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OFFON

JABIL INC.

(JBL)
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Jabil : Non-GAAP Reconciliations

09/29/2021 | 09:32am EST

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

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

(in millions, except for per share data)

(Unaudited)

Fiscal Year Ended

August 31, 2021

August 31, 2020

August 31, 2019

August 31, 2018

Operating income (U.S. GAAP)

$

1,055

$

500

$

701

$

542

Amortization of intangibles

47

56

32

38

Stock-based compensation expense and related charges

102

83

61

99

Restructuring, severance and related charges

10

157

26

37

Distressed customer charges

-

15

6

33

Net periodic benefit cost(1)

24

16

-

-

Business interruption and impairment charges, net

(1)

6

(3)

11

Acquisition and integration charges

4

31

54

8

Adjustments to operating income

186

364

176

226

Core operating income (Non-GAAP)

$

1,241

$

864

$

877

$

768

Depreciation expense

$

828

$

739

$

740

$

735

CORE EBITDA (Non-GAAP)

$

2,069

$

1,603

$

1,617

$

1,503

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

$

696

$

54

$

287

$

86

Adjustments to operating income

186

364

176

226

(Gain) loss on securities

(2)

49

30

-

Net periodic benefit costs(1)

(24)

(16)

-

-

Adjustments for taxes(2)

(3)

(1)

(20)

147

Core earnings (Non-GAAP)

$

853

$

450

$

473

$

459

Diluted earnings per share (U.S. GAAP)

$

4.58

$

0.35

$

1.81

$

0.49

Diluted core earnings per share (Non-GAAP)

$

5.61

$

2.90

$

2.98

$

2.62

Diluted weighted average shares outstanding used in the

calculations of earnings per share (U.S. GAAP and Non-

152,051

155,274

158,647

175,044

GAAP) (in thousands)

  1. Following the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits (Topic 715) ("ASU 2017-07"), pension service cost is recognized in cost of revenue and all other components of net periodic benefit cost, including return on plan assets, are presented in other expense. 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. The fiscal year ended August 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 fiscal year ended August 31, 2018 includes a $142.3 million provisional estimate to account for the effects of the Tax Act.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

RETURN ON INVESTED CAPITAL AND CORE RETURN ON INVESTED CAPITAL

(in millions) (Unaudited)

Fiscal Year Ended

August 31, 2021

August 31, 2020

August 31, 2019

August 31, 2018

Numerator:

Operating income (U.S. GAAP)

$

1,055

$

500

$

701

$

542

Tax effect (1)

(241)

(255)

(183)

(301)

After-tax operating income

814

245

518

241

x1

x1

x1

x1

Annualized after-tax operating income

$

814

$

245

$

518

$

241

Core operating income (Non-GAAP)

$

1,241

$

864

$

877

$

768

Tax effect (2)

(250)

(215)

(189)

(144)

After-tax core operating income

991

649

688

624

x1

x1

x1

x1

Annualized after-tax core operating income

$

991

$

649

$

688

$

624

Denominator:

Average total Jabil Inc. stockholders' equity (3)

$

1,974

$

1,848

$

1,920

$

2,152

Average notes payable and long-term debt, less current

2,778

2,400

2,307

2,063

installments (3)

Average current installments of notes payable and long-

25

213

200

235

term debt (3)

Average cash and cash equivalents (3)

(1,480)

(1,278)

(1,211)

(1,224)

Net invested capital base

$

3,297

$

3,183

$

3,216

$

3,226

Return on Invested Capital (U.S. GAAP)

24.7

%

7.7

%

16.1

%

7.5

%

Adjustments noted above

5.4 %

12.7 %

5.3 %

11.8 %

Core Return on Invested Capital (Non-GAAP)

30.1

%

20.4

%

21.4

%

19.3

%

  1. This amount is calculated by adding the amount of income taxes attributable to its operating income (U.S. GAAP) and its interest expense.
  2. This amount is calculated by adding the amount of income taxes attributable to its core operating income (Non-GAAP) and its interest expense.
  3. 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 and dividing by two.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ADJUSTED FREE CASH FLOW

(in millions) (Unaudited)

Fiscal Year Ended

August 31, 2021

August 31, 2020

August 31, 2019

August 31, 2018

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

1,433

$

1,257

$

1,193

$

(1,105)

GAAP) (1)

$

Cash receipts on sold receivables

-

-

97

2,039

Acquisition of property, plant and equipment

(1,159)

(983)

(1,005)

(1,037)

Proceeds and advances from sale of property, plant and

equipment

366

187

218

350

Adjusted free cash flow (Non-GAAP)

$

640

$

461

$

503

$

247

  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.

Disclaimer

Jabil Inc. published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 13:31:04 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 31 527 M - -
Net income 2022 824 M - -
Net Debt 2022 1 060 M - -
P/E ratio 2022 11,4x
Yield 2022 0,51%
Capitalization 8 973 M 8 973 M -
EV / Sales 2022 0,32x
EV / Sales 2023 0,29x
Nbr of Employees 238 000
Free-Float 51,2%
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Technical analysis trends JABIL INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 8
Last Close Price 62,60 $
Average target price 72,00 $
Spread / Average Target 15,0%
EPS Revisions
Managers and Directors
Mark T. Mondello Chairman & Chief Executive Officer
Meheryar K. Dastoor Chief Financial Officer & Executive Vice President
May Yap Chief Information Officer & Senior Vice President
Robert L. Katz Executive VP, Chief Ethics & Compliance Officer
Steven A. Raymund Independent Director
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