We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jabil Inc | NYSE:JBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 115.26 | 0 | 09:00:18 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 38-1886260 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.001 par value per share | JBL | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer |
☐
|
Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements |
November 30, 2020
(Unaudited) |
August 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,107,573 | $ | 1,393,557 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $24,479 as of November 30, 2020 and $25,827 as of August 31, 2020
|
3,651,869 | 2,847,743 | |||||||||
Contract assets | 1,088,059 | 1,104,700 | |||||||||
Inventories, net | 3,271,842 | 3,131,783 | |||||||||
Prepaid expenses and other current assets | 727,849 | 657,102 | |||||||||
Total current assets | 9,847,192 | 9,134,885 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $4,676,152 as of November 30, 2020 and $4,525,758 as of August 31, 2020
|
3,792,091 | 3,665,312 | |||||||||
Operating lease right-of-use asset | 391,004 | 362,847 | |||||||||
Goodwill | 706,625 | 696,853 | |||||||||
Intangible assets, net of accumulated amortization of $406,694 as of November 30, 2020 and $395,074 as of August 31, 2020
|
198,801 | 209,870 | |||||||||
Deferred income taxes | 165,264 | 165,407 | |||||||||
Other assets | 168,501 | 162,242 | |||||||||
Total assets | $ | 15,269,478 | $ | 14,397,416 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current installments of notes payable and long-term debt | $ | 50,195 | $ | 50,194 | |||||||
Accounts payable | 6,431,567 | 5,687,038 | |||||||||
Accrued expenses | 3,061,092 | 3,211,528 | |||||||||
Current operating lease liabilities | 119,150 | 110,723 | |||||||||
Total current liabilities | 9,662,004 | 9,059,483 | |||||||||
Notes payable and long-term debt, less current installments | 2,679,005 | 2,678,288 | |||||||||
Other liabilities | 331,093 | 268,925 | |||||||||
Non-current operating lease liabilities | 324,379 | 302,035 | |||||||||
Income tax liabilities | 163,459 | 148,629 | |||||||||
Deferred income taxes | 115,587 | 114,657 | |||||||||
Total liabilities | 13,275,527 | 12,572,017 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Jabil Inc. stockholders’ equity: | |||||||||||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and no shares outstanding
|
— | — | |||||||||
Common stock, $0.001 par value, authorized 500,000,000 shares; 266,047,352 and 263,830,270 shares issued and 150,471,570 and 150,330,358 shares outstanding as of November 30, 2020 and August 31, 2020, respectively
|
266 | 264 | |||||||||
Additional paid-in capital
|
2,445,582 | 2,413,616 | |||||||||
Retained earnings | 2,228,729 | 2,040,922 | |||||||||
Accumulated other comprehensive loss | (14,346) | (34,168) | |||||||||
Treasury stock at cost, 115,575,782 and 113,499,912 shares as of November 30, 2020 and August 31, 2020, respectively
|
(2,680,860) | (2,609,250) | |||||||||
Total Jabil Inc. stockholders’ equity | 1,979,371 | 1,811,384 | |||||||||
Noncontrolling interests | 14,580 | 14,015 | |||||||||
Total equity | 1,993,951 | 1,825,399 | |||||||||
Total liabilities and equity | $ | 15,269,478 | $ | 14,397,416 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Net revenue | $ | 7,832,529 | $ | 7,505,698 | |||||||||||||||||||
Cost of revenue | 7,197,969 | 6,951,859 | |||||||||||||||||||||
Gross profit | 634,560 | 553,839 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 302,752 | 328,899 | |||||||||||||||||||||
Research and development | 8,118 | 10,770 | |||||||||||||||||||||
Amortization of intangibles | 11,455 | 16,140 | |||||||||||||||||||||
Restructuring, severance and related charges | (1,715) | 45,251 | |||||||||||||||||||||
Operating income | 313,950 | 152,779 | |||||||||||||||||||||
Other (income) expense | (1,922) | 11,172 | |||||||||||||||||||||
Interest income | (1,881) | (5,944) | |||||||||||||||||||||
