Results for Q3 FY2015 (Quarter Ended December 31, 2014)

Earnings Announcement: January 28, 2015

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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.

Risks and Non-GAAP Disclosures

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Q3 FY2015 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

Prior Yr Prior Qtr Current QtrDecember 31, September 26, December 31,

($ in millions, except per share amounts) 2013 2014 2014

Net sales $7,183 $6,529 $7,025

Adjusted operating income 187 183 207

Adjusted net income 164 157 175

Adjusted EPS $0.26 $0.26 $0.30

GAAP operating income 174 172 193

GAAP net income 145 139 153

GAAP EPS $0.23 $0.23 $0.26

Q3 FY2015 Results vs. Guidance:

Net sales of $7.0B exceeded guidance of $6.4 - $6.8B

Adjusted operating income of $207M exceeded guidance of $175 - $205M

Adjusted EPS of $0.30 exceeded guidance of $0.24 - $0.28

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7,183

6,724 6,643 6,529

7,025

5.6%5.8% 5.8% 5.8% 5.8%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

Adj. Gross Margin

Trended Quarterly Financial Highlights

Return on Invested Capital(ROIC %)

Adjusted Operating Income ($ in millions)

19.5%

22.1%22.8% 23.3%

24.1%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

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

187182 183 183

2072.6%

2.7% 2.8% 2.8% 2.9%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

% Revenue

Adjusted SG&A($ in millions)

213

205

199196

204

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

Revenue & Adjusted Gross Margin($ in millions)

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Other Income Statement Highlights

• Q3 FY15 $14M, better than guidance of ~$20M• Outlook: quarterly estimate of ~$20M

• Q3 FY15 9.25%• Outlook: 8-10% range

Adjusted interest & other expense, net

Adjusted income tax rate

• Intangible amortization $8M• Stock based compensation $14M• Aggregate impact on EPS $0.04

Reconciliation betweenGAAP and Adj EPS

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Three Months Ended

Nine Months Ended

($ in millions) Dec-14 Dec-14

GAAP net income $153 $466

Depreciation and amortization 137 395

Change in net working capital 47 155

Other operating cash flows, net 26 (347)

Net cash provided by operating activities 363 669

Purchases of property & equipment, net (26) (164)

Free Cash Flow 337 505

Payments for share repurchases (84) (291)

Payments for borrowings and other (60) (101)

Net change in cash and cash equivalents $193 $113

Cash Flows, Net Working Capital & Share Repurchases

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

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

2,083 2,020 2,126 1,886 1,834

7.3% 7.5% 8.0%7.2% 6.5%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

% Annualized Revenue

Net Working Capital($ in millions)

400

510

322

475

291

757 684 639 591 573

FY11 FY12 FY13 FY14 FY15 YTD

Shares Outstanding

Share Repurchases($ in millions)

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Capital Structure Snapshot

$1,707

$1,500

$596 $481 $500 $500

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023

Debt Maturities ($M) (Calendar Year)

Cash

Revolver

Total Liquidity$3,207

Key characteristics:

No near-term maturities

Low financing cost of ~3% at current

LIBOR rates

Near record levels of liquidity

Improving credit metrics

Debt / EBITDA (LTM): 1.7x

Term Loans LIBOR + 150 to 162.5bps

4.625% Notes 5% Notes

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Q3 FY2015 Highlights and Key Trends

• Sales of $7.0B exceeded guidance of $6.4-$6.8B• All 4 business groups exceeded expectations

• 7 consecutive quarters of operating margin % improvement• $207M of operating profit dollars exceeded guidance range• 15% year-over-year earnings growth

Steady Execution

Continued Profit Improvements

• Repurchased ~8M shares for $84M• LTM repurchased 40M shares for $403M

Consistent Return of Value to Shareholders

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($ in millions) Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15E

Business Group $ $ $ $ $ Q/Q % Y/Y % Outlook (Q/Q)

INS $2,598 $2,418 $2,503 $2,409 $2,435 1% -6% Down high single digit

CTG 2,829 2,436 2,160 2,142 2,570 20% -9% Down ~20% - 25%

IEI 933 1,027 1,134 1,103 1,113 1% 19% Stable

HRS 823 843 846 875 907 4% 10% Stable

Total Revenue $7,183 $6,724 $6,643 $6,529 $7,025 8% -2%

Revenue by Business Group

Dec 2013

36%

13%12%

39%

HRS IEI

CTG INS

Dec 2014

35%

16%13%

36%

HRS IEI

CTG INS

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Q4 FY2015 Guidance

Other Information:

Adjusted SG&A Expense ~$200 million

Interest & Other Expense ~$20 million

Adjusted Income Tax Rate 8-10% range

GAAP EPS $0.19 - $0.23

WASO ~585 million shares

($ in millions, except per share amounts)

Adjusted operating income excludes approximately $13 million for stock based compensation, of which approximately $11 million is excluded from adjusted SG&A. GAAP EPS reflects approximately $0.04 for intangible amortization and stock-based compensation expense.

$6,000 - $6,400Revenue

$165 - $190Adjusted Operating Income

$0.23 - $0.27Adjusted Earnings Per Share

THANK YOU

For more information:investors.flextronics.com