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2024 ANNUAL REPORT
Integrating
the power of
manufacturing
Message from
our CEO
   We will continue to execute on our
strategy to unlock the full potential
of Flex.   
Revathi Advaithi
CEO
June 25, 2024
Dear Shareholders and Colleagues,
We set our Flex Forward strategy    ve years ago with the goal of creating shareholder value through pro   table
growth and margin expansion, leading to greater    nancial resiliency through the cycles. This result would come
from winning the right kind of growth, expanding our services, and continuing to build upon our operational
excellence. Ultimately, this is about solving complexity, and delivering greater value for our customers.
This strategy has been tested repeatedly over the last several years, and each time we have demonstrated it
is working. I am very proud of our performance in    scal 2024, particularly as we navigated a highly dynamic
environment, while making progress towards our longer-term goals. We achieved record adjusted margins,
delivered another year of double-digit adjusted earnings-per-share growth over the prior year, and generated
substantial value for our shareholders.
Importantly, these results demonstrate the resiliency we have built into our business as we continue to navigate
the various macrocycles effectively. Through these challenges, we continue to help our customers solve
increased complexity and deliver on our commitments to our stakeholders.
Financial Outcomes*
Fiscal 2024 was another milestone year for Flex. Based on Flex continuing operations (excluding Nextracker), we
achieved record annual adjusted operating margins of 4.8%, up 50 basis points from    scal 2023. We delivered
11% adjusted earnings-per-share growth, reaching a record $2.15. All of this was accomplished despite a
7% revenue decline due to the increased headwinds in the global economy.
We currently exist in a time where macro uncertainty is more of the norm rather than the exception. We believe
Flex is in a much better position to manage through these times and it is re   ected in our results. For example,
over the last three years, as revenue grew at a 5% compounded annual growth rate, adjusted operating margins
expanded by over 100 basis points, and this is the fourth year in a row we   ve generated double-digit adjusted
EPS growth.
Additionally, these global disruptions are also driving business opportunities for Flex, as companies look for help
navigating regionalization trends and structural disruptions to value chains.
This year, we returned a record $1.3 billion to shareholders through stock repurchases. We also completed the
Nextracker separation on January 2nd. Our decision and subsequent actions to separate Nextracker generated
substantial value through multiple phases of the transaction. This included the initial public offering, a follow-on
* See Annex A to our proxy statement for a reconciliation of GAAP to non-GAAP    nancial measures referenced in this letter.
offering, and    nally the tax-free spin-off of our remaining interest in Nextracker to our shareholders, which alone
returned value of approximately $3.5 billion.
Flex Forward Strategy
We continue to make progress on our transformative long-term strategy, shifting to higher value business,
expanding our service offerings, and building on our Flex product portfolio in cloud power and automotive.
In the early phases of our strategic shift, we prioritized higher-value end markets with favorable secular drivers
and pro   tability pro   les, such as cloud, automotive, industrial, and healthcare. We have also worked to build
synergies across the Flex platform, including areas of technical expertise, vertical integration, and value-added
services.
In    scal 2024, our cross-industry expertise strategy continued to bear fruit particularly in the cloud and
automotive end markets. Through focused investment in advanced compute and power systems expertise our
cloud-facing business reached $3 billion. This is a combination of $2 billion from our AI-supportive customized,
fully integrated rack solution, including liquid-cooling capabilities, in our CEC business unit, and $1 billion from
our data center power products portfolio, that falls under our Industrial business unit.
We are differentiated by providing the most comprehensive data center offering in the industry. Our end-to-end
manufacturing services and capabilities across the globe are unmatched, including components, metal
fabrication, vertical integration, logistics, post-sale services, and more.
Furthermore, Flex is the only EMS provider with its own comprehensive set of data center power products, from
embedded power at the board and rack level to critical facilities power, with a portfolio that is truly grid-to-chip.
Our cross-industry expertise in compute and power also extends into the automotive sector. All vehicles,
regardless of the powertrain type, are becoming more like    edge data centers on wheels.    Additionally, the
adoption of EV and hybrid powertrains adds further challenges, requiring more complex power systems.
We are providing more than just hardware manufacturing. Our    exible business model differentiates us in the
market giving us a broad spectrum of collaborative engagements with top automakers, including both joint and
full product design within compute and power. We see our offerings resonating with automakers as    scal 2024
was another strong year of new wins following back-to-back years of record new program wins.
Data center and automotive are two markets with very strong, long-term secular drivers. Given our positioning
and the strong market growth dynamics, we believe these two businesses combined can reach approximately
40% of Flex total revenue, as we look out towards    scal 2029.
Manufacturing Services Excellence
Our strong ability to execute comes from our foundation in manufacturing services. We are always focused on
increasing our technical capabilities, driving faster deployment and greater ef   ciencies through our advanced,
   exible automation strategy, and ensuring we have the optimal global footprint to effectively support our
customers in a regionalizing world.
On this foundation, we continue to expand our services and vertical integration capabilities to serve more of our
customers    needs and increase our addressable market.
We started our journey to expand these services years ago, where we saw the opportunity to move beyond
simple electronics production. We expanded into high-performance plastics and metals, and created vast
components services, and global logistics and refurbishment capabilities.
Putting this all together, our global network of integrated manufacturing and service locations increases
resiliency and time to market. Our initiatives and investments in automation, capabilities, and systems enable us
to achieve productivity gains to help drive margins and prepare us for the future.
Looking Forward
We expect    scal 2025 to experience similar economic headwinds in the global economy as we saw in    scal 2024.
Despite these challenges,    scal 2025 should be another year of strong strategic and    nancial progress.
We will navigate the near-term currents, invest in our future opportunities, and continue to execute on our strategy to
unlock the full potential of Flex. We remain very optimistic about our future, and we greatly appreciate the continued
partnership of our customers, colleagues, and our shareholders.
Regards,
(Company Registration Number 199002645H)
Notice
11:00 a.m., Central time
Flex Ltd.
12455G Research Blvd,
Welcome Center
Austin, TX 78759 U.S.A.
Vote via Internet
at www.proxyvote.com
Vote in Person at the Meeting
on August 8, 2024 at 11:00 a.m., Central time
To Be Held on August 8, 2024
To Our Shareholders:
You are cordially invited to attend, and notice is hereby given of,
the annual general meeting of shareholders of Flex Ltd., which
will be held at our of   ces located at 12455G Research Blvd,
Welcome Center, Austin, TX 78759 U.S.A., at 11:00 a.m., Central
time, on August 8, 2024, for the purposes summarized below and
described in more detail in the accompanying proxy statement.
We urge you to read the entire proxy statement carefully before
voting. Unless the context requires otherwise, references in this
notice and the proxy statement to    Flex,    the    Company,       we,       us,   
   our    and similar terms mean Flex Ltd. or, as the case may be, Flex
Ltd. and its subsidiaries. Flex is incorporated in the Republic of
Singapore under the Companies Act 1967, which we refer to as the
   Singapore Companies Act    or the    Companies Act 1967   .
Please refer to our proxy materials or the
information forwarded by your bank or other
holder of record to see which voting methods
are available to you.
2024 Proxy Statement
Shareholder Info
Vote by Mail
Sign and return your proxy card in the
postage-paid envelope
of Annual General
Meeting of Shareholders
Annual Report
Thursday
August 8, 2024
Notice & Proxy Statement
FLEX LTD.
(Incorporated in the Republic of Singapore)
 • shareholder letter icon 6/25/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/21/2023 FLEX Stockholder Letter
 • stockholder letter icon More "Electronic Equipment & Products" Category Stockholder Letters
 • Benford's Law Stocks icon FLEX Benford's Law Stock Score = 80