Interest expense | 32,346 | 44,911 | |||||||||||||||||||||
Income before income tax | 285,407 | 102,640 | |||||||||||||||||||||
Income tax expense | 84,400 | 61,926 | |||||||||||||||||||||
Net income | 201,007 | 40,714 | |||||||||||||||||||||
Net income attributable to noncontrolling interests, net of tax
|
565 | 292 | |||||||||||||||||||||
Net income attributable to Jabil Inc. | $ | 200,442 | $ | 40,422 | |||||||||||||||||||
Earnings per share attributable to the stockholders of Jabil Inc.: | |||||||||||||||||||||||
Basic | $ | 1.33 | $ | 0.26 | |||||||||||||||||||
Diluted | $ | 1.31 | $ | 0.26 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 150,157 | 153,100 | |||||||||||||||||||||
Diluted | 152,918 | 156,462 | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Net income | $ | 201,007 | $ | 40,714 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in foreign currency translation | 10,718 | (529) | |||||||||||||||||||||
Change in derivative instruments:
|
|||||||||||||||||||||||
Change in fair value of derivatives
|
24,911 | 10,945 | |||||||||||||||||||||
Adjustment for net (gains) losses realized and included in net income | (15,551) | 6,883 | |||||||||||||||||||||
Total change in derivative instruments
|
9,360 | 17,828 | |||||||||||||||||||||
Unrealized loss on available for sale securities | — | (8,827) | |||||||||||||||||||||
Actuarial loss | (256) | — | |||||||||||||||||||||
Total other comprehensive income | 19,822 | 8,472 | |||||||||||||||||||||
Comprehensive income | $ | 220,829 | $ | 49,186 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests
|
565 | 292 | |||||||||||||||||||||
Comprehensive income attributable to Jabil Inc. | $ | 220,264 | $ | 48,894 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Total stockholders' equity, beginning balances
|
$ | 1,825,399 | $ | 1,900,758 | |||||||||||||||||||
Common stock:
|
|||||||||||||||||||||||
Beginning balances
|
264 | 260 | |||||||||||||||||||||
Vesting of restricted stock
|
2 | 2 | |||||||||||||||||||||
Ending balances
|
266 | 262 | |||||||||||||||||||||
Additional paid-in capital:
|
|||||||||||||||||||||||
Beginning balances
|
2,413,616 | 2,304,552 | |||||||||||||||||||||
Vesting of restricted stock
|
(2) | (2) | |||||||||||||||||||||
Recognition of stock-based compensation
|
31,968 | 27,757 | |||||||||||||||||||||
Ending balances
|
2,445,582 | 2,332,307 | |||||||||||||||||||||
Retained earnings:
|
|||||||||||||||||||||||
Beginning balances
|
2,040,922 | 2,037,037 | |||||||||||||||||||||
Declared dividends
|
(12,635) | (12,701) | |||||||||||||||||||||
Net income attributable to Jabil Inc. | 200,442 | 40,422 | |||||||||||||||||||||
Ending balances
|
2,228,729 | 2,064,758 | |||||||||||||||||||||
Accumulated other comprehensive loss:
|
|||||||||||||||||||||||
Beginning balances
|
(34,168) | (82,794) | |||||||||||||||||||||
Other comprehensive income | 19,822 | 8,472 | |||||||||||||||||||||
Ending balances
|
(14,346) | (74,322) | |||||||||||||||||||||
Treasury stock:
|
|||||||||||||||||||||||
Beginning balances
|
(2,609,250) | (2,371,612) | |||||||||||||||||||||
Purchases of treasury stock under employee stock plans
|
(21,581) | (19,317) | |||||||||||||||||||||
Treasury shares purchased
|
(50,029) | (96,390) | |||||||||||||||||||||
Ending balances
|
(2,680,860) | (2,487,319) | |||||||||||||||||||||
Noncontrolling interests:
|
|||||||||||||||||||||||
Beginning balances
|
14,015 | 13,315 | |||||||||||||||||||||
Net income attributable to noncontrolling interests
|
565 | 292 | |||||||||||||||||||||
Ending balances
|
14,580 | 13,607 | |||||||||||||||||||||
Total stockholders' equity, ending balances
|
$ | 1,993,951 | $ | 1,849,293 |
Three months ended | |||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||
Cash flows provided by operating activities: | |||||||||||
Net income | $ | 201,007 | $ | 40,714 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization | 205,766 | 202,859 | |||||||||
Restructuring and related charges | (1,556) | 18,347 | |||||||||
