Slide 1: Q4 FY24 Earnings Presentation
Q4 FY24 Earnings Presentation Quarter End: March 31, 2024 Earnings Announcement: May 1, 2024
Slide 2: Risks and Non-GAAP Disclosures
Risks and Non-GAAP Disclosures This presentation contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and
Slide 3: Q4 key financials
Q4 key financials Q4FY23 Q4FY24 Market trends FLEX CLOUD / AI demand strength continues Revenue $6,984M $6,169M AUTOMOTIVE strength driven by increasing Adj. Gross Profit / Margin $492M / 7.0% $532M / 8.6% content in a diversified portfolio Adj. Operating Income / Margin $293M / 4.2% $333M / 5.4% Ad
Slide 4: Q4 segment performance
Q4 segment performance REVENUE A ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE C ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE RELIABILITY $2.9 (10%) $171 21% 5.8% 140 bps AGILITY 52% $6.2B 48% $3.2 (14%) $181 6% 5.6% 100 bps CORPORATE SERVICES -- -- ($19) -- -- -- AND OTHER B TOTAL
Slide 5: FY24 performance
FY24 performance Y/Y ADJ. OP FY23 FY24 NEXTRACKER VALUE CREATION ($M) GROWTH MARGIN FLEX REVENUEA $28.5B $26.4B (7%) 1/24 tax-free distribution to shareholders 7/23 NXT IPO follow-on Adj. Gross Profit / Margin $2,028M / 7.1% $2,060M / 7.8% 2% 2/23 NXT IPO Adj. Operating Income / Margin $1,232M / 4.3
Slide 6: Core Flex
Core Flex Delivering margin expansion and EPS growth through the cycle REVENUE ($M) ADJ. OPERATING INCOME ($M) ADJ. EARNINGS PER SHARE Adj. Operating Margin 4.8% ~20% $28,502 CAGR ~5% 4.3% 4.3% $2.15 CAGR 3.7% $1,267 $26,415 $1,232 $1.93 $1.75 $24,633 $1,070 $22,988 $853 $1.22 FY21A FY22 FY23 FY24 F
Slide 7: Cash flow overview
Cash flow overview CAPITAL EXPENDITURES, NETA ($M) ($M) Q4F24 FY24 $180 GAAP NET INCOME $395 $1,245 $156 $144 $128 Depreciation, Amortization and other Impairment Charges 147 537 Change in Working Capital and other, net 137 (456) $77 Q4F23 Q1F24 Q2F24 Q3F24 Q4F24 OPERATING CASH FLOW 679 1,326 Capita
Slide 8: FY25 revenue expectations
FY25 revenue expectations FY25 expectations RELIABILITY Down low-single-digit to up low-single-digit Automotive New ramps and content gains driving above market growth Health Solutions Medical device demand strong, but muted life sciences and hospital capex AI driving growth in data center power, un
Slide 9: Q1 FY25 guidance
Q1 FY25 guidance Revenue Adj. operating incomeA Adj. earnings per shareB $5.6B - $6.2B $240M - $280M ~ $0.37 - $0.45 GAAP $130M - $170M GAAP $0.11 - $0.19 Interest expense Adj. Income Tax Rate Weighted avg. shares outstanding $53M 19% ~ 415M A. Adjusted operating income excludes approximately $63 mi
Slide 10: Financial guidance for FY2025
Financial guidance for FY2025 • Macro headwinds through CY24 $25.4 - $26.4B revenue likely weigh on multiple end-markets • Growth in key end-markets: cloud, power, auto, medical devices 5.2% - 5.4% adj. operating marginsA • Rising global tax rates $2.30 - $2.50 adj. earnings per shareB • Further eff
Slide 11: Flex forward value proposition
Flex forward value proposition Our competitive advantages have uniquely positioned us Creating shareholder value through profitable revenue and EPS growth, margin expansion and cash generation. 1 Aligned with strong macro and secular drivers, focused on large, high-value markets 2 Created differenti
Slide 12: Thank you.
Thank you. For more information, please visit investors.flex.com
Slide 13: Appendix
Appendix flex.
Slide 14: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended March 31, December 31, March 31, December 31, March 31, March 31, 2024 2023 2023 2022 2024 2023 % of % of % of % of % of % of ($ in Millions) revenue revenue reve
Slide 15: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- Year- ended ended ended ended ended ended ended March 31, 2024 December 31, 2023 March 31, 2023 December 31, 2022 March 31, 2024 March 31, 2023 March 31, 2022 ($ in Millions) GAAP operating income $
Slide 16: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- Year- ended ended ended ended ended ended ended December 31, December 31, ($ in Millions, except for EPS) March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2022 2023 2022 GAAP ne
Slide 17: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Year- Quarter- Year- ended ended ended ended March 31, 2024 March 31, 2024 March 31, 2024 March 31, 2024 ($ in Millions) ($ in Millions) Segment income: Reconciliation of segment income Flex Agility Solutions $181 $669 GAAP Operating Inc
Slide 18: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Quarter- Quarter- ended ended Ended Ended ended ended ($ in Millions) March 31, 2024 December 31, 2023 September 29, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Net cash provided by operating activities