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Also traded in: Germany, Mexico

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash-to-Debt 0.51
FLEX's Cash-to-Debt is ranked lower than
70% of the 2317 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.26 vs. FLEX: 0.51 )
Ranked among companies with meaningful Cash-to-Debt only.
FLEX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.09  Med: 0.57 Max: 2.31
Current: 0.51
0.09
2.31
Equity-to-Asset 0.22
FLEX's Equity-to-Asset is ranked lower than
93% of the 2282 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 0.55 vs. FLEX: 0.22 )
Ranked among companies with meaningful Equity-to-Asset only.
FLEX' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.07  Med: 0.34 Max: 0.63
Current: 0.22
0.07
0.63
Debt-to-Equity 0.96
FLEX's Debt-to-Equity is ranked lower than
82% of the 1765 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 0.36 vs. FLEX: 0.96 )
Ranked among companies with meaningful Debt-to-Equity only.
FLEX' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.04  Med: 0.82 Max: 8.76
Current: 0.96
0.04
8.76
Debt-to-EBITDA 2.70
FLEX's Debt-to-EBITDA is ranked lower than
60% of the 1627 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.99 vs. FLEX: 2.70 )
Ranked among companies with meaningful Debt-to-EBITDA only.
FLEX' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -0.57  Med: 2.2 Max: 2.79
Current: 2.7
-0.57
2.79
Interest Coverage 2.48
FLEX's Interest Coverage is ranked lower than
86% of the 1836 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 18.76 vs. FLEX: 2.48 )
Ranked among companies with meaningful Interest Coverage only.
FLEX' s Interest Coverage Range Over the Past 10 Years
Min: 1.7  Med: 6.41 Max: 16.13
Current: 2.48
1.7
16.13
Piotroski F-Score: 4
Altman Z-Score: 2.16
Beneish M-Score: -1.75
WACC vs ROIC
11.62%
5.50%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating Margin % 1.63
FLEX's Operating Margin % is ranked lower than
67% of the 2300 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 4.64 vs. FLEX: 1.63 )
Ranked among companies with meaningful Operating Margin % only.
FLEX' s Operating Margin % Range Over the Past 10 Years
Min: 1.04  Med: 2.02 Max: 2.56
Current: 1.63
1.04
2.56
Net Margin % 0.52
FLEX's Net Margin % is ranked lower than
71% of the 2299 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 3.48 vs. FLEX: 0.52 )
Ranked among companies with meaningful Net Margin % only.
FLEX' s Net Margin % Range Over the Past 10 Years
Min: -19.67  Med: 1.53 Max: 2.3
Current: 0.52
-19.67
2.3
ROE % 4.50
FLEX's ROE % is ranked lower than
59% of the 2278 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 6.72 vs. FLEX: 4.50 )
Ranked among companies with meaningful ROE % only.
FLEX' s ROE % Range Over the Past 10 Years
Min: -121.74  Med: 15.86 Max: 27.87
Current: 4.5
-121.74
27.87
ROA % 0.98
FLEX's ROA % is ranked lower than
67% of the 2329 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 3.43 vs. FLEX: 0.98 )
Ranked among companies with meaningful ROA % only.
FLEX' s ROA % Range Over the Past 10 Years
Min: -39.47  Med: 3.22 Max: 5.35
Current: 0.98
-39.47
5.35
ROC (Joel Greenblatt) % 16.63
FLEX's ROC (Joel Greenblatt) % is ranked higher than
60% of the 2326 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 12.21 vs. FLEX: 16.63 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
FLEX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -195.77  Med: 20.84 Max: 29.33
Current: 16.63
-195.77
29.33
3-Year Revenue Growth Rate 2.40
FLEX's 3-Year Revenue Growth Rate is ranked lower than
52% of the 2196 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 2.80 vs. FLEX: 2.40 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
FLEX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -2.4  Med: 5.9 Max: 61.1
Current: 2.4
-2.4
61.1
3-Year EBITDA Growth Rate -1.30
FLEX's 3-Year EBITDA Growth Rate is ranked lower than
62% of the 1871 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 5.10 vs. FLEX: -1.30 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
FLEX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: 8.2 Max: 78.7
Current: -1.3
0
78.7
3-Year EPS without NRI Growth Rate -7.80
FLEX's 3-Year EPS without NRI Growth Rate is ranked lower than
69% of the 1725 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 6.60 vs. FLEX: -7.80 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
FLEX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: 0 Max: 146.6
Current: -7.8
0
146.6
GuruFocus has detected 1 Warning Sign with Flex Ltd FLEX.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» FLEX's 30-Y Financials

Financials (Next Earnings Date: 2019-04-26)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2018

