0001193125-19-252827.txt : 20190924 0001193125-19-252827.hdr.sgml : 20190924 20190924080504 ACCESSION NUMBER: 0001193125-19-252827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190924 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190924 DATE AS OF CHANGE: 20190924 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: 191109214 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 d783672d8k.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) September 24, 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 September 24, 2019, Jabil Inc. (the “Company”) issued a press release announcing its results of operations for the fourth fiscal quarter and full fiscal year ended August 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 September 24, 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)
September 24, 2019     By:  

 /s/ MICHAEL DASTOOR

       Michael Dastoor
       Chief Financial Officer
 EX-99.1 2 d783672dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Jabil Momentum Continues with Another Strong Year

ST. PETERSBURG, Fla. – September 24, 2019 –Today, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its fourth quarter and fiscal year ended August 31, 2019.

Fourth Quarter of Fiscal Year 2019 Highlights:

 

  •  

Net revenue: $6.6 billion

 

  •  

Diversified Manufacturing Services (DMS) year-on-year revenue growth: 2 percent

 

  •  

Electronics Manufacturing Services (EMS) year-on-year revenue growth: 23 percent

 

  •  

U.S. GAAP operating income: $189.7 million

 

  •  

U.S. GAAP diluted earnings per share: $0.34

 

  •  

Core operating income (Non-GAAP): $246.1 million

 

  •  

Core diluted earnings per share (Non-GAAP): $0.88

Fiscal Year 2019 Highlights:

 

  •  

Net revenue: $25.3 billion

 

  •  

Diversified Manufacturing Services (DMS) year-on-year revenue remained consistent

 

  •  

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

 

  •  

U.S. GAAP operating income: $701.4 million

 

  •  

U.S. GAAP diluted earnings per share: $1.81

 

  •  

Core operating income (Non-GAAP): $876.6 million

 

  •  

Core diluted earnings per share (Non-GAAP): $2.98

“I’m thrilled with our FY19 results, highlighted by outstanding operational execution, strong free cash flow generation and double-digit core EPS growth,” said CEO Mark Mondello. “As expected, our revenue was driven higher by targeted end-markets in the areas of 5G, cloud, energy and healthcare. Looking ahead, we expect the positive momentum to continue as we remain committed to driving margin expansion and delivering strong cash flows, derived from a well-balanced stream of revenue,” added Mondello.

First Quarter of Fiscal Year 2020 Outlook:

 

•  Net revenue

   

$6.65 billion to $7.35 billion

•  U.S. GAAP operating income

   

$128 million to $206 million

•  U.S. GAAP diluted earnings per share

   

$0.14 to $0.58 per diluted share

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

   

$235 million to $285 million

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

   

$0.82 to $1.04 per diluted share

•  Diversified Manufacturing Services revenue

   

Increase 3 percent year-on-year

•  Electronics Manufacturing Services revenue

   

Increase 11 percent year-on-year

 

 

(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $16.0 million for amortization of intangibles (or $0.10 per diluted share), $21.0 million for stock-based compensation expense and related charges (or $0.13 per diluted share), $50.0 million to $30.0 million for restructuring and related charges (or $0.32 to $0.15 per diluted share) and $20.0 million to $12.0 million for acquisition and integration charges (or $0.13 to $0.08 per diluted share).

Capital Return Update:

As part of a two-year capital allocation framework, Jabil’s Board of Directors has authorized a share repurchase program of up to $600 million in Company common stock. The shares will be repurchased from time-to-time through various methods, including open market repurchases, at the Company’s discretion and subject to market conditions and other factors.

