JABIL INC. Overview
We are one of the leading providers of worldwide manufacturing services and solutions. We provide comprehensive electronics design, production and product management services to companies in various industries and end markets. Our services enable our customers to reduce manufacturing costs, improve supply-chain management, reduce inventory obsolescence, lower transportation costs and reduce product fulfillment time. Our manufacturing and supply chain management services and solutions include innovation, design, planning, fabrication and assembly, delivery and managing the flow of resources and products. We derive substantially all of our revenue from production and product management services (collectively referred to as "manufacturing services"), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer. We serve our customers primarily through dedicated business units that combine highly automated, continuous flow manufacturing with advanced electronic design and design for manufacturability. We currently depend, and expect to continue to depend for the foreseeable future, upon a relatively small number of customers for a significant percentage of our net revenue, which in turn depends upon their growth, viability and financial stability. We conduct our operations in facilities that are located worldwide, including but not limited to,China ,Ireland ,Malaysia ,Mexico ,Singapore andthe United States . We derived a substantial majority, 84.8% of net revenue, from our international operations for the three months endedNovember 30, 2021 . Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products. Our global presence is key to assessing and executing on our business opportunities. We have two reporting segments: Electronics Manufacturing Services ("EMS") and Diversified Manufacturing Services ("DMS"), which are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles. Our EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing our large scale manufacturing infrastructure and our ability to serve a broad range of end markets. Our EMS segment is a high volume business that produces product at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the 5G, wireless and cloud, digital print and retail, industrial and semi-cap, and networking and storage industries. Our DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. Our DMS segment includes customers primarily in the automotive and transportation, connected devices, healthcare and packaging, and mobility industries. We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change. Refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year endedAugust 31, 2021 for further discussion of the items disclosed in Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" section as ofNovember 30, 2021 contained herein. COVID-19 The COVID-19 pandemic, which began to impact us inJanuary 2020 , has continued to affect our business and the businesses of our customers and suppliers. Travel and business operation restrictions arising from virus containment efforts of governments around the world have continued to impact our operations inAsia ,Europe and theAmericas . Essential activity exceptions from these restrictions have allowed us to continue to operate but virus containment efforts have resulted in additional direct costs. The impact on our suppliers has led to supply chain constraints, including difficulty sourcing materials necessary to fulfill customer production requirements and challenges in transporting completed products to our end customers. Summary of Results The following table sets forth, for the periods indicated, certain key operating results and other financial information (in millions, except per share data): 17
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Three months ended
November 30, 2021 November 30, 2020
Net revenue $ 8,567 $ 7,833
Gross profit $ 675 $ 635
Operating income $ 350 $ 314
Net income attributable to Jabil Inc. $ 241 $ 200
Earnings per share-basic $ 1.68 $ 1.33
Earnings per share-diluted $ 1.63 $ 1.31
Key Performance Indicators
Management regularly reviews financial and non-financial performance indicators
to assess the Company's operating results. Changes in our operating assets and
liabilities are largely affected by our working capital requirements, which are
dependent on the effective management of our sales cycle as well as timing of
payments. Our sales cycle measures how quickly we can convert our manufacturing
services into cash through sales. We believe the metrics set forth below are
useful to investors in measuring our liquidity as future liquidity needs will
depend on fluctuations in levels of inventory, accounts receivable and accounts
payable.
The following table sets forth, for the quarterly periods indicated, certain of
management's key financial performance indicators:
Three months ended
November 30, 2021 August 31, 2021 November 30, 2020
Sales cycle(1) 22 days 19 days 16 days
Inventory turns (annualized)(2) 5 turns 5 turns 7 turns
Days in accounts receivable(3) 41 days 38 days 42 days
Days in inventory(4) 66 days 71 days 55 days
Days in accounts payable(5) 85 days 90 days 80 days
(1)The sales cycle is calculated as the sum of days in accounts receivable and
days in inventory, less the days in accounts payable; accordingly, the variance
in the sales cycle quarter over quarter was a direct result of changes in these
indicators.
(2)Inventory turns (annualized) are calculated as 360 days divided by days in
inventory.
(3)Days in accounts receivable is calculated as accounts receivable, net,
divided by net revenue multiplied by 90 days. During the three months ended
November 30, 2021 , the increase in days in accounts receivable from the prior
sequential quarter was primarily due to an increase in accounts receivable,
primarily driven by higher sales and timing of collections.
