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Results for Q2 Fiscal 2016 Earnings Announcement: October 19, 2015 (Ending September 25, 2015)
2 Risks and Non-GAAP Disclosures This presentation contains forward-looking statements, which are based on current expectations and assumptions that are subject to risks and uncertainties and actual results could materially differ. Such information is subject to change and we undertake no obligation to update these forward-looking statements. For a discussion of the risks and uncertainties, see our most recent filings with the Securities and Exchange Commission, including our current, annual and quarterly reports. If this presentation references non-GAAP financial measures, these measures are located on the “Investor Relations” section of our website, www.flextronics.com along with the required reconciliation to the most comparable GAAP financial measures.
3 Q2 FY2016 Income Statement Highlights Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures
4 Quarterly Financial Highlights Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures Return on Invested Capital (ROIC %) Adjusted Earnings Per Share (EPS) Adjusted Operating Income ($ in millions) Revenue & Adjusted Gross Margin ($ in millions)
5 Quarterly Operating Performance by Business Group Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures INS CTG HRS ($ in millions) IEI Target Adjusted Operating Margin Range 1. Corporate services and other related to unallocated cost OP $ OP % 3% 5% 7% 3% 4% 4% 6% Strong sequential top-line growth and improved utilization levels Remained within target range while managing mobile phone demand erosion in China Q2 FY16 (Sep-15) Exceeded target range due to solid execution and strong contribution from MCi acquisition Revenue fell short of expectations due to ramp challenges and increased macro weakness 2%
6 Other Income Statement Highlights Q2 FY16 was $24M, better than guidance of ~$25M Outlook: quarterly estimate of ~$25M Interest & other expense, net Q2 FY16 was 11.4% Outlook: 8-10% tax rate Adjusted income tax rate Intangible amortization $16M Stock based compensation $16M Aggregate impact on EPS $0.05 Reconciliation between GAAP and Adjusted EPS
7 Cash Flows, Net Working Capital & Share Repurchases Consistently Returning Over 50% of Annual Free Cash Flow to Shareholders
8 Balanced Capital Structure Key characteristics: No near-term maturities Low cost of debt ~3.5% Solid liquidity Strong credit metrics (Debt / EBITDA (LTM): 2.2x)
9 Q2 FY2016 Highlights and Key Trends Strong SG&A control, with costs running below guidance Capex expected in-line or below depreciation for rest of the fiscal year Controlling the Controllable Sketch-to-scale engagement model well received by customers Nike partnership exemplifies sketch-to-scale value proposition and fresh approach to innovation, design and manufacturing Improving Engagement Model Invested $142M to repurchase ~13M shares or ~2% of float NEXTracker acquisition complements our $1B+ Energy business and drives accretive growth, margin, EPS and cash flow Deploying Capital In A Disciplined Way
10 Revenue by Business Group
11 ($ in millions, except per share amounts) Adjusted operating income excludes approximately $20 million for stock based compensation, of which approximately $17 million is excluded from adjusted SG&A. GAAP EPS reflects approximately $0.06 for intangible amortization and stock-based compensation expense. $6,200 - $6,800 Revenue $195 - $235 Adjusted Operating Income $0.28 - $0.34 Adjusted Earnings Per Share December Quarter Guidance – Q3 FY2016
12 For more information go to investors.flextronics.com