Sketch-to-Scale Solutions · PDF fileROIC well above WACC. 1. Return on Invested Capital ... 5G/Telco Cloud. Intelligent Asset Tracking. Industrial Automation. Connected Living. 2015-2020

Sketch-to-Scale Solutions™

Investor PresentationSeptember 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 Compute

Cloud Data Center, Communications, Networking, Server & Storage.

Consumer Technologies Group

Connected Living, Wearables, Gaming, AR/VR, Mobile Devices, Footwear and Clothing and Supply Chain Solutions for PCs, Tablets, and Printers.

Industrial & Emerging Industries

Semiconductor & Capital Equipment, Office Solutions, Household Industrial & Lifestyle, Industrial Automation & Kiosks, Energy & Metering, Lighting.

High Reliability Solutions

Medical: Consumer Health, Digital Health, Disposables, Drug Delivery, Diagnostics, Life Sciences & Imaging Equipment.

Automotive: Vehicle Electronics, Connectivity, Clean Technologies.

HRS IEI CEC CTG

http://www.flex.com/

2

Table of Contents

Richer Business MixSketch-to-ScaleTMWhy Flex?Flex is Ready /

Strategically Positionedto Win

Financial Update

Why Invest in Flex?

Strong Free Cash Flow

Shareholder Return

ROIC

Portfolio Evolution

Profit Growth & Earnings Power

Earnings Leverage

Targeted M&A

Customer Diversification

Balanced Capital Structure

3-4

5

6

7

8

9-10

11

12

13

14

The World Has Changed

The Flex Advantage

Flex Platform

Megatrends

Global Citizenship

12 Industries

100+ Locations Globally

Innovation & Centers of Excellence

Investing in Capabilities

Elementum

Flex Pulse

16

17

18

19

20-21

23-24

25

26-27

28

29

30

Innovation From Sketch-To-ScaleTM

% of Sketch-To-ScaleTM

Revenue

Design-Enabled Manufacturing Growth

Nike Partnership

Reinventing Construction

Platform is Uniquely Positioned

32-33

34

35

36

37

38

2020 Revenue & Profit Growth

Consumer Technologies Group (CTG)

High Reliability Solutions (HRS)

Industrial & Emerging Industries (IEI)

Communications & Enterprise Compute (CEC)

40-41

42-46

47-57

58-62

63-66

Latest Financial Update

Appendices

IR Contact Info

68-72

73-74

75

3

Why Invest in Flex?

Evolving our portfolio to provide more predictable earnings, higher margins and meaningful earnings power through structural mix change and increased Sketch-to-ScaleTM business

Strong sustainable free cash flow

Unwavering shareholder return commitment supported by significant buybacks over time

1

2

3

Financial Performance Underscores Successful Evolution

611

665

751792

815

FY13 FY14 FY15 FY16 FY17

Sustainable

0.84 0.89

1.14 1.17


1.08

Profitable

Adjusted EPS($)

Resilient

Free Cash Flow Generated($M)

Consistent

Shares Repurchased($M)

680701

554

639660


322

475

416 420

350


8% CAGR 9% CAGR $3.2B FCF generated $2.0B repurchased

Adjusted Operating Profit($M)

(FY13 – 17) (FY13 – 17)(FY13 – 17)(FY13 –17)

4

Strong Sustainable Free Cash Flow

680 701

554

639 660


Free Cash Flow($M)

$3.2Bfor FY13 to FY17

Key Cash Flow Drivers» Earnings expansion» Working capital sustained at 6-8% of sales» Disciplined capex investment modestly above

depreciation levels

~90%Free Cash Flow

Conversion

$3.5B+Operating Cash Flow

$2B+Free

Cash Flow

Cash Flow Generation Targets FY18–FY20

5

684 639

591 563 545 531

322

475 416 420

350


shares outstanding (millions)

Unwavering Shareholder Return Commitment

Share Repurchase($M)

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

Since FY11, we have repurchased…

~35%of shares

outstanding

~$3.0Bin stock

~364Mshares

6

Since FY13, we have returned...

62% of free cash flow to shareholders

Guided by our Return on Invested Capital

Return on Invested Capital1(ROIC %)

» Improving earnings efficiency

» Disciplined capital deployment

» 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.

1922

2422

20


22%Avg.

