SAN
JOSE, Calif., Jan. 25,
2023 /PRNewswire/ -- Flex (NASDAQ: FLEX) today
announced results for its third quarter ended December 31,
2022.
Third Quarter Fiscal Year 2023 Highlights:
- Net Sales: $7.8 billion
- GAAP Operating Income: $321
million
- Adjusted Operating Income: $372
million
- GAAP Net Income Attributable to Flex Ltd.: $230 million
- Adjusted Net Income: $285
million
- GAAP Earnings Per Share: $0.50
- Adjusted Earnings Per Share: $0.62
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 achieved another strong quarter through the focused efforts
of the team, and strong execution against healthy demand," said
Revathi Advaithi, CEO of Flex. "I remain confident about the
resiliency of our portfolio and our ability to deliver growth and
value to our stakeholders."
Fourth Quarter Fiscal 2023 Guidance
- Revenue: $7.0 billion to
$7.4 billion
- GAAP Operating Income: $268
million to $298 million
- Adjusted Operating Income: $315
million to $345 million
- GAAP EPS: $0.37 to $0.43
- Adjusted EPS: $0.48 to
$0.54 which excludes $0.06 for stock-based compensation expense,
$0.04 for net intangible
amortization, and $0.01 for
Nextracker LLC series A redeemable preferred units dividends
payable in kind.
Fiscal Year 2023 Guidance Updated
- Revenue: $29.9 billion to
$30.3 billion
- GAAP EPS: $1.78 to $1.84
- Adjusted EPS: $2.27 to
$2.33 which excludes $0.23 for stock-based compensation expense,
$0.15 for net intangible
amortization, $0.06 for other
charges, and $0.05 for Nextracker LLC
series A redeemable preferred units dividends payable in kind.
Webcast and Conference Call
The Flex management team will host a conference call today at
1:30 PM (PT) / 4:30 PM (ET), to review third quarter fiscal 2023
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 diversified manufacturing
partner of choice that helps market-leading brands design, build
and deliver innovative products that improve the world. Through the
collective strength of a global workforce across approximately 30
countries with responsible, sustainable operations, Flex delivers
advanced manufacturing solutions and operates one of the most
trusted global supply chains, supporting the entire product
lifecycle with fulfillment, after-market and circular economy
solutions for diverse industries.
Contacts
Investors & Analysts
David Rubin
Vice President, Investor Relations
(408) 577-4632
David.Rubin@flex.com
Media & Press
Mark Plungy
Director, Corporate Integrated Communications
(408) 442-1691
Mark.Plungy@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. 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: that we may not achieve our
expected future operating results, including margins; the effects
that the current and future macroeconomic environment, including
inflation, rising interest rates, and currency exchange rate
fluctuations, could have on our business and demand for our
products; the impact of component shortages, fluctuations in the
pricing or availability of raw materials, labor and energy, and
logistical constraints, including their impact on our revenues and
margins; uncertainties and risks relating to our ability to
successfully complete a transaction for our Nextracker business,
including the proposed initial public offering of our Nextracker
business, including the possibility that we may not be able to
consummate the transaction on the expected timeline or at all, or
that we will achieve the anticipated benefits of the transaction;
the possibility that we may not fully realize the projected
benefits of the Anord Mardix acquisition, including our expectation
that the acquisition will be accretive to our fiscal year 2023
adjusted earnings per share; geopolitical risk, including the
termination and renegotiation of international trade agreements and
trade policies, including the impact of tariffs and related
regulatory actions; the war in Ukraine and escalating geopolitical tensions
as a result of Russia's invasion
of Ukraine, including the
imposition of economic sanctions on Russia which could lead to disruption,
instability, and volatility in global markets and negatively impact
our operations and financial performance; the scope and duration of
the COVID-19 pandemic and its effects on our business, results of
operations and financial condition; the effects that current and
future 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 to us
and our ability to pass through costs to our customers; the
challenges of effectively managing our operations, including our
ability to control costs and manage changes in our operations;
retaining key personnel; litigation and regulatory investigations
and proceedings; our compliance with legal and regulatory
requirements; changes in laws, regulations, or policies that may
impact our business, including those related to climate change; 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 industries that continually produce technologically
advanced products with short product life cycles; the short-term
nature of our customers' commitments and rapid changes in demand
may cause supply chain issues, excess and obsolete inventory, and
other issues which adversely affect our operating results; our
dependence on a small number of customers; our industry is
extremely competitive; we may be exposed to financially troubled
customers or suppliers; the success of certain of our activities
depends on our ability to protect our intellectual property rights
and we may be exposed to claims of infringement or breach of
license agreements; a breach of our IT or physical security
systems, or violation of data privacy laws, may cause us to incur
significant legal and financial exposure and disrupt our
operations; physical and operational risks from natural disasters,
severe weather events, or climate change; our ability to achieve
sustainability goals; we may be exposed to product liability and
product warranty liability; 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, 2022 and in subsequent quarterly
reports on Form 10-Q. 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. Any securities to
be offered in any offering may not be sold nor may offers to buy be
accepted prior to the time a registration statement becomes
effective.
