0001193125-19-175663.txt : 20190618 0001193125-19-175663.hdr.sgml : 20190618 20190618161003 ACCESSION NUMBER: 0001193125-19-175663 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190618 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190618 DATE AS OF CHANGE: 20190618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JABIL INC CENTRAL INDEX KEY: 0000898293 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 381886260 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14063 FILM NUMBER: 19903772 BUSINESS ADDRESS: STREET 1: 10560 DR. MARTIN LUTHER KING JR. ST. N. CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 7275779749 MAIL ADDRESS: STREET 1: 10560 DR. MARTIN LUTHER KING JR. ST. N. CITY: ST PETERSBURG STATE: FL ZIP: 33716 FORMER COMPANY: FORMER CONFORMED NAME: JABIL CIRCUIT INC DATE OF NAME CHANGE: 19930305 8-K 1 d724907d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 18, 2019

 

 

Jabil Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14063   38-1886260

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

10560 Dr. Martin Luther King, Jr. Street North,

St. Petersburg, Florida 33716

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (727) 577-9749

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

symbol(s)

  

Name of each exchange

on which registered

Common Stock, $0.001 par value per share   JBL   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On June 18, 2019, Jabil Inc. (the “Company”) issued a press release announcing its results of operations for the third fiscal quarter ended May 31, 2019. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d)    Exhibits

The following exhibit is furnished herewith:

 

Exhibit No.

   

Description

99.1    Press Release dated June 18, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

JABIL INC.

(Registrant)

June 18, 2019     By:   /s/ MICHAEL DASTOOR
      Michael Dastoor
      Chief Financial Officer
 EX-99.1 2 d724907dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Jabil Posts Third Quarter Results

Operational Excellence Drives Strong Results

ST. PETERSBURG, Fla. – June 18, 2019 – Today, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its third quarter of fiscal year 2019.

Third Quarter of Fiscal Year 2019 Highlights:

 

  •  

Net revenue: $6.1 billion

 

  •  

Diversified Manufacturing Services (DMS) year-on-year revenue decrease: 6 percent

 

  •  

Electronics Manufacturing Services (EMS) year-on-year revenue growth: 26 percent

 

  •  

U.S. GAAP operating income: $140.9 million

 

  •  

U.S. GAAP diluted earnings per share: $0.28

 

  •  

Core operating income (Non-GAAP): $185.8 million

 

  •  

Core diluted earnings per share (Non-GAAP): $0.57

“I’m extremely pleased with our third quarter performance, highlighted by solid operational excellence and strong financial results. The team delivered 20 basis points of core margin expansion on double-digit revenue growth, culminating in an impressive 24 percent core EPS growth, year-over-year,” said CEO Mark Mondello. “Our strong year-to-date results validate that our diversification strategy has firmly taken hold,” he added.

Healthcare Business Update:

During the third fiscal quarter, Jabil successfully transitioned additional sites from Johnson & Johnson Medical Devices Companies (JJMDC) as part of the previously announced strategic collaboration between the companies.

“Our overall healthcare business achieved another important step during the third quarter with the acquisition of three new sites, located in Brandywine, Elmira and Monument,” said Mondello. “I’d like to welcome our new employees at these outstanding healthcare facilities, which further expand our talent and capabilities in this area of our business,” he added.

General Business Update:

“In the fourth quarter, our outlook for revenue, core EPS and cash flow is solid as we see robust demand in 5G / wireless, cloud, industrial, healthcare and packaging,” said Mondello. “Over the longer-term, we remain relentless in our commitment to drive margin expansion and strong cash flows through a well-balanced, diverse stream of income,” he added.

Fourth Quarter of Fiscal Year 2019 Outlook:

 

• Net revenue

   

$6.3 billion to $6.9 billion

• U.S. GAAP operating income

   

$169 million to $235 million

• U.S. GAAP diluted earnings per share

   

$0.47 to $0.71 per diluted share

• Core operating income (Non-GAAP) (1)

   

$215 million to $275 million

• Core diluted earnings per share (Non-GAAP) (1)

   

$0.76 to $0.96 per diluted share

• Diversified Manufacturing Services revenue

   

Increase 4 percent year-on-year

• Electronics Manufacturing Services revenue

   

Increase 22 percent year-on-year

• Total company revenue

   

Increase 14 percent year-on-year

 

(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $8.0 million for amortization of intangibles (or $0.05 per diluted share), $16.0 million for stock-based compensation expense and related charges (or $0.10 per diluted share), $2.0 million for restructuring and related charges (or $0.01 per diluted share) and $20.0 million to $14.0 million for acquisition and integration charges (or $0.13 to $0.09 per diluted share).

