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Results for Q2 Fiscal 2017

Earnings Announcement: October 27, 2016

(Quarter Ending September 30, 2016)

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Risks and Non-GAAP DisclosuresThis 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. Please refer to the appendix section of this presentation for the reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures for the current period results.

If this presentation references historical 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.

The following business group acronyms will be used throughout this presentation: Communications & Enterprise ComputeTelecom, Networking, Server & Storage, Security, Cloud Solutions.

Consumer Technologies GroupWearables, Fashion, Connected Living, Gaming, Mobile, PCs/Printers.

Industrial & Emerging IndustriesSemiconductor & Capital Equipment, Office Solutions, Household Industrial & Lifestyle, Industrial Automation & Kiosks, Energy & Metering, Lighting.

HRS High Reliability SolutionsMedical: Consumer Health, Digital Health, Disposables, Drug Delivery, Diagnostics, Life Sciences & Imaging Equipment.Automotive: Vehicle Electronics, Connectivity, Clean Technologies.

IEI CEC CTG

http://www.flextronics.com/

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Q2 FY2017 Income Statement Highlights Prior Yr Current Qtr ($M, except per share amounts) September 25, 2015 September 30, 2016 Net sales $6,317 $6,009 Adjusted operating income 196 197 Adjusted net income 153 152 Adjusted EPS $0.27 $0.28 GAAP income before income taxes 140 15 GAAP net income (loss) 123 (3) GAAP EPS $0.22 $0.00

Q2 FY2017 Results vs. GuidanceNet sales of $6B at the mid-point of guidance $5.8 - $6.2BAdjusted operating income of $197M above the mid-point of guidance $180 - $210M Adjusted EPS of $0.28 at the mid-point of guidance $0.26 - $0.30

Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures. For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.

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Quarterly Financial Highlights

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

23% 22% 22% 22% 20%

Return on Invested Capital(ROIC %)


$0.27

$0.35

$0.29 $0.27 $0.28

Adjusted Earnings Per Share (EPS)


6,317 6,763 5,773 5,877 6,009

6.3%6.7%

7.1% 6.9% 6.9% Adj. Gross Margin

Adjusted Operating Income ($M)

Revenue & Adjusted Gross Margin($M)


196 236

200 190 197

3.1%3.5% 3.5%

3.2% 3.3%

Adj. Operating Margin


Q2 FY17(September 30, 2016)

Target Adjusted Operating Margin Range

($M)

Rev$ OP$(adj.)

OP%

(adj.)

$2,102 $53 2.5

%Challenging environment but continue to operate within the target range.

$1,665 $55 3.3

% Continued portfolio shift to a richer business mix.

$1,243 $37 3.0

%Temporary margin contraction due to impacts from SunEdison’s bankruptcy.

$999 $79 7.9%

Solid execution, strong sustainable margins while expanding capabilities.

Corporate

Services & Other1

-- ($27) --

Total $6,009 $197 3.3

%

6

4

2

2.5

9

6

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3.5

Operating Performance by Business Group

1. Corporate services and other: corporate service costs that are not included in the assessment of the performance of each of the identified business groups.

3.3%

2.5%

3.0%

7.9%

5Please refer to the appendix section of this presentation for current period reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP measures. For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.

CEC

CTG

IEI

HRS

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Other Income Statement Comments

•Q2 FY17 was $26M•Q3 FY17 outlook ~$25M

Interest & other expense, net

•Q2 FY17 was 11.2% •FY17 outlook 8-10% tax rate

Adjusted income tax rate

Reconciliation between GAAP and Adjusted EPS

Aggregate impact on EPS $0.28:• Stock based compensation $23M or $0.04 in EPS• Net intangible amortization $20M or $0.04 in EPS• SunEdison inventory impairment & other expenses $93M

or $0.17 in EPS• Severance & other charges $19M or $0.03 in EPS

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Cash Flows & Net Working Capital

Consistently Returning Over 50% of Annual Free Cash Flow to Shareholders

Three Months Ended

Six Months Ended

($M) (Sept 30, 2016) (Sept 30, 2016)

GAAP net income (loss) ($3) 103Depreciation and amortization 131 259Change in net working capital (31) (39)Other operating cash flows, net 183 220

Net cash provided by operating activities 280 543

Purchases of property & equipment, net (136) (279)Free Cash Flow 144 264Other investing and financing, net (178) (114)Debt repayments, net (18) (36)Payments for share repurchases (90) (185)

Net change in cash and cash equivalents (142) (71)


1,858 1,808 1,789 1,796 1,851

7.4%6.7%

7.7% 7.6% 7.7%% Annualized Revenue

Net Working Capital($M)

Net Working Capital is calculated as accounts receivable, net adding back the reduction in accounts receivable resulting from the non-cash receivable sales plus inventories less accounts payable.Free Cash Flow is calculated as cash from operations less net purchases of property & equipment.

For all historical periods referenced in this presentation, refer to the Investor Relations section of our website.