(4)Days in inventory is calculated as inventory and contract assets divided by
cost of revenue multiplied by 90 days. During the three months ended November
30, 2021 , the decrease in days in inventory from the prior sequential quarter
was due to increased sales activity during the quarter. During the three months
ended November 30, 2021 , the increase in days in inventory from the three months
ended November 30, 2020 was primarily due to supply chain constraints and
increased materials purchases to support expected sales levels in the second
quarter of fiscal year 2022.
(5)Days in accounts payable is calculated as accounts payable divided by cost of
revenue multiplied by 90 days. During the three months ended November 30, 2021 ,
the decrease in days in accounts payable from the prior sequential quarter was
primarily due to timing of purchases and cash payments during the quarter.
During the three months ended November 30, 2021 , the increase in days in
accounts payable from the three months ended November 30, 2020 was primarily due
to an increase for material purchases and the timing of payments.
Critical Accounting Policies and Estimates
The preparation of our Condensed Consolidated Financial Statements and related
disclosures in conformity with U.S. generally accepted accounting principles
("U.S. GAAP") requires management to make estimates and judgments that affect
our reported amounts of assets and liabilities, revenues and expenses, and
related disclosures of contingent assets and liabilities. On an on-going basis,
we evaluate our estimates and assumptions based upon historical experience and
various other factors and circumstances. Management believes that our estimates
and assumptions are reasonable under the circumstances; however, actual results
may vary from these estimates and assumptions under different future
circumstances. For further discussion of our
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significant accounting policies, refer to Note 1 - "Description of Business and
Summary of Significant Accounting Policies" to the Consolidated Financial
Statements and "Management's Discussion and Analysis of Financial Condition and
Results of Operations - Critical Accounting Policies and Estimates" in our
Annual Report on Form 10-K for the fiscal year ended August 31, 2021 .
Recent Accounting Pronouncements
See Note 17 - "New Accounting Guidance" to the Condensed Consolidated Financial
Statements for a discussion of recent accounting guidance.
Results of Operations
Net Revenue
Generally, we assess revenue on a global customer basis regardless of whether
the growth is associated with organic growth or as a result of an acquisition.
Accordingly, we do not differentiate or separately report revenue increases
generated by acquisitions as opposed to existing business. In addition, the
added cost structures associated with our acquisitions have historically been
relatively insignificant when compared to our overall cost structure.
The distribution of revenue across our segments has fluctuated, and will
continue to fluctuate, as a result of numerous factors, including the following:
fluctuations in customer demand; efforts to diversify certain portions of our
business; business growth from new and existing customers; specific product
performance; and any potential termination, or substantial winding down, of
significant customer relationships.
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Net revenue $ 8,567 $ 7,833 9.4 %
Net revenue increased during the three months ended November 30, 2021 , compared
to the three months ended November 30, 2020 . Specifically, the DMS segment net
revenue increased 11% due to: (i) a 6% increase in revenues from existing
customers within our mobility business, (ii) a 4% increase in revenues from
existing customers in our automotive and transportation business, and (iii) a 3%
increase in revenue from existing customers within our healthcare and packaging
business. The increase is partially offset by a 2% decrease in revenues from
existing customers within our connected devices business. The EMS segment net
revenue increased 7% due to: (i) a 4% increase from existing customers within
our industrial and capital equipment business, (ii) a 4% increase from existing
customers within our 5G, wireless and cloud business, and (iii) a 2% increase
from existing customers within our digital print and retail business. The
increase is partially offset by a 3% decrease from existing customers within our
networking and storage business.
The following table sets forth, for the periods indicated, revenue by segment
expressed as a percentage of net revenue:
Three months ended
November 30, 2021 November 30, 2020
EMS 45 % 46 %
DMS 55 % 54 %
Total 100 % 100 %
The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:
Three months ended
November 30, 2021 November 30, 2020
Foreign source revenue 84.8 % 83.6 %
Gross Profit
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Three months ended
(dollars in millions) November 30, 2021 November 30, 2020
Gross profit $ 675 $ 635
Percent of net revenue 7.9 % 8.1 %
Gross profit as a percentage of net revenue decreased for the three months ended
November 30, 2021 compared to the three months ended November 30, 2020 ,
primarily due to product mix for the DMS segment.