7

Portfolio Evolution to Higher Margin Business

$4.5BHRS + IEI

revenue

$9.1BHRS + IEI

revenue

Driving predicable earnings and margin expansion

FY10HRS6%

IEI13%

CTG42%

CEC39%

19% FY17

HRS17%

IEI21%

CTG27%

CEC35%

38% FY20EHRS

~22%

IEI~23%

CTG~28%

CEC~27%

~45%

~$13.0BHRS + IEI

revenue

~2years

~4 years

~6 years

Est Avg Product Life Cycle

8

FY17 Adjusted Operating

Target Adjusted Operating Margin

Profit($M)

Margin Range

$334 8.1% 6–9%

$180 3.6% 4–6%

$180 2.8% 2–4%

$229 2.7% 2.5–3.5%Corporateservices and other2

($108)

$815 3.4%

Positioned for Operating Profit and Margin Expansion

HRSIEI

CTGCEC

Targeted Adjusted Operating Profit Mix

Targeted 2020 delivers profit growth

FY20E

HRS

IEI

CTG

CEC

~60%

9

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 CAGRSubstantial Earnings Leverage

3x4x

Revenue mix

CEC

HRSIEI

CTG

FY20E

~45%

CEC CTG IEI HRS

~40%Total Flex

10

$1.17

~$0.26

~$0.22

~$0.19

~$0.02 ~$0.02 ~$0.12 ~$0.20

$1.80

FY16 FY17 HRS CTG IEI CEC CorporateInvestments

ShareRepurchase

Interest andTaxes

FY20E

$1.14

The Path to Delivering Substantial Earnings Leverage

» Sketch-to-Scale penetration» Leveraging investments» Operational execution

12%CAGR

$2.15+

Record EPS

11

1 Reflects M&A transactions completed from FY13 to FY17 (excludes certain OEM asset acquisitions)

Targeted M&A Accelerates Our Portfolio Evolution

11<$25M

Target capabilities

Strategic customers

Longer product lifecycles

EPS accretive

Barriers to entry

Higher margins

Key Selection Criteria

# of Acquisitions (FY13–FY17) Based on purchase price*

4>$100M

% of M&A Spend By Business Group*

61%

HRS 24%

IEI

15%

CTG~$1.5B

M&A

Expanding longer product lifecycle businesses and Sketch-to-ScaleTM capabilities

2$25-$100M

12 *Reflects M&A transactions completed from FY13 to FY17 (excludes certain OEM asset acquisitions).

Improving Customer Diversification

10%+ Customers

FY07 FY12 FY17

Top 10 Customers as % of Total Revenue

64%

55%

43%

No 10%+ customer

Q1 FY18 was 6th straight quarter with no 10% customer

13

500 503 500

600

CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25

56113

700

Balanced Capital Structure

Investment Grade RatedMoody’s | S&P | Fitch

Significant Debt Maturities*($M) Balances as of June 30, 2017

~3.6%Low Avg.

Cost of Debt

$3.3BSolid Liquidity

($1.75B revolver + $1.6B cash)

2.4xStrong Debt/ Adj. EBITDA4

(LTM)

Term Loan

Notes

$2.3BCredit Facility Renewal

Maturity date in 2022($1.75B revolver + $503M loan)

*Does not reflect the contractual quarterly amortization payments due prior to maturity.

14

The World Has Changed… Flex is Ready

15

Electronic Manufacturing

Services

Worldwide Scale and Labor Arbitrage

Time

Contract ManufacturingAsset Light and

Lower Cost

Our Industry Has Changed -- We Have Evolved Our Model

Cost Based Discussion

Director of Procurement

3-6 months lead-time

»

Sketch-to-ScaleTM

Solutions and co-innovation

Revenue/Strategy Discussion

C-level Executive

18-24 months lead-time

16

Flex is Ready… The Flex Advantage

$24Brevenue

50Msq. ft. of

manufacturing & services

space

200,000employees

100sites in over 30 countries

3,000design

engineers

17

Capabilities Built for the Future

The Flex Platform

Our company innovates across three dimensions

18

Yielding a Massive Expansion of TAM

Artificial Intelligence (AI) **

Digital Health

Smart Cities *

Autonomous/ Connected Cars

Cloud Data Center

Augmented Reality/ Virtual Reality (AR/VR) **

5G/Telco Cloud

Intelligent AssetTracking

Industrial Automation

Connected Living

2015-2020 data points ($B), CAGR

Source: Gartner, IDC,IFR, Markets & Markets, GMI Insights, Goldman Sachs, Autodesk, Flex Internal Estimates (1) Represents 2016 estimated figured(2) Overlaps with other categories including connected living an autonomous vehicles

246392

10%

4

3554%

8

4756%

32 61

14%

10

2520%

65

17622%

50

11919%

3

3884%

1

1282%

3676

16%

19Source: Gartner, IDC,IFR, Markets & Markets, GMI Insights, Goldman Sachs, Autodesk, Flex Internal Estimates *Overlaps with other categories including connected living an autonomous vehicles.**Represents 2016 estimated figure.