Recognition of stock-based compensation expense and related charges | 33,541 | 30,223 | |||||||||
Deferred income taxes | (1,869) | (6,645) | |||||||||
Provision for allowance for doubtful accounts | 2,426 | 10,413 | |||||||||
Other, net | 11,247 | 1,179 | |||||||||
Change in operating assets and liabilities, exclusive of net assets acquired: | |||||||||||
Accounts receivable | (791,492) | (863,210) | |||||||||
Contract assets | 27,971 | (68,322) | |||||||||
Inventories | (134,723) | (286,775) | |||||||||
Prepaid expenses and other current assets | (54,243) | (31,413) | |||||||||
Other assets | (8,142) | (8,162) | |||||||||
Accounts payable, accrued expenses and other liabilities | 575,527 | 981,736 | |||||||||
Net cash provided by operating activities | 65,460 | 20,944 | |||||||||
Cash flows used in investing activities: | |||||||||||
Acquisition of property, plant and equipment | (352,881) | (230,393) | |||||||||
Proceeds and advances from sale of property, plant and equipment | 110,792 | 23,209 | |||||||||
Cash paid for business and intangible asset acquisitions, net of cash | (18,417) | (116,767) | |||||||||
Other, net | (3,367) | (1,779) | |||||||||
Net cash used in investing activities | (263,873) | (325,730) | |||||||||
Cash flows used in financing activities: | |||||||||||
Borrowings under debt agreements | 200,000 | 1,779,801 | |||||||||
Payments toward debt agreements | (201,969) | (1,787,243) | |||||||||
Payments to acquire treasury stock | (50,029) | (96,390) | |||||||||
Dividends paid to stockholders | (13,814) | (13,731) | |||||||||
Treasury stock minimum tax withholding related to vesting of restricted stock | (21,581) | (19,317) | |||||||||
Net cash used in financing activities | (87,393) | (136,880) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (178) | (1,835) | |||||||||
Net decrease in cash and cash equivalents | (285,984) | (443,501) | |||||||||
Cash and cash equivalents at beginning of period | 1,393,557 | 1,163,343 | |||||||||
Cash and cash equivalents at end of period | $ | 1,107,573 | $ | 719,842 |
Program
|
Maximum
Amount (in millions)(1) |
Type of
Facility |
Expiration
Date |
|||||||||||||||||
A | $ | 600.0 | Uncommitted |
December 5, 2021(2)
|
||||||||||||||||
B | $ | 150.0 | Uncommitted | November 30, 2021 | ||||||||||||||||
C | 400.0 | CNY | Uncommitted | August 31, 2023 | ||||||||||||||||
D | $ | 150.0 | Uncommitted |
May 4, 2023(3)
|
||||||||||||||||
E | $ | 150.0 | Uncommitted |
January 25, 2021(4)
|
||||||||||||||||
F | $ | 50.0 | Uncommitted |
February 23, 2023(5)
|
||||||||||||||||
G | $ | 100.0 | Uncommitted |
August 10, 2021(6)
|
||||||||||||||||
H | $ | 100.0 | Uncommitted |
July 21, 2021(7)
|
||||||||||||||||
I | $ | 650.0 | Uncommitted |
December 4, 2021(8)
|
||||||||||||||||
J | $ | 135.0 | Uncommitted |
April 11, 2021(9)
|
||||||||||||||||
K | 100.0 | CHF | Uncommitted |
December 5, 2021(2)
|
||||||||||||||||
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Trade accounts receivable sold | $ | 1,256 | $ | 1,962 | |||||||||||||||||||
Cash proceeds received | $ | 1,255 | $ | 1,957 | |||||||||||||||||||
Pre-tax losses on sale of receivables(1)
|
$ | 1 | $ | 5 |
November 30, 2020 | August 31, 2020 | ||||||||||
Raw materials | $ | 2,428,713 | $ | 2,389,719 | |||||||
Work in process | 480,968 | 450,781 | |||||||||
Finished goods | 444,170 | 376,542 | |||||||||
Reserve for excess and obsolete inventory | (82,009) | (85,259) | |||||||||
Inventories, net | $ | 3,271,842 | $ | 3,131,783 |
Maximum Amount of
Net Cash Proceeds (in millions)(1)(2) |
Expiration
Date |
||||||||||
North American | $ | 390.0 | November 22, 2021 | ||||||||
Foreign | $ | 400.0 | September 30, 2021 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Trade accounts receivable sold | $ | 1,173 | $ | 1,162 | |||||||||||||||||||
Cash proceeds received(1)
|
$ | 1,171 | $ | 1,156 | |||||||||||||||||||
Pre-tax losses on sale of receivables(2)
|
$ | 2 | $ | 6 | |||||||||||||||||||