FLEX Guru Trades in Q1 2018

Bill Nygren 12,000,000 sh (New)
Steven Cohen 245,900 sh (New)
Richard Pzena 4,864,991 sh (+4.65%)
PRIMECAP Management 53,294,000 sh (+1.51%)
Pioneer Investments 679,311 sh (+1.90%)
David Dreman 385 sh (unchged)
First Eagle Investment Sold Out
Ray Dalio Sold Out
NWQ Managers 1,841,689 sh (-1.58%)
Larry Robbins 32,655,437 sh (-17.19%)
» More
Q2 2018

FLEX Guru Trades in Q2 2018

Paul Tudor Jones 54,554 sh (New)
Jim Simons 25,897 sh (New)
NWQ Managers 2,101,795 sh (+14.12%)
PRIMECAP Management 57,341,429 sh (+7.59%)
Larry Robbins 33,071,960 sh (+1.28%)
Steven Cohen Sold Out
Richard Pzena 4,651,885 sh (-4.38%)
Pioneer Investments 412,762 sh (-39.24%)
Bill Nygren 10,000,000 sh (-16.67%)
» More
Q3 2018

FLEX Guru Trades in Q3 2018

Robert Olstein 70,000 sh (New)
Richard Pzena 6,374,944 sh (+37.04%)
PRIMECAP Management 65,011,618 sh (+13.38%)
Jim Simons 1,669,354 sh (+6346.13%)
Pioneer Investments 645,534 sh (+56.39%)
Bill Nygren 20,000,000 sh (+100.00%)
Paul Tudor Jones Sold Out
NWQ Managers 2,071,202 sh (-1.46%)
Larry Robbins 17,605,686 sh (-46.77%)
» More
Q4 2018

FLEX Guru Trades in Q4 2018

Charles Brandes 3,808,044 sh (New)
Arnold Schneider 40,100 sh (New)
Richard Pzena 8,968,354 sh (+40.68%)
PRIMECAP Management 77,196,259 sh (+18.74%)
Jim Simons 2,291,154 sh (+37.25%)
NWQ Managers 2,927,657 sh (+41.35%)
Robert Olstein Sold Out
Pioneer Investments 638,436 sh (-1.10%)
Larry Robbins 15,667,584 sh (-11.01%)
Bill Nygren 2,370,000 sh (-88.15%)
» More
» Details

Insider Trades

Latest Guru Trades with FLEX

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

Guru Date Action
Impact Price Range
(Average)*
Change from Average Comment Current Shares
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Business Description

Industry: Computer Hardware » Contract Manufacturers    NAICS: 334412 
Compare:NYSE:JBL, SZSE:002916, SHSE:603228, SZSE:002815, TSE:4062, SZSE:300476, NAS:PLXS, SHSE:603328, TSX:CLS, TPE:3044, NAS:TTMI, SZSE:002436, NYSE:BHE, BKK:KCE, TPE:2313, SZSE:002463, SZSE:002618, HKSE:00451, SHSE:603920, SZSE:002913 » details
Traded in other countries:FXI.Germany, FLEXN.Mexico,
Headquarter Location:Singapore
Flex Ltd is a provider of Sketch-to-Scale services. It provides designing, manufacturing and supply chain services of packaged consumer electronics and industrial products to various industries and end-markets.

Flex is one of the world's largest contract electronics manufacturing companies, providing comprehensive electronics design, manufacturing, and product management services to global electronics and technology companies. Flex operates in four segments: Communications & Enterprise Compute, Consumer Technologies Group, Industrial & Emerging Industries, and High Reliability Solutions.

Guru Investment Theses on Flex Ltd

Bill Nygren Comments on Flex - Apr 06, 2018

Flex (NASDAQ:FLEX) is undergoing a business transformation that should result in structurally higher returns on invested capital. A decade ago, the company, then known as Flextronics, looked like a classic contract manufacturer. Like its peers, it had a concentrated customer base, composed almost entirely of electronics companies, and it would manufacture products to meet customer specifications. Contract manufacturers have few meaningful competitive advantages in the low-margin manufacturing business, as their main value-add is locating production in low-cost regions. However, since Mike McNamara took over as CEO in 2006, Flex has been investing in what it calls “sketch-to-scale” capabilities, in which Flex’s engineers are actually involved in the design phase of customers’ products. This is a better business than contract manufacturing due to higher barriers to entry, stickier customer relationships and higher profit margins. Sketch-to-scale arrangements account for about 23% of revenues today and should almost double to 40% by 2020. In our view, this business shift and the accompanying boosts to both margin and ROIC are not priced into the stock, which trades for less than 14x next year’s consensus EPS after adding back intangible amortization.

From Bill Nygren (Trades, Portfolio)'s first quarter 2018 Oakmark Fund commentary.