Flex Global Citizenship

Aligned to UN 2030

Our values, our commitments and our aspirations to contribute to the greater world around us

COMMUNITYPEOPLE INNOVATION INTEGRITYENVIRONMENT

Member of environmental

and social responsibility organizations

48,429Employee volunteer

hours

World’s MostAdmired

Companiesby FORTUNE

61,000MWh/yearLED light

To learn more, please visit: flex.com\sustainability20

Flex 20 by 2020

For more information review our Biannual Progress Report (as of Dec, 2016):https://www.flex.com/about/commitment/global-citizenship/flex-20-by-2020-progress-report

Volunteer Hours CSER Supplier Training

Supplier Screening on Social and Environ. Criteria

Worker Empowerment Training Program

Flex Foundation –Community Grants

CoBCE Training Completion

In-person CoBCE Training

Incident Rate

Employee Development

Flex Pledge Audits

Human Rights Policy Training Completion

EICC Compliance on Rest Day Requirements

Use of Renewable Energy

Water Recycling

CO2 Emissions

Cost of Electricity to the Grid vs Fossil Fuels

Number of Powered Homes Equivalent

Waste Diversion Rate

Water Consumption

Percent of Sites with Community Activities

Flex has established 20 goals targeted for 2020 that align with the U.N. Sustainable Development Goals

CoBCE: Code of Business Conduct and Ethics

21

https://www.flex.com/about/commitment/global-citizenship/flex-20-by-2020-progress-report

Strategically Positioned to Win

Operating at Scale Across 12 Industries

Medical

$2B

Automotive

$3B

Industrial

$1B

Home Appliances

$1B

CapitalEquipment

$1B

Energy

$2B

Telecom

$3B

EnterpriseCompute

$2B

Wearables

$1B

ConnectedLiving

$1B

Mobile

$2B

Networking

$3B

Revenue

23

Giving Us Unparalleled Insight

Medical

$2Billion

Automotive

$2Billion

Industrial

$1Billion

Home Appliances

$1Billion

CapitalEquipment

$1Billion

Energy

$2Billion

Telecom

$3Billion

EnterpriseCompute

$2Billion

Wearables

$1Billion

ConnectedLiving

$1Billion

Mobile

$2Billion

Networking

$3Billion

144 130 51 52 101 76

30 27 21 62 934

# of customers*

24

*Current as of May 2017 Investor & Analyst Day

Purposefully Positioned in 100+ Sites and 30 Countries

Jaguariuna, Brazil ●Sorocaba, Brazil ●●

Manaus, Brazil ●●

Milpitas, CA ●●●●San Jose, CA

San Francisco, CA ●

Austin, TX ●●●●Plano, TX ●Irving, TX ●

Tempe, AZ ●

Tijuana, MX ●●Juarez, MX ●●●Reynosa, MX ●San Luis, MX ●

Overland Park, KS ●Coopersville, MI ●●

Farmington Hills, MI ●Buffalo Grove, IL ●

Northfield, MN ●

Morrisville, NC ●●Columbia, SC ●Atlanta, GA ●Memphis, TN ●Louisville, KY ●

Boston, MA ●Manchester, CT ●

Cork, Ireland ●Limerick, Ireland ●●

Manorhamilton, Ireland ●

Venray, Netherlands ●Woerden, Netherlands ●

Hoogeveen, Netherlands ●

Budapest, Hungary ●Sarvar, Hungary ●●Tab, Hungary ●Zalaegerszeg, Hungary ●Lodz, Poland ●Tczew, Poland ●●

Migdal Ha-Emek, Israel ●●Ofakim, Israel ●Yavne, Israel ●Haifa, Israel ●

Chengdu, China ●●

Gurgaon, India ●Mumbai, India ●

Pune, India ●Bangalore, India ●Chennai, India ●●

Penang, Malaysia ●●Port of Tanjong Pelepas, Johor , Malaysia ●●

Senai, Johor, Malaysia ●●Skudai, Johor, Malaysia ●●

Ibaraki, Japan ●●

Nanjing, China ●Shanghai, China ●●Suzhou, China ●Wuzhong, China ●●

Shenzhen, China ●●●Huangtian, China ●Shiyan, China ●Gushu, China ●●Fuyong, China ●Hong Kong, China ●Dongguan, China ●Zhuhai, China ●●