Selling, General and Administrative
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Selling, general and administrative $ 308 $ 303 $ 5
Selling, general and administrative expenses remained relatively consistent
during the three months ended November 30, 2021 , compared to the three months
ended November 30, 2020 .
Research and Development
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020
Research and development $ 9 $ 8
Percent of net revenue 0.1 % 0.1 %
Research and development expenses remained relatively consistent as a percentage
of net revenue during the three months ended November 30, 2021 , compared to the
three months ended November 30, 2020 .
Amortization of Intangibles
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Amortization of intangibles $ 8 $ 11 $ (3)
Amortization of intangibles remained relatively consistent during the three
months ended
Restructuring, Severance and Related Charges
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Restructuring, severance and related charges $ - $ (1) $ 1
Restructuring, severance and related charges remained relatively consistent
during the three months ended November 30, 2021 , compared to the three months
ended November 30, 2020 . The 2021 Restructuring Plan was complete as of August
31, 2021 .
Other Expense (Income)
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Other expense (income) $ 1 $ (1) $ 2 Other expense (income) remained relatively consistent during the three months
ended
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Interest Income
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Interest income $ 1 $ 2 $ (1)
Interest income remained relatively consistent during the three months ended
November 30, 2021 , compared to the three months ended November 30, 2020 .
Interest Expense
Three months ended
(dollars in millions) November 30, 2021 November 30, 2020 Change
Interest expense $ 33 $ 32 $ 1
Interest expense remained relatively consistent during the three months ended
November 30, 2021 , compared to the three months ended November 30, 2020 .
Income Tax Expense
Three months ended
November 30, 2021 November 30, 2020 Change
Effective income tax rate 23.9 % 29.6 % (5.7) %
The effective income tax rate decreased for the three months ended November 30,
2021 , compared to the three months ended November 30, 2020 , primarily due to
decreased losses in tax jurisdictions with existing valuation allowances for the
three months ended November 30, 2021 .
Non-GAAP (Core) Financial Measures
The following discussion and analysis of our financial condition and results of
operations include certain non-GAAP financial measures as identified in the
reconciliations below. The non-GAAP financial measures disclosed herein do not
have standard meaning and may vary from the non-GAAP financial measures used by
other companies or how we may calculate those measures in other instances from
time to time. Non-GAAP financial measures should not be considered a substitute
for, or superior to, measures of financial performance prepared in accordance
with U.S. GAAP. Among other uses, management uses non-GAAP "core" financial
measures to make operating decisions, assess business performance and as a
factor in determining certain employee performance when evaluating incentive
compensation. Also, our "core" financial measures should not be construed as an
indication by us that our future results will be unaffected by those items that
are excluded from our "core" financial measures.
We determine 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 we do 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.
Included in the tables below are reconciliations of the non-GAAP financial
measures to the most directly comparable U.S. GAAP financial measures as
provided in our Condensed Consolidated Financial Statements:
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Reconciliation of U.S. GAAP Financial Results to Non-GAAP Measures
Three months ended
(in millions, except for per share data) November 30, 2021 November 30, 2020
Operating income (U.S. GAAP) $ 350 $ 314
Amortization of intangibles 8 11
Stock-based compensation expense and related charges 35 34
Restructuring, severance and related charges - (1)
Net periodic benefit cost (1) 7 5
Acquisition and integration charges (2) - 2
Adjustments to operating income 50 51
Core operating income (Non-GAAP) $ 400 $ 365
Net income attributable to Jabil Inc. (U.S. GAAP) $ 241 $ 200
Adjustments to operating income 50 51
Net periodic benefit cost (1) (7) (5)
Adjustments for taxes - (1)
Core earnings (Non-GAAP) $ 284 $ 245
Diluted earnings per share (U.S. GAAP) $ 1.63 $ 1.31
Diluted core earnings per share (Non-GAAP) $ 1.92 $ 1.60
Diluted weighted average shares outstanding (U.S. GAAP and
Non-GAAP) 147.7 152.9
(1)We are reclassifying the pension components in other expense to core
operating income as we assess operating performance, inclusive of all components
of net periodic benefit cost, with the related revenue. There is no impact to
core earnings or diluted core earnings per share for this adjustment.
(2)Charges related to our strategic collaboration with Johnson & Johnson Medical
Devices Companies ("JJMD").
