SAN JOSE, Calif., Jan. 28, 2021 /PRNewswire/ -- Flex (NASDAQ: FLEX)
today announced results for its third quarter ended
December 31, 2020.
Third Quarter Fiscal Year 2021 Highlights:
- Net Sales: $6.7 billion
- GAAP Income Before Income Taxes: $233
million
- Adjusted Operating Income: $311
million
- GAAP Net Income: $208
million
- Adjusted Net Income: $251
million
- GAAP Earnings Per Share: $0.41
- Adjusted Earnings Per Share: $0.49
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.
"Flex's strong third quarter performance exceeded our prior
expectations, as robust demand across our portfolio drove solid
revenue growth. Furthermore, our operational focus and disciplined
execution delivered record adjusted operating margin and EPS," said
Revathi Advaithi, Chief Executive Officer of Flex. "These results
validate our ongoing strategy to drive margin-accretive growth,
manage business mix, improve profitability, and generate free cash
flow."
Other Developments
The Company is actively pursuing alternatives for our NEXTracker
business. The Company is considering options that may include,
among others, a full or partial separation of the business through
an initial public offering, sale, spin-off, or other
transaction.
Fourth Quarter Fiscal 2021 Guidance
- Revenue: $5.6 billion to
$6.0 billion
- GAAP Income Before Income Taxes: $145
million to $185 million
- Adjusted Operating Income: $225
million to $265 million
- GAAP EPS: $0.24 to $0.30 which includes $0.08 for stock-based compensation expense and
net intangible amortization
- Adjusted EPS: $0.32 to
$0.38
Webcast and Conference Call
The Flex management team will host a conference call today at
8:00 AM (PT) / 11:00 AM (ET), to review third quarter fiscal
2021 results. A live webcast of the event and slides will be
available on the Flex Investor Relations website at
http://investors.flex.com. An audio replay and transcript will also
be available after the event on the Flex Investor Relations
website.
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of
choice that helps a diverse customer base design and build products
that improve the world. Through the collective strength of a global
workforce across 30 countries and responsible, sustainable
operations, Flex delivers technology innovation, supply chain, and
manufacturing solutions to diverse industries and end markets.
Contacts
Investors & Analysts
David Rubin
Vice President, Investor Relations
(408) 577-4632
David.Rubin@flex.com
Media & Press
Silvia Gianelli
Senior Director, Corporate Communications
(408) 797-7130
Silvia.Gianelli@flex.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. securities laws, including statements related
to future expected revenues and earnings per share, and our
consideration of alternatives relating to our NEXTracker business.
These forward-looking statements involve risks and uncertainties
that could cause the actual results to differ materially from those
anticipated by these forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements. These risks include: the effects of the COVID-19
pandemic on our business, results of operations and financial
condition; that future revenues and earnings may not be achieved as
expected; the effects that the current macroeconomic environment
could have on our business and demand for our products;
uncertainties and risks relating to our ability to successfully
complete a transaction for our NEXTracker business; the effects
that current credit and market conditions could have on the
liquidity and financial condition of our customers and suppliers,
including any impact on their ability to meet their contractual
obligations; the challenges of effectively managing our operations,
including our ability to control costs and manage changes in our
operations; litigation and regulatory investigations and
proceedings; compliance with legal and regulatory requirements; the
possibility that benefits of the Company's restructuring actions
may not materialize as expected; that the expected revenue and
margins from recently launched programs may not be realized; our
dependence on a small number of customers; the impact of component
shortages, including their impact on our revenues; geopolitical
risk, including the termination and renegotiation of international
trade agreements and trade policies, including the impact of
tariffs and related regulatory actions; and that recently proposed
changes or future changes in tax laws in certain jurisdictions
where we operate could materially impact our tax expense. In
addition, the COVID-19 pandemic increases the likelihood and
potential severity of many of the foregoing risks.
Additional information concerning these, and other risks is
described under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
annual report on Form 10-K for the fiscal year ended March 31, 2020. The forward-looking statements in
this press release are based on current expectations and Flex
assumes no obligation to update these forward-looking statements.
Our share repurchase program does not obligate the Company to
repurchase a specific number of shares and may be suspended or
terminated at any time without prior notice.