Singapore ●●●Batam, Indonesia ●

Tianjin, China ●

Pamplona, Spain ●

Milan, Italy ●●Treviso, Italy ●Trieste, Italy ●

Mukachevo, Ukraine ●

Timisoara, Romania ●●

Aguascalientes, MX ●●Guadalajara, MX ●●●

Global Services

Design

Manufacturing

Mechanicals

Burlington, Canada ●Toronto, Canada ●Ottawa, Canada ●

New York Innovation Center

Ronneby, Sweden ●Linkoping, Sweden ●

Corlu, Turkey ●Gebze, Turkey ●

Warrington, UK ●

Sonderborg, Denmark ●Stuttgart, Germany ●

Hägglingen, Switzerland ●Pardubice, Czech Republic ●

Brno, Czech Republic ●Althofen, Austria ●●

Vienna, Austria

Anyang, South Korea ●

25

26

Innovation at FlexTo innovate is to do something that has never been done before

AutomotiveHealthcare

IndustrialConnected Living

Consumer ElectronicsEnergy

Fitness/WellnessCommunications

Aerospace & Defense

ConsortiaInvestments

SuppliersOEMs

EmployeesCenters of Excellence

StartupsResearch Institutions

UniversitiesLabIX

Sensor ActuatorsHuman Machine Interface

ConnectivitySmart SoftwareBattery & Power

Flexible Technologies & Miniaturization

Security & Computing

DesignPrototyping

New Product IntroductionCertification

ManufacturingDistribution

Reverse LogisticsTax & Trade

Cultivateand accelerate

collective innovation

Developthe smart

components that enable intelligence

Identifyand leverage technology

across industries

Commercializerelevant product

solutions

Developing Solutions to Accelerate InnovationComponents and platform solutions with differentiated performance

Sewing & Textile

Automation & Robotics

Centers of Competence

Roll to Roll

Micro-electronics

=+

Centers of Excellence

Connectivity

Flexible Technology & Miniaturization

Smart software

Sensors & Actuators

Security & Computing

Human Machine Interface

Battery & Power

Wearable sensor patch

Notification module

Component Solutions

27

Innovation and R&D Investments($M)

121

93

49

39

39

FY17

FY16

FY15

FY14

FY13

2014

ElementumSilicon Valley

Innovation CenterCenters of Excellence

Innovation Centers Expansion Digital Health

2017• • • • •

Sketch-to-Scale

•Innovation labs

•

Investing in Capabilities Built for the Future

28

Real-time Solutions to Improve Decision Making

» Incubated in 2012 by Flex

» Majority-owned subsidiary of Flex

» Consolidated financials with Flex

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

29

Digital Visibility Through Flex Pulse

50+Elementum and enterprise-wide

applications

8worldwide

Pulse Centers

500+customer

campus visits

5,000+Flex business

users

30

Sketch-to-ScaleTM

Sketch-to-ScaleTM Solutions Bring Your Product to Life

Intellectual Property ProtectionSafeguard your developments with the highest levels of security to ensure that your project remains confidential and is protected at every stage.

Concept DesignConceptualize, design, and test ideas through co-innovation.

Additive ManufacturingSix Sigma operations in 100+ cutting-edge facilities utilizing state-of-the-art automation, advanced robotics, virtual and augmented reality and software controls.

Advanced EngineeringAccess core technologiesand product / system design engineers. Utilize testing services and accredited labs for ISO compliance.

Global ExpansionGlobal presence and regional trade regulations, taxes and duties expertise to help efficiently expand and compete.

Active Supply Chain, Distribution & LogisticsA global supply chain demands real-time information about development, fulfillment and forward and reverse logistics.

New Product IntroductionManufacturing, supply chain and technology expertise and visibility to help identify opportunities and foresee challenges.

Prototype CreationRapidly prototype to shorten the distance to a viable, quality product.

