Flex Reports Fourth Quarter And Fiscal 2018 Results
Flex Reports Fourth Quarter And Fiscal 2018 Results
- Quarterly revenue of $6.4 billion, increased 9% year-over-year
- Fiscal 2018 revenue of $25.4 billion, increased 7% year-over-year
- Quarterly cash flow from operations of $323 million
- Fiscal 2018 cash flow from operations of $754 million
SAN JOSE, Calif., April 26, 2018 /PRNewswire/ -- Flex (NASDAQ: FLEX), the Sketch-to-Scale(TM) solutions provider that designs and builds Intelligent Products for a Connected World(TM), today announced results for its fourth quarter ended March 31, 2018.
US$ in millions, except earnings (losses) per share Three-Month Periods Ended Twelve-Month Periods Ended
March 31, March 31, March 31, March 31,
2018 2017 2018 2017
---- ---- ---- ----
Net sales $6,411 $5,863 $25,441 $23,863
GAAP income before income taxes 16 99 521 371
Adjusted operating income 200 205 786 815
GAAP net income (loss) (20) 87 429 320
Adjusted net income 150 156 585 640
GAAP EPS (0.04) 0.16 0.80 0.59
Adjusted EPS 0.28 0.29 1.09 1.17
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule II attached to this press release.
"Fiscal 2018 marked a return to revenue growth for Flex and highlighted how our strategy of pursuing portfolio evolution and investing in our Sketch-to-Scale capabilities is driving revenue momentum as we enter fiscal 2019," said Mike McNamara, CEO at Flex.
Fourth Quarter Fiscal 2018 Results of Operations
Net sales for the fourth quarter ended March 31, 2018 were $6.4 billion, growing 9% year-over-year at the higher end of the guidance range of $6.1 to $6.5 billion. GAAP income before income taxes was $16 million for the quarter and adjusted operating income was $200 million, at the low end of the guidance range of $200 million to $230 million. GAAP net loss was $20 million and adjusted net income for the quarter was $150 million. GAAP net loss per share was $0.04 for the quarter and adjusted EPS was $0.28 for the quarter.
Fiscal Year 2018 Results Operation
Net sales for the fiscal year ended March 31, 2018 were $25.4 billion. Fiscal year 2018 GAAP income before income tax was $521 million and fiscal year 2018 adjusted operating income was $786 million. GAAP EPS was $0.80 and non-GAAP EPS was $1.09 for fiscal year 2018.
Flex's fiscal year 2018 performance illustrates its portfolio evolution to higher margin businesses. The Company's two higher margin business groups, High Reliability Solutions (HRS) and Industrial & Emerging Industries (IEI), combined were $10.7 billion or 43% of net sales in the fiscal year ended March 31, 2018, a $1.6 billion increase from a year ago.
Cash Flow and Balance Sheet
Flex generated cash from operations of $323 million and $754 million for the three and twelve-month periods ended March 31, 2018, respectively. Free cash flow was $195 million and $236 million for the three and twelve-month periods ended March 31, 2018. The Company repurchased ordinary shares for approximately $180 million during the twelve-month period ended March 31, 2018, reflecting its commitment to return over 50% of annual free cash flow to its shareholders.
Flex ended the quarter with approximately $1.5 billion of cash on hand and total debt of approximately $2.9 billion. The balance sheet remains well-positioned to support the business over the long-term.
First Quarter Fiscal Year 2019 Guidance
For the first quarter ending June 29, 2018, revenue is expected to be in the range of $6.3 to $6.7 billion. Adjusted EPS is expected to be in the range of $0.22 to $0.26 per diluted share. GAAP EPS is expected to be in the range of $0.15 to $0.19 and includes stock-based compensation expense and intangible amortization. The Company's guidance excludes the impact from adoption of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)".