SCHEDULE
I
|
|
FLEX
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (2)
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
Three-Month Periods
Ended
|
|
|
December 31,
2022
|
|
December 31,
2021
|
GAAP:
|
|
|
|
|
Net sales
|
$
7,756
|
|
$
6,619
|
|
Cost of
sales
|
7,168
|
|
6,126
|
|
Restructuring
charges
|
5
|
|
2
|
|
Gross
profit
|
583
|
|
491
|
|
Selling, general and
administrative expenses
|
243
|
|
225
|
|
Intangible
amortization
|
19
|
|
15
|
|
Operating
income
|
321
|
|
251
|
|
Interest and other,
net
|
59
|
|
8
|
|
Income before income
taxes
|
262
|
|
243
|
|
Provision for income
taxes
|
25
|
|
16
|
|
Net income
|
237
|
|
227
|
|
Net income attributable
to redeemable noncontrolling interest
|
7
|
|
—
|
|
Net income
attributable to Flex Ltd.
|
$
230
|
|
$
227
|
|
|
|
|
|
Diluted earnings per
share attributable to the shareholders of Flex Ltd:
|
|
GAAP
|
$
0.50
|
|
$
0.48
|
|
Non-GAAP
|
$
0.62
|
|
$
0.50
|
|
|
|
|
|
|
Diluted shares used in
computing per share amounts
|
459
|
|
474
|
|
|
|
|
|
|
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 (2)
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2022
|
|
December 31,
2021
|
GAAP:
|
|
|
|
|
Net sales
|
$
22,869
|
|
$
19,190
|
|
Cost of
sales
|
21,155
|
|
17,752
|
|
Restructuring
charges
|
5
|
|
10
|
|
Gross
profit
|
1,709
|
|
1,428
|
|
Selling, general and
administrative expenses
|
729
|
|
638
|
|
Intangible
amortization
|
62
|
|
45
|
|
Operating
income
|
918
|
|
745
|
|
Interest and other,
net
|
152
|
|
(103)
|
|
Income before income
taxes
|
766
|
|
848
|
|
Provision for income
taxes
|
96
|
|
79
|
|
Net income
|
670
|
|
769
|
|
Net income attributable
to redeemable noncontrolling interest
|
19
|
|
—
|
|
Net income
attributable to Flex Ltd.
|
$
651
|
|
$
769
|
|
|
|
|
|
Diluted earnings per
share attributable to the shareholders of Flex Ltd:
|
|
GAAP
|
$
1.41
|
|
$
1.58
|
|
Non-GAAP
|
$
1.79
|
|
$
1.44
|
|
|
|
|
|
|
Diluted shares used in
computing per share amounts
|
462
|
|
487
|
|
|
|
|
|
|
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)(2)
|
(In millions, except
per share amounts) *
|
|
|
|
|
|
|
|
Three-Month Periods
Ended
|
|
|
December 31,
2022
|
|
December 31,
2021
|
|
|
|
|
|
GAAP operating
income
|
$
321
|
|
$
251
|
|
Intangible
amortization
|
19
|
|
15
|
|
Stock-based
compensation expense
|
27
|
|
25
|
|
Restructuring
charges
|
5
|
|
2
|
|
Legal and
other
|
—
|
|
5
|
Non-GAAP operating
income
|
$
372
|
|
$
298
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
25
|
|
$
16
|
|
Intangible amortization
benefit
|
3
|
|
2
|
|
Other tax related
adjustments
|
—
|
|
15
|
Non-GAAP provision
for income taxes
|
$
28
|
|
$
34
|
|
|
|
|
|
GAAP net income
attributable to Flex Ltd.