32

Expanding Our Co-Innovation CapabilitiesWe are growing our product development scope and depth

Design services

Joint development

Co-innovation and product development

Pre-20152016

2017

Connected Living

AR/VR Solutions

Digital Health

Cloud/Mobile Infrastructure

Connected Cars

Energy Solutions

CustomerValue

Product Depth33

Co-innovation and product development

3%

9%

5%

18%

CEC CTG IEI HRS

7%

12%

27% 26%

33%

CEC CTG IEI HRS

Sketch-to-ScaleTM Revenue is Rapidly Accelerating

FY 2013

CEC CTG IEI HRS

FY 2020E

40%

FY 2017

23%

25–35%

35–45%

34

Design-Enabled Business Impact

Sketch-to-ScaleTM Manufacturing Revenue

>75% Design Center projects

are Sketch-to-Scale

Design Win Growth

>230 patents issued

in CY 2017

450+

400+

330+

FY17

FY16

FY15

7%

23%

40%

FY13 FY17 FY20E

Sketch-to-ScaleTM solutions deliver greater value

35

Transformational Nike Partnership

Meaningful RevenueInvestment losses

Top 10 CustomerCTG + margins

$2 Billion+ HRS+ margins

Massive TAM expansion | Decade-long partnership | Modernizing the footwear industry

Invest and Create Rapid Ramp Industry Expansion

FY18 2019 2020 and Beyond

Scaling Solutions

$1 Billion+ HRS-like margins

36

Reinventing the Construction Industry

(McKinsey, 2016) Real gross value added per hour worked by persons engaged, Indexed 1995 = 100

Global productivity growth

1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Construction

Total economy

Manufacturing200

190

180

170

160

150

140

130

120

110

100

0

We will also modernize the supply chain for the Construction Industry

13% of the world’s GDP

37

Cloud-based 5D Enterprise Platform

Flex Platform is Uniquely Positioned

+

New Industries

Portfolio Evolution

Sketch-to-ScaleTM

38

Richer Business Mix

Structured to Deliver Profitable Growth

Annual RevenueGrowth Target Comments

10%+ » Technical offering and leadership expertise enables growth» Leveraging innovation and sketch-to-scale capabilities

10%+ » Momentum from record bookings across its broad portfolio» Positioned to penetrate massive TAM

3% to 5% » Structurally enhancing margin and earnings growth» Transformational new partnerships and new markets

-5% to 0% » Well positioned for next generation technologies» Disciplined management of legacy business

HRS

IEI

CTG

CEC

Targeted 2020 revenue growth model

40

FY17 Adjusted Operating

Target Adjusted Operating Margin

Profit($M)

Margin Range

$334 8.1% 6–9%

$180 3.6% 4–6%

$180 2.8% 2–4%

$229 2.7% 2.5–3.5%Corporateservices and other2

($108)

$815 3.4%

Positioned for Operating Profit and Margin Expansion

HRSIEI

CTGCEC

Targeted Adjusted Operating Profit Mix

Targeted 2020 delivers profit growth

FY20E

HRS

IEI

CTG

CEC

~60%

41

Consumer Technologies Group (CTG)

Revenue ($M)

1,314

1,665 1,849

1,535 1,512

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18

FY17 Updates» $1B in new bookings

» 50 new accounts

» 195 new programs awarded

» $1.4B increase YoY revenue for Connected Home and Audio

» 27% of revenue is Sketch-to-ScaleTM

» BOSE partnership announced

» 2 new Audio factories

42

Continuing to Invest in Growing Markets

60%

17%22%

0%

Traditional ConnectedHome

Wearables AR/ VR

2017 2020

35–40%

15–20%

30-35%

15–20%

Traditional ConnectedHome

Wearables AR/VR

% of total CTG business

43

Increasing Development of Growth Vectors

AR/VR» Gaming» Entertainment» Education» Customer Service

Fashion» Footwear» Connected Jewelry» Smart Apparel» Smart Accessories

Connected Home» Voice-Controlled Assistants» Home Gateways» Media Devices» Connected Audio

Wearables» Headsets and Headphones» Smart Watches» Hearables» Bio-authentication

Consumer Health» Biometric Monitors» Telehealth» Home Health Monitoring

Consumer AI» Smart Robots» Smart Toys» Automotive After-Market» Drones

44

Higher Margins and Operating Profit

Operating Profit

Customers Added

Revenue Growth

6%+ 404%

<3% 4-14%

4%* 69%STRATEGIC

CORE

ICE

FY17 Achieved

*Not including Nike investment45

Driving Step Function ChangeCTG OP(%)

Investment Year

1.3%

2.4% 2.3%

2.8%

3.5–5%

2–4%

% Actuals% OP Range46

2%+

2–3% 2–3%

2–4%

FY14 FY15 FY16 FY17 FY18E FY19E FY20E

High Reliability Solutions (HRS)

FY17 Updates

» Thoughtfully positioned across the important megatrends

» Powered by deep industry expertise

» Unique competitive position created

» Long term structural growth is intact

3,557

3,899

4,149

FY15 FY16 FY17

228

295 334

FY15 FY16 FY17

6.4

7.68.1

FY15 FY16 FY17

47

Revenue($M)