November 30, 2020 | August 31, 2020 | ||||||||||
Contract liabilities(1)
|
$ | 441,151 | $ | 496,219 | |||||||
Accrued compensation and employee benefits | 740,959 | 703,250 | |||||||||
Other accrued expenses | 1,878,982 | 2,012,059 | |||||||||
Accrued expenses | $ | 3,061,092 | $ | 3,211,528 | |||||||
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Service cost (1)
|
$ | 6,078 | $ | 4,463 | |||||||||||||||||||
Interest cost (2)
|
1,121 | 763 | |||||||||||||||||||||
Expected long-term return on plan assets (2)
|
(3,870) | (2,786) | |||||||||||||||||||||
Recognized actuarial (gain) loss (2)
|
(1,243) | 223 | |||||||||||||||||||||
Amortization of actuarial gain (2)
|
(1,724) | — | |||||||||||||||||||||
Amortization of prior service credit (2)
|
(13) | (11) | |||||||||||||||||||||
Net periodic benefit cost | $ | 349 | $ | 2,652 |
Interest Rate Swap Summary | Hedged Interest Rate Payments | Aggregate Notional Amount (in millions) | Effective Date |
Expiration Date (1)
|
||||||||||||||||||||||
Forward Interest Rate Swap | ||||||||||||||||||||||||||
Anticipated Debt Issuance | Fixed | $ | 250.0 | November 2, 2020 | July 31, 2024 |
(2)
|
||||||||||||||||||||
Foreign
Currency Translation Adjustment |
Derivative
Instruments |
Actuarial
Loss |
Prior
Service Cost |
Total | |||||||||||||||||||||||||||||||
Balance as of August 31, 2020 | $ | (36,595) | $ | (30,996) | $ | 34,093 | $ | (670) | $ | (34,168) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 10,718 | 24,911 | (256) | — | 35,373 | ||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | — | (15,551) | — | — | (15,551) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss)(1)
|
10,718 | 9,360 | (256) | — | 19,822 | ||||||||||||||||||||||||||||||
Balance as of November 30, 2020 | $ | (25,877) | $ | (21,636) | $ | 33,837 | $ | (670) | $ | (14,346) |
Three months ended | ||||||||||||||||||||||||||||||||
Comprehensive Income Components | Financial Statement Line Item | November 30, 2020 | November 30, 2019 | |||||||||||||||||||||||||||||
Realized (gains) losses on derivative instruments:(1)
|
||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of revenue | $ | (16,368) | $ | 7,314 | |||||||||||||||||||||||||||
Interest rate contracts | Interest expense | 817 | (431) | |||||||||||||||||||||||||||||
Total amounts reclassified from AOCI(2)
|
$ | (15,551) | $ | 6,883 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Restricted stock units
|
$ | 31,273 | $ | 28,183 | |||||||||||||||||||
Employee stock purchase plan | 2,268 | 2,040 | |||||||||||||||||||||
Total | $ | 33,541 | $ | 30,223 |
November 30, 2020 | |||||
Unrecognized stock-based compensation expense—restricted stock units | $ | 70,544 | |||
Remaining weighted-average period for restricted stock units expense | 1.5 years |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Common stock outstanding:
|
|||||||||||||||||||||||
Beginning balances
|
150,330,358 | 153,520,380 | |||||||||||||||||||||
Shares issued upon exercise of stock options
|
— | 13,930 | |||||||||||||||||||||
Vesting of restricted stock
|
2,217,082 | 1,916,740 | |||||||||||||||||||||
Purchases of treasury stock under employee stock plans
|
(601,406) | (530,417) | |||||||||||||||||||||
Treasury shares purchased(1)
|
(1,474,464) | (2,620,277) | |||||||||||||||||||||
Ending balances
|
150,471,570 | 152,300,356 |
Three months ended | |||||||||||||||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||||||||||||||
EMS | DMS | Total | EMS | DMS | Total | ||||||||||||||||||||||||||||||
Timing of transfer | |||||||||||||||||||||||||||||||||||
Point in time | $ | 1,057,019 | $ | 2,239,828 | $ | 3,296,847 | $ | 1,383,752 | $ | 1,876,637 | $ | 3,260,389 | |||||||||||||||||||||||
Over time | 2,536,028 | 1,999,654 | 4,535,682 | 2,375,186 | 1,870,123 | 4,245,309 | |||||||||||||||||||||||||||||
Total | $ | 3,593,047 | $ | 4,239,482 | $ | 7,832,529 | $ | 3,758,938 | $ | 3,746,760 | $ | 7,505,698 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Segment income and reconciliation of income before income tax | |||||||||||||||||||||||
