Jabil Momentum Continues with Another Strong Year

ST. PETERSBURG, Fla.--()--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.

 

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.

Contacts

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

Contacts

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