Adjusted Free Cash Flow
Three months ended
(in millions) November 30, 2021 November 30, 2020
Net cash (used in) provided by operating activities (
$ 65
Acquisition of property, plant and equipment (281) (353)
Proceeds and advances from sale of property, plant and equipment 208
111
Adjusted free cash flow (Non-GAAP) $ (119) $ (177)
Liquidity and Capital Resources
We believe that our level of liquidity sources, which includes available
borrowings under our revolving credit facilities and commercial paper program,
additional proceeds available under our global asset-backed securitization
program and under our uncommitted trade accounts receivable sale programs, cash
on hand, cash flows provided by operating activities and access to the capital
markets, will be adequate to fund our cash requirements, including capital
expenditures, the payment of any declared quarterly dividends, any share
repurchases under the approved program, any potential acquisitions and our
working capital requirements for the next 12 months and beyond. We continue to
assess our capital structure and evaluate the merits of redeploying available
cash.
Cash and Cash Equivalents
As of November 30, 2021 , we had approximately $1.2 billion in cash and cash
equivalents, of which a significant portion was held by our foreign
subsidiaries. Most of our foreign cash and cash equivalents as of November 30,
2021 could be repatriated to the United States without potential tax expense.
Notes Payable and Credit Facilities
Following is a summary of principal debt payments and debt issuance for our
notes payable and credit facilities:
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Borrowings Total notes
under payable
4.700% 4.900% 3.950% revolving Borrowings and
Senior Senior Senior 3.600% 3.000% 1.700% credit under credit
(in millions) Notes Notes Notes Senior Notes Senior Notes Senior Notes facilities (1) loans facilities
Balance as of August 31, 2021 $ 499 $ 300 $ 496 $ 495 $ 591 $ 496 $ - $ 1 $ 2,878
Borrowings - - - - - - 550 - 550
Payments - - - - - - (550) - (550)
Other 1 - - - - - - - 1
Balance as of November 30, 2021 $ 500 $ 300 $ 496 $ 495 $ 591 $ 496 $ - $ 1 $ 2,879
Jan 22, 2024
and Jan 22,
Maturity Date Sep 15, 2022 Jul 14, 2023 Jan 12, 2028 Jan 15, 2030 Jan 15, 2031 Apr 15, 2026 2026 Jul 31, 2026
Original Facility/ $3.8
Maximum Capacity $500 million $300 million$500 million $500 million $600 million $500 million billion(1)$2 million (1)As ofNovember 30, 2021 , we had$3.8 billion in available unused borrowing capacity under our revolving credit facilities. The senior unsecured credit agreement dated as ofJanuary 22, 2020 and amended onApril 28, 2021 (the "Credit Facility") acts as the back-up facility for commercial paper outstanding, if any. We have a borrowing capacity of up to$1.8 billion under our commercial paper program. Borrowings with an original maturity of 90 days or less are recorded net within the statement of cash flows, and have been excluded from the table above. We have a shelf registration statement with theSEC registering the potential sale of an indeterminate amount of debt and equity securities in the future to augment our liquidity and capital resources. Our Senior Notes and our credit facilities contain various financial and nonfinancial covenants. A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the notes payable and credit facilities and potentially causing acceleration of amounts due under these notes payable and credit facilities. As ofNovember 30, 2021 andAugust 31, 2021 , we were in compliance with our debt covenants. Refer to Note 5 - "Notes Payable and Long-Term Debt" to the Condensed Consolidated Financial Statements for further details. Global Asset-Backed Securitization Program Certain Jabil entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, a foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis. We continue servicing the receivables sold and in exchange receive a servicing fee under the global asset-backed securitization program. Servicing fees related to the asset-backed securitization programs recognized during the three months endedNovember 30, 2021 and 2020 were not material. We do not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as we estimate that the fee we receive to service these receivables approximates the fair market compensation to provide the servicing activities. The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in our Condensed Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, orU.S. , portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as ofNovember 30, 2021 . The global asset-backed securitization program expires onNovember 25, 2024 and the maximum amount of net cash proceeds available at any one time is$600 million . During the three months endedNovember 30, 2021 , we sold$1.0 billion of trade accounts receivable and we received cash proceeds of$1.0 billion . As ofNovember 30, 2021 , we had no available liquidity under our global asset-backed securitization program. The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. As ofNovember 30, 2021 andAugust 31, 2021 , we were in compliance with all covenants under our global asset-backed securitization program. Refer to Note 6 - "Asset-Backed Securitization Program" to the Condensed Consolidated Financial Statements for further details on the program. 