Flex (FLEX) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and transformation

• Flex has evolved from a traditional EMS company to a diversified provider of products and services, focusing on high-growth, high-margin sectors since 2020 under new leadership.

• The company has trimmed non-core, low-margin businesses and made strategic acquisitions to strengthen its position in critical power, embedded power, and liquid cooling.

• Flex operates over 50 million sq ft of manufacturing capacity across 100+ global locations, offering unique global reach and flexibility.

• The business is organized into segments: Reliability (automotive, health solutions, industrial) and Agility (communications, enterprise, cloud, consumer devices).

• The customer base is highly diversified, including major hyperscalers and leading technology companies.

Data center and AI market focus

• Data center and AI are major growth drivers, with Flex providing over 80% of the components and systems needed for modern data centers.

• The company offers end-to-end solutions from critical power and embedded power to IT hardware, rack integration, and advanced liquid cooling.

• Recent acquisitions, such as JetCool and Crown Technical, have enhanced capabilities in cooling and power distribution.

• Flex's data center revenue has more than doubled as a percentage of total revenue in two years, with margins accretive to the overall business.

• Fiscal year data center business is projected to grow 35% or more, following 50% growth last year.

Strategic partnerships and announcements

• Flex announced a new partnership with AMD to manufacture GPUs, including the MI355X and upcoming MI455X series, at its Austin, Texas facility.

• The company is also involved in a significant warrant deal with Amazon and supports AMD's $60 billion deal with Meta by providing manufacturing capacity.

• Flex is actively engaged with nearly every major Satcom player and top cybersecurity providers, expanding its presence in fast-growing tech sectors.

• The company is positioned as a unique partner for hyperscalers, offering integrated design and manufacturing for next-generation data centers.

• An investor event is scheduled for May 13 in Austin, where more details on data center operations will be shared.