FLEX Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
Integrating
the power of
manufacturing


Message from
our CEO
   We will continue to execute on our
strategy to unlock the full potential
of Flex.   
Revathi Advaithi
CEO
June 25, 2024
Dear Shareholders and Colleagues,
We set our Flex Forward strategy    ve years ago with the goal of creating shareholder value through pro   table
growth and margin expansion, leading to greater    nancial resiliency through the cycles. This result would come
from winning the right kind of growth, expanding our services, and continuing to build upon our operational
excellence. Ultimately, this is about solving complexity, and delivering greater value for our customers.
This strategy has been tested repeatedly over the last several years, and each time we have demonstrated it
is working. I am very proud of our performance in    scal 2024, particularly as we navigated a highly dynamic
environment, while making progress towards our longer-term goals. We achieved record adjusted margins,
delivered another year of double-digit adjusted earnings-per-share growth over the prior year, and generated
substantial value for our shareholders.
Importantly, these results demonstrate the resiliency we have built into our business as we continue to navigate
the various macrocycles effectively. Through these challenges, we continue to help our customers solve
increased complexity and deliver on our commitments to our stakeholders.
Financial Outcomes*
Fiscal 2024 was another milestone year for Flex. Based on Flex continuing operations (excluding Nextracker), we
achieved record annual adjusted operating margins of 4.8%, up 50 basis points from    scal 2023. We delivered
11% adjusted earnings-per-share growth, reaching a record $2.15. All of this was accomplished despite a
7% revenue decline due to the increased headwinds in the global economy.
We currently exist in a time where macro uncertainty is more of the norm rather than the exception. We believe
Flex is in a much better position to manage through these times and it is re   ected in our results. For example,
over the last three years, as revenue grew at a 5% compounded annual growth rate, adjusted operating margins
expanded by over 100 basis points, and this is the fourth year in a row we   ve generated double-digit adjusted
EPS growth.
Additionally, these global disruptions are also driving business opportunities for Flex, as companies look for help
navigating regionalization trends and structural disruptions to value chains.
This year, we returned a record $1.3 billion to shareholders through stock repurchases. We also completed the
Nextracker separation on January 2nd. Our decision and subsequent actions to separate Nextracker generated
substantial value through multiple phases of the transaction. This included the initial public offering, a follow-on
* See Annex A to our proxy statement for a reconciliation of GAAP to non-GAAP    nancial measures referenced in this letter.