23 -------------------------------------------------------------------------------- Table of Contents Trade Accounts Receivable Sale Programs As ofNovember 30, 2021 , we may elect to sell receivables and the unaffiliated financial institution may elect to purchase specific accounts receivable at any one time up to a: (i) maximum aggregate amount available of$2.0 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of400 million CNY under one trade accounts receivable sale program and (iii) maximum amount available of100 million CHF under one trade accounts receivable sale program. The trade accounts receivable sale programs expire on various dates through 2025. During the three months endedNovember 30, 2021 , we sold$2.0 billion of trade accounts receivable under these programs and we received cash proceeds of$2.0 billion . As ofNovember 30, 2021 , we had up to$1.4 billion in available liquidity under our trade accounts receivable sale programs. Capital Expenditures For Fiscal Year 2022, we anticipate our net capital expenditures will be approximately$830 million . In general, our capital expenditures support ongoing maintenance in our DMS and EMS segments and investments in capabilities and targeted end markets. The amount of actual capital expenditures may be affected by general economic, financial, competitive, legislative and regulatory factors, among other things. Cash Flows The following table sets forth selected consolidated cash flow information (in millions): Three months ended November 30, 2021 November 30, 2020 Net cash (used in) provided by operating activities $ (46) $ 65 Net cash used in investing activities (73) (264) Net cash used in financing activities (208) (87) Effect of exchange rate changes on cash and cash equivalents (11) - Net decrease in cash and cash equivalents$ (338) $ (286) Operating Activities Net cash used in operating activities during the three months endedNovember 30, 2021 was primarily due to an increase in accounts receivable, inventories, contract assets, prepaid expenses and other current assets; partially offset by: an increase in accounts payable, accrued expenses and other liabilities, non-cash expenses and net income. The increase in accounts receivable is primarily driven by higher sales and the timing of collections. The increase in inventories is primarily due to supply chain constraints and higher materials purchases to support expected sales levels in the second quarter of fiscal year 2022. The increase in contract assets is primarily due to timing of revenue recognition for over time customers. The increase in prepaid expenses and other current assets is primarily due to the timing of payments. The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of purchases and cash payments. Investing Activities Net cash used in investing activities during the three months endedNovember 30, 2021 consisted primarily of capital expenditures, principally to support ongoing business in the DMS and EMS segments, partially offset by proceeds and advances from the sale of property, plant and equipment. Financing Activities Net cash used in financing activities during the three months endedNovember 30, 2021 was primarily due to (i) payments for debt agreements, (ii) the repurchase of our common stock under our share repurchase authorization, (iii) the purchase of treasury stock under employee stock plans and (iv) dividend payments. Net cash used in financing activities was partially offset by borrowings under debt agreements. Contractual Obligations 24 -------------------------------------------------------------------------------- Table of Contents As of the date of this report, other than the new operating and finance leases, (see Note 4 - "Leases" to the Condensed Consolidated Financial Statements), there were no material changes outside the ordinary course of business, sinceAugust 31, 2021 to our contractual obligations and commitments and the related cash requirements. Dividends and Share Repurchases We currently expect to continue to declare and pay regular quarterly dividends of an amount similar to our past declarations. However, the declaration and payment of future dividends are discretionary and will be subject to determination by our Board of Directors each quarter following its review of our financial performance and global economic conditions. InJuly 2021 , the Board of Directors approved an authorization for the repurchase of up to$1.0 billion of our common stock (the "2022 Share Repurchase Program"). As ofNovember 30, 2021 , 2.8 million shares had been repurchased for$169 million and$831 million remains available under the 2022 Share Repurchase Program. Item 3. Quantitative and Qualitative Disclosures About Market Risk There have been no material changes in our primary risk exposures or management of market risks from those disclosed in our Annual Report on Form 10-K for the fiscal year endedAugust 31, 2021 . Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures We carried out an evaluation required by Rules 13a-15 and 15d-15 under the Exchange Act (the "Evaluation"), under the supervision and with the participation of our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15 and 15d-15 under the Exchange Act as ofNovember 30, 2021 . Based on the Evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified inSEC rules and forms, and (ii) accumulated and communicated to our senior management, including our CEO and CFO, to allow timely decisions regarding required disclosure. Changes in Internal Control over Financial Reporting For our fiscal quarter endedNovember 30, 2021 , we did not identify any modifications to our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 25
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