Flex Reports Q1 Fiscal 2025 Results, Announces Chief Financial Officer Transition

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Flex announced results for its first quarter ended June 28, 2024.

First Quarter Fiscal Year 2025 Highlights:

• Net Sales: $6.3 billion
• GAAP Operating Income: $233 million
• Adjusted Operating Income: $306 million
• GAAP Net Income attributable to Flex Ltd: $139 million
• Adjusted Net Income attributable to Flex Ltd: $211 million
• GAAP Earnings Per Share: $0.34
• Adjusted Earnings Per Share: $0.51

An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.

"We delivered another solid quarter, including year-over-year margin expansion and EPS growth," said Revathi Advaithi, CEO of Flex. "Our results show we continue to navigate through the dynamic cycle and drive value to our stakeholders."

Second Quarter Fiscal 2025 Guidance

• Revenue: $6.2 billion to $6.8 billion
• GAAP Operating Income: $257 million to $297 million
• Adjusted Operating Income: $310 million to $350 million
• GAAP EPS: $0.40 to $0.48.
• Adjusted EPS: $0.52 to $0.60 which excludes $0.08 for stock-based compensation expense, $0.03 for net intangible amortization, and $0.01 for net restructuring charges

Fiscal Year 2025 Guidance

• Revenue: $25.4 billion to $26.4 billion
• GAAP EPS: $1.60 to $1.80
• Adjusted EPS: $2.30 to $2.50 which excludes $0.32 for stock-based compensation expense, $0.25 for net restructuring charges, and $0.13 for net intangible amortization

Flex, today also announced that Paul Lundstrom will step down as Chief Financial Officer effective July 31, 2024 to pursue an opportunity outside of Flex.

At that time, Jaime Martinez will assume the role of Interim Chief Financial Officer. Mr. Martinez has over 20 years of experience with Flex, and has held various finance leadership roles, including financial planning and analysis, commercial, and operations.

"Paul has been a trusted partner and exceptional leader at Flex over the past four years," said Revathi Advaithi, CEO, Flex. "He has played a key role in delivering on our strategy, driving discipline across the organization, and creating value for our shareholders. On behalf of the Board of Directors and our entire team, I thank him for his many contributions and wish him well in his future endeavors."

Flex has initiated an executive search process to identify a permanent CFO. Mr. Lundstrom has agreed to assist in the orderly transition of his CFO responsibilities to Mr. Martinez along with the seasoned Finance leadership team.

"I would like to thank Revathi Advaithi, the Board of Directors, and the Flex employees for the opportunity to be a part of the team over the last four years," said Paul Lundstrom, outgoing CFO, Flex. "The long-term opportunities for Flex remain significant, and I am leaving Flex in the capable hands of the Finance leadership team. I wish the company much success in the future."