On January 2, 2024, Flex completed the spin-off of its remaining interests in Nextracker to Flex shareholders on a pro-rata basis based on the number of ordinary shares of Flex held by each shareholder of Flex as of December 29, 2023, which was the record date of the Distribution.

Nextracker's financial results for periods prior to the spin-off have been reflected in the Company's consolidated statement of operations, retrospectively, as discontinued operations. Details of net income from discontinued operations included in the consolidated statements of operations are as follows:


	Fiscal Year Ended March 31,
	2024 (1)
	(In millions)
Net sales (2)	$	1,664
Cost of sales (2)	1,198
Gross profit	466
Selling, general and administrative expenses	145
Intangible amortization	—
Operating income	321
Interest, net	1
Other charges (income), net	(2)
Income before income taxes	322
(Benefit from) provision for income taxes	(51)
Net income from discontinued operations	373
Net income from discontinued operations attributable to noncontrolling interest (3)	239
Net income from discontinued operations attributable to Flex Ltd.	$	134

(1)Represents the financial results for the nine-month period prior to the Nextracker spin-off. The financial results for the period from January 1, 2024 to the spin-off date were immaterial.

(2)Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of approximately $99 million for the fiscal year ended March 31, 2024.

(3)Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $145 million and of an income tax benefit of $94 million. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $177 million in fiscal year 2024.


	Fiscal Year Ended March 31,
	2024 (1)
	(In millions)
Net cash provided by (used in) discontinued operations operating activities (2)	$	317
Net cash used in discontinued operations investing activities	(4)

(2)Cash flows from discontinued operations operating activities includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of $54 million for the fiscal year ended March 31, 2024.