(Definitions: “U.S. GAAP” means U.S. generally accepted accounting principles. Jabil defines core operating income as U.S. GAAP operating income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges and business interruption and impairment charges, net. Jabil defines core earnings as U.S. GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, impairment on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core diluted earnings per share as core earnings divided by the weighted average number of outstanding diluted shares as determined under U.S. GAAP. Jabil calculates its core return on invested capital (“ROIC”) by annualizing its after-tax core operating income for its most recently ended quarter and dividing that by a two quarter average net invested capital base. The Company calculates its after-tax core operating income as its core operating income less a certain tax effect (the amount is determined by applying the core effective tax rate to core operating income less interest expense). The Company calculates its average net invested capital base as the sum of the averages of its stockholders’ equity, current and non-current portions of its notes payable and long-term debt less the average of its cash and cash equivalents. The calculation of the averages discussed in the previous sentence is based on the addition of the account balance at the end of the most recently-ended quarter to the account balance at the end of the prior quarter and dividing by two. Jabil defines adjusted free cash flow as net cash provided by (used in) operating activities plus cash receipts on sold receivables less net capital expenditures (acquisition of property, plant and equipment less proceeds and advances from sale of property, plant and equipment). Jabil reports core operating income, core earnings, core diluted earnings per share, core ROIC and adjusted free cash flow to provide investors an additional method for assessing operating income, earnings, diluted earnings per share and free cash flow from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil’s core operating income to its U.S. GAAP operating income, its calculation of core earnings and core diluted earnings per share to its U.S. GAAP net income and U.S. GAAP earnings per share and additional information in the supplemental information.)

Forward Looking Statements: This release contains forward-looking statements, including those regarding our anticipated financial results for our third quarter of fiscal year 2019 and our guidance for future financial performance in our fourth quarter of fiscal year 2019 (including, net revenue, total company and segment revenue, U.S. GAAP operating income, U.S. GAAP diluted earnings per share, core operating income (Non-GAAP), cash flow, core diluted earnings per share (Non-GAAP) results and the components thereof, including but not limited to amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges and acquisition and integration charges). The statements in this release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from our current expectations. Such factors include, but are not limited to: our determination as we finalize our financial results for our third quarter of fiscal year 2019 that our financial results and conditions differ from our

current preliminary unaudited numbers set forth herein; unexpected, adverse seasonal impacts on demand; performance in the markets in which we operate; changes in macroeconomic conditions; the occurrence of, success and expected financial results from, product ramps; our ability to maintain and improve costs, quality and delivery for our customers; whether our restructuring activities and the realignment of our capacity will adversely affect our cost structure, ability to service customers and labor relations; reliance on a limited number of suppliers for critical components; changes in technology; competition; anticipated growth for us and our industry that may not occur; managing rapid growth; managing rapid declines in customer demand and other related customer challenges that may occur; our ability to successfully consummate acquisitions and divestitures; managing the integration of businesses we acquire; risks associated with international sales and operations; retaining key personnel; our dependence on a limited number of large customers; and adverse changes in political conditions, in the U.S. and internationally, including, among others, adverse changes in tax laws and rates and our ability to estimate and manage their impact. Additional factors that could cause such differences can be found in our Annual Report on Form 10-K for the fiscal year ended August 31, 2018 and our other filings with the Securities and Exchange Commission. We assume no obligation to update these forward-looking statements.

Supplemental Information Regarding Non-GAAP Financial Measures: Jabil provides supplemental, non-GAAP financial measures in this release to facilitate evaluation of Jabil’s core operating performance. These non-GAAP measures exclude certain amounts that are included in the most directly comparable U.S. GAAP measures, do not have standard meanings and may vary from the non-GAAP financial measures used by other companies. Management believes these “core” financial measures are useful measures that facilitate evaluation of the past and future performance of Jabil’s ongoing operations on a comparable basis.

Jabil reports core operating income, core earnings, core diluted earnings per share, core ROIC and adjusted free cash flows to provide investors an additional method for assessing operating income, earnings, earnings per share and free cash flow from what it believes are its core manufacturing operations. Among other uses, management uses non-GAAP financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when determining incentive compensation. The Company determines the tax effect of the items excluded from core earnings and core diluted earnings per share based upon evaluation of the statutory tax treatment and the applicable tax rate of the jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain jurisdictions where the Company does not expect to realize a tax benefit (due to existing tax incentives or a history of operating losses or other factors resulting in a valuation allowance related to deferred tax assets), a reduced or 0% tax rate is applied. Detailed definitions of certain of the core financial measures are included above under “Definitions” and a reconciliation of the disclosed core financial measures to the most directly comparable U.S. GAAP financial measures is included under the heading “Supplemental Data” at the end of this release.