(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, restructuring of securities loss, 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 fourth quarter and full fiscal year 2019; our guidance for future financial performance in our first quarter of fiscal year 2020 (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), 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) and our plans for return of capital. 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 fourth quarter and full 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 today at 8:30 a.m. ET to discuss its earnings for the fourth quarter and full fiscal year ended August 31, 2019 and to provide an investor briefing. 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 manufacturing solutions provider that delivers comprehensive design, manufacturing, supply chain and product management services. Leveraging the power of over 200,000 people across 100 sites strategically located around the world, Jabil simplifies complexity and delivers value in a broad range of industries, enabling innovation, growth and customer success. 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)

 

                                                                     
     August 31,  2019
(unaudited)		     August 31, 2018  
ASSETS     

Current assets:

     

Cash and cash equivalents

    $ 1,163,343     $ 1,257,949  

Accounts receivable, net

      2,745,226       1,693,268  

Contract assets

      911,940       —    

Inventories, net

      3,023,003       3,457,706  

Prepaid expenses and other current assets

      501,573       1,141,000  
  

 

 

    

 

 

  

Total current assets

      8,345,085       7,549,923  

Property, plant and equipment, net

      3,333,750       3,198,016  

Goodwill and intangible assets, net

      879,108       906,876  

Deferred income taxes

      198,827       218,252  

Other assets

      213,705       172,574  
  

 

 

    

 

 

  

Total assets

    $ 12,970,475     $ 12,045,641  
  

 

 

    

 

 

  
LIABILITIES AND EQUITY     

Current liabilities:

     

Current installments of notes payable and long-term debt

    $ 375,181     $ 25,197  

Accounts payable

      5,166,780       4,942,932  

Accrued expenses

      2,990,144       2,262,744  
  

 

 

    

 

 

  

Total current liabilities

      8,532,105       7,230,873  

Notes payable and long-term debt, less current installments

      2,121,284       2,493,502  

Other liabilities

      163,821       94,617  

Income tax liabilities

      136,689       148,884  

Deferred income taxes

      115,818       114,385  
  

 

 

    

 

 

  

Total liabilities

      11,069,717       10,082,261  
  

 

 

    

 

 

  

Commitments and contingencies

     

Equity:

     

Jabil Inc. stockholders’ equity:

     

Preferred stock

      —         —    

Common stock

      260       257  

Additional paid-in capital

      2,304,552       2,218,673  

Retained earnings

      2,037,037       1,760,097  

Accumulated other comprehensive loss

      (82,794 )      (19,399 ) 

Treasury stock, at cost

      (2,371,612 )      (2,009,371 ) 
  

 

 

    

 

 

  

Total Jabil Inc. stockholders’ equity

      1,887,443       1,950,257  

Noncontrolling interests

      13,315       13,123  
  

 

 

    

 

 

  

Total equity

      1,900,758       1,963,380  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 12,970,475     $ 12,045,641  
  

 

 

    

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share data)

(Unaudited)

 

                                                                                                                                           
     Three Months Ended     Fiscal Year Ended  
     August 31, 2019      August 31, 2018     August 31, 2019      August 31, 2018  

Net revenue

    $ 6,573,453      $ 5,771,831     $ 25,282,320      $ 22,095,416  

Cost of revenue

      6,078,375        5,329,684       23,368,919        20,388,624  
  

 

 

     

 

 

    

 

 

     

 

 

  

Gross profit

      495,078        442,147       1,913,401        1,706,792  

Operating expenses:

           

Selling, general and administrative

      276,597        261,234       1,111,347        1,050,716  

Research and development

      10,114        10,996       42,861        38,531  

Amortization of intangibles

      8,890        8,581       31,923        38,490  

Restructuring and related charges

      9,732        7,440       25,914        36,902  
  

 

 

     

 

 

    

 

 

     

 

 

  

Operating income

      189,745        153,896       701,356        542,153  

Restructuring of securities loss

      29,632        —         29,632        —    

Interest and other, net

      58,200        45,349       221,020        168,752  
  

 

 

     

 

 

    

 

 

     

 

 

  

Income before income tax

      101,913        108,547       450,704        373,401  

Income tax expense

      48,152        165,155       161,230        285,860  
  

 

 

     

 

 

    

 

 

     

 

 

  

Net income (loss)

      53,761        (56,608 )      289,474        87,541  

Net income attributable to noncontrolling interests, net of tax

      1,086        706       2,363        1,211  
  

 

 

     

 

 

    

 

 

     

 

 

  

Net income (loss) attributable to Jabil Inc.

