| | |
Price to
Public(1) |
| |
Underwriting
Discount |
| |
Proceeds, Before
Expenses, to Us(1) |
| |||||||||
Per Note
|
| | | | 99.073% | | | | | | 0.600% | | | | | | 98.473% | | |
Total
|
| | | $ | 396,292,000 | | | | | $ | 2,400,000 | | | | | $ | 393,892,000 | | |
| Barclays | | |
BNP PARIBAS
|
| |
BofA Securities
|
| |
US Bancorp
|
|
| Citigroup | | |
J.P. Morgan
|
| | Scotiabank | | |
Truist Securities
|
| |
UniCredit Capital Markets
|
|
|
Academy Securities
|
| |
Bradesco BBI
|
| |
Deutsche Bank Securities
|
| | HSBC | | |
ICBC Standard Bank
|
|
|
KeyBanc Capital Markets
|
| |
Loop Capital Markets
|
| |
Mischler Financial Group, Inc
|
|
| Mizuho | | | MUFG | | |
PNC Capital Markets LLC
|
| |
SMBC Nikko
|
|
| | |
Page
|
| |||
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-iv | | | |
| | | | S-v | | | |
| | | | S-v | | | |
| | | | S-1 | | | |
| | | | S-8 | | | |
| | | | S-13 | | | |
| | | | S-14 | | | |
| | | | S-16 | | | |
| | | | S-37 | | | |
| | | | S-42 | | | |
| | | | S-49 | | | |
| | | | S-49 | | |
| | |
Page
|
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| | | | 1 | | | |
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| | | | 16 | | | |
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| | |
Fiscal Year Ended March 31,
|
| |
Six Months Ended
|
| | ||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
October 1,
2021 |
| |
September 30,
2022 |
| | |||||||||||||||||
| | |
(In millions)
|
| | |||||||||||||||||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net sales
|
| | | $ | 24,210 | | | | | $ | 24,124 | | | | | $ | 26,041 | | | | | $ | 12,571 | | | | | $ | 15,113 | | | | ||
Cost of sales
|
| | | | 22,681 | | | | | | 22,349 | | | | | | 24,094 | | | | | | 11,625 | | | | | | 13,987 | | | | ||
Restructuring charges(1)
|
| | | | 190 | | | | | | 88 | | | | | | 15 | | | | | | 9 | | | | | | — | | | | ||
Gross profit
|
| | | | 1,339 | | | | | | 1,687 | | | | | | 1,932 | | | | | | 937 | | | | | | 1,126 | | | | ||
Selling, general and administrative expenses
|
| | | | 834 | | | | | | 817 | | | | | | 892 | | | | | | 414 | | | | | | 486 | | | | ||
Intangible amortization
|
| | | | 64 | | | | | | 62 | | | | | | 68 | | | | | | 30 | | | | | | 43 | | | | ||
Restructuring charges(1)
|
| | | | 26 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Operating Income
|
| | | | 415 | | | | | | 795 | | | | | | 972 | | | | | | 493 | | | | | | 597 | | | | ||
Interest, net
|
| | | | 174 | | | | | | 148 | | | | | | 152 | | | | | | 70 | | | | | | 96 | | | | ||
Other charges (income), net(2)
|
| | | | 82 | | | | | | (67) | | | | | | (225) | | | | | | (181) | | | | | | (3) | | | | | |
Income before income taxes
|
| | | | 159 | | | | | | 714 | | | | | | 1,045 | | | | | | 604 | | | | | | 504 | | | | ||
Provision for income taxes
|
| | | | 71 | | | | | | 101 | | | | | | 105 | | | | | | 62 | | | | | | 71 | | | | ||
Net income
|
| | | $ | 88 | | | | | $ | 613 | | | | | $ | 940 | | | | | $ | 542 | | | | | $ | 433 | | | | ||
Net income attributable to redeemable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | 12 | | | | ||
Net income attributable to Flex Ltd.
