Feb2017 ir-presentation-flex

Sketch-to-Scale Solutions™

Investor Presentation

February 2017

1

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

http://www.flextronics.com/

2

Table of contents

Richer Business MixSketch-to-scaleWhy Flex?Flex is Ready / Strategically

Positionedto Win

Strategic M&A / Financial

Update

Why Invest in Flex?

Strong Free Cash Flow

Shareholder Return

ROIC

Portfolio Evolution

Profit Growth & Earnings

Power

Balanced Capital Structure

4-5

6

7

8

9

10-11

12

The World Has Changed

The Flex Advantage

US Footprint

Flex Platform

Megatrends

12 Industries

100+ Locations Globally

Innovation & Lab IX

Elementum

14

15

16

17

18

20

21

22-23

24

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

26

27

28

29

30

31

32

2020 Revenue & Profit

Growth

High Reliability Solutions

(HRS)


Industries (IEI)

Communications &

Enterprise Compute (CEC)


Group (CTG)

34-35

36-41

42-45

46-48

49-51

M&A Transactions

NEXTracker

MCi

Wink

Farm Design

Latest Financial Update

IR Contact Info

53

54

55

56

57

59-63

64

Why Flex?

4

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

5

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)

6

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

7

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

813 757

684 639

591 563 545 537

400

510

322

475

416 420

260

FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD

shares outstanding (millions)

Share Repurchase($M)

Committed to returning over 50% of annual free cash flow to shareholders

FY16

FY14-FY16

FY12-FY16

22

19

2224

22

FY12 FY13 FY14 FY15 FY16

8

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

9

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%

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%

10

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

11

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

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$56 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

The World Has Changed… Flex is Ready

13

14

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

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

16

17

Flex Platform

Our company invests across three dimensions

18

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

Strategically Positioned to Win

19

20

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

Purposefully positioned in 100+ sites and 30 countries

Austin, TX ●●●●Dallas, TX ●●

Fort Worth, TX ●Houston, TX ●

Plano, TX ●

Milpitas, CA ●●●●Morgan Hill, CA ●

San Jose, CA ●San Carlos, 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 ●

21

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

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

24

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

• LinkedIN

Over $60M in total funding

Powered by Elementum: mobile software for end-to-end supply chain management

Sketch-to-Scale

25

24

Innovation from Sketch-to-Scale

New Product

Introduction

Active

Tracking

Concepting

Manufacturing

Design &

Engineering

Market

ExpansionEnd of LifeDistribution &

Logistics

IP Protection CertificationPrototyping

Reverse

Logistics

27

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

28

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

29

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

30

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

Qualification

31

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+)

32

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

Richer Business Mix

33

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

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%

35

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

3,557

3,899

3,100

FY15 FY16 FY17 YTD

36

High Reliability Solutions (HRS)

Revenue($M)

FY16

19% 16%

29% 36%

35%19%

FY10

6%13%

42% 39%

CTG CEC HRS IEI

37

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

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

38

Automotive megatrends

139MX-by-Wire

Systems

by 2019

Vehicle

electrification

15%2014-2021

Global volume

CAGR

39

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

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

40

Medical megatrends

$59BDigital

Health

by 2020

Connected health

33%2015-2020

Global volume

CAGR

41

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

4,4594,681

3,673

FY15 FY16 FY17 YTD

42

Industrial & Emerging Industries (IEI)

Revenue($M)

FY16

19% 16%

29% 36%

35%19%

FY10

6%13%

42% 39%

CTG CEC HRS IEI

43

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+

44

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

45

Flex Energy solutions

Supporting broad marketsUtility CommunityDistributed Generation Residential

Solar Tracking SystemsEnergy Storage Analytics

FY16

19% 16%

29% 36%

35%19%

FY10

6%13%

42% 39%

CTG CEC HRS IEI

46

Communications & Enterprise Compute (CEC)

Revenue($M)

9,1918,842

6,400

FY15 FY16 FY17 YTD

47

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

48

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

49

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

50

Developing growth vectors

Fashion

ConnectedHome

ConsumerHealth

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

51

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 Technologies

Strategic M&A

52

1 Reflects M&A transactions completed from FY13 to FY16 (excludes OEM asset acquisitions)53

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

54

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

55

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

56

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

57

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

Latest Financial UpdateResults for Q4 Fiscal 2016

Earnings Announcement: April 28, 2016

58

Revenue & Adjusted Gross Margin($M)

59

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


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%


Adj. Gross Margin

Adjusted Operating Income ($M)

236 200 190 197

223

3.5% 3.5%3.2% 3.3%

3.6%


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.


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%

60Please 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.


CEC

CTG

IEI

HRS

26%

16%34%

24%

61

Q3 FY2017 Highlights and Key Trends

158

114 121 144

363

9.3% 9.7%8.3% 7.3%

9.6%


FCF Yield

Free Cash Flow($M)

90 89 95 90

75

551 545 546 541 537


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

37%

18%15%

30%

62

Revenue by Business Group

Communications &

Enterprise ComputeTelecom, Networking, Server & Storage,

Storage & Security Appliance, Converged

Infrastructure, Software Defined Product

Solutions.


GroupWearables, Fashion, Connected Living,

Gaming, Mobile, PCs/Printers.


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

63

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

»

»»

Creating a smarter, more connected world

For more information contact:

Kevin Kessel

VP, Investor Relations

[email protected]

(408) 576 - 7985

Or visit us at investors.flex.com

Mary Lee

Director, Investor Relations

[email protected]

(408) 576 - 5167

Katherine Chen

Analyst, Investor Relations

[email protected]

(408) 577 - 4037