Slide 1: Results for Q4 and Fiscal 2021
Results for Q4 and Fiscal 2021 Earnings Announcement: May 5th, 2021 (Quarter Ended March 31, 2021) 1
Slide 2: Risks and Non-GAAP Disclosures
Risks and Non-GAAP Disclosures contains forward-looking statements within the meaning of U.S. securities laws, including statements related to future expected revenues and earnings per share. These forward-looking statements involve risks and uncertainties that could cause the actual results to diff
Slide 3: Business Update
Business Update Revathi Advaithi, CEO 3
Slide 4: Q4 FY2021 Financial Summary
Q4 FY2021 Financial Summary Strong growth with solid execution and operational discipline drove record profitability despite global supply chain challenges Revenue Adj. Operating Adj. Earnings Adj. Free ($M) Income Per Share Cash Flow ($M) ($M) Adj. Operating 6,720 Margin $0.34 6,461 4.6% 4.9% $0.49
Slide 5: Fiscal 2021 Financial Summary and Highlights
Fiscal 2021 Financial Summary and Highlights Continued execution against strategic goals, despite major macro challenges Revenue Adj. Operating Adj. Earnings Adj. Free ($M) Income Per Share Cash Flow ($M) ($M) Adj. Operating Margin 24,210 $1.57 24,124 4.3% 3.7% $1.23 677 1,031 672 898 FY20 FY21 FY20
Slide 6: FY2021 Highlights
FY2021 Investor Day 2020: Outlined our multi-year transformational strategy to shift Highlights mix to higher value markets, improve operational efficiency, drive financial improvements, create long-term shareholder value FY2021: Significant progress on strategic transformation goals despite global
Slide 7: Committed to ESG leadership
Committed to Flex ranks #1 in the electronics manufacturing sub-industry ESG leadership A rating for three consecutive years Joined the Science Based Targets initiative, to drive meaningful climate action across the value chain Named to the Sustainability yearbook for 2nd year in a row Received A- f
Slide 8: Q4 2021 Financial Results
Q4 2021 Financial Results Paul Lundstrom, CFO 8
Slide 9: Q4 FY2021 Income Statement Summary
Q4 FY2021 Income Statement Summary Continued strong execution resulted in growth and margin expansion ($M, except per share amounts) Prior Yr Current Qtr March 31, 2020 March 31, 2021 Net sales $5,484 $6,266 Adjusted operating income 207 310 Adjusted net income 143 248 Adjusted EPS $0.28 $0.49 GAAP
Slide 10: Q4 FY2021 Quarterly Financial Highlights
Q4 FY2021 Quarterly Financial Highlights Achieved record profitability through strong operational execution, mix shift, new wins Adj. Gross Profit Adj. SG&A Adj. Operating Income ($M) ($M) ($M) Adj.Gross Margin % of Revenue Adj. Operating Margin 8.1% 4.9% 3.4% 3.1% 7.1% 505 3.8% 195 310 185 392 207
Slide 11: Q4 FY2021 Segment Performance
Q4 FY2021 Segment Performance Revenue Adj. Operating Income & Margin ($B) Q/Q Y/Y ($M) Y/Y Margin % Y/Y Health Solutions: Strong chronic care, improv ements in electiv es, continued COVID- related critical care demand. Flex Reliability $2.8 (1.7%) 11.1% $190 14% 6.7% 20 bps Automotive: Recov ery and
Slide 12: FY2021 Segment Performance
FY2021 Segment Performance Sales by Business Units Adj. Revenue Operating Industrial Margin CEC ($B) Y/Y (%) 23% 29% Flex Reliability $10.6 4.7% 6.2% Solutions Flex Reliability - Automotive $2.5 -6.8% Health $24.1B Solutions 10% Solutions - Health Solutions $2.5 25.2% 11% 16% - Industrial* $5.6 3.0%
Slide 13: Cash Flow Highlights
Cash Flow Highlights Sustained strong cash flow generation Net Capital Expenditures* ($M) 3-Months 12-Months Ended Ended ($M) (March 31, 2021) 102 83 GAAP net income $240 $613 69 65 Depreciation, amortization and other 139 569 31 impairment charges Change in working capital and other Mar-20 Jun-20 S
Slide 14: Q1 FY2022 Update – June 2021
Q1 FY2022 Update – June 2021 Expect strong growth from robust demand, component constraints remain Flex Agility Solutions Segment Flex Reliability Solutions Segment Revenue up low to high teens % Y/Y Revenue up 15% to 25% Y/Y Communications, Lifestyle Consumer Devices Automotive Health Solutions Ind
Slide 15: Q1 FY2022 Guidance – June 2021
Q1 FY2022 Guidance – June 2021 Guidance Segment Revenue Outlook (Y/Y) Revenue $5.9 - $6.3 Billion Adjusted Operating Income $240 - $280 million Flex Reliability Adjusted Earnings Per Share $0.34 - $0.40 Up 15% to 25% Solutions GAAP Income Before Income Taxes $160 – $200 million GAAP Earnings Per Sha
Slide 16: FY2022 Guidance
FY2022 Guidance Revenue $25 - $26 billion Adjusted Operating Margin1 4.4% to 4.6% Adjusted Earnings Per Share $1.60 - $1.75 GAAP Earnings Per Share2 $1.30 – $1.45 From our 2020 Investor Day: Our long-term financial framework Revenue Organic growth at or above GDP Cash Disciplined investment levels G
Slide 17: Moving forward
Moving forward • Expecting demand indicators to remain strong • Experience team managing global component and logistical constraints • Strategy is working with more consistent earnings and higher margins • Continuing to deliver strong cash flow, combined with portfolio shifts provides optionality •
Slide 18: Thank you.
Thank you. For more information, please visit investors.flex.com 18
Slide 19: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 March 31, 2021 March 31, 2020 ($ in Millions)** GAAP income before income taxes $260 $233 $45 $1
Slide 20: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended ($ in Millions, except for EPS)* March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 March 31, 2021 Marc 31, 2020 GAAP net income $240 $208 $48 $111
Slide 21: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter-ended Quarter-ended March 31, 2021 March 31, 2020 ($ in Millions)* % of revenue % of revenue GAAP gross profit $509 8.1% $366 6.7% Stock-based compensation expense 5 4 Customer related asset impairments (recov eries) (3) 9 Restructuring c
Slide 22: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Quarter- Quarter- ended ended ended ended ended ended ($ in Millions)* March 31, 2021 December 31, 2020 September 25,2020 June 26, 2020 March 31, 2020 December 31, 2020 Net cash provided by (used in) operating
Slide 23: Appendix: Reconciliation of GAAP to Non-GAAP Measures - Nextracker
Appendix: Reconciliation of GAAP to Non-GAAP Measures - Nextracker Quarter - Year-ended ended March 31, 2021 March 31, 2021 Rev enue (billions) $0.3 $1.2 Net income (% of Rev enue) 10% 10% Intangible amortization and stock-based compensation 2% 2% Depreciation 0% 0% Interest, net 0% 0% Adjustments f