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Balanced Capital Structure

Key Characteristics• Solid liquidity• No significant near-term maturities

Liquidity 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

$1,537

1500

3179

$570 $525 500 500 600

Significant Debt Maturities ($M) (Calendar Year)

Cash

Revolver

Total Liquidit

y$3,037

Term Loans LIBOR + 125 &

137.5bps4.625% Notes

5% Notes 4.75% Notes$56 EURIBOR +100bps


• Low cost of debt ~3.5%• Strong credit metrics (Debt / Adj. EBITDA (LTM): 2.1x)

Investment Grade Rating: Moody’s, S&P, Fitch

35%

20%17%

28%

23%

17%35%

25%

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Q2 FY2017 Highlights and Key Trends


143 158

114 121 144

13.0%9.3% 9.7%

8.3% 7.3%

FCF Yield

Free Cash Flow($M)


142

90 89 95 90

557 551 545 546 541

Shares Outstanding

Share Repurchases($M)

HRSIEI

CTG CEC

Revenue

Mix

37%

Strong Cash Flow

Continued Portfolio Evolution

Capital Return Commitment

Adj. Op. Profit

Mix

FCF yield is calculated based on (LTM free cash flow/outstanding shares at quarter-end) / share price at quarter-end.


52%

CTGCEC

IEIHRS

35%

20%17%

28%35%

18%15%

32%

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Revenue by Business Group

Communications & Enterprise ComputeTelecom, Networking, Server & Storage, Storage & Security Appliance, Converged Infrastructure, Software Defined Product Solutions.

Consumer Technologies GroupWearables, Fashion, Connected Living, Gaming, Mobile, PCs/Printers.

Industrial & Emerging IndustriesSemiconductor & Capital Equipment, Office Solutions, Household Industrial & Lifestyle, Industrial Automation & Kiosks, Energy & Metering, Lighting.

High Reliability SolutionsMedical: Consumer Health, Digital Health, Disposables, Drug Delivery, Diagnostics, Life Sciences & Imaging Equipment.Automotive: Vehicle Electronics, Connectivity, Clean Technologies.

Sep2015

33%

HRS IEI

CTG CEC

HRS IEI

CTG CECSep2016

37%

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16E($M) $ $ $ $ $ Q/Q % Y/Y % Outlook (Q/Q)

CEC 2,205 2,469 2,201 2,196 2,102 (4%) (5%) StableCTG 2,011 2,058 1,364 1,314 1,665 27% (17%) Up 10% - 15%

IEI 1,146 1,214 1,190 1,289 1,243 (4%) 8% StableHRS 955 1,022 1,018 1,078 999 (7%) 5% Stable

Total Revenue $6,317 $6,763 $5,773 $5,877 $6,009 2% (5%)

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Q3 FY2017 Guidance – December 2016

GAAP Income Before Income Taxes $110 - $140 million

GAAP Earnings Per Share $0.18 - $0.22

Other Information:Interest & Other Expense ~$25 millionAdjusted Income Tax Rate 8.0% to 10.0% WASO ~546 million shares

($M, except per share amounts)

$6,000 - $6,400Revenue

$205 - $235Adjusted Operating Income

$0.31 - $0.35Adjusted Earnings Per Share

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For more information, go to investors.flextronics.com

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Appendix: Reconciliation of GAAP to Non-GAAP Measures

Quarter-ended September 30, 2016($Thousands, except debt to EBITDA ratio) GAAP Adjustments Non-GAAP Pretax income $14,742 $156,561 $171,303 Depreciation 108,886 -- 108,886 Amortization 21,986 (21,986) -- Interest, net 23,495 5,036 28,531

EBITDA 169,109 139,611 308,720 EBITDA – rolling 4 qtrs. 944,897 -- 1,276,365

Total Debt $2,744,084 -- $2,744,084

Debt to EBITDA 2.9x (0.8) 2.1x

Quarter-ended

September 30,

2016 ROIC % GAAP 14.90% Non-GAAP Adjustments 5.58% Non-GAAP 20.48%Return on Invested Capital (ROIC) is calculated by dividing the Company's last twelve months after-tax Non-GAAP operating income by the net invested capital asset base as of each date. After-tax non-GAAP operating income is reconciled to the nearest GAAP measure above. The net invested capital asset base is defined as the sum of shareholders' equity and net debt averaged over the last five quarters.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Debt/EBITDA are non-GAAP financial measures. EBITDA is derived by adjusting for net interest and adding back depreciation from non-GAAP pretax income. Quarterly Debt to EBITDA is calculated by dividing the Company's total debt as of the date presented by LTM EBITDA. Non-GAAP pretax income excludes certain amounts that are included in the most directly comparable measures under GAAP including stock-based compensation expense and intangible. Additionally, non-GAAP interest includes the loss on the sale of accounts receivable under our global factoring agreement.

Quarter-ended September 30, 2016($Thousands, except per share amounts) GAAP gross profit $313,691

Stock-based compensation expense 2,636 Inventory impairment and other 92,915 Restructuring 6,842

Non-GAAP gross profit $416,066

GAAP SG&A expenses $243,943 Stock-based compensation expense (20,097) Restructuring (4,715)

Non-GAAP SG&A expenses $219,131

GAAP income before income taxes $14,742 Stock-based compensation expense 22,733 Inventory impairment and other 92,915 Restructuring 11,539 Intangible amortization 21,986 Interests and other, net 24,632 Other charges, net 8,388

Non-GAAP operating income $196,935

GAAP provision for income taxes $17,250 Intangible amortization benefits 1,825 Tax benefit on restructuring 196

Non-GAAP provision for income taxes $19,271

GAAP net income (loss) ($2,508) Stock-based compensation expense 22,733 Inventory impairment and other 92,915 Restructuring 11,539 Intangible amortization 21,986 Other charges, net 7,388 Adjustments for taxes (2,021)

Non-GAAP net income $152,032 Diluted EPS GAAP EPS $0.00 Non-GAAP EPS $0.28

For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods.