjusted earnings per share (EPS) for the quarter was $0.57, a 30% increase, while GAAP EPS was $0.93, influenced by a one-time non-cash tax benefit [6][8] Business Line Data and Key Metrics Changes - Reliability segment revenue was $2.9 billion, with strong demand in cloud power solutions and an operating margin of 5.8% [7] - Agility segment revenue was $3.2 billion, driven by AI-driven cloud demand, with operating income increasing 6% to $181 million and a record operating margin of 5.6% [7][10] - For the full year, Reliability revenue was $12.5 billion with an operating margin of 5.3%, while Agility revenue was $13.9 billion with a record operating margin of 4.8% [9][10] Market Data and Key Metrics Changes - Automotive revenue within Reliability was up 6%, driven by new ramps and content growth, while Health Solutions was up 3% despite industry slowdowns [9] - Industrial revenue was down 8%, affected by slowing industrial CapEx and weaker residential solar [10] - Agility segment faced a 7% decline in CEC, with strong new cloud ramps offset by slowing enterprise IT and telco spending [10] Company Strategy and Development Direction - The company focuses on large diverse markets with growth potential, leveraging macro and secular trends to generate profitable growth [15][20] - The strategy includes expanding vertical integration and value-added services, with a strong emphasis on automation and efficiency [22][21] - The company aims for power and compute-based revenue to account for 40% of total revenue by fiscal year 2029 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through the current macro cycle, highlighting resilience with margin expansion and EPS growth despite revenue declines [50][61] - The company anticipates revenue for fiscal 2025 to be flat to down 3%, with adjusted operating margins between 5.2% and 5.4% [56] - Long-term growth is expected to be driven by advancements in cloud and automotive sectors, with a focus on power and compute solutions [58][47] Other Important Information - NEXTracker has been reclassified to discontinued operations, providing clearer visibility into core business performance [5][50] - The company returned $1.3 billion to shareholders through stock repurchases in fiscal year 2024, marking a record in annual cash returns [11][54] Q&A Session Summary Question: Success in attracting vertical solutions and aftermarket services to data center rack programs - Management highlighted the unique value proposition in integrating power products with compute, emphasizing growth in vertical integration and aftermarket services [64][65] Question: Margin profile for the expected $8 billion revenue growth from auto and cloud - Management indicated that the margin rates for cloud and automotive are better than Flex's average, driven by the need for power solutions [69][70]

Flex Ltd (FLEX) reported fourth-quarter fiscal 2024 adjusted earnings of 57 cents per share, beating the Zacks Consensus Estimate by 3.6%. The bottom line grew 29.5% year over year.Revenues (excluding Nextracker) decreased 11.7% year over year to $6.2 billion. However, it beat the consensus mark by 1.1%. Weakness across the Agility and Reliability Solutions segments led to the top-line contraction.Net sales in fiscal 2024 totaled $26.4 billion (excluding Nextracker), down 7% year over year. Post the spin-of ...

Flex (FLEX) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.64%. A quarter ago, it was expected that this electronics designer and manufacturer would post earnings of $0.62 per share when it actually produced earnings of $0.71, delivering a surprise of 14.52%.Over the last four quar ...

EXHIBIT 99.1 P R E S S R E L E A S E FLEX REPORTS FOURTH QUARTER AND FISCAL 2024 RESULTS AND HOSTS INVESTOR AND ANALYST DAY Austin, Texas, May 1, 2024 – Flex (NASDAQ: FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2024. • Net Sales: $6.2 billion • GAAP Operating Income: $159 million • Adjusted Operating Income: $333 million • GAAP Net Income from continuing operations: $395 million • Adjusted Net Income from continuing operations: $244 million • GAAP Earnings Per Share ...

AUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) announced today that consistent with its succession plan, Michael D. Capellas, non-executive Chair of the Board of Directors of Flex, has informed the Board of his decision not to stand for re-election to the Board at the company's 2024 Annual General Meeting of shareholders to be held on August 8, 2024. Mr. Capellas has served on the company's board for 10 years, including as Chair since 2017, during which time he played a key role in building ...

AUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2024. Fourth Quarter Fiscal Year 2024 Highlights: Net Sales: $6.2 billion GAAP Operating Income: $159 million Adjusted Operating Income: $333 million GAAP Net Income from continuing operations: $395 million Adjusted Net Income from continuing operations: $244 million GAAP Earnings Per Share from continuing operations: $0.93 Adjusted Earnings Per Share from continuing ...

Flex (FLEX) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on May 1, 2024, might help the stock move higher if these key numbers are better than expectations. O ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Flex (FLEX) , which belongs to the Zacks Electronics - Miscellaneous Products industry.This electronics designer and manufacturer has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 15.88%.For the most recent quarter, Flex was expected ...

Richard Drury Investment Thesis Flex Ltd.(NASDAQ:FLEX) stock is in a solid upward trajectory gaining about 76.94% outperforming the S&P 500 by a margin of about 50.59%. Seeking Alpha While it could be troubling to some investors whether there is a remaining runway after such a rally, I am bullish on this stock and I rate it a buy. My bullish stance stems from the company’s robust business model, financial strength, and innovation. A buy recommendation is justified by the undervaluation based on relati ...