SCHEDULE
I
|
|
FLEX
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
Three-Month
Periods Ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
GAAP:
|
|
|
|
|
Net sales
|
$
|
6,720
|
|
|
$
|
6,461
|
|
|
Cost of
sales
|
6,212
|
|
|
6,017
|
|
|
Restructuring
charges
|
29
|
|
|
14
|
|
|
Gross
profit
|
479
|
|
|
430
|
|
|
Selling, general and
administrative expenses
|
222
|
|
|
218
|
|
|
Intangible
amortization
|
16
|
|
|
16
|
|
|
Restructuring
charges
|
1
|
|
|
1
|
|
|
Interest and other,
net
|
7
|
|
|
50
|
|
|
Income before income
taxes
|
233
|
|
|
145
|
|
|
Provision for income
taxes
|
25
|
|
|
34
|
|
|
Net income
|
$
|
208
|
|
|
$
|
111
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
GAAP
|
$
|
0.41
|
|
|
$
|
0.22
|
|
|
Non-GAAP
|
$
|
0.49
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
Diluted shares used
in computing per share amounts
|
508
|
|
|
510
|
|
|
|
|
|
|
|
See Schedule II for
the reconciliation of GAAP to non-GAAP financial measures. See the
accompanying notes on
Schedule V attached to this press release.
|
|
|
|
|
|
FLEX
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
GAAP:
|
|
|
|
|
Net sales
|
$
|
17,858
|
|
|
$
|
18,725
|
|
|
Cost of
sales
|
16,618
|
|
|
17,578
|
|
|
Restructuring
charges
|
63
|
|
|
175
|
|
|
Gross
profit
|
1,177
|
|
|
972
|
|
|
Selling, general and
administrative expenses
|
606
|
|
|
633
|
|
|
Intangible
amortization
|
47
|
|
|
49
|
|
|
Restructuring
charges
|
12
|
|
|
24
|
|
|
Interest and other,
net
|
58
|
|
|
153
|
|
|
Income before income
taxes
|
454
|
|
|
113
|
|
|
Provision for income
taxes
|
81
|
|
|
74
|
|
|
Net income
|
$
|
373
|
|
|
$
|
39
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
GAAP
|
$
|
0.74
|
|
|
$
|
0.08
|
|
|
Non-GAAP
|
$
|
1.08
|
|
|
$
|
0.95
|
|
|
|
|
|
|
|
Diluted shares used
in computing per share amounts
|
505
|
|
|
515
|
|
|
|
|
|
|
|
See Schedule II for
the reconciliation of GAAP to non-GAAP financial measures. See the
accompanying notes on
Schedule V attached to this press release.
|
|
|
|
|
|
SCHEDULE
II
|
|
FLEX
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
(In millions,
except per share amounts) *
|
|
|
|
|
|
|
|
Three-Month
Periods Ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
GAAP income before
income taxes
|
$
|
233
|
|
|
$
|
145
|
|
|
Intangible
amortization
|
16
|
|
|
16
|
|
|
Stock-based
compensation expense
|
25
|
|
|
19
|
|
|
Customer related
asset impairments
|
—
|
|
|
4
|
|
|
Restructuring
charges
|
30
|
|
|
15
|
|
|
Legal and
other
|
—
|
|
|
7
|
|
|
Interest and other,
net
|
7
|
|
|
50
|
|
Non-GAAP operating
income
|
$
|
311
|
|
|
$
|
256
|
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
|
25
|
|
|
$
|
34
|
|
|
Intangible
amortization benefit
|
2
|
|
|
2
|
|
|
Other tax related
adjustments
|
1
|
|
|
(8)
|
|
|
Tax benefit on
restructuring and other
|
—
|
|
|
1
|
|
Non-GAAP provision
for income taxes
|
$
|
28
|
|
|
$
|
29
|
|
|
|
|
|
|
GAAP net
income
|
$
|
208
|
|
|
$
|
111
|
|
|
Intangible
amortization
|
16
|
|
|
16
|
|
|
Stock-based
compensation expense
|
25
|
|
|
19
|
|
|
Restructuring
charges
|
30
|
|
|
15
|
|
|
Customer related
asset impairments
|
—
|
|
|
4
|
|
|
Legal and
other
|
—
|
|
|
7
|
|
|
Interest and other
charges (income), net
|
(25)
|
|
|
17
|
|
|
Adjustments for
taxes
|
(3)
|
|
|
5
|
|
Non-GAAP net
income
|
$
|
251
|
|
|
$
|
193
|
|
Diluted earnings
per share:
|
|
GAAP
|
$
|
0.41
|
|
|
$
|
0.22
|
|
|
Non-GAAP
|
$
|
0.49
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
See the accompanying
notes on Schedule V attached to this press release.