    $ 52,675      $ (57,314 )    $ 287,111      $ 86,330  
  

 

 

     

 

 

    

 

 

     

 

 

  

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

           

Basic

    $ 0.34      $ (0.34 )    $ 1.85      $ 0.50  
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

    $ 0.34      $ (0.34 )    $ 1.81      $ 0.49  
  

 

 

     

 

 

    

 

 

     

 

 

  

Weighted average shares outstanding:

           

Basic

      153,327        166,968       155,613        172,237  
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

      156,981        166,968       158,647        175,044  
  

 

 

     

 

 

    

 

 

     

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

                                                                     
     Fiscal Year Ended  
     August 31, 2019     August 31, 2018  

Cash flows provided by (used in) operating activities:

     

Net income

    $ 289,474     $ 87,541  

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

     

Depreciation and amortization

      771,833       773,704  

Restructuring and related charges

      (3,566 )      16,264  

Recognition of stock-based compensation expense and related charges

      61,346       90,664  

Deferred income taxes

      20,998       52,705  

Provision for allowance for doubtful accounts

      15,867       38,030  

Restructuring of securities loss

      29,632       —    

Other, net

      37,017       (13,600 ) 

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

     

Accounts receivable

      (586,511 )      (2,334,367 ) 

Contract assets

      (878,469 )      —    

Inventories

      483,074       (499,105 ) 

Prepaid expenses and other current assets

      28,897       (97,795 ) 

Other assets

      (38,188 )      (34,747 ) 

Accounts payable, accrued expenses and other liabilities

      961,662       815,258  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      1,193,066       (1,105,448 ) 
  

 

 

    

 

 

  

Cash flows (used in) provided by investing activities:

     

Acquisition of property, plant and equipment

      (1,005,480 )      (1,036,651 ) 

Proceeds and advances from sale of property, plant and equipment

      218,708       350,291  

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

      (153,239 )      (109,664 ) 

Cash receipts on sold receivables

      96,846       2,039,298  

Other, net

      (29,289 )      (2,360 ) 
  

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (872,454 )      1,240,914  
  

 

 

    

 

 

  

Cash flows used in financing activities:

     

Borrowings under debt agreements

      11,985,978       9,677,424  

Payments toward debt agreements

      (12,013,004 )      (9,206,016 ) 

Payments to acquire treasury stock

      (350,323 )      (450,319 ) 

Dividends paid to stockholders

      (52,004 )      (57,833 ) 

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

      26,999       24,865  

Treasury stock minimum tax withholding related to vesting of restricted stock

      (11,918 )      (22,597 ) 

Other, net

      (1,500 )      (12,568 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (415,772 )      (47,044 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      554       (20,392 ) 
  

 

 

    

 

 

  

Net (decrease) increase in cash and cash equivalents

      (94,606 )      68,030  

Cash and cash equivalents at beginning of period

      1,257,949       1,189,919  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 1,163,343     $ 1,257,949  
  

 

 

    

 

 

  

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     Fiscal Year Ended  
     August 31, 2019     August 31, 2018     August 31, 2019     August 31, 2018  

Operating income (U.S. GAAP)

    $ 189,745     $ 153,896     $ 701,356     $ 542,153  
  

 

 

    

 

 

    

 

 

    

 

 

  

Amortization of intangibles

      8,890       8,581       31,923       38,490  

Stock-based compensation expense and related charges

      13,894       15,689       61,346       98,511  

Restructuring and related charges

      9,732       7,440       25,914       36,902  

Distressed customer charge

      6,235       18,004       6,235       32,710  

Business interruption and impairment charges, net

      —         577       (2,860 )      11,299  

Acquisition and integration charges

      17,631       8,082       52,697       8,082  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjustments to operating income

      56,382       58,373       175,255       225,994  
  

 

 

    

 

 

    

 

 

    

 

 

  

Core operating income (Non-GAAP)

    $ 246,127     $ 212,269     $ 876,611     $ 768,147  
  

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 52,675     $ (57,314 )    $ 287,111     $ 86,330  

Adjustments to operating income

      56,382       58,373       175,255       225,994  

Restructuring of securities loss

      29,632       —         29,632       —    

Adjustments for taxes(1)

      (796 )      117,167       (18,633 )      146,206  
  

 

 

    

 

 

    

 

 

    

 

 

  

Core earnings (Non-GAAP)

