0001193125-19-074800.txt : 20190314 0001193125-19-074800.hdr.sgml : 20190314 20190314161403 ACCESSION NUMBER: 0001193125-19-074800 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190314 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190314 DATE AS OF CHANGE: 20190314 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: 19681226 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 d632294d8k.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) March 14, 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

N/A

(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))

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 March 14, 2019, Jabil Inc. (the “Company”) issued a press release announcing its results of operations for the second fiscal quarter ended February 28, 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 March 14, 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)

March 14, 2019     By:   /s/ MICHAEL DASTOOR
      Michael Dastoor
      Chief Financial Officer
 EX-99.1 2 d632294dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Jabil Posts Second Quarter Results

Diversification Strategy Continues to Drive Positive Results

ST. PETERSBURG, Fla. – March 14, 2019 – Today, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its second quarter of fiscal year 2019.

“I’m extremely pleased with our outstanding second quarter results, which further demonstrate the success of our diversification strategy,” said CEO Mark Mondello. “Quite simply, our approach is working, both in terms of our strategy and operational excellence. This is well-illustrated by our performance in the first half of the fiscal year,” he added.

Second Quarter of Fiscal Year 2019 Highlights:

 

  •  

Net revenue: $6.1 billion

 

  •  

Diversified Manufacturing Services (DMS) year-on-year revenue decrease: 7 percent

 

  •  

Electronics Manufacturing Services (EMS) year-on-year revenue growth: 33 percent

 

  •  

U.S. GAAP operating income: $154.0 million

 

  •  

U.S. GAAP diluted earnings per share: $0.43

 

  •  

Core operating income (Non-GAAP): $191.1 million

 

  •  

Core diluted earnings per share (Non-GAAP): $0.64

Healthcare Business Update:

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

“I’m honored to welcome our new employees from these outstanding healthcare facilities,” said Mondello. “Our new team members bring forward terrific experience, elevating and expanding Jabil’s capabilities in our healthcare business,” he added.

General Business Update:

“As we move into the back half of our fiscal year, our outlook for revenue and core EPS remain strong, supported by strength in our healthcare, retail, cloud and industrial businesses,” said Mondello.

Third Quarter of Fiscal Year 2019 Outlook:

 

•  Net revenue

   

$5.7 billion to $6.3 billion

•  U.S. GAAP operating income

   

$106 million to $167 million

•  U.S. GAAP diluted earnings per share

   

$0.19 to $0.46 per diluted share

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

   

$150 million to $200 million

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

   

$0.47 to $0.67 per diluted share

•  Diversified Manufacturing Services revenue

   

Decrease 12 percent year-on-year

•  Electronics Manufacturing Services revenue

   

Increase 27 percent year-on-year

•  Total company revenue

   

Increase 10 percent year-on-year

 

(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $7.0 million for amortization of intangibles (or $0.05 per diluted share), $15.0 million for stock-based compensation expense and related charges (or $0.09 per diluted share), $6.0 to $3.0 million for restructuring and related charges (or $0.04 to $0.02 per diluted share) and $16.0 to $8.0 million for acquisition and integration charges (or $0.10 to $0.05 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 second quarter of fiscal year 2019 and our guidance for future financial performance in our third 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), 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 second 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 second 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)

 

     February 28, 2019
(unaudited)		     August 31, 2018  
ASSETS             

Current assets:

     

Cash and cash equivalents

    $ 749,057     $ 1,257,949  

Accounts receivable, net

      2,543,615       1,693,268  

Contract assets

      832,889       —  

Inventories, net

      3,248,273       3,457,706  

Prepaid expenses and other current assets

      532,223       1,141,000  
  

 

 

    

 

 

  

Total current assets

      7,906,057       7,549,923  

Property, plant and equipment, net

      3,279,505       3,198,016  

Goodwill and intangible assets, net

      901,735       906,876  

Deferred income taxes

      194,015       218,252  

Other assets

      195,282       172,574  
  

 

 

    

 

 

  

Total assets

    $ 12,476,594     $ 12,045,641  
  

 

 

    

 

 

  
LIABILITIES AND EQUITY             

Current liabilities:

     

Current installments of notes payable and long-term debt

    $ 175,186     $ 25,197  

Accounts payable

      4,900,070       4,942,932  

Accrued expenses

      2,676,604       2,262,744  
  

 

 

    

 

 

  

Total current liabilities

      7,751,860       7,230,873  

Notes payable and long-term debt, less current installments

      2,482,387       2,493,502  

Other liabilities

      132,882       94,617  

Income tax liabilities

      133,066       148,884  

Deferred income taxes

      117,547       114,385  
  

 

 

    