|
|
*Amounts may not sum
due to rounding
|
|
|
|
|
|
|
|
|
FLEX
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
(In millions,
except per share amounts) *
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
GAAP income before
income taxes
|
$
|
454
|
|
|
$
|
113
|
|
|
Intangible
amortization
|
47
|
|
|
49
|
|
|
Stock-based
compensation expense
|
62
|
|
|
53
|
|
|
Customer related
asset impairments (recoveries)
|
(3)
|
|
|
95
|
|
|
Restructuring
charges
|
75
|
|
|
199
|
|
|
Legal and
other
|
28
|
|
|
29
|
|
|
Interest and other,
net
|
58
|
|
|
153
|
|
Non-GAAP operating
income
|
$
|
721
|
|
|
$
|
691
|
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
|
81
|
|
|
$
|
74
|
|
|
Intangible
amortization benefit
|
6
|
|
|
6
|
|
|
Other tax related
adjustments
|
(3)
|
|
|
(19)
|
|
|
Tax benefit on
restructuring and other
|
4
|
|
|
15
|
|
Non-GAAP provision
for income taxes
|
$
|
88
|
|
|
$
|
77
|
|
|
|
|
|
|
GAAP net
income
|
$
|
373
|
|
|
$
|
39
|
|
|
Intangible
amortization
|
47
|
|
|
49
|
|
|
Stock-based
compensation expense
|
62
|
|
|
53
|
|
|
Restructuring
charges
|
75
|
|
|
199
|
|
|
Customer related
asset impairments (recoveries)
|
(3)
|
|
|
95
|
|
|
Legal and
other
|
28
|
|
|
29
|
|
|
Interest and other
charges (income), net
|
(28)
|
|
|
27
|
|
|
Adjustments for
taxes
|
(7)
|
|
|
(3)
|
|
Non-GAAP net
income
|
$
|
547
|
|
|
$
|
488
|
|
Diluted earnings
per share:
|
|
|
|
|
GAAP
|
$
|
0.74
|
|
|
$
|
0.08
|
|
|
Non-GAAP
|
$
|
1.08
|
|
|
$
|
0.95
|
|
|
|
|
|
|
|
See the accompanying
notes on Schedule V attached to this press release.
|
|
|
|
*Amounts may not sum
due to rounding
|
|
|
|
|
|
|
|
|
SCHEDULE
III
|
|
FLEX
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
|
|
|
|
|
|
|
As of December 31,
2020
|
|
As of March 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,611
|
|
|
$
|
1,923
|
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
4,070
|
|
|
2,436
|
|
|
Contract
assets
|
121
|
|
|
282
|
|
|
Inventories
|
3,699
|
|
|
3,785
|
|
|
Other current
assets
|
610
|
|
|
660
|
|
Total current
assets
|
11,111
|
|
|
9,086
|
|
|
|
|
|
Property and
equipment, net
|
2,097
|
|
|
2,216
|
|
Operating lease
right-of-use assets, net
|
609
|
|
|
605
|
|
Goodwill
|
1,109
|
|
|
1,065
|
|
Other intangible
assets, net
|
233
|
|
|
262
|
|
Other
assets
|
509
|
|
|
456
|
|
Total
assets
|
$
|
15,668
|
|
|
$
|
13,690
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
Bank borrowings and
current portion of long-term debt
|
$
|
72
|
|
|
$
|
149
|
|
|
Accounts
payable
|
5,159
|
|
|
5,108
|
|
|
Accrued
payroll
|
475
|
|
|
364
|
|
|
Other current
liabilities
|
1,813
|
|
|
1,590
|
|
Total current
liabilities
|
7,519
|
|
|
7,211
|
|
|
|
|
|
|
Long-term debt, net
of current portion
|
3,740
|
|
|
2,689
|
|
Operating lease
liabilities, non-current
|
544
|
|
|
529
|
|
Other
liabilities
|
484
|
|
|
430
|
|
|
|
|
|
|
Total shareholders'
equity
|
3,381
|
|
|
2,831
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
15,668
|
|
|
$
|
13,690
|
|
|
|
|
|
|
SCHEDULE
IV
|
|
FLEX
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
$
|
373
|
|
|
$
|
39
|
|
|
Depreciation,
amortization and other impairment charges
|
526
|
|
|
526
|
|
|
Changes in working
capital and other, net
|
(916)
|
|
|
(2,264)
|
|
|
Net cash used in
operating activities
|
(17)
|
|
|
(1,699)
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchases of property
and equipment
|
(261)
|
|
|
(376)
|
|
|
Proceeds from the
disposition of property and equipment
|
25
|
|
|
102
|
|
|
Cash collections of
deferred purchase price
|
—
|
|
|
2,511
|
|
|
Other investing
activities, net
|
10
|
|
|
24
|
|
|
Net cash provided by
(used in) investing activities
|
(226)
|
|
|
2,261
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from bank
borrowings and long-term debt
|
1,944
|
|
|
1,017
|
|
|
Repayments of bank
borrowings and long-term debt
|
(1,012)
|
|
|
(1,308)
|
|
|
Payments for
repurchases of ordinary shares
|
(38)
|
|
|
(173)
|
|
|
Other financing
activities, net
|
(1)
|
|
|
2
|
|
|
Net cash provided by
(used in) financing activities
|
893
|
|
|
(462)
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
38
|
|
|
(8)
|
|
|
Net increase in cash
and cash equivalents
|
688
|
|
|
92
|
|
|
Cash and cash
equivalents, beginning of period
|
1,923
|
|
|
1,697
|
|
|
Cash and cash
equivalents, end of period
|
$
|
2,611
|
|
|