Meeting and Replay Information: Jabil will hold a conference call to discuss its third quarter results today at 4:30 p.m. ET. To access the live audio webcast and view the accompanying slide presentation, visit the Investor Relations section of Jabil’s website, located at https://investors.jabil.com. An archived replay of the webcast will also be available after completion of the call.

About Jabil: Jabil (NYSE: JBL) is a product solutions company providing comprehensive design, manufacturing, supply chain and product management services. Operating from over 100 facilities in 29 countries, Jabil delivers innovative, integrated and tailored solutions to customers across a broad range of industries. For more information, visit jabil.com.

Investor Contact

Adam Berry

Vice President, Investor Relations

(727) 803-5772

Adam_Berry@jabil.com

Media Contact

Michelle Smith

Vice President, Corporate Communications

(727) 803-3534

Michelle_Smith@jabil.com

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

     May 31, 2019
(unaudited)		     August 31, 2018  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 694,086     $ 1,257,949  

Accounts receivable, net

      2,696,599       1,693,268  

Contract assets

      899,482       —    

Inventories, net

      3,159,369       3,457,706  

Prepaid expenses and other current assets

      524,833       1,141,000  
  

 

 

    

 

 

  

Total current assets

      7,974,369       7,549,923  

Property, plant and equipment, net

      3,335,837       3,198,016  

Goodwill and intangible assets, net

      890,679       906,876  

Deferred income taxes

      202,556       218,252  

Other assets

      205,336       172,574  
  

 

 

    

 

 

  

Total assets

    $ 12,608,777     $ 12,045,641  
  

 

 

    

 

 

  

LIABILITIES AND EQUITY

     

Current liabilities:

     

Current installments of notes payable and long-term debt

    $ 454,830     $ 25,197  

Accounts payable

      4,826,333       4,942,932  

Accrued expenses

      2,586,052       2,262,744  
  

 

 

    

 

 

  

Total current liabilities

      7,867,215       7,230,873  

Notes payable and long-term debt, less current installments

      2,476,842       2,493,502  

Other liabilities

      145,750       94,617  

Income tax liabilities

      136,400       148,884  

Deferred income taxes

      115,370       114,385  
  

 

 

    

 

 

  

Total liabilities

      10,741,577       10,082,261  
  

 

 

    

 

 

  

Commitments and contingencies

     

Equity:

     

Jabil Inc. stockholders’ equity:

     

Preferred stock

      —         —    

Common stock

      260       257  

Additional paid-in capital

      2,279,409       2,218,673  

Retained earnings

      1,996,901       1,760,097  

Accumulated other comprehensive loss

      (50,005 )      (19,399 ) 

Treasury stock, at cost

      (2,371,592 )      (2,009,371 ) 
  

 

 

    

 

 

  

Total Jabil Inc. stockholders’ equity

      1,854,973       1,950,257  

Noncontrolling interests

      12,227       13,123  
  

 

 

    

 

 

  

Total equity

      1,867,200       1,963,380  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 12,608,777     $ 12,045,641  
  

 

 

    

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share data)

(Unaudited)

 

     Three months ended      Nine months ended  
     May 31, 2019      May 31, 2018      May 31, 2019      May 31, 2018  

Net revenue

    $ 6,135,602      $ 5,436,952      $ 18,708,867      $ 16,323,585  

Cost of revenue

      5,691,803        5,038,725        17,290,544        15,058,940  
  

 

 

     

 

 

     

 

 

     

 

 

  

Gross profit

      443,799        398,227        1,418,323        1,264,645  

Operating expenses:

            

Selling, general and administrative

      274,482        252,487        834,750        789,482  

Research and development

      11,449        10,082        32,747        27,535  

Amortization of intangibles

      7,610        10,040        23,033        29,909  

Restructuring and related charges

      9,340        12,647        16,182        29,462  
  

 

 

     

 

 

     

 

 

     

 

 

  

Operating income

      140,918        112,971        511,611        388,257  

Interest and other, net

      57,840        41,818        162,820        123,403  
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income tax

      83,078        71,153        348,791        264,854  

Income tax expense

      39,046        28,451        113,078        120,705  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

      44,032        42,702        235,713        144,149  

Net income attributable to noncontrolling interests, net of tax

      550        161        1,277        505  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income attributable to Jabil Inc.

