FLEX LTD. Files 8-K: Operations, Exits, and Officer Changes

Ticker: FLEX · Form: 8-K · Filed: May 1, 2024 · CIK: 866374

Sentiment: neutral

Topics: operations, financial-condition, officer-changes, disposal-activities

TL;DR

FLEX LTD. dropped an 8-K on 4/29 detailing financials, exit costs, and exec changes. Watch this space.

AI Summary

On April 29, 2024, FLEX LTD. filed an 8-K report detailing significant events. The filing includes information on the company's results of operations and financial condition, costs associated with exit or disposal activities, and changes in directors and officers, including compensatory arrangements. It also covers financial statements and exhibits.

Why It Matters

This 8-K filing provides investors with crucial updates on FLEX LTD.'s financial performance, strategic decisions regarding exits or disposals, and changes in its leadership, impacting the company's future direction and valuation.

Risk Assessment

Risk Level: medium — The filing covers a range of material events including financial results, disposal costs, and executive changes, which can introduce uncertainty and affect stock price.

Key Players & Entities

FAQ

What specific financial results are detailed in the 8-K filing?

The filing indicates that it covers 'Results of Operations and Financial Condition' but does not provide specific figures within the provided text.

Are there any significant exit or disposal activities mentioned?

Yes, the filing explicitly lists 'Cost Associated with Exit or Disposal Activities' as an item of information.

What changes are reported regarding directors or officers?

The filing covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' and 'Compensatory Arrangements of Certain Officers'.

When was the earliest event reported in this 8-K filing?

The earliest event reported is dated April 29, 2024.

What is FLEX LTD.'s former company name and when did it change?

FLEX LTD. was formerly known as FLEXTRONICS INTERNATIONAL LTD. and changed its name on June 8, 2006. It was also formerly FLEXTRONICS INTERNATIONAL LTD. prior to February 1, 1994, and FLEX HOLDINGS PTE LTD prior to February 1, 1994.

Filing Stats: 806 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-05-01 08:10:15

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On May 1, 2024, Flex Ltd. (the "Company") issued a press release announcing its financial results for the fourth quarter and fiscal year ended March 31, 2024. A copy of the press release is furnished with this report as Exhibit 99.1. The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. On April 30, 2024, the Company's management committed to targeted restructuring activities to improve operational efficiencies by reducing excess workforce capacity and optimizing the Company's manufacturing footprint. While a detailed action plan has not been finalized, the Company currently estimates charges in the range of $75 million to $125 million will be recognized in the first three quarters of the fiscal year ending March 31, 2025. The charges are expected to primarily relate to employee termination benefits and are expected to be settled in cash in the fiscal year ending March 31, 2025. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) On April 29, 2024, Michael D. Capellas, Chair of the Company's Board of Directors (the "Board"), informed the Board of his decision not to stand for re-election to the Board at the Company's 2024 Annual General Meeting of shareholders to be held on August 8, 2024 . Mr. Capellas' decision not to stand for re-election is not due to any disagreement with the Company on any matter relating to its operations, policies, or practices. The Company is very grateful to Mr. Capellas for his valuable contributions during his many years of dedicated Board service. William D. Watkins, a current independent director of the Board, has been appointed by the Board to serve as Chair of the Board effective upon the conclusion of the 2024 Annual General Meeting of shareholders, subject to his re-election to the Board at the meeting. A copy of the press release announcing these changes is attached hereto as Exhibit 99.2 and is incorporated herein by reference .

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. 99.1 Press release, dated May 1 , 202 4 , issued by Flex Ltd. 99.2 Press release , dated May 1, 2024, issued by Flex Ltd. 104 Cover Page Interactive Data File (formatted as Inline XBRL) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FLEX LTD. Date: May 1, 2024 By: /s/ Paul R. Lundstrom Name: Paul R. Lundstrom Title: Chief Financial Officer 3

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