EMS | $ | 121,978 | $ | 89,354 | |||||||||||||||||||
DMS | 242,959 | 187,961 | |||||||||||||||||||||
Total segment income | $ | 364,937 | $ | 277,315 | |||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Amortization of intangibles | (11,455) | (16,140) | |||||||||||||||||||||
Stock-based compensation expense and related charges | (33,541) | (30,223) | |||||||||||||||||||||
Restructuring, severance and related charges | 1,715 | (45,251) | |||||||||||||||||||||
Distressed customer charge | — | (14,963) | |||||||||||||||||||||
Acquisition and integration charges | (2,113) | (16,134) | |||||||||||||||||||||
Other expense (net of periodic benefit cost) | (3,671) | (12,997) | |||||||||||||||||||||
Interest income | 1,881 | 5,944 | |||||||||||||||||||||
Interest expense | (32,346) | (44,911) | |||||||||||||||||||||
Income before income tax | $ | 285,407 | $ | 102,640 |
November 30, 2020 | August 31, 2020 | ||||||||||
Total assets | |||||||||||
EMS | $ | 4,001,727 | $ | 3,233,681 | |||||||
DMS | 6,953,659 | 6,641,764 | |||||||||
Other non-allocated assets | 4,314,092 | 4,521,971 | |||||||||
$ | 15,269,478 | $ | 14,397,416 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Foreign source revenue | 83.6 | % | 81.8 | % |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Employee severance and benefit costs | $ | 568 | $ | 18,781 | |||||||||||||||||||
Lease costs | (2,873) | 239 | |||||||||||||||||||||
Asset write-off costs | (2) | 16,316 | |||||||||||||||||||||
Other costs | 592 | 9,915 | |||||||||||||||||||||
Total restructuring, severance and related charges(1)
|
$ | (1,715) | $ | 45,251 |
Employee Severance
and Benefit Costs |
Lease Costs | Asset Write-off Costs | Other Related Costs | Total | |||||||||||||||||||||||||
Balance as of August 31, 2020 | $ | 8,143 | $ | 2,316 | $ | — | $ | 426 | $ | 10,885 | |||||||||||||||||||
Restructuring related charges | 264 | (2,873) | (2) | 497 | (2,114) | ||||||||||||||||||||||||
Asset write-off charge and other non-cash activity | — | 1,554 | 2 | — | 1,556 | ||||||||||||||||||||||||
Cash payments | (4,525) | (56) | — | (171) | (4,752) | ||||||||||||||||||||||||
Balance as of November 30, 2020 | $ | 3,882 | $ | 941 | $ | — | $ | 752 | $ | 5,575 |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | |||||||||||||||||||
Effective income tax rate | 29.6 | % | 60.3 | % |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Restricted stock units | 1,074 | 1,126 |
Dividend
Declaration Date |
Dividend
per Share |
Total of Cash
Dividends Declared |
Date of Record for
Dividend Payment |
Dividend Cash
Payment Date |
|||||||||||||||||||||||||
Fiscal Year 2021: | October 15, 2020 | $ | 0.08 | $ | 12,417 | November 16, 2020 | December 2, 2020 | ||||||||||||||||||||||
Fiscal Year 2020: | October 17, 2019 | $ | 0.08 | $ | 12,647 | November 15, 2019 | December 2, 2019 | ||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | November 30, 2020 | August 31, 2020 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Cash equivalents | Level 1 |
(1)
|
$ | 24,894 | $ | 33,869 | ||||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||||||
Short-term investments | Level 1 | 17,220 | 16,556 | |||||||||||||||||
Forward foreign exchange contracts: | ||||||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 |
(2)
|
24,094 | 11,201 | ||||||||||||||||
Derivatives not designated as hedging instruments (Note 8) | Level 2 |
(2)
|
104,364 | 58,893 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Forward foreign exchange contracts: | ||||||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 |
(2)
|
$ | 722 | $ | 1,522 | ||||||||||||||
Derivatives not designated as hedging instruments (Note 8) | Level 2 |
(2)
|
6,540 | 9,100 | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Derivatives not designated as hedging instruments (Note 8) | Level 2 |
(3)
|
1,663 | 540 | ||||||||||||||||