    $ 43,482      $ 42,541      $ 234,436      $ 143,644  
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share attributable to the stockholders of Jabil Inc.:

            

Basic

    $ 0.28      $ 0.25      $ 1.50      $ 0.83  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.28      $ 0.25      $ 1.47      $ 0.81  
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding:

            

Basic

      152,889        170,514        156,384        174,013  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

      155,678        173,279        159,036        176,997  
  

 

 

     

 

 

     

 

 

     

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

     Nine months ended  
     May 31, 2019     May 31, 2018  

Cash flows provided by (used in) operating activities:

     

Net income

    $ 235,713     $ 144,149  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

Depreciation and amortization

      574,922       583,646  

Restructuring and related charges

      (3,555 )      14,838  

Recognition of stock-based compensation expense and related charges

      47,452       74,977  

Deferred income taxes

      14,008       (39,762 ) 

Provision for allowance for doubtful accounts

      10,734       20,577  

Other, net

      34,204       (4,059 ) 

Change in operating assets and liabilities, exclusive of net assets acquired:

     

Accounts receivable

      (528,597 )      (1,692,208 ) 

Contract assets

      (865,408 )      —    

Inventories

      349,252       (379,658 ) 

Prepaid expenses and other current assets

      6,910       (98,160 ) 

Other assets

      (16,700 )      (21,542 ) 

Accounts payable, accrued expenses and other liabilities

      253,721       20,897  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      112,656       (1,376,305 ) 
  

 

 

    

 

 

  

Cash flows (used in) provided by investing activities:

     

Acquisition of property, plant and equipment

      (789,226 )      (819,167 ) 

Proceeds and advances from sale of property, plant and equipment

      167,653       246,370  

Cash paid for business and intangible asset acquisitions, net of cash

      (153,239 )      (109,664 ) 

Cash receipts on sold receivables

      96,846       1,571,156  

Other, net

      (26,129 )      (2,360 ) 
  

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (704,095 )      886,335  
  

 

 

    

 

 

  

Cash flows provided by (used in) financing activities:

     

Borrowings under debt agreements

      9,482,468       6,847,756  

Payments toward debt agreements

      (9,073,684 )      (6,472,728 ) 

Payments to acquire treasury stock

      (350,323 )      (316,394 ) 

Dividends paid to stockholders

      (39,736 )      (44,274 ) 

Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan

      14,582       12,844  

Treasury stock minimum tax withholding related to vesting of restricted stock

      (11,898 )      (22,526 ) 

Other, net

      (1,500 )      (11,876 ) 
  

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      19,909       (7,198 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      7,667       (15,259 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (563,863 )      (512,427 ) 

Cash and cash equivalents at beginning of period

      1,257,949       1,189,919  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 694,086     $ 677,492  
  

 

 

    

 

 

  

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

RECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-GAAP MEASURES

(in thousands, except for per share data)

(Unaudited)

 

     Three months ended     Nine months ended  
     May 31, 2019      May 31, 2018     May 31, 2019     May 31, 2018  

Operating income (U.S. GAAP)

    $ 140,918      $ 112,971     $ 511,611     $ 388,257  
  

 

 

     

 

 

    

 

 

    

 

 

  

Amortization of intangibles

      7,610        10,040       23,033       29,909  

Stock-based compensation expense and related charges

      14,506        15,038       47,452       82,822  

Restructuring and related charges

      9,340        12,647       16,182       29,462  

Distressed customer charge

      —          —         —         14,706  

Business interruption and impairment charges, net

      —          (634 )      (2,860 )      10,722  

Acquisition and integration charges

      13,391        —         35,066       —    
  

 

 

     

 

 

    

 

 

    

 

 

  

Adjustments to operating income

      44,847        37,091       118,873       167,621  
  

 

 

     

 

 

    

 

 

    

 

 

  

Core operating income (Non-GAAP)

    $ 185,765      $ 150,062     $ 630,484     $ 555,878  
  

 

 

     

 

 

    

 

 

    

 

 

  

Net income attributable to Jabil Inc. (U.S. GAAP)

    $ 43,482      $ 42,541     $ 234,436     $ 143,644  

Adjustments to operating income

      44,847        37,091       118,873       167,621  

Adjustments for taxes(1)

      125        (16 )      (17,837 )      29,037  
  

 

 

     

 

 

    

 

 

    

 

 

  

Core earnings (Non-GAAP)

    $ 88,454      $ 79,616     $ 335,472     $ 340,302  
  

 

 

     

 

 

    

 

 

    

 

 

  

Diluted earnings per share (U.S. GAAP)

    $ 0.28      $ 0.25     $ 1.47     $ 0.81  
  

 

 

     

 

 

    

 

 

    

 

 

  

Diluted core earnings per share (Non-GAAP)

    $ 0.57      $ 0.46     $ 2.11     $ 1.92  
  

 

 

     

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP)

      155,678        173,279       159,036       176,997  
  

 

 

     

 

 

    

 

 

    

 

 

  

 

  (1)

The nine months ended May 31, 2019 includes a $13.3 million income tax benefit for the effects of the Tax Act recorded during the three months ended November 30, 2018. The nine months ended May 31, 2018 includes $30.9 million, which is comprised of the provisional one-time transition tax as required by the Tax Act and the provisional impact of the Tax Act to the re-measurement of U.S. deferred tax attributes.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ROIC & Core ROIC

(in thousands)

(Unaudited)

 

     Three months ended  
     May 31, 2019      May 31, 2018  

Numerator:

      

Operating income (U.S. GAAP)

    $ 140,918      $ 112,971  

Tax effect (1)

      (42,490 )       (30,717 ) 
  

 

 

     

 

 

  

After-tax operating income

      98,428        82,254  
     x4        x4  
  

 

 

     

 

 

  

Annualized after-tax operating income

    $ 393,712      $ 329,016  
  

 

 

     

 

 

  

Core operating income (Non-GAAP)

    $ 185,765      $ 150,062  

Tax effect (2)

      (41,150 )       (29,951 ) 
  

 

 

     

 

 

  

After-tax core operating income

      144,615        120,111  
     x4        x4  
  

 

 

     

 

 

  

Annualized after-tax core operating income

    $ 578,460      $ 480,444  
  

 

 

     

 

 

  

Denominator:

      

Average total Jabil Inc. stockholders’ equity (3)

    $ 1,851,074      $ 2,227,618  

Average notes payable and long-term debt, less current installments (3)

      2,479,615        2,152,478  

Average current installments of notes payable and long-term debt (3)

      315,008        149,024  

Average cash and cash equivalents (3)

      (721,572 )       (809,144 ) 
  

 

 

     

 

 

  

Net invested capital base

    $ 3,924,125      $ 3,719,976  
  

 

 

     

 

 

  

Return on Invested Capital (U.S. GAAP)

      10.0 %       8.8 % 

Adjustments noted above

      4.7 %       4.1 % 

Core Return on Invested Capital (Non-GAAP)

      14.7 %       12.9 % 

 

  (1) 

The tax effect is calculated by applying the U.S. GAAP effective tax rate for the three months ended May 31, 2019 and 2018 to U.S. GAAP operating income less interest expense.

  (2) 

The tax effect is calculated by applying the core effective tax rate for the three months ended May 31, 2019 and 2018 to core operating income less interest expense.

  (3) 

The average is based on the addition of the account balance at the end of the most recently-ended quarter to the account balance at the end of the prior quarter and dividing by two.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ADJUSTED FREE CASH FLOW

(in thousands)

(Unaudited)

 

     Nine months ended  
     May 31, 2019     May 31, 2018  

Net cash provided by (used in) operating activities (U.S. GAAP)(1)

    $ 112,656     $ (1,376,305 ) 

Cash receipts on sold receivables

      96,846       1,571,156  
  

 

 

    

 

 

  

Adjusted cash provided by operating activities (Non-GAAP)

    $ 209,502     $ 194,851  

Acquisition of property, plant and equipment

      (789,226 )      (819,167 ) 

Proceeds and advances from sale of property, plant and equipment

      167,653       246,370  
  

 

 

    

 

 

  

Adjusted free cash flow (Non-GAAP)

    $ (412,071 )    $ (377,946 ) 
  

 

 

    

 

 

  

 

  (1) 

In fiscal year 2019, the adoption of Accounting Standards Update (“ASU”) 2016-15, “Classification of Certain Cash Receipts and Cash Payments” resulted in a reclassification of cash flows from operating activities to investing activities for cash receipts for the deferred purchase price receivable on asset-backed securitization transactions. The adoption of this standard does not reflect a change in the underlying business or activities. The effects of this change are applied retrospectively to all prior periods.

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