Other Events
In keeping with the Company's high standard of corporate governance, the Audit Committee of the Company's Board of Directors, with the assistance of independent outside counsel, is undertaking an independent investigation of allegations made by an employee including that the Company improperly accounted for obligations in a customer contract and certain related reserves. The independent outside counsel also notified the San Francisco office of the Securities and Exchange Commission of the allegations and that it will report the findings of the independent investigation upon its conclusion.
At this time, the Company is not aware of any issues under investigation that will materially affect the fourth quarter or fiscal year results, but the investigation is ongoing. The Company has also not yet determined whether the issues will impact previously reported periods and, if so, whether that impact will be material. The historic, fourth quarter, and fiscal year results disclosed in this release do not reflect the impact, if any, from the issues under investigation.
Webcast and Conference Call
Flex management team will host a conference call today at 2:00 PM (PT) / 5:00 PM (ET), to review fourth quarter fiscal 2018 results. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com. An audio replay and transcript will also be available after the event on the Flex Investor Relations website.
About Flex
Flex Ltd. (Reg. No. 199002645H) is the Sketch-to-Scale(TM) solutions provider that designs and builds Intelligent Products for a Connected World(TM). With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit flex.com or follow us on Twitter @Flexintl. Flex - Live Smarter(TM)
Contacts
Investors & Analysts
Kevin Kessel
(408) 576-7985
kevin.kessel@flex.com
Media & Press
Paul Brunato
(408) 576-7534
paul.brunato@flex.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. securities laws including statements related to future expected revenues and earnings per share. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that future revenues and earnings may not be achieved as expected; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; compliance with legal and regulatory requirements; the possibility that benefits of the Company's restructuring actions may not materialize as expected; that the expected revenue and margins from recently launched programs may not be realized; our dependence on a small number of customers; geopolitical risk, including the termination and renegotiation of international trade agreements; that recently proposed changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; and the effects that the current macroeconomic environment could have on our business and demand for our products as well as the effects that current credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations. Other risks include, but are not limited to, risks relating to the internal investigation, including: (i) the risk that the internal investigation identifies errors, which may be material, in the Company's financial results, or impacts the timing of Company filings; and (ii) the risk of legal proceedings or government investigations relating to the subject of the internal investigation or related matters.
Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Flex assumes no obligation to update these forward-looking statements. Our share repurchase program does not obligate the Company to repurchase a specific number of shares and may be suspended or terminated at any time without prior notice.
SCHEDULE I
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three-Month Periods Ended
March 31, 2018 March 31, 2017
-------------- --------------
GAAP:
Net sales $6,410,887 $5,862,597
Cost of sales 6,002,726 5,460,827
Restructuring charges 58,864 16,966
Gross profit 349,297 384,804
Selling, general and administrative expenses 247,074 229,467
Restructuring charges 23,846 3,469
Intangible amortization 22,775 19,078
Interest and other, net 37,043 27,663
Other charges, net 2,748 6,186
-----
Income before income taxes 15,811 98,941
Provision for income taxes 35,406 12,067
------
Net income (loss) $(19,595) $86,874
=========
Earnings (losses) per share:
GAAP $(0.04) $0.16
====
Non-GAAP $0.28 $0.29
=====
Basic shares used in computing per share amounts (2) 527,809 533,837
Diluted shares used in computing per share amounts (2) 527,809 540,782
See Schedule
II for the
reconciliation
of GAAP to
non-GAAP
financial
measures. See
the
accompanying
notes on
Schedule V
attached to
this press
release.
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Twelve-Month Periods Ended
--------------------------
March 31, 2018 March 31, 2017
-------------- --------------
GAAP:
Net sales $25,441,131 $23,862,934
Cost of sales 23,778,404 22,303,231
Restructuring charges 66,845 38,758
Gross profit 1,595,882 1,520,945
Selling, general and administrative expenses 1,019,399 937,339
Restructuring charges 23,846 10,637
Intangible amortization 78,640 81,396
Interest and other, net 122,823 99,532
Other charges (income), net (169,719) 21,193
---------
Income before income taxes 520,893 370,848
Provision for income taxes 92,359 51,284
------
Net income $428,534 $319,564
========
Earnings per share:
GAAP $0.80 $0.59
====
Non-GAAP $1.09 $1.17
=====
Diluted shares used in computing per share
amounts 536,598 546,220
See Schedule
II for the
reconciliation
of GAAP to
non-GAAP
financial
measures. See
the
accompanying
notes on
Schedule V
attached to
this press
release.