|
| | | $ | 88 | | | | | $ | 613 | | | | | $ | 936 | | | | | $ | 542 | | | | | $ | 421 | | | |
| | |
As of March 31,
|
| |
As of September 30,
2022 |
| ||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
(In millions)
|
| |||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,637 | | | | | $ | 2,964 | | | | | $ | 2,453 | | |
Working capital(3)
|
| | | | 3,529 | | | | | | 3,626 | | | | | | 3,484 | | |
Total assets
|
| | | | 15,836 | | | | | | 19,325 | | | | | | 20,623 | | |
Total long-term debt, excluding current portion
|
| | | | 3,515 | | | | | | 3,248 | | | | | | 3,081 | | |
Total shareholders’ equity
|
| | | | 3,436 | | | | | | 4,129 | | | | | | 4,180 | | |
| | |
As of September 30, 2022
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(unaudited)
|
| |||||||||
| | |
(in millions)
|
| |||||||||
Cash and cash equivalents(1)
|
| | | $ | 2,453 | | | | | $ | 2,786 | | |
Short-term debt and current portion of long-term debt | | | | | | | | | | | | | |
Euro term loans(2)
|
| | | | 337 | | | | | | 337 | | |
5.000% notes due February 2023
|
| | | | 500 | | | | | | — | | |
Other
|
| | | | 79 | | | | | | 79 | | |
Total short-term debt and current portion of long-term debt
|
| | | $ | 916 | | | | | $ | 416 | | |
Long-term debt, net of current portion | | | | | | | | | | | | | |
Revolving credit facility(3)
|
| | | $ | — | | | | | $ | — | | |
Delayed draw term loan facility(4)
|
| | | | — | | | | | | 450 | | |
Term loan due April 2024 – three-month TIBOR plus 0.446%
|
| | | | 232 | | | | | | 232 | | |
4.750% notes due June 2025
|
| | | | 598 | | | | | | 598 | | |
3.750% notes due February 2026
|
| | | | 688 | | | | | | 688 | | |
4.875% notes due June 2029
|
| | | | 659 | | | | | | 659 | | |
4.875% notes due May 2030
|
| | | | 688 | | | | | | 688 | | |
6.000% notes due 2028 offered hereby(5)
|
| | | | — | | | | | | 392 | | |
3.600% HUF bonds due December 2031
|
| | | | 232 | | | | | | 232 | | |
Debt issuance costs
|
| | | | (16) | | | | | | (16) | | |
Total long-term debt, net of current portion
|
| | | $ | 3,081 | | | | | $ | 3,923 | | |
Total debt
|
| | | $ | 3,997 | | | | | $ | 4,339 | | |
Redeemable noncontrolling interest
|
| | | $ | 90 | | | | | | 90 | | |
Shareholders’ equity | | | | | | | | | | | | | |
Ordinary shares
|
| | | $ | 5,852 | | | | | $ | 5,852 | | |
Treasury stock
|
| | | | (388) | | | | | | (388) | | |
Accumulated deficit
|
| | | | (932) | | | | | | (932) | | |
Accumulated other comprehensive loss
|
| | | | (352) | | | | | | (352) | | |
Total shareholders’ equity
|
| | | $ | 4,180 | | | | | $ | 4,180 | | |
Total capitalization
|
| | | $ | 8,267 | | | | | $ | 8,609 | | |
Underwriters
|
| |
Principal
Amount of Notes |
| |||
Barclays Capital Inc.
|
| | | $ | 64,000,000 | | |
BNP Paribas Securities Corp.
|
| | | | 64,000,000 | | |
BofA Securities, Inc.
|
| | | | 64,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 64,000,000 | | |
Citigroup Global Markets Inc.
|
| | | | 16,128,000 | | |
J.P. Morgan Securities LLC
|
| | | | 16,128,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 16,128,000 | | |
Truist Securities, Inc.
|
| | | | 16,128,000 | | |
UniCredit Bank AG
|
| | | | 16,128,000 | | |
Academy Securities, Inc.
|
| | | | 5,280,000 | | |
Banco Bradesco BBI S.A.
|
| | | | 5,280,000 | | |
Deutsche Bank Securities Inc.
|
| | | | 5,280,000 | | |
HSBC Securities (USA) Inc.
|
| | | | 5,280,000 | | |
ICBC Standard Bank Plc
|
| | | | 5,280,000 | | |
KeyBanc Capital Markets Inc.
|
| | | | 5,280,000 | | |
Loop Capital Markets LLC
|
| | | | 5,280,000 | | |
Mischler Financial Group, Inc.
|
| | | | 5,280,000 | | |
Mizuho Securities USA LLC
|
| | | | 5,280,000 | | |
MUFG Securities Americas Inc.
|
| | | | 5,280,000 | | |
PNC Capital Markets LLC
|
| | | | 5,280,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 5,280,000 | | |
Total
|
| | | $ | 400,000,000 | | |
| | |
Paid by Us
|
| |||
Per Note
|
| | | | 0.600% | | |
Total
|
| | | $ | 2,400,000 | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 8 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 16 | | | |
EXPERTS | | | | | 16 | | |
| Barclays | | |
BNP PARIBAS
|
| |
BofA Securities
|
| |
US Bancorp
|
|
| Citigroup | | |
J.P. Morgan
|
| | Scotiabank | | |
Truist Securities
|
| |
UniCredit Capital Markets
|
|
|
Academy Securities
|
| |
Bradesco BBI
|
| |
Deutsche Bank Securities
|
| | HSBC | | |
ICBC Standard Bank
|
|
|
KeyBanc Capital Markets
|
| |
Loop Capital Markets
|
| |
Mischler Financial Group, Inc
|
|
| Mizuho | | | MUFG | | |
PNC Capital Markets LLC
|
| |
SMBC Nikko
|
|
Exhibit 107
Calculation of Filing Fee Tables
424(b)(5)
(Form Type)
Flex Ltd.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type | Security Class Title | Fee Calculation Forward Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | |||||||||||||||||||||
Fees to Be Paid | Debt | 6.000% Notes due 2028 | 457(r) | $ | 400,000 | 99.073 | % | $ | 396,292,000 | 0.0001102 | $ | 43,671.38 | ||||||||||||||||
Total Offering Amounts | $ | 396,292,000 | $ | 43,671.38 | ||||||||||||||||||||||||
Total Fees Previously Paid | — | |||||||||||||||||||||||||||
Total Fee Offsets | — | |||||||||||||||||||||||||||
Net Fee Due | $ | 43,671.38 |
The prospectus supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of the offering is $396,292,000.
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