 

 

  

Total liabilities

      10,617,742       10,082,261  
  

 

 

    

 

 

  

Commitments and contingencies

     

Equity:

     

Jabil Inc. stockholders’ equity:

     

Preferred stock

      —         —    

Common stock

      260       257  

Additional paid-in capital

      2,264,966       2,218,673  

Retained earnings

      1,966,100       1,760,097  

Accumulated other comprehensive loss

      (13,253 )      (19,399 ) 

Treasury stock, at cost

      (2,370,898 )      (2,009,371 ) 
  

 

 

    

 

 

  

Total Jabil Inc. stockholders’ equity

      1,847,175       1,950,257  

Noncontrolling interests

      11,677       13,123  
  

 

 

    

 

 

  

Total equity

      1,858,852       1,963,380  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 12,476,594     $ 12,045,641  
  

 

 

    

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share data)

(Unaudited)

 

     Three Months Ended      Six months Ended  
     February 28, 2019      February 28, 2018      February 28, 2019      February 28, 2018  

Net revenue

    $ 6,066,990      $ 5,301,101      $ 12,573,265      $ 10,886,633  

Cost of revenue

      5,612,116        4,903,968        11,598,741        10,020,215  
  

 

 

     

 

 

     

 

 

     

 

 

  

Gross profit

      454,874        397,133        974,524        866,418  

Operating expenses:

            

Selling, general and administrative

      282,142        243,940        560,268        536,995  

Research and development

      10,155        8,344        21,298        17,453  

Amortization of intangibles

      7,777        9,890        15,423        19,869  

Restructuring and related charges

      817        5,427        6,842        16,815  
  

 

 

     

 

 

     

 

 

     

 

 

  

Operating income

      153,983        129,532        370,693        275,286  

Interest and other, net

      53,157        43,270        104,980        81,585  
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income tax

      100,826        86,262        265,713        193,701  

Income tax expense

      33,219        48,734        74,032        92,254  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

      67,607        37,528        191,681        101,447  

Net income attributable to noncontrolling interests, net of tax

      253        220        727        344  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income attributable to Jabil Inc.

    $ 67,354      $ 37,308      $ 190,954      $ 101,103  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

            

Basic

    $ 0.44      $ 0.21      $ 1.21      $ 0.58  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.43      $ 0.21      $ 1.19      $ 0.57  
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding:

            

Basic

      154,725        174,635        158,160        175,792  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

      156,737        176,953        160,413        178,578  
  

 

 

     

 

 

     

 

 

     

 

 

  

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

     Six months ended  
     February 28, 2019     February 28, 2018  

Cash flows provided by (used in) operating activities:

     

Net income

    $ 191,681     $ 101,447  

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

     

Depreciation and amortization

      381,510       382,322  

Restructuring and related charges

      (3,212 )      9,263  

Recognition of stock-based compensation expense and related charges

      32,946       59,938  

Deferred income taxes

      23,921       (24,535 ) 

Provision for allowance for doubtful accounts

      5,598       17,271  

Other, net

      38,559       (792 ) 

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

     

Accounts receivable

      (365,192 )      (1,245,493 ) 

Contract assets

      (815,144 )      —  

Inventories

      225,036       (418,307 ) 

Prepaid expenses and other current assets

      (4,895 )      (95,187 ) 

Other assets

      (10,170 )      (19,272 ) 

Accounts payable, accrued expenses and other liabilities

      407,127       369,346  
  

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      107,765       (863,999 ) 
  

 

 

    

 

 

  

Cash flows (used in) provided by investing activities:

     

Acquisition of property, plant and equipment

      (537,140 )      (544,401 ) 

Proceeds and advances from sale of property, plant and equipment

      144,968       236,316  

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

      (80,778 )      (95,858 ) 

Cash receipts on sold receivables

      96,846       1,162,184  

Other, net

      (13,504 )      (2,360 ) 
  

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (389,608 )      755,881  
  

 

 

    

 

 

  

Cash flows used in financing activities:

     

Borrowings under debt agreements

      6,182,931       4,690,570  

Payments toward debt agreements

      (6,046,181 )      (4,555,233 ) 

Payments to acquire treasury stock

      (350,323 )      (225,108 ) 

Dividends paid to stockholders

      (27,422 )      (30,431 ) 

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

      14,587       12,838  

Treasury stock minimum tax withholding related to vesting of restricted stock

      (11,204 )      (22,343 ) 

Other, net

      (1,500 )      (11,237 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (239,112 )      (140,944 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      12,063       (61 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (508,892 )      (249,123 ) 

Cash and cash equivalents at beginning of period

      1,257,949       1,189,919  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 749,057     $ 940,796  
  