Check out Bill Nygren latest stock trades

Top Ranked Articles about Flex Ltd

Recent Analysis Shows Flex, Shaw Communications, Central European Media Enterprises, Lazard, Health Insurance Innovations, and American Electric Power Market Influences — Renewed Outlook, Key Drivers of Growth
Flex Appoints Charles Stevens And Jill Greenthal To Board Of Directors
Investor Expectations to Drive Momentum within Flex, Shaw Communications, Teck Resources, Dycom Industries, Hexcel, and Campbell Soup — Discovering Underlying Factors of Influence
3 Stocks Fell on Friday Flex, Snap and First Solar move down on financial results
Shares of Flex Ltd. (NASDAQ:FLEX) plunged 30% Friday after announcing second-quarter results. The company posted earnings per share of 29 cents and revenue of $6.71 billion, reflecting 7.0% year-over-year growth. The company beat earnings estimates by 1 cent but fell short of revenue estimates by $80 million. Read more...
Flex CEO, Mike McNamara, to Retire
Flex Digital Health Announces Novo Nordisk as BrightInsight Customer
Flex Releases 2018 Sustainability Report
Flex Announces Release Date for Second Quarter Fiscal 2019 Earnings
Flex Announces BrightInsight Clinical Board to Advance Development of Digital Solutions for Pharma and Medtech
Flex Receives Approval And Authorization For Share Repurchases

Ratios

vs
industry
vs
history
PE Ratio 42.36
FLEX's PE Ratio is ranked lower than
83% of the 1711 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 16.75 vs. FLEX: 42.36 )
Ranked among companies with meaningful PE Ratio only.
FLEX' s PE Ratio Range Over the Past 10 Years
Min: 6.6  Med: 15.28 Max: 825
Current: 42.36
6.6
825
Forward PE Ratio 8.51
FLEX's Forward PE Ratio is ranked higher than
91% of the 259 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 14.71 vs. FLEX: 8.51 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 42.36
FLEX's PE Ratio without NRI is ranked lower than
83% of the 1690 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 16.78 vs. FLEX: 42.36 )
Ranked among companies with meaningful PE Ratio without NRI only.
FLEX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 6.36  Med: 14.97 Max: 412.5
Current: 42.36
6.36
412.5
PB Ratio 1.77
FLEX's PB Ratio is ranked lower than
58% of the 2309 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.47 vs. FLEX: 1.77 )
Ranked among companies with meaningful PB Ratio only.
FLEX' s PB Ratio Range Over the Past 10 Years
Min: 0.2  Med: 2.47 Max: 3.52
Current: 1.77
0.2
3.52
PS Ratio 0.21
FLEX's PS Ratio is ranked higher than
90% of the 2318 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 0.98 vs. FLEX: 0.21 )
Ranked among companies with meaningful PS Ratio only.
FLEX' s PS Ratio Range Over the Past 10 Years
Min: 0.05  Med: 0.23 Max: 0.42
Current: 0.21
0.05
0.42
EV-to-EBIT 16.10
FLEX's EV-to-EBIT is ranked lower than
60% of the 1789 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 12.83 vs. FLEX: 16.10 )
Ranked among companies with meaningful EV-to-EBIT only.
FLEX' s EV-to-EBIT Range Over the Past 10 Years
Min: -1.3  Med: 11.65 Max: 52.9
Current: 16.1
-1.3
52.9
EV-to-EBITDA 6.38
FLEX's EV-to-EBITDA is ranked higher than
74% of the 1910 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 10.14 vs. FLEX: 6.38 )
Ranked among companies with meaningful EV-to-EBITDA only.
FLEX' s EV-to-EBITDA Range Over the Past 10 Years
Min: -1.5  Med: 6.2 Max: 11.1
Current: 6.38
-1.5
11.1
EV-to-Revenue 0.26
FLEX's EV-to-Revenue is ranked higher than
90% of the 2307 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 0.99 vs. FLEX: 0.26 )
Ranked among companies with meaningful EV-to-Revenue only.
FLEX' s EV-to-Revenue Range Over the Past 10 Years
Min: 0.1  Med: 0.3 Max: 0.5
Current: 0.26
0.1
0.5
PEG Ratio 5.28
FLEX's PEG Ratio is ranked lower than
82% of the 874 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.40 vs. FLEX: 5.28 )
Ranked among companies with meaningful PEG Ratio only.
FLEX' s PEG Ratio Range Over the Past 10 Years
Min: 0.41  Med: 1.93 Max: 35.81
Current: 5.28
0.41
35.81
Shiller PE Ratio 17.72
FLEX's Shiller PE Ratio is ranked higher than
62% of the 681 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 22.91 vs. FLEX: 17.72 )
Ranked among companies with meaningful Shiller PE Ratio only.
FLEX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 12.4  Med: 14.63 Max: 17.77
Current: 17.72
12.4
17.77
Current Ratio 1.26
FLEX's Current Ratio is ranked lower than
80% of the 2256 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.89 vs. FLEX: 1.26 )
Ranked among companies with meaningful Current Ratio only.
FLEX' s Current Ratio Range Over the Past 10 Years
Min: 0.89  Med: 1.27 Max: 2.1
Current: 1.26
0.89
2.1
Quick Ratio 0.75
FLEX's Quick Ratio is ranked lower than
86% of the 2256 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.39 vs. FLEX: 0.75 )
Ranked among companies with meaningful Quick Ratio only.
FLEX' s Quick Ratio Range Over the Past 10 Years
Min: 0.46  Med: 0.81 Max: 1.42
Current: 0.75
0.46
1.42
Days Inventory 57.96
FLEX's Days Inventory is ranked higher than
66% of the 2249 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 77.36 vs. FLEX: 57.96 )
Ranked among companies with meaningful Days Inventory only.
FLEX' s Days Inventory Range Over the Past 10 Years
Min: 43.28  Med: 47.98 Max: 57.96
Current: 57.96
43.28
57.96
Days Sales Outstanding 39.43
FLEX's Days Sales Outstanding is ranked higher than
88% of the 2261 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 79.60 vs. FLEX: 39.43 )
Ranked among companies with meaningful Days Sales Outstanding only.
FLEX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 27.33  Med: 33.09 Max: 39.43
Current: 39.43
27.33
39.43
Days Payable 80.92
FLEX's Days Payable is ranked higher than
64% of the 2219 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 65.83 vs. FLEX: 80.92 )
Ranked among companies with meaningful Days Payable only.
FLEX' s Days Payable Range Over the Past 10 Years
Min: 50.08  Med: 68.22 Max: 80.92
Current: 80.92
50.08
80.92