SCHEDULE II
FLEX
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In thousands, except per share amounts)
Three-Month Periods Ended
-------------------------
March 31, 2018 March 31, 2017
-------------- --------------
GAAP gross profit $349,297 $384,804
Stock-based compensation expense 5,440 2,517
Restructuring charges 58,864 16,966
Contingencies and other (4) 15,679 14,769
Non-GAAP gross profit $429,280 $419,056
======== ========
GAAP income before income taxes $15,811 $98,941
Intangible amortization 22,775 19,078
Stock-based compensation expense 22,226 14,955
Distressed customers asset impairments (3) 1,498 -
Restructuring charges 82,710 20,435
Contingencies and other (4) 15,679 17,704
Other charges, net 2,748 6,186
Interest and other, net 37,043 27,663
Non-GAAP operating income $200,490 $204,962
======== ========
GAAP provision for income taxes $35,406 $12,067
Intangible amortization benefit 2,605 1,725
Valuation allowance and tax receivable, net (7) (27,507) -
Tax benefit on restructuring and other 5,746 1,132
Non-GAAP provision for income taxes $16,250 $14,924
======= =======
GAAP net income (loss) $(19,595) $86,874
Intangible amortization 22,775 19,078
Stock-based compensation expense 22,226 14,955
Restructuring charges 82,710 20,435
Distressed customers asset impairments (3) 1,498 -
Contingencies and other (4) 15,679 17,704
Investment and other, net 5,083 -
Adjustments for taxes (7) 19,156 (2,857)
Non-GAAP net income $149,532 $156,189
======== ========
Diluted earnings (losses) per share:
GAAP (2) $(0.04) $0.16
=======
Non-GAAP (2) $0.28 $0.29
===========
FLEX
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In thousands, except per share amounts)
Twelve-Month Periods Ended
--------------------------
March 31, 2018 March 31, 2017
-------------- --------------
GAAP gross profit $1,595,882 $1,520,945
Stock-based compensation expense 19,102 10,023
Distressed customers asset impairments (3) - 92,915
Restructuring charges 66,845 38,758
Contingencies and other (4) 26,631 14,769
Non-GAAP gross profit $1,708,460 $1,677,410
========== ==========
GAAP income before income taxes $520,893 $370,848
Intangible amortization 78,640 81,396
Stock-based compensation expense 85,244 82,266
Distressed customers asset impairments (3) 6,251 92,915
Restructuring charges 90,691 49,395
Contingencies and other (4) 51,631 17,704
Other charges (income), net (5) (6) (169,719) 21,193
Interest and other, net 122,823 99,532
Non-GAAP operating income $786,454 $815,249
======== ========
GAAP provision for income taxes $92,359 $51,284
Intangible amortization benefit 8,806 7,176
Valuation allowance and tax receivable, net (7) (27,507) -
Tax benefit on restructuring and other 8,484 3,012
Tax benefit on intangible assets - 638
Non-GAAP provision for income taxes $82,142 $62,110
======= =======
GAAP net income $428,534 $319,564
Intangible amortization 78,640 81,396
Stock-based compensation expense 85,244 82,266
Restructuring charges 90,691 49,395
Distressed customers asset impairments (3) 6,251 92,915
Contingencies and other (4) 51,631 17,704
Elementum Deconsolidation (5) (151,574) -
Investment and other, net (6) (14,783) 7,388
Adjustments for taxes (7) 10,217 (10,826)
Non-GAAP net income $584,851 $639,802
======== ========
Diluted earnings per share:
GAAP $0.80 $0.59
====
Non-GAAP $1.09 $1.17
========
SCHEDULE III
FLEX
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
As of March 31, 2018 As of March 31, 2017
-------------------- --------------------
ASSETS
Current Assets:
Cash and cash equivalents $1,472,424 $1,830,675
Accounts receivable, net of allowance for doubtful accounts 2,517,695 2,192,704
Inventories 3,799,829 3,396,462
Other current assets 1,380,466 967,935
---------