offering, and    nally the tax-free spin-off of our remaining interest in Nextracker to our shareholders, which alone
returned value of approximately $3.5 billion.
Flex Forward Strategy
We continue to make progress on our transformative long-term strategy, shifting to higher value business,
expanding our service offerings, and building on our Flex product portfolio in cloud power and automotive.
In the early phases of our strategic shift, we prioritized higher-value end markets with favorable secular drivers
and pro   tability pro   les, such as cloud, automotive, industrial, and healthcare. We have also worked to build
synergies across the Flex platform, including areas of technical expertise, vertical integration, and value-added
services.
In    scal 2024, our cross-industry expertise strategy continued to bear fruit particularly in the cloud and
automotive end markets. Through focused investment in advanced compute and power systems expertise our
cloud-facing business reached $3 billion. This is a combination of $2 billion from our AI-supportive customized,
fully integrated rack solution, including liquid-cooling capabilities, in our CEC business unit, and $1 billion from
our data center power products portfolio, that falls under our Industrial business unit.
We are differentiated by providing the most comprehensive data center offering in the industry. Our end-to-end
manufacturing services and capabilities across the globe are unmatched, including components, metal
fabrication, vertical integration, logistics, post-sale services, and more.
Furthermore, Flex is the only EMS provider with its own comprehensive set of data center power products, from
embedded power at the board and rack level to critical facilities power, with a portfolio that is truly grid-to-chip.
Our cross-industry expertise in compute and power also extends into the automotive sector. All vehicles,
regardless of the powertrain type, are becoming more like    edge data centers on wheels.    Additionally, the
adoption of EV and hybrid powertrains adds further challenges, requiring more complex power systems.
We are providing more than just hardware manufacturing. Our    exible business model differentiates us in the
market giving us a broad spectrum of collaborative engagements with top automakers, including both joint and
full product design within compute and power. We see our offerings resonating with automakers as    scal 2024
was another strong year of new wins following back-to-back years of record new program wins.
Data center and automotive are two markets with very strong, long-term secular drivers. Given our positioning
and the strong market growth dynamics, we believe these two businesses combined can reach approximately
40% of Flex total revenue, as we look out towards    scal 2029.
Manufacturing Services Excellence
Our strong ability to execute comes from our foundation in manufacturing services. We are always focused on
increasing our technical capabilities, driving faster deployment and greater ef   ciencies through our advanced,
   exible automation strategy, and ensuring we have the optimal global footprint to effectively support our
customers in a regionalizing world.
On this foundation, we continue to expand our services and vertical integration capabilities to serve more of our
customers    needs and increase our addressable market.
We started our journey to expand these services years ago, where we saw the opportunity to move beyond
simple electronics production. We expanded into high-performance plastics and metals, and created vast
components services, and global logistics and refurbishment capabilities.
Putting this all together, our global network of integrated manufacturing and service locations increases
resiliency and time to market. Our initiatives and investments in automation, capabilities, and systems enable us
to achieve productivity gains to help drive margins and prepare us for the future.
Looking Forward
We expect    scal 2025 to experience similar economic headwinds in the global economy as we saw in    scal 2024.
Despite these challenges,    scal 2025 should be another year of strong strategic and    nancial progress.
We will navigate the near-term currents, invest in our future opportunities, and continue to execute on our strategy to
unlock the full potential of Flex. We remain very optimistic about our future, and we greatly appreciate the continued
partnership of our customers, colleagues, and our shareholders.
Regards,

(Company Registration Number 199002645H)
Notice
11:00 a.m., Central time
Flex Ltd.
12455G Research Blvd,
Welcome Center
Austin, TX 78759 U.S.A.
Vote via Internet
at www.proxyvote.com
Vote in Person at the Meeting
on August 8, 2024 at 11:00 a.m., Central time
To Be Held on August 8, 2024
To Our Shareholders:
You are cordially invited to attend, and notice is hereby given of,
the annual general meeting of shareholders of Flex Ltd., which
will be held at our of   ces located at 12455G Research Blvd,
Welcome Center, Austin, TX 78759 U.S.A., at 11:00 a.m., Central
time, on August 8, 2024, for the purposes summarized below and
described in more detail in the accompanying proxy statement.
We urge you to read the entire proxy statement carefully before
voting. Unless the context requires otherwise, references in this
notice and the proxy statement to    Flex,    the    Company,       we,       us,   
   our    and similar terms mean Flex Ltd. or, as the case may be, Flex
Ltd. and its subsidiaries. Flex is incorporated in the Republic of
Singapore under the Companies Act 1967, which we refer to as the
   Singapore Companies Act    or the    Companies Act 1967   .
Please refer to our proxy materials or the
information forwarded by your bank or other
holder of record to see which voting methods
are available to you.
2024 Proxy Statement
Shareholder Info
Vote by Mail
Sign and return your proxy card in the
postage-paid envelope
of Annual General
Meeting of Shareholders
Annual Report
Thursday
August 8, 2024
Notice & Proxy Statement
FLEX LTD.
(Incorporated in the Republic of Singapore)



shareholder letter icon 6/25/2024 Letter Continued (Full PDF)
 

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