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio 2.20
FLEX's 3-Year Average Share Buyback Ratio is ranked higher than
92% of the 1532 Companies
in the Global Contract Manufacturers industry.

( Industry Median: -3.00 vs. FLEX: 2.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
FLEX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -42.9  Med: -4.7 Max: 7.9
Current: 2.2
-42.9
7.9

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 3.38
FLEX's Price-to-Tangible-Book is ranked lower than
74% of the 2285 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.69 vs. FLEX: 3.38 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
FLEX' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 1.19  Med: 3.48 Max: 8.49
Current: 3.38
1.19
8.49
Price-to-Intrinsic-Value-Projected-FCF 3.29
FLEX's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
82% of the 1353 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.27 vs. FLEX: 3.29 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
FLEX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.44  Med: 0.98 Max: 356.67
Current: 3.29
0.44
356.67
Price-to-Median-PS-Value 0.93
FLEX's Price-to-Median-PS-Value is ranked higher than
54% of the 2112 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 0.94 vs. FLEX: 0.93 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
FLEX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.27  Med: 1.65 Max: 7.97
Current: 0.93
0.27
7.97
Price-to-Graham-Number 2.52
FLEX's Price-to-Graham-Number is ranked lower than
80% of the 1626 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 1.17 vs. FLEX: 2.52 )
Ranked among companies with meaningful Price-to-Graham-Number only.
FLEX' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.79  Med: 1.92 Max: 13.18
Current: 2.52
0.79
13.18
Earnings Yield (Greenblatt) % 6.18
FLEX's Earnings Yield (Greenblatt) % is ranked higher than
55% of the 2382 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 5.45 vs. FLEX: 6.18 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
FLEX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -180  Med: 7.4 Max: 52.9
Current: 6.18
-180
52.9
Forward Rate of Return (Yacktman) % 1.61
FLEX's Forward Rate of Return (Yacktman) % is ranked lower than
63% of the 1382 Companies
in the Global Contract Manufacturers industry.

( Industry Median: 7.08 vs. FLEX: 1.61 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
FLEX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 0.8  Med: 14.6 Max: 34.2
Current: 1.61
0.8
34.2

More Statistics

Revenue (TTM) (Mil) $26,490.27
EPS (TTM) $ 0.25
Beta2.24
Volatility58.91%
52-Week Range $6.74 - 18.16
Shares Outstanding (Mil)521.42

Analyst Estimate

Mar19 Mar20
Revenue (Mil $)
EBIT (Mil $)
EBITDA (Mil $)
EPS ($) 1.13 1.22
EPS without NRI ($) 1.13 1.22
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 44
Positive ROAY
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyY
Higher Current Ratio yoyY
Less Shares Outstanding yoyY
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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