$
|
1,789
|
|
|
|
|
|
|
SCHEDULE V
FLEX AND SUBSIDIARIES
NOTES TO
SCHEDULES I and II
(1) To supplement Flex's unaudited selected financial data
presented consistent with Generally Accepted Accounting Principles
("GAAP"), the Company discloses certain non-GAAP financial measures
that exclude certain charges and gains, including non-GAAP
operating income, non-GAAP net income and non-GAAP net income per
diluted share. These supplemental measures exclude
restructuring charges, customer-related asset impairments
(recoveries), stock-based compensation expense, intangible
amortization, other discrete events as applicable and the related
tax effects. These non-GAAP measures are not in accordance with or
an alternative for GAAP and may be different from non-GAAP measures
used by other companies. We believe that these non-GAAP measures
have limitations in that they do not reflect all of the amounts
associated with Flex's results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate Flex's results of operations in conjunction with the
corresponding GAAP measures. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for the most directly comparable GAAP
measures. We compensate for the limitations of non-GAAP
financial measures by relying upon GAAP results to gain a complete
picture of the Company's performance.
In calculating non-GAAP financial measures, we exclude certain
items to facilitate a review of the comparability of the Company's
operating performance on a period-to-period basis because such
items are not, in our view, related to the Company's ongoing
operational performance. We use non-GAAP measures to evaluate the
operating performance of our business, for comparison with
forecasts and strategic plans, for calculating return on
investment, and for benchmarking performance externally against
competitors. In addition, management's incentive compensation is
determined using certain non-GAAP measures. Also, when
evaluating potential acquisitions, we exclude certain of the items
described below from consideration of the target's performance and
valuation. Since we find these measures to be useful, we
believe that investors benefit from seeing results "through the
eyes" of management in addition to seeing GAAP results. We
believe that these non-GAAP measures, when read in conjunction with
the Company's GAAP financials, provide useful information to
investors by offering:
- the ability to make more meaningful period-to-period
comparisons of the Company's on-going operating results;
- the ability to better identify trends in the Company's
underlying business and perform related trend analyses;
- a better understanding of how management plans and measures the
Company's underlying business; and
- an easier way to compare the Company's operating results
against analyst financial models and operating results of
competitors that supplement their GAAP results with non-GAAP
financial measures.
The following are explanations of each of the adjustments that
we incorporate into non-GAAP measures, as well as the reasons for
excluding each of these individual items in the reconciliations of
these non-GAAP financial measures:
Stock-based compensation
expense consists of non-cash charges for the estimated
fair value of stock options and unvested restricted share unit
awards granted to employees and assumed in business acquisitions.
The Company believes that the exclusion of these charges provides
for more accurate comparisons of its operating results to peer
companies due to the varying available valuation methodologies,
subjective assumptions and the variety of award types. In addition,
the Company believes it is useful to investors to understand the
specific impact stock-based compensation expense has on its
operating results.
Intangible
amortization consists primarily of non-cash charges that
can be impacted by, among other things, the timing and magnitude of
acquisitions. The Company considers its operating results without
these charges when evaluating its ongoing performance and
forecasting its earnings trends, and therefore excludes such
charges when presenting non-GAAP financial measures. The Company
believes that the assessment of its operations excluding these
costs is relevant to its assessment of internal operations and
comparisons to the performance of its competitors.