Extended interest rate swap not designated as a hedging instrument (Note 8) | Level 2 |
(4)
|
25,259 | 26,492 | ||||||||||||||||
Other liabilities: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Derivatives not designated as hedging instruments (Note 8) | Level 2 |
(3)
|
947 | 329 | ||||||||||||||||
Extended interest rate swap not designated as a hedging instrument (Note 8) | Level 2 |
(4)
|
12,425 | 13,111 | ||||||||||||||||
Forward interest rate swaps: | ||||||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 |
(3)
|
1,241 | — |
November 30, 2020 | August 31, 2020 | |||||||||||||||||||
(in thousands) | Carrying Amount | Carrying Amount | ||||||||||||||||||
Assets held for sale (1)
|
$ | 66,180 | $ | 67,380 |
November 30, 2020 | August 31, 2020 | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||
Notes payable and long-term debt: (Note 5) | ||||||||||||||||||||||||||||||||
4.700% Senior Notes
|
Level 2 |
(1)
|
$ | 498,823 | $ | 535,080 | $ | 498,659 | $ | 537,180 | ||||||||||||||||||||||
4.900% Senior Notes
|
Level 3 |
(2)
|
299,361 | 328,810 | 299,300 | 329,435 | ||||||||||||||||||||||||||
3.950% Senior Notes
|
Level 2 |
(1)
|
495,594 | 561,005 | 495,440 | 551,930 | ||||||||||||||||||||||||||
3.600% Senior Notes
|
Level 2 |
(1)
|
494,896 | 553,710 | 494,756 | 536,110 | ||||||||||||||||||||||||||
3.000% Senior Notes
|
Level 2 |
(1)
|
590,400 | 629,262 | 590,162 | 611,616 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Net revenue | $ | 7,832,529 | $ | 7,505,698 | |||||||||||||||||||
Gross profit | $ | 634,560 | $ | 553,839 | |||||||||||||||||||
Operating income | $ | 313,950 | $ | 152,779 | |||||||||||||||||||
Net income attributable to Jabil Inc. | $ | 200,442 | $ | 40,422 | |||||||||||||||||||
Earnings per share—basic | $ | 1.33 | $ | 0.26 | |||||||||||||||||||
Earnings per share—diluted | $ | 1.31 | $ | 0.26 | |||||||||||||||||||
Three months ended | |||||||||||||||||
November 30, 2020 | August 31, 2020 | November 30, 2019 | |||||||||||||||
Sales cycle(1)
|
16 days | 16 days | 23 days | ||||||||||||||
Inventory turns (annualized)(2)
|
7 turns | 6 turns | 6 turns | ||||||||||||||
Days in accounts receivable(3)
|
42 days | 35 days | 43 days | ||||||||||||||
Days in inventory(4)
|
55 days | 56 days | 57 days | ||||||||||||||
Days in accounts payable(5)
|
80 days | 75 days | 77 days |
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Net revenue | $ | 7,832.5 | $ | 7,505.7 | 4.4 | % | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
EMS | 46 | % | 50 | % | |||||||||||||||||||
DMS | 54 | % | 50 | % | |||||||||||||||||||
Total | 100 | % | 100 | % |
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Foreign source revenue | 83.6 | % | 81.8 | % |
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | |||||||||||||||||||||||||||||||||
Gross profit | $ | 634.6 | $ | 553.8 | |||||||||||||||||||||||||||||||
Percent of net revenue | 8.1 | % | 7.4 | % |
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Selling, general and administrative | $ | 302.8 | $ | 328.9 | $ | (26.1) | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | |||||||||||||||||||||||||||||||||
Research and development | $ | 8.1 | $ | 10.8 | |||||||||||||||||||||||||||||||
Percent of net revenue | 0.1 | % | 0.1 | % | |||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Amortization of intangibles | $ | 11.5 | $ | 16.1 | $ | (4.6) | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||
Employee severance and benefit costs | $ | 0.6 | $ | 18.8 | |||||||||||||||||||
Lease costs | (2.9) | 0.3 | |||||||||||||||||||||
Asset write-off costs | — | 16.3 | |||||||||||||||||||||
Other costs | 0.6 | 9.9 | |||||||||||||||||||||
Total restructuring, severance and related charges(1)
|
$ | (1.7) | $ | 45.3 |
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Other (income) expense | $ | (1.9) | $ | 11.2 | $ | (13.1) | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Interest income | $ | 1.9 | $ | 5.9 | $ | (4.0) | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in millions) | November 30, 2020 | November 30, 2019 | Change | ||||||||||||||||||||||||||||||||
