FLEX LTD. (FLEX)

Flex is a diversified manufacturing partner that helps market-leading brands design, build and deliver innovative products across cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare and energy end markets, operating through approximately 30 countries with a global workforce of about 172,648 employees (as of March 31, 2022) and over 100 facilities. The company reports through three operating and reportable segments: Flex Agility Solutions (FAS), covering Communications, Enterprise and Cloud, Lifestyle, and Consumer Devices markets and optimized for speed to market; Flex Reliability Solutions (FRS), covering Automotive, Health Solutions, and Industrial markets and optimized for longer product lifecycles and complex ramps; and Nextracker, a leading provider of intelligent, integrated solar tracker and software solutions for utility-scale and ground-mounted solar projects, which became a separate segment beginning in Q4 fiscal 2022 following the sale of $500 million in convertible preferred equity to TPG Rise Flash, L.P. Flex's services span the entire product lifecycle, including design and engineering, systems assembly and manufacturing, power solutions (bolstered by the fiscal 2022 acquisition of Anord Mardix for data center power products), solar tracker and software solutions, logistics, and circular economy/reverse logistics offerings. The company's customer base includes leading technology, healthcare, automotive, and industrial companies, with its ten largest customers accounting for approximately 34% of net sales in fiscal year 2022 and no single customer exceeding 10% of net sales.

Geographically, net sales were balanced across regions in fiscal 2022, with 34% from North America, 24% from China, 22% from EMEA, and 20% from other areas. Flex's competitive strengths include global scale, a trusted and resilient supply chain, long-standing diverse customer relationships, extensive design and engineering capabilities, balanced geographic manufacturing footprint, cross-industry technology synergies, innovation hubs, cost-efficient industrial parks, and reliable solar tracker technology. The company emphasizes human capital management through diversity, equity and inclusion initiatives, talent development programs, competitive compensation and benefits, and employee engagement efforts, with women representing 43% of its global workforce and underrepresented minorities comprising 47% of its U.S. workforce.

Flex has a long-standing sustainability program dating to 2002, including 2030 sustainability goals focused on reducing environmental impact, advancing workplace inclusion, and improving governance transparency, and it operates subject to extensive environmental, health, safety and product compliance regulations across its global operations.