Total current assets 9,170,414 8,387,776
Property and equipment, net 2,239,506 2,317,026
Goodwill 1,121,170 984,867
Other intangible assets, net 424,433 362,181
Other assets 760,332 541,513
Total assets $13,715,855 $12,593,363
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Bank borrowings and current portion of long-term debt $43,011 $61,534
Accounts payable 5,122,303 4,484,908
Accrued payroll 383,332 344,245
Other current liabilities 1,719,418 1,613,940
---------
Total current liabilities 7,268,064 6,504,627
Long-term debt, net of current portion 2,897,631 2,890,609
Other liabilities 531,587 519,851
Total shareholders' equity 3,018,573 2,678,276
Total liabilities and shareholders' equity $13,715,855 $12,593,363
=========== ===========
SCHEDULE IV
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve-Month Periods Ended
--------------------------
March 31, 2018 March 31, 2017
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $428,534 $319,564
Depreciation, amortization and other impairment
charges 555,364 609,660
Gain from deconsolidation of a subsidiary (151,574) -
Changes in working capital and other (78,726) 220,685
-------------------
Net cash provided by operating activities 753,598 1,149,909
------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (561,997) (525,111)
Proceeds from the disposition of property and
equipment 44,780 35,606
Acquisition of businesses, net of cash acquired (268,377) (189,084)
Divestiture of business, net of cash held in
divested business (2,949) 36,731
Other investing activities, net (120,442) (60,329)
Net cash used in investing activities (908,985) (702,187)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt 1,366,000 312,741
Repayments of bank borrowings and long-term debt (1,420,977) (141,730)
Payments for repurchases of ordinary shares (180,050) (349,532)
Proceeds from issuance of ordinary shares 2,774 12,438
Other financing activities, net 44,468 (76,024)
-------------------
Net cash used in financing activities (187,785) (242,107)
-------- --------
Effect of exchange rates on cash and cash equivalents (15,079) 17,490
------- ------
Net change in cash and cash equivalents (358,251) 223,105
Cash and cash equivalents, beginning of year 1,830,675 1,607,570
-------------------
Cash and cash equivalents, end of year $1,472,424 $1,830,675
======================================
SCHEDULE V
FLEX AND SUBSIDIARIES
NOTES TO SCHEDULES I, II, III, & IV
(1) To supplement
Flex's unaudited
selected
financial data
presented
consistent with
Generally
Accepted
Accounting
Principles
("GAAP"), the
Company discloses
certain non-GAAP
financial
measures that
exclude certain
charges,
including non-
GAAP gross
profit, non-GAAP
operating income,
non-GAAP net
income and non-
GAAP net income
per diluted
share. These
supplemental
measures exclude
restructuring
charges, stock-
based
compensation
expense,
intangible
amortization,
other discrete
events as
applicable and
the related tax
effects. These
non-GAAP
measures are not
in accordance
with or an
alternative for
GAAP, and may be
different from
non-GAAP
measures used by
other companies.
We believe that
these non-GAAP
measures have
limitations in
that they do not
reflect all of
the amounts
associated with
Flex's results of
operations as
determined in
accordance with
GAAP and that
these measures
should only be
used to evaluate
Flex's results of
operations in
conjunction with
the corresponding
GAAP measures.
The presentation
of this
additional
information is
not meant to be
considered in
isolation or as a
substitute for
the most directly
comparable GAAP
measures. We
compensate for
the limitations
of non-GAAP
financial
measures by
relying upon GAAP
results to gain a
complete picture
of the Company's
performance.