 

 

    

 

 

  

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      Six months ended  
     February 28, 2019     February 28, 2018      February 28, 2019     February 28, 2018  

Operating income (U.S. GAAP)

    $ 153,983     $ 129,532      $ 370,693     $ 275,286  
  

 

 

    

 

 

     

 

 

    

 

 

  

Amortization of intangibles

      7,777       9,890        15,423       19,869  

Stock-based compensation expense and related charges

      15,697       15,039        32,946       67,784  

Restructuring and related charges

      817       5,427        6,842       16,815  

Distressed customer charge

      —       14,706        —       14,706  

Business interruption and impairment charges, net

      —       4,002        (2,860 )      11,356  

Acquisition and integration charges

      12,785       —        21,675       —  
  

 

 

    

 

 

     

 

 

    

 

 

  

Adjustments to operating income

      37,076       49,064        74,026       130,530  
  

 

 

    

 

 

     

 

 

    

 

 

  

Core operating income (Non-GAAP)

    $ 191,059     $ 178,596      $ 444,719     $ 405,816  
  

 

 

    

 

 

     

 

 

    

 

 

  

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

    $ 67,354     $ 37,308      $ 190,954     $ 101,103  

Adjustments to operating income

      37,076       49,064        74,026       130,530  

Adjustments for taxes(1)

      (4,219 )      29,771        (17,962 )      29,054  
  

 

 

    

 

 

     

 

 

    

 

 

  

Core earnings (Non-GAAP)

    $ 100,211     $ 116,143      $ 247,018     $ 260,687  
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted earnings per share (U.S. GAAP)

    $ 0.43     $ 0.21      $ 1.19     $ 0.57  
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted core earnings per share (Non-GAAP)

    $ 0.64     $ 0.66      $ 1.54     $ 1.46  
  

 

 

    

 

 

     

 

 

    

 

 

  

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

      156,737       176,953        160,413       178,578  
  

 

 

    

 

 

     

 

 

    

 

 

  

 

  (1)

The six months ended February 28, 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. 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 for the three months and six months ended February 28, 2018, respectively.

JABIL INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

ROIC & Core ROIC

(in thousands)

(Unaudited)

 

     Three Months Ended  
     February 28, 2019     February 28, 2018  

Numerator:

     

Operating income (U.S. GAAP)

    $ 153,983     $ 129,532  

Tax effect (1)

      (35,525 )      (51,827 ) 
  

 

 

    

 

 

  

After-tax operating income

      118,458       77,705  
     x4     x4  
  

 

 

    

 

 

  

Annualized after-tax operating income

    $ 473,832     $ 310,820  
  

 

 

    

 

 

  

Core operating income (Non-GAAP)

    $ 191,059     $ 178,596  

Tax effect (2)

      (39,338 )      (19,730 ) 
  

 

 

    

 

 

  

After-tax core operating income

      151,721       158,866  
     x4     x4  
  

 

 

    

 

 

  

Annualized after-tax core operating income

    $ 606,884     $ 635,464  
  

 

 

    

 

 

  

Denominator:

     

Average total Jabil Inc. stockholders’ equity (3)

    $ 1,869,546     $ 2,305,917  

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

      2,485,149       1,937,456  

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

      100,190       227,089  

Average cash and cash equivalents (3)

      (776,733 )      (843,527 ) 
  

 

 

    

 

 

  

Net invested capital base

    $ 3,678,152     $ 3,626,935  
  

 

 

    

 

 

  

Return on Invested Capital (U.S. GAAP)

      12.9 %      8.6 % 

Adjustments noted above

      3.6 %      8.9 % 

Core Return on Invested Capital (Non-GAAP)

      16.5 %      17.5 % 

 

  (1) 

The tax effect is calculated by applying the U.S. GAAP effective tax rate for the three months ended February 28, 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 February 28, 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)

 

     Six months ended  
     February 28, 2019     February 28, 2018  

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

    $ 107,765     $ (863,999 ) 

Cash receipts on sold receivables

      96,846       1,162,184  
  

 

 

    

 

 

  

Adjusted cash provided by operating activities (Non-GAAP)

    $ 204,611     $ 298,185  

Acquisition of property, plant and equipment

      (537,140 )      (544,401 ) 

Proceeds and advances from sale of property, plant and equipment

      144,968       236,316  
  

 

 

    

 

 

  

Adjusted free cash flow (Non-GAAP)

    $ (187,561 )    $ (9,900 ) 
  

 

 

    

 

 

  

 

  (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.

GRAPHIC 3 g632294image000175.jpg GRAPHIC begin 644 g632294image000175.jpg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end