|
$
230
|
|
$
227
|
|
Intangible
amortization
|
19
|
|
15
|
|
Stock-based
compensation expense
|
27
|
|
25
|
|
Restructuring
charges
|
5
|
|
2
|
|
Legal and
other
|
—
|
|
5
|
|
Interest and other,
net
|
—
|
|
(18)
|
|
Payable-in-kind
dividend for subsidiary's redeemable preferred units
|
7
|
|
—
|
|
Adjustments for
taxes
|
(3)
|
|
(17)
|
Non-GAAP net
income
|
$
285
|
|
$
238
|
Diluted earnings per
share attributable to the shareholders of Flex Ltd:
|
|
GAAP
|
$
0.50
|
|
$
0.48
|
|
Non-GAAP
|
$
0.62
|
|
$
0.50
|
|
|
|
|
|
|
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)(2)
|
(In millions, except
per share amounts) *
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2022
|
|
December 31,
2021
|
|
|
|
|
|
GAAP operating
income
|
$
918
|
|
$
745
|
|
Intangible
amortization
|
62
|
|
45
|
|
Stock-based
compensation expense
|
80
|
|
69
|
|
Restructuring
charges
|
5
|
|
10
|
|
Legal and
other
|
13
|
|
5
|
Non-GAAP operating
income
|
$
1,078
|
|
$
874
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
96
|
|
$
79
|
|
Intangible amortization
benefit
|
9
|
|
6
|
|
Other tax related
adjustments
|
(4)
|
|
19
|
Non-GAAP provision
for income taxes
|
$
101
|
|
$
103
|
|
|
|
|
|
GAAP net income
attributable to Flex Ltd.
|
$
651
|
|
$
769
|
|
Intangible
amortization
|
62
|
|
45
|
|
Stock-based
compensation expense
|
80
|
|
69
|
|
Restructuring
charges
|
5
|
|
10
|
|
Legal and
other
|
13
|
|
5
|
|
Interest and other,
net
|
4
|
|
(173)
|
|
Payable-in-kind
dividend for subsidiary's redeemable preferred units
|
19
|
|
—
|
|
Adjustments for
taxes
|
(5)
|
|
(25)
|
Non-GAAP net
income
|
$
829
|
|
$
701
|
Diluted earnings per
share attributable to the shareholders of Flex Ltd:
|
|
GAAP
|
$
1.41
|
|
$
1.58
|
|
Non-GAAP
|
$
1.79
|
|
$
1.44
|
|
|
|
|
|
|
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,
2022
|
|
As of March 31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
2,565
|
|
$
2,964
|
|
Accounts receivable,
net of allowance for doubtful accounts
|
3,939
|
|
3,371
|
|
Contract
assets
|
514
|
|
519
|
|
Inventories
|
7,838
|
|
6,580
|
|
Other current
assets
|
963
|
|
903
|
Total current
assets
|
15,819
|
|
14,337
|
|
|
|
|
Property and equipment,
net
|
2,289
|
|
2,125
|
Operating lease
right-of-use assets, net
|
596
|
|
637
|
Goodwill
|
1,340
|
|
1,342
|
Other intangible
assets, net
|
332
|
|
411
|
Other assets
|
516
|
|
473
|
Total assets
|
$
20,892
|
|
$
19,325
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS'
EQUITY
|
Current
liabilities:
|
|
|
|
|
Bank borrowings and
current portion of long-term debt
|
$
494
|
|
$
949
|
|
Accounts
payable
|
6,630
|
|
6,254
|
|
Accrued
payroll
|
502
|
|
470
|
|
Deferred revenue and
customer working capital advances
|
2,985
|
|
2,002
|
|
Other current
liabilities
|
1,057
|
|
1,036
|
Total current
liabilities
|
11,668
|
|
10,711
|
|
|
|
|
|
Long-term debt, net of
current portion
|
3,522
|
|
3,248
|
Operating lease
liabilities, non-current
|
499
|
|
551
|
Other
liabilities
|
601
|
|
608
|
Total
liabilities
|
16,290
|
|
15,118
|
Redeemable
noncontrolling interest
|
97
|
|
78
|
Total shareholders'
equity
|
4,505
|
|
4,129
|
Total liabilities,
redeemable noncontrolling interests, and shareholders'
equity
|
$
20,892
|
|
$
19,325
|
|
|
|
|
|
SCHEDULE
IV
|
|
|
FLEX
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
|
|
|
|
|
|
|
Nine-Month Periods
Ended
|
|
|
December 31,
2022
|
|
December 31,
2021
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
$
670
|
|
$
769
|
|
Depreciation,
amortization and other impairment charges
|
371
|
|
357
|
|
Changes in working
capital and other, net
|
(541)
|
|
(462)
|
|
Net cash provided by
operating activities
|
500
|
|
664
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchases of property
and equipment
|
(455)
|
|
(333)
|
|
Proceeds from the
disposition of property and equipment
|
20
|
|
9
|
|
Acquisition of
businesses, net of cash acquired
|
2
|
|
(523)
|
|
Other investing
activities, net
|
8
|
|
19
|
|
Net cash used in
investing activities
|
(425)
|
|
(828)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from bank
borrowings and long-term debt
|
819
|
|
729
|
|
Repayments of bank
borrowings and long-term debt
|
(926)
|
|
(38)
|
|
Payments for
repurchases of ordinary shares
|
(293)
|
|
(580)
|
|
Other financing
activities, net
|
(53)
|
|
(3)
|
|
Net cash provided by
(used in) financing activities
|
(453)
|
|
108
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
(21)
|
|
(7)
|
|
Net decrease in cash
and cash equivalents
|
(399)
|
|
(63)
|
|
Cash and cash
equivalents, beginning of period
|
2,964
|
|
2,637
|
|
Cash and cash
equivalents, end of period
|
$
2,565
|
|
$
2,574
|
|
|
|
|
|
SCHEDULE V
FLEX AND SUBSIDIARIES
NOTES TO
SCHEDULES I, II, and III
(1) To supplement Flex's unaudited selected financial data
presented consistent with U.S. 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 certain legal and other charges, 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 ongoing 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 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.
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.
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 as well as acquisition related costs and customer
related asset impairments (recoveries). During the first half of
fiscal year 2023, the Company accrued for certain loss
contingencies where losses were considered probable and estimable,
and during the third quarter of fiscal year 2022, the Company
incurred $4.8 million in
acquisition-related costs related to the acquisition of Anord
Mardix. 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.
Interest and other, 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, currency translation reserve
write-offs upon liquidation of certain legal entities, 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.
In September 2021,
the Company received approval from the relevant tax authorities in
Brazil of the Credit Habilitation
request related to certain federal operational tax credits and the
Company recorded a total gain of 809.6
million Brazilian reals (approximately USD $149.3 million based on the exchange rate as of
October 1, 2021) under other charges
(income), net in the condensed statements of operations. The total
gain recorded included credits from February
2003 to September 2021, net of
additional taxes, as the Credit Habilitation received covering the
period from February 2003 to
December 2019 resolved any
uncertainty regarding the Company's ability to claim such credits.
This gain is non-cash and can only be used to offset certain
current and future tax obligations.
Payable-in-kind dividend for subsidiary's
redeemable preferred units relates to a non-cash
payable-in-kind dividend on the Series A preferred units of
Nextracker LLC sold to TPG Rise Flash, L.P. ("TPG Rise"). The
Series A preferred units have a dividend rate of 5% per annum,
payable semi-annually, up to 100% of which may be paid by the
issuance of additional series A preferred units ("payable-in-kind")
during the first two years following the closing of the sale to TPG
Rise, and 50% of which may be payable in kind thereafter. The
paid-in-kind dividend is excluded by the Company's management in
assessing current operating performance and forecasting its
earnings trends and is therefore excluded by the Company from its
non-GAAP measures.
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.
(2) Beginning in the second quarter of fiscal year 2022, the
Company elected to include operating income as a subtotal in the
condensed consolidated statements of operations. As such, non-GAAP
operating income is now reconciled to the nearest GAAP measure
which is GAAP operating income. Historical periods are recast to
conform with the current period presentation.
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SOURCE Flex