OP($M)

OP(%)

Auto Megatrends Are Driving Major Changes

Safety and security

Infotainment embedded and

smartphone integration

Software and data management

SAE level 5 Fully Autonomous

Context intelligent services conditional

automation, 5G

2010 2015 2020 2025

48

Increasing The Auto Sketch-to-Scale Portfolio

Autonomous Connectivity Clean Tech Vehicle ElectrificationWing cameras Server compute

podsInnovative HMI Wearables Smart sensors AGS actuators Battery cables Wireless

chargingAmbient lighting

Smart textiles / Floor mats

ADAS modules Video radar decision units

Cloud services V2X modules Active surfaces DC-DC converters

Energy recuperation

Mirror actuators Lift gates Projection lighting

Sensor fusion boxes

Smart gatewaymodules

Infotainment and displays

Interior cameras

Solenoids Wire harnesses Overhead consoles

Dome lights

49

Levers of Automotive Growth

98

180

450 500

FY11 FY14 FY17 FY18E

# of vehicle models $ content per vehicle

43

88

118 134

148

185

FY11 FY14 FY17 FY18E FY19E FY20

50

51

Automotive Offerings

Rear CompartmentRear Tail Lamp PCBAs

LED Tail Lamp ControllersPower Deck Lid/Lift Gate Controllers

DoorsMotion Control ModulesPower Mirror Actuators

SeatsPower Seat Modules

Engine & PowertrainRecuperation Modules

DC/DC ConvertersHigh Precision Solenoids (Engine & Transmission)

Wiring Harnesses (Al & Cu)Battery Cables

Specialized Harnesses (incl. FPC & AL)

Front EndFront Lamp PCBAsLight Control ModulesActive Grill Shutter Actuators

Instrument PanelDigital LCD GaugesLED/RGB Ambient Lighting

Overhead SystemsOverhead ConsolesDome LampsSunroof Controllers Connectivity/Infotainment

Connectivity & Media ModulesMedia Device Interface ModulesRear Seat Entertainment ModulesVehicle System Interface ModulesHead Units

$83M

$1.0B

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E

Sustaining Double Digit Automotive Growth

+35%11 yearCAGR

>10%3-yearCAGR

$2.3B

52

Revenue

Medical Megatrends Are Driving Major Changes

Traditional hospital setting dominates delivery of care

Doctor-centric provision of care, regardless of

point of care

Proliferation of retail clinic points of care;

leverage basic EMR systems

Care providers leverage advanced algorithms in clinical decision makingHealthcare delivered

in a home setting

2010 2015 2020 2025

53

54

Medical Solutions and Technology Portfolio

2011

Blood Glucose Meter

Disposables Diagnostics

2013

Drug Delivery devices

Implantables Patient mobility Infusion sets Surgical Instruments

2016

Software solutions

CGM Ophthalmology Imaging Orthopedics Digital health Combination drug delivery

2017

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

55

Connectivity is the Bridge to Digital Health

Phase III: Insight GenerationMedical grade connectivity platform converts raw data into actionable insight

Phase II: Integration and ScalingScalable platform broadly supports digital health solutions, with clinical workflow and impacts patient management

Phase I: Data GenerationSmart devices enable data collection

Hospital BasedAcute and critical careNew therapies for patients

To Home BasedMobile disease management and monitoringPharma companies need home based technologies to deliver drugs

Added ConnectivityHome based connectivityIncreases safety and compliance in homes based therapy

56

Medical Back on Double Digit Trajectory

$242M

$1.0B

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E

Revenue+20%11 yearCAGR

10%3-yearCAGR

$1.8B

57

127 132

158

180

FY14 FY15 FY16 FY17

3.8

4.5 4.75.0

FY14 FY15 FY16 FY17

Industrial and Emerging Industries (IEI)

Revenue($B)

OP($M)

58

FY17 Updates» $2B+ record bookings

» 26% Sketch-to-ScaleTM

revenue

» 6.1% OP growth from FY14 to FY17

» 72+ new logos

9.5%CAGR

6.1%Growth

12.3%CAGR

3.6%OP%

Transitioning Into The Age of Intelligence

Cloud Connectivity

Smart Cities

Digital Energy

Connected Cars

Industrial Automation

Industry 4.0

Digital Health

Smart Appliances

Wearables

Home Automation

Home Monitoring

Smart TVs

Smart Clothing

59

IEI Key Markets

LightingSolutions

EnergySolutions

Lifestyle and Appliances

Capital Equipment

$540BTAM

$55BTAM

$500BTAM

$505BTAM

Source: TAM market size for 2020 based on internal research 60

25+active accounts

$150Mbookings

20+new logos

85 active accounts

$250Mbookings

12new logos

62active accounts

~$750Mbookings

30new logos

46active accounts

~$1.1Bbookings

21new logos

61

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

62

Flex Energy Solutions

Supporting broad marketsUtility CommunityDistributed

GenerationResidential

Solar Tracking SystemsEnergy Storage Analytics

Communications and Enterprise Compute (CEC)

FY17 Updates» Revenue $8.4B

− Cloud Data Center: Up 14% YoY − Communications: Up 1% YoY via Optical − Networking: Down -2%− Traditional Server, Storage: Down -35%

» Strong capital efficiency

» Sketch-to-ScaleTM growth 21% YoY > $1B

» $2B in bookings and 18 new customers

9,191

8,842

8,383

FY15 FY16 FY17

63

Revenue ($M)

Connected Things / Connected Intelligence

Smart Cities

M2M and Robotics

IEI

Digital Health

Autonomous Driving

HRS

Born in the Cloud Providers Telco Cloud Transformation Enterprise Hybrid Cloud

Mobile Device

Connected Living

Augmented Reality

CTG

Cloud and Edge Computing

5G

CEC

64

65

Sketch-to-ScaleTM Accelerates Sketch-to-ScaleTM 12% of Revenue FY17 to ~30% FY20

FY15 FY17 FY20

ProductPlatforms

Core R&DEngineers

SoftwareEngineers

12 27 60

293 458 800

60 98 200

12%

88%

FY17

~30%

~70%

FY20E

Flex Portfolio Evolution via Sketch-to-ScaleTM

Portfolio Evolution

Operating Profit Range

Revenue Projections

Sketch-to-ScaleTM: Communications, Converged Enterprise and Cloud

Traditional OEM

FY17 FY18E FY19E FY20E

Growth Inflection Point

$8.4B

3.5%2.5%

66

Latest Financial Update

5,8776,009 6,115

5,8636,008

6.9% 6.9% 7.1% 7.1% 6.8%

Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Adj. Gross Margin

Adjusted Operating Income ($M)

190 197223 205

178

3.2% 3.3% 3.6% 3.5%3.0%


Adj. Operating Margin

Revenue & Adjusted Gross Margin($M)

Quarterly Financial Highlights

22%20% 20% 20% 19%


Return on Invested Capital1

(ROIC %)

$0.27 $0.28

$0.34

$0.29

$0.24


Adjusted Earnings Per Share (EPS)

68

Q1 FY18 Target AdjustedOperating Margin Range

($M)Rev$ OP$

(adj.)OP%

(adj.)

$1,973 $49 2.5%Continued investments in cloud data center amidst challenging traditional hardware demand environment

$1,512 $18 1.2% Elevated investments in strategic partnership and new technologies and markets

$1,391 $55 4.0% Strength in industrial, home & lifestyle and energy

$1,132 $90 8.0% Solid operational execution and continued growth

Corporate Services &

Other2-- ($34) --

Total $6,008 $178 3.0%

6

4

2

2.5

9

6

4

3.5

Operating Performance by Business Group

1.2%

2.5%

4.0%

8.0%

CEC

CTG

IEI

HRS

69

33%

23%19%

25% Q1 FY18 Revenue

42%

CTGCEC

IEIHRS

Q1 FY2018 Highlights

95 90 75

90 74

546 541 537 531 533


Shares Outstanding (M)

Share Repurchases($M)

Continued Portfolio Evolution Capital Return Commitment

38%

22%18%

22% Q1 FY17 Revenue

40%

CTG

CEC

IEIHRS

» HRS and IEI growth accelerating as anticipated

» Successfully booking new customers and expanding Sketch-to-ScaleTM relationships

» 12th straight quarter of generating over $100 million in cash flow from operations

70

Industrial & Emerging 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.

33%23%

19%

25%

Revenue by Business GroupJun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17E

($M) $ $ $ $ $ Q/Q % Y/Y % Outlook Y/Y %

2,196 2,102 2,102 1,983 1,973 (1%) (10%) Down 10% to 15%

1,314 1,665 1,849 1,535 1,512 (1%) 15% Flat to up 5%

1,289 1,243 1,141 1,296 1,391 7% 8% Up 5% to 15%

1,078 999 1,023 1,049 1,132 8% 5% Up 10% to 20%

Total $5,877 $6,009 $6,115 $5,863 $6,008 2.5% 2.2%

Q1 FY18

CEC

CTG

IEI

HRS

Communications & Enterprise ComputeCloud Data Center, Communications, Networking, Server & Storage.