    $ 137,893     $ 118,226     $ 473,365     $ 458,530  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) per share (U.S. GAAP)

    $ 0.34     $ (0.34 )    $ 1.81     $ 0.49  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted core earnings per share (Non-GAAP)

    $ 0.88     $ 0.70     $ 2.98     $ 2.62  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding (U.S. GAAP)

      156,981       166,968       158,647       175,044  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding (Non-GAAP)

      156,981       169,728       158,647       175,044  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

The fiscal year ended August 31, 2019 includes a $13.3 million income tax benefit for the effects of the Tax Act. The three months and fiscal year ended August 31, 2018 includes a $111.4 million and $142.3 million, respectively, provisional estimate to account for the effects of the Tax Act.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ROIC & Core ROIC

(in thousands)

(Unaudited)

 

                                                                                                                                           
     Three Months Ended     Fiscal Year Ended  
     August 31, 2019     August 31, 2018     August 31, 2019     August 31, 2018  

Numerator:

   

Operating income (U.S. GAAP)

    $ 189,745     $ 153,896     $ 701,356     $ 542,153  

Tax effect (1)

      (66,308 )      (88,126 )      (183,381 )      (300,979 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

After-tax operating income

      123,437       65,770       517,975       241,174  
     x4       x4       x1       x1  
  

 

 

    

 

 

    

 

 

    

 

 

  

Annualized after-tax operating income

    $ 493,748     $ 263,080     $ 517,975     $ 241,174  
  

 

 

    

 

 

    

 

 

    

 

 

  

Core operating income (Non-GAAP)

    $ 246,127     $ 212,269     $ 876,611     $ 768,147  

Tax effect (2)

      (51,238 )      (49,875 )      (188,722 )      (144,261 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

After-tax core operating income

      194,889       162,394       687,889       623,886  
     x4       x4       x1       x1  
  

 

 

    

 

 

    

 

 

    

 

 

  

Annualized after-tax core operating income

    $ 779,556     $ 649,576     $ 687,889     $ 623,886  
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

   

Average total Jabil Inc. stockholders’ equity (3)

    $ 1,871,208     $ 2,061,699     $ 1,918,850     $ 2,151,886  

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

      2,299,063       2,321,562       2,307,393       2,063,047  

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

      415,005       148,698       200,189       235,348  

Average cash and cash equivalents (3)

      (928,715 )      (967,720 )      (1,210,646 )      (1,223,934 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net invested capital base

    $ 3,656,561     $ 3,564,239     $ 3,215,786     $ 3,226,347  
  

 

 

    

 

 

    

 

 

    

 

 

  

Return on Invested Capital (U.S. GAAP)

      13.5 %      7.4 %      16.1 %      7.5 % 

Adjustments noted above

      7.8 %      10.8 %      5.3 %      11.8 % 

Core Return on Invested Capital (Non-GAAP)

      21.3 %      18.2 %      21.4 %      19.3 % 

 

(1) 

The tax effect is calculated by applying the U.S. GAAP effective tax rate for the three months and fiscal years ended August 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 and fiscal years ended August 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 for the three months ended August 31, 2019 and 2018, respectively, and dividing by two. The average is based on the addition of the account balance at the end of the most recently-ended fiscal year to the account balance at the end of the prior fiscal year for the fiscal years ended August 31, 2019 and 2018, respectively, and dividing by two.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ADJUSTED FREE CASH FLOW

(in thousands)

(Unaudited)

 

                                                                     
     Fiscal Year Ended  
     August 31, 2019     August 31, 2018  

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

    $ 1,193,066     $ (1,105,448 ) 

Cash receipts on sold receivables

      96,846       2,039,298  
  

 

 

    

 

 

  

Adjusted cash provided by operating activities (Non-GAAP)

    $ 1,289,912     $ 933,850  

Acquisition of property, plant and equipment

      (1,005,480 )      (1,036,651 ) 

Proceeds and advances from sale of property, plant and equipment

      218,708       350,291  
  

 

 

    

 

 

  

Adjusted free cash flow (Non-GAAP)

    $ 503,140     $ 247,490  
  

 

 

    

 

 

  

 

(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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