In calculating
non-GAAP
financial
measures, we
exclude certain
items to
facilitate a
review of the
comparability of
the Company's
operating
performance on a
period-to-
period basis
because such
items are not, in
our view, related
to the Company's
ongoing
operational
performance. We
use non-GAAP
measures to
evaluate the
operating
performance of
our business, for
comparison with
forecasts and
strategic plans,
for calculating
return on
investment, and
for benchmarking
performance
externally
against
competitors. In
addition,
management's
incentive
compensation is
determined using
certain non-GAAP
measures. Also,
when evaluating
potential
acquisitions, we
exclude certain
of the items
described below
from
consideration of
the target's
performance and
valuation. Since
we find these
measures to be
useful, we
believe that
investors benefit
from seeing
results "through
the eyes" of
management in
addition to
seeing GAAP
results. We
believe that
these non-GAAP
measures, when
read in
conjunction with
the Company's
GAAP financials,
provide useful
information to
investors by
offering:
-- the ability to make more meaningful
period-to-period comparisons of
the Company's on-going operating
results;
-- the ability to better identify trends
in the Company's underlying business
and perform related trend analyses;
-- a better understanding of how
management plans and measures the
Company's underlying business; and
-- an easier way to compare the
Company's operating results against
analyst financial models and
operating results of competitors
that supplement their GAAP results
with non-GAAP financial measures.
The following are
explanations of
each of the
adjustments that
we incorporate
into non-GAAP
measures, as well
as the reasons
for excluding
each of these
individual items
in the
reconciliations
of these non-
GAAP financial
measures:
Stock-based compensation expense
consists of non-cash charges for
the estimated fair value of stock
options and unvested restricted
share unit awards granted to
employees and assumed in business
acquisitions. The Company believes
that the exclusion of these charges
provides for more accurate
comparisons of its operating results
to peer companies due to the varying
available valuation methodologies,
subjective assumptions and the
variety of award types. In
addition, the Company believes it is
useful to investors to understand
the specific impact stock-based
compensation expense has on its
operating results.
Intangible amortization consists
primarily of non-cash charges that
can be impacted by, among other
things, the timing and magnitude of
acquisitions. The Company considers
its operating results without these
charges when evaluating its ongoing
performance and forecasting its
earnings trends, and therefore
excludes such charges when
presenting non-GAAP financial
measures. The Company believes that
the assessment of its operations
excluding these costs is relevant to
its assessment of internal
operations and comparisons to the
performance of its competitors.
Distressed customers asset
impairments consist primarily of
non-cash inventory impairments of
certain inventory on hand to net
realizable value as well as
additional provisions for doubtful
accounts receivable for customers
that are experiencing significant
financial difficulties. These costs
are excluded by the Company's
management in assessing current
operating performance and
forecasting its earnings trends and
are therefore excluded by the
Company from its non-GAAP measures.
See additional description related
to the specific period charge as
applicable below.
Contingencies and other consists
primarily of charges in connection
with certain legal matters of which
loss contingencies are believed to
be probable and estimable. It also
includes non-cash impairment of
certain assets and damages incurred
from natural disasters which are not
directly related to ongoing or core
business results, and do not reflect
expected future operating expense.
These costs are excluded by the
Company's management in assessing
current operating performance and
forecasting its earnings trends and
are therefore excluded by the
Company from its non-GAAP measures.
Restructuring charges include
severance for rationalization at
existing sites and corporate SG&A
functions as well as asset
impairment, lease termination, and
other charges relate to the closures
and consolidations of certain
operating sites. These costs may
vary in size based on the Company's
initiatives, and are not directly
related to ongoing or core business
results, and do not reflect expected
future operating expenses. These
costs are excluded by the Company's
management in assessing current
operating performance and
forecasting its earnings trends, and
are therefore excluded by the
Company from its non-GAAP measures.
Adjustment for taxes relates to the
tax effects of the various
adjustments that we incorporate into
non-GAAP measures in order to
provide a more meaningful measure on
non-GAAP net income and certain
adjustments related to non-
recurring settlements of tax
contingencies or other non-
recurring tax charges, when
applicable.