Interest expense | $ | 32.3 | $ | 44.9 | $ | (12.6) | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | Change | |||||||||||||||||||||||||||||||||
Effective income tax rate | 29.6 | % | 60.3 | % | (30.7) | % | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||
(in thousands, except for per share data) | November 30, 2020 | November 30, 2019 | |||||||||||||||||||||
Operating income (U.S. GAAP) | $ | 313,950 | $ | 152,779 | |||||||||||||||||||
Amortization of intangibles | 11,455 | 16,140 | |||||||||||||||||||||
Stock-based compensation expense and related charges
|
33,541 | 30,223 | |||||||||||||||||||||
Restructuring, severance and related charges | (1,715) | 45,251 | |||||||||||||||||||||
Distressed customer charge (1)
|
— | 14,963 | |||||||||||||||||||||
Net periodic benefit cost (2)
|
5,593 | 1,825 | |||||||||||||||||||||
Acquisition and integration charges (3)
|
2,113 | 16,134 | |||||||||||||||||||||
Adjustments to operating income | 50,987 | 124,536 | |||||||||||||||||||||
Core operating income (Non-GAAP) | $ | 364,937 | $ | 277,315 | |||||||||||||||||||
Net income attributable to Jabil Inc. (U.S. GAAP) | $ | 200,442 | $ | 40,422 | |||||||||||||||||||
Adjustments to operating income | 50,987 | 124,536 | |||||||||||||||||||||
Net periodic benefit cost (2)
|
(5,593) | (1,825) | |||||||||||||||||||||
Adjustments for taxes | (595) | 497 | |||||||||||||||||||||
Core earnings (Non-GAAP) | $ | 245,241 | $ | 163,630 | |||||||||||||||||||
Diluted earnings per share (U.S. GAAP) | $ | 1.31 | $ | 0.26 | |||||||||||||||||||
Diluted core earnings per share (Non-GAAP) | $ | 1.60 | $ | 1.05 | |||||||||||||||||||
Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP) | 152,918 | 156,462 | |||||||||||||||||||||
Three months ended | |||||||||||
(in thousands) | November 30, 2020 | November 30, 2019 | |||||||||
Net cash provided by operating activities (U.S. GAAP) | $ | 65,460 | $ | 20,944 | |||||||
Acquisition of property, plant and equipment
|
(352,881) | (230,393) | |||||||||
Proceeds and advances from sale of property, plant and equipment | 110,792 | 23,209 | |||||||||
Adjusted free cash flow (Non-GAAP) | $ | (176,629) | $ | (186,240) |
(in thousands) |
4.700%
Senior Notes |
4.900%
Senior Notes |
3.950%
Senior Notes |
3.600% Senior Notes | 3.000% Senior Notes |
Borrowings
under
revolving
credit
facilities(1)
|
Borrowings
under loans |
Total notes
payable and credit facilities |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of August 31, 2020 | $ | 498,659 | $ | 299,300 | $ | 495,440 | $ | 494,756 | $ | 590,162 | $ | — | $ | 350,165 | $ | 2,728,482 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | — | — | — | — | — | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | — | — | — | — | — | (200,000) | (72) | (200,072) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 164 | 61 | 154 | 140 | 238 | — | 33 | 790 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of November 30, 2020 | $ | 498,823 | $ | 299,361 | $ | 495,594 | $ | 494,896 | $ | 590,400 | $ | — | $ | 350,126 | $ | 2,729,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maturity Date | Sep 15, 2022 | Jul 14, 2023 | Jan 12, 2028 | Jan 15, 2030 | Jan 15, 2031 | Apr 23, 2021, Jan 22, 2023 and Jan 22, 2025 | Jan 22, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original Facility/ Maximum Capacity | $500.0 million | $300.0 million | $500.0 million | $500.0 million | $600.0 million |
$3.8 billion(1)
|
$351.9 million |
Maximum Amount of
Net Cash Proceeds (in millions)(1) |
Expiration
Date |
||||||||||
North American | $ | 390.0 | November 22, 2021 | ||||||||
Foreign | $ | 400.0 | September 30, 2021 |
Program
|
Maximum
Amount
(in millions)(1)
|
Type of
Facility |
Expiration
Date |
|||||||||||||||||
A | $ | 600.0 | Uncommitted |
December 5, 2021(2)
|
||||||||||||||||
B | $ | 150.0 | Uncommitted | November 30, 2021 | ||||||||||||||||