Consumer Technologies GroupConnected Living, Wearables, Gaming, AR/VR, Mobile Devices, Footwear and Clothing, and Supply Chain Solutions for PCs, Tablets, and Printers.

HRS IEI

CEC CTG

71

Q2 FY2018 Guidance – September 2017

GAAP Income Before Income Taxes $100 - $130 million

GAAP Earnings Per Share $0.16 - $0.20

Other Information:Interest & Other Expense ~$30 - $35 million

Adjusted Income Tax Rate Low-end of 10% to 15% range

WASO 538 million shares

($M, except per share amounts)

$5,900 - $6,300Revenue

$170 - $200Adjusted Operating

Income

$0.24 - $0.28Adjusted Earnings

Per Share

72

Appendix: Reconciliation of GAAP to Non-GAAP MeasuresQuarter-ended

June 30, 2017($Thousands, except debt to EBITDA ratio) GAAP Adjustments Non-GAAP

Pretax income $145,509 $5,532 $151,041Depreciation 108,432 -- 108,432Amortization 19,901 (19,901) --Interest, net 24,790 6,870 31,660

EBITDA4 298,632 (7,499) 291,133EBITDA – rolling 4 qtrs. 1,009,128 1,245,975Total Debt $2,964,532 -- $2,964,532

Debt to EBITDA4 2.9x (0.6x) 2.4X

Quarter-endedJune 30, 2017

ROIC %1

GAAP 13.1%Non-GAAP Adjustments 6.0%

Non-GAAP 19.1%

Quarter-endedJune 30, 2017

($Thousands, except per share amounts)

GAAP gross profit $406,932Stock-based compensation expense 3,319

Non-GAAP gross profit $410,251

GAAP income before income taxes $145,509Stock-based compensation expense 21,796Intangible amortization 19,901Interests and other, net 26,876Other charges (income), net (36,165)

Non-GAAP operating income $177,917

GAAP provision for income taxes $20,799Intangible amortization benefits 1,766

Non-GAAP provision for income taxes $22,565

GAAP net income $124,710Stock-based compensation expense 21,796Intangible amortization 19,901Adjustments for taxes (1,766)Other Charges (income), net (36,165)

Non-GAAP net income $128,476

Diluted EPS GAAP EPS $0.23Non-GAAP EPS $0.24

For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods.

73

Appendix: Definitions1. 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 certain other charges or income. The net invested capital asset base is defined as the sum of shareholders' equity plus total debt less cash and cash equivalents averaged over the last five quarters. We believe ROIC is a useful measure in providing investors with information regarding our performance. ROIC is a widely accepted measure of earnings efficiency in relation to total capital employed. We believe that increasing the return on total capital employed, as measured by ROIC, is an effective method to sustain and increase shareholder value. ROIC is not a measure of financial performance under generally accepted accounting principles in the U.S., and may not be defined and calculated by other companies in the same manner. ROIC should not be considered in isolation or as an alternative to net income or loss as an indicator of performance.

2. 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. Net Working Capital is calculated as accounts receivable (AR), net adding back the reduction in AR resulting from the non-cash AR sales plus inventories less accounts payable.

4. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Debt/EBITDA are non-GAAP financial measures. EBITDA is derived by adjusting for net interest and adding back depreciation to non-GAAP pretax income. Quarterly Debt to EBITDA is calculated by dividing the Company's total debt as of the date presented by LTM EBITDA. Non-GAAP pretax income excludes certain amounts that are included in the most directly comparable measures under GAAP including stock-based compensation expense, intangible amortization and certain other charges. Additionally, non-GAAP interest includes the loss on the sale of accounts receivable under our global AR securitization and factoring programs.

74

Creating a smarter, more connected world

For more information contact:Kevin KesselVP, Investor [email protected](408) 576 - 7985

Or visit us at investors.flex.com

Mary LeeDirector, Investor [email protected](408) 576 - 5167

Katherine ChenAnalyst, Investor [email protected](408) 577 - 4037

Documents

Sketch-to-Scale Solutions · PDF fileROIC well above WACC. 1. Return on Invested Capital ... 5G/Telco Cloud. Intelligent Asset Tracking. Industrial Automation. Connected Living. 2015-2020