Investment and other, net consists of
various other types of items that
are not directly related to ongoing
or core business results, such as
the gain or loss from certain
divestitures and impairment charges
associated with non-core
investments. We exclude these items
because they are not related to the
Company's ongoing operating
performance or do not affect core
operations. Excluding these amounts
provide investors with a basis to
compare Company performance against
the performance of other companies
without this variability.
For the twelve-
month period
ended March 31,
2018, Free Cash
Flow was $236
million
consisting of
GAAP net cash
flows from
operating
activities of
approximately
$754 million less
purchases of
property and
equipment net of
proceeds from
dispositions of
$518 million. We
believe Free Cash
Flow is an
important
liquidity metric
because it
measures, during
a given period,
the amount of
cash generated
that is available
to repay debt
obligations, make
investments, fund
acquisitions and
for certain other
activities. Since
Free Cash Flow
includes
investments in
operating assets,
we believe this
non-GAAP
liquidity measure
is useful in
addition to the
most directly
comparable GAAP
measure - "net
cash flows
provided by
operating
activities."
(2) Basic shares were
used in
calculating
diluted GAAP EPS
for the quarter
ended March 31,
2018 due to the
net loss
recognized during
the period.
Diluted shares
for Q4 fiscal
2018 were 535,234
thousand which
were used in
calculating
diluted Non-GAAP
EPS for the
quarter.
(3) Distressed
customers asset
impairments for
fiscal year 2018
relate to
additional
provision for
doubtful accounts
receivable for
certain customers
experiencing
significant
financial
difficulties or
contract
disengagements.
During the second
quarter of fiscal
year 2017, prices
for solar panel
modules declined
significantly.
The Company
determined that
certain solar
panel inventory
on hand as of
September 30,
2016, was not
fully recoverable
and recorded a
charge of $60
million to reduce
the carrying
costs to market
in the twelve-
month period
ended March 31,
2017. The Company
also recognized a
$16 million
impairment charge
for solar module
equipment and
$16.9 million
primarily related
to negative
margin sales and
other associated
solar panel
direct costs. The
total charge of
$92.9 million is
included in cost
of sales for the
twelve-month
period ended
March 31, 2017.
(4) Contingencies and
other during
fiscal year 2018
consists of
charges in
connection with
certain legal
matters of which
loss
contingencies are
believed to be
probable and
estimable. The
Company incurred
various other
charges
predominantly
related to
damages incurred
from a typhoon
that impacted one
of its China
facilities.
Additionally,
certain asset
impairments were
recorded during
both fiscal year
2017 and 2018.
(5) During the second
quarter of fiscal
year 2018, the
Company and other
minority
shareholders of
Elementum amended
certain
agreements and as
a result, the
Company concluded
it no longer had
majority control
and accordingly,
deconsolidated
the entity. As
part of the
deconsolidation,
the Company
recognized a gain
of approximately
$151.6 million
with no related
tax impact, which
is included in
other charges
(income), net for
fiscal year 2018.
(6) The company sold
its Wink business
during first
quarter of fiscal
year 2018 to an
unrelated third-
party venture
backed company in
exchange for
contingent
consideration
fair valued at
$59 million and
recognized a gain
on sale of $38.7
million, which is
recorded in other
charges (income),
net for fiscal
year 2018.
In addition, the
Company recorded
$4.1 million and
$21.9 million in
the three-month
and twelve-month
periods ended
March 31, 2018,
respectively, for
impairment of
certain non-core
investments.
The twelve-month
period ended
March 31, 2017
includes a $7.4
million loss
attributable to a
non-strategic
facility sold
during the second
quarter of fiscal
year 2017.
(7) Recognition of a
non-recurring,
non-cash,
valuation
allowance against
deferred tax
assets in a
foreign operating
subsidiary offset
by the
recognition of an
associated income
tax receivable
for prior years.
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SOURCE Flex