C | 400.0 | CNY | Uncommitted | August 31, 2023 | ||||||||||||||||
D | $ | 150.0 | Uncommitted |
May 4, 2023(3)
|
||||||||||||||||
E | $ | 150.0 | Uncommitted |
January 25, 2021(4)
|
||||||||||||||||
F | $ | 50.0 | Uncommitted |
February 23, 2023(5)
|
||||||||||||||||
G | $ | 100.0 | Uncommitted |
August 10, 2021(6)
|
||||||||||||||||
H | $ | 100.0 | Uncommitted |
July 21, 2021(7)
|
||||||||||||||||
I | $ | 650.0 | Uncommitted |
December 4, 2021(8)
|
||||||||||||||||
J | $ | 135.0 | Uncommitted |
April 11, 2021(9)
|
||||||||||||||||
K | 100.0 | CHF | Uncommitted |
December 5, 2021(2)
|
||||||||||||||||
Three months ended | ||||||||||||||
November 30, 2020 | November 30, 2019 | |||||||||||||
Net cash provided by operating activities | $ | 65,460 | $ | 20,944 | ||||||||||
Net cash used in investing activities | (263,873) | (325,730) | ||||||||||||
Net cash used in financing activities | (87,393) | (136,880) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (178) | (1,835) | ||||||||||||
Net decrease in cash and cash equivalents | $ | (285,984) | $ | (443,501) |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period |
Total Number
of Shares
Purchased(1)
|
Average Price
Paid per Share |
Total Number of
Shares Purchased
as Part of Publicly
Announced Program(2)
|
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the Program (in thousands) |
|||||||||||||||||||
September 1, 2020 - September 30, 2020 | 698,048 | $ | 32.53 | 698,048 | $ | 363,368 | |||||||||||||||||
October 1, 2020 - October 31, 2020 | 1,359,277 | $ | 35.46 | 776,416 | $ | 336,076 | |||||||||||||||||
November 1, 2020 - November 30, 2020 | 18,545 | $ | 35.94 | — | $ | 336,076 | |||||||||||||||||
Total | 2,075,870 | $ | 34.48 | 1,474,464 |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Incorporated by Reference Herein | |||||||||||||||||||||||||||||||||||||||||
Exhibit No. | Description | Form | Exhibit | Filing Date/Period End Date | |||||||||||||||||||||||||||||||||||||
3.1 | 10-Q | 3.1 | 5/31/2017 | ||||||||||||||||||||||||||||||||||||||
3.2 | 10-Q | 3.2 | 5/31/2017 | ||||||||||||||||||||||||||||||||||||||
4.1 | Form of Certificate for Shares of the Registrant’s Common Stock. (P) | S-1 | 3/17/1993 | ||||||||||||||||||||||||||||||||||||||
4.2 | 8-K | 4.2 | 1/17/2008 | ||||||||||||||||||||||||||||||||||||||
4.3 | 8-K | 4.1 | 8/6/2012 | ||||||||||||||||||||||||||||||||||||||
4.4 | 8-K | 4.3 | 8/6/2012 | ||||||||||||||||||||||||||||||||||||||
4.5 | 8-K | 4.1 | 1/17/2018 | ||||||||||||||||||||||||||||||||||||||
4.6 | 8-K | 4.1 | 1/15/2020 | ||||||||||||||||||||||||||||||||||||||
4.7 | 8-K | 4.1 | 7/13/2020 | ||||||||||||||||||||||||||||||||||||||
31.1* | |||||||||||||||||||||||||||||||||||||||||
31.2* | |||||||||||||||||||||||||||||||||||||||||
32.1* | |||||||||||||||||||||||||||||||||||||||||
32.2* | |||||||||||||||||||||||||||||||||||||||||
101 |
The following financial information from Jabil’s Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets as of November 30, 2020 and August 31, 2020, (ii) Condensed Consolidated Statements of Operations for the three months ended November 30, 2020 and 2019, (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended November 30, 2020 and 2019, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended November 30, 2020 and 2019, (v) Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2020 and 2019 and (vi) the Notes to Condensed Consolidated Financial Statements.
|
||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - Embedded within the inline XBRL Document | ||||||||||||||||||||||||||||||||||||||||
* | Filed or furnished herewith |
JABIL INC.
Registrant |
||||||||
Date: January 8, 2021 | By: |
/s/ MARK T. MONDELLO
|
||||||
Mark T. Mondello
Chief Executive Officer |
||||||||
Date: January 8, 2021 | By: |
/s/ MICHAEL DASTOOR
|
||||||
Michael Dastoor
Chief Financial Officer |
1 Year Jabil Chart |
1 Month Jabil Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions