Registration Statement No. 333-281573
(To prospectus dated August 15, 2024)
(Company Registration Number 199002645H)
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Price to
Public(1) |
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Underwriting
Discount |
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Proceeds, Before
Expenses, to Us(1) |
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Per Note
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| | | | 99.781% | | | | | | 0.625% | | | | | | 99.156% | | |
Total
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| | | $ | 498,905,000 | | | | | $ | 3,125,000 | | | | | $ | 495,780,000 | | |
| Barclays | | | Scotiabank | | | Truist Securities | | |
US Bancorp
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12455G Research Blvd
Austin, Texas 78759 U.S.A.
Telephone: (512) 425-4100
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Fiscal Year Ended March 31,
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Three Months Ended
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2022
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2023
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2024
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June 30,
2023 |
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June 28,
2024 |
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(In millions)
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Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
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| | | $ | 24,633 | | | | | $ | 28,502 | | | | | $ | 26,415 | | | | | $ | 6,892 | | | | | $ | 6,314 | | |
Cost of sales
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| | | | 22,838 | | | | | | 26,503 | | | | | | 24,395 | | | | | | 6,399 | | | | | | 5,827 | | |
Restructuring charges(1)
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| | | | 15 | | | | | | 23 | | | | | | 155 | | | | | | 17 | | | | | | 16 | | |
Gross profit
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| | | | 1,780 | | | | | | 1,976 | | | | | | 1,865 | | | | | | 476 | | | | | | 471 | | |
Selling, general and administrative expenses
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| | | | 830 | | | | | | 874 | | | | | | 922 | | | | | | 235 | | | | | | 213 | | |
Intangible amortization
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| | | | 60 | | | | | | 81 | | | | | | 70 | | | | | | 20 | | | | | | 16 | | |
Restructuring charges(1)
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| | | | — | | | | | | 4 | | | | | | 20 | | | | | | 6 | | | | | | 9 | | |
Operating income
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| | | | 890 | | | | | | 1,017 | | | | | | 853 | | | | | | 215 | | | | | | 233 | | |
Interest expense
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| | | | 166 | | | | | | 230 | | | | | | 207 | | | | | | 56 | | | | | | 56 | | |
Interest income
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| | | | 14 | | | | | | 30 | | | | | | 56 | | | | | | 16 | | | | | | 16 | | |
Equity in earnings (losses) of unconsolidated affiliates(2)
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| | | | 61 | | | | | | (4) | | | | | | 8 | | | | | | — | | | | | | — | | |
Other charges (income), net(2)
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| | | | (165) | | | | | | 6 | | | | | | 44 | | | | | | 11 | | | | | | 1 | | |
Income from continuing operations before income taxes
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| | | | 964 | | | | | | 807 | | | | | | 666 | | | | | | 164 | | | | | | 192 | | |
(Benefit from) provision for income taxes(3)
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| | | | 92 | | | | | | 124 | | | | | | (206) | | | | | | 17 | | | | | | 53 | | |
Net income from continuing operations
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| | | | 872 | | | | | | 683 | | | | | | 872 | | | | | | 147 | | | | | | 139 | | |
Net income from discontinued operations, net of
tax(4) |
| | | | 68 | | | | | | 350 | | | | | | 373 | | | | | | 64 | | | | | | — | | |
Net income
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| | | | 940 | | | | | | 1,033 | | | | | | 1,245 | | | | | | 211 | | | | | | 139 | | |
Net income attributable to noncontrolling interest and redeemable noncontrolling interest(4)
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| | | | 4 | | | | | | 240 | | | | | | 239 | | | | | | 25 | | | | | | — | | |
Net income attributable to Flex Ltd.
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| | | $ | 936 | | | | | $ | 793 | | | | | $ | 1,006 | | | | | $ | 186 | | | | | $ | 139 | | |
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As of March 31,
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As of June 28,
2024 |
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2023
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2024
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(In millions)
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Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 3,164 | | | | | $ | 2,474 | | | | | $ | 2,243 | | |
Working capital(5)
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| | | | 5,166 | | | | | | 4,453 | | | | | | 3,579 | | |
Total assets
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| | | | 21,407 | | | | | | 18,257 | | | | | | 17,737 | | |
Total long-term debt, excluding current portion
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| | | | 3,544 | | | | | | 3,261 | | | | | | 2,672 | | |
Total shareholders’ equity
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| | | | 5,706 | | | | | | 5,325 | | | | | | 4,996 | | |
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As of June 28, 2024
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Actual
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As Adjusted
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(unaudited)
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(in millions)
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Cash and cash equivalents(1)
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| | | $ | 2,243 | | | | | $ | 2,194 | | |
Short-term debt and current portion of long-term debt | | | | | | | | | | | | | |
4.750% notes due June 2025
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| | | | 543 | | | | | | — | | |
Total short-term debt and current portion of long-term debt
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| | | $ | 543 | | | | | $ | — | | |
Long-term debt, net of current portion | | | | | | | | | | | | | |
Revolving credit facility(2)
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| | | $ | — | | | | | $ | — | | |
3.750% notes due February 2026
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| | | | 681 | | | | | | 681 | | |
6.000% notes due January, 2028
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| | | | 397 | | | | | | 397 | | |
4.875% notes due June 2029
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| | | | 656 | | | | | | 656 | | |
4.875% notes due May 2030
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| | | | 680 | | | | | | 680 | | |
3.600% HUF bonds due December 2031
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| | | | 269 | | | | | | 269 | | |
5.250% notes due 2032 offered hereby(3)
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| | | | — | | | | | | 499 | | |
Other
|
| | | | 1 | | | | | | 1 | | |
Debt issuance costs(4)
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| | | | (12) | | | | | | (16) | | |
Total long-term debt, net of current portion
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| | | $ | 2,672 | | | | | $ | 3,167 | | |
Total debt
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| | | $ | 3,215 | | | | | $ | 3,167 | | |
Shareholders’ equity | | | | | | | | | | | | | |
Ordinary shares
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| | | $ | 4,649 | | | | | $ | 4,649 | | |
Accumulated earnings
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| | | | 585 | | | | | | 584 | | |
Accumulated other comprehensive loss
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| | | | (238) | | | | | | (238) | | |
Total shareholders’ equity
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| | | $ | 4,996 | | | | | $ | 4,995 | | |
Total capitalization
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| | | $ | 8,211 | | | | | $ | 8,162 | | |
Underwriters
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Principal
Amount of Notes |
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Barclays Capital Inc.
|
| | | $ | 82,500,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 82,500,000 | | |
Truist Securities, Inc.
|
| | | | 82,500,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 82,500,000 | | |
BNP Paribas Securities Corp.
|
| | | | 20,000,000 | | |
BofA Securities, Inc.
|
| | | | 20,000,000 | | |
HSBC Securities (USA) Inc.
|
| | | | 20,000,000 | | |
Mizuho Securities USA LLC
|
| | | | 20,000,000 | | |
PNC Capital Markets LLC
|
| | | | 20,000,000 | | |
UniCredit Capital Markets LLC
|
| | | | 20,000,000 | | |
Academy Securities, Inc.
|
| | | | 10,000,000 | | |
BBVA Securities Inc.
|
| | | | 5,000,000 | | |
Deutsche Bank Securities Inc.
|
| | | | 5,000,000 | | |
J.P. Morgan Securities LLC
|
| | | | 5,000,000 | | |
KeyBanc Capital Markets Inc.
|
| | | | 5,000,000 | | |
Loop Capital Markets LLC
|
| | | | 5,000,000 | | |
Mischler Financial Group, Inc.
|
| | | | 5,000,000 | | |
MUFG Securities Americas Inc.
|
| | | | 5,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 5,000,000 | | |
Total
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| | | $ | 500,000,000 | | |
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Paid by Us
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Per Note
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| | | | 0.625% | | |
Total
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| | | $ | 3,125,000 | | |
(Company Registration Number 199002645H)
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EXPERTS | | | | | 17 | | |
12455G Research Blvd
Austin, Texas 78759 U.S.A.
Telephone: (512) 425-4100
| Barclays | | | Scotiabank | | | Truist Securities | | |
US Bancorp
|
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