Flex Ltd. Files 2024 10-K

TL;DR

Flex Ltd. 2024 10-K filed. Financials out.

AI Summary

Flex Ltd. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its financial performance and business operations. The company, formerly known as Flextronics International Ltd., is headquartered in Singapore and operates in the printed circuit boards industry. This filing provides a comprehensive overview of its financial health and strategic direction for investors and stakeholders.

Why It Matters

This 10-K filing provides crucial financial and operational details for Flex Ltd., enabling investors to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks.

Key Numbers

• 2024-03-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-05-17 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• FLEX LTD. (company) — Filer
• Flextronics International Ltd. (company) — Former Company Name
• 20240331 (date) — Fiscal Year End
• 20240517 (date) — Filing Date
• Singapore (location) — Company Headquarters

FAQ

Filing Documents

• flex-20240331.htm (10-K) — 2743KB
• flex-exx1901_3312024.htm (EX-19.01) — 74KB
• flex-exx2101_3312024.htm (EX-21.01) — 155KB
• flex-exx2301_3312024.htm (EX-23.01) — 4KB
• flex-exx3101_3312024.htm (EX-31.01) — 12KB
• flex-exx3102_3312024.htm (EX-31.02) — 12KB
• flex-exx3201_3312024.htm (EX-32.01) — 9KB
• flex-exx9701_3312024.htm (EX-97.01) — 40KB
• flex-20240331_g1.jpg (GRAPHIC) — 83KB
• 0000866374-24-000021.txt ( ) — 15226KB
• flex-20240331.xsd (EX-101.SCH) — 92KB
• flex-20240331_cal.xml (EX-101.CAL) — 136KB
• flex-20240331_def.xml (EX-101.DEF) — 479KB
• flex-20240331_lab.xml (EX-101.LAB) — 1080KB
• flex-20240331_pre.xml (EX-101.PRE) — 824KB
• flex-20240331_htm.xml (XML) — 2595KB

Forward-Looking Statements

Forward-Looking Statements 3 Item 1.

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100 Item 9A.

Controls and Procedures

Controls and Procedures 100 Item 9B. Other Information 102 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III Item 10. Directors, Executive Officers and Corporate Governance 102 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accountant Fees and Services 102 PART IV Item 15. Exhibits and Financial Statement Schedules 103 Item 16. Form 10-K Summary 103 Exhibit Index 103

Signatures

Signatures 107 2 Table of Content s PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for historical information contained herein, certain matters included in this annual report on Form 10-K are, or may be deemed to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "will," "may," "designed to," "believe," "should," "anticipate," "plan," "expect," "intend," "estimate" and similar expressions identify forward-looking statements, which speak only as of the date of this annual report. These forward-looking statements are contained principally under Item 1, "Business," and under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Because these forward-looking statements are subject to risks and uncertainties, actual results could differ materially from the expectations expressed in the forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include those described in Item 1A, "Risk Factors" and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." In addition, new risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. We undertake no obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances. Unless otherwise specifically stated, references in this report to "Flex," the "Company," "we," "us," "our" and similar terms mean Flex Ltd. and its subsidiaries.

BUSINESS

ITEM 1. BUSINESS OVERVIEW Flex is the advanced, end-to-end manufacturing partner of choice that helps market-leading brands design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex supports our customers' entire product lifecycle with a broad array of services in every major region. The Company's full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, post-production and post-sale services. Flex partners with customers across a diverse set of industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. As of March 31, 2024, as a result of the Spin-off (defined below) of Nextracker Inc. ("Nextracker"), formerly our subsidiary and Nextracker segment, in the fourth quarter of fiscal year 2024, Flex now reports its financial performance based on two operating and reportable segments as follows: Flex Agility Solutions ("FAS"), which is comprised of the following end markets: Communications, Enterprise and Cloud ("CEC") , including data infrastructure, edge infrastructure and communications infrastructure Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio Consumer Devices , including mobile and high velocity consumer devices. Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: Automotive , including next generation mobility, autonomous, connectivity, electrification, and smart technologies Health Solutions , including medical devices, medical equipment, and drug delivery Industrial , including capital equipment, industrial devices, embedded and critical power offerings, and renewables and grid edge. On January 2, 2024, the Company completed its previously announced spin-off of its remaining interests in Nextracker (the "S

View Full Filing

View this 10-K filing on SEC EDGAR