Customer related asset
impairments (recoveries) may consist of non-cash
impairments of property and equipment to estimated fair value for
customers we have disengaged or are in the process of disengaging
as well as additional provisions for doubtful accounts receivable
for customers that are experiencing financial difficulties and
inventory that is considered non-recoverable that is written down
to net realizable value. In addition, it includes write-downs of
inventory that will not be recovered due to significant reductions
in future customer demand as the Company reduced its exposure to
certain high volatility business in the second quarter of fiscal
year 2020. In subsequent periods, the Company may recover a portion
of the costs previously incurred related to assets impaired or
reduced to net realizable value. These costs and recoveries are
excluded by the Company's management in assessing current operating
performance and forecasting its earnings trends and are therefore
excluded by the Company from its non-GAAP measures.
Restructuring charges
include severance for rationalization at existing sites and
corporate SG&A functions as well as asset impairment, and other
charges related to the closures and consolidations of certain
operating sites and targeted activities to restructure the
business. These costs may vary in size based on the Company's
initiatives and are not directly related to ongoing or core
business results, and do not reflect expected future operating
expenses. These costs are excluded by the Company's management in
assessing current operating performance and forecasting its
earnings trends and are therefore excluded by the Company from its
non-GAAP measures.
In order to support the Company's
strategy and build a sustainable organization, and after
considering that the economic recovery from the pandemic will be
slower than anticipated, the Company has identified and is engaging
in certain structural changes. These restructuring actions will
eliminate non-core activities primarily within the Company's
corporate function, align the Company's cost structure with its
reorganizing and optimizing of its operations model along its two
reporting segments, and further sharpen its focus to winning
business in end markets where it has competitive advantages and
deep domain expertise. During the three and nine-month periods
ended December 31, 2020, the Company
recognized approximately $30 million
and $75 million of restructuring
charges respectively, most of which related to employee
severance.
During the first half of fiscal
year 2020 in connection with geopolitical developments and
uncertainties at the time, primarily impacting one customer in
China, the Company experienced a
reduction in demand for products assembled for that customer. As a
result, the Company accelerated its strategic decision to reduce
its exposure to certain high-volatility products in both
China and India. The Company also initiated targeted
activities to restructure its business to further reduce and
streamline its cost structure. During the three and nine-month
periods ended December 31, 2019, the
Company recognized $15 million and
$199 million, respectively, of
restructuring charges. The Company incurred cash charges of
approximately $15 million and
$143 million, respectively, and
non-cash charges of an immaterial amount and $56 million, respectively, primarily related to
asset impairments during the three and nine-month periods ended
December 31, 2019.
Legal and other consist
primarily of costs not directly related to core business results
and may include matters relating to commercial disputes, government
regulatory and compliance, intellectual property, antitrust, tax,
employment or shareholder issues, product liability claims and
other issues on a global basis. During the first quarter of fiscal
year 2021, the Company accrued for certain loss contingencies where
losses are considered probable and estimable. Legal and other
during the three-month and nine-month periods ended December 31, 2019 primarily consists of direct
and incremental costs associated with certain wind-down activities
related to the disengagement of a certain customer primarily in
China and India. These costs are excluded by the
Company's management in assessing current operating performance and
forecasting its earnings trends and are therefore excluded by the
Company from its non-GAAP measures.
Interest and other charges
(income), net consists of various other types of items
that are not directly related to ongoing or core business results,
such as the gain or losses related to certain divestitures, debt
extinguishment costs and impairment charges or gains associated
with certain non-core investments. The Company excludes these items
because they are not related to the Company's ongoing operating
performance or do not affect core operations. Excluding these
amounts provides investors with a basis to compare Company
performance against the performance of other companies without this
variability.
During the three month period
ended December 31, 2020, the Company
recognized unrealized gains of $44
million from the value increase in certain investment
funds.
During the three-month periods
ended December 31, 2020, and
December 31, 2019, the Company
incurred impairment charges of $20
million and $16 million,
respectively, related to a certain investment as a result of the
Company's ongoing assessment of its investment portfolio strategy
and conclusion that the carrying amount of its investment was other
than temporarily impaired.
Adjustment for
taxes relates to the tax effects of the various
adjustments that we incorporate into non-GAAP measures in order to
provide a more meaningful measure on non-GAAP net income and
certain adjustments related to non-recurring settlements of tax
contingencies or other non-recurring tax charges, when
applicable.
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SOURCE Flex