Flex (FLEX) BofA Securities 2024 Global Technology Conference summary

Strategic transformation and business vision

• Focused on building adjacencies to core EMS, including power products and value-added services for growth and margin improvement.

• Portfolio now includes core EMS, differentiated power products (automotive, data centers), and end-to-end services.

• Each business area offers incremental growth and margin opportunities.

• Five-year vision centers on these three pillars for future differentiation and expansion.

Financial outlook and margin guidance

• Provides full-year guidance based on robust customer and inventory analysis, maintaining a conservative approach.

• Q1 margins typically muted due to lower volumes and upfront program spend, with improvement expected through the year.

• Margin cyclicality is consistent with historical patterns; full-year margin improvement is guided and expected.

Market environment and seasonality

• Improved visibility due to better inventory management and clearer channel conditions.

• Seasonality expected to return to pre-pandemic patterns, with slower Q1 and stronger Q4.