SEC Info - Jabil Inc. - ‘10-Q’ for 5/31/23

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		Alternative Formats (Word, et al.) And Condensed Consolidated Balance Sheets as of Condensed Consolidated Statements of Cash Flows for the Condensed Consolidated Statements of Comprehensive Income for the three months and Condensed Consolidated Statements of Operations for the three months and Condensed Consolidated Statements of Stockholders' Equity for the three months and Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Information Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Mine Safety Disclosures Months Ended Nine Notes to Condensed Consolidated Financial Statements Other Information Part I -- Financial Information Part II -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I -- Financial Information
"	Financial Statements
"	Condensed Consolidated Balance Sheets as of
"	And
"	Condensed Consolidated Statements of Operations for the three months and
"	Nine
"	Months Ended
"	Condensed Consolidated Statements of Comprehensive Income for the three months and
"	Condensed Consolidated Statements of Stockholders' Equity for the three months and
"	Condensed Consolidated Statements of Cash Flows for the
"	Notes to Condensed Consolidated Financial Statements
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Part II -- Other Information
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


i Delaware						i 38-1886260
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

i 10800 Roosevelt Boulevard North, i St. Petersburg, i Florida i 33716

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
i Common Stock, $0.001 par value per share	i JBL	i New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


i Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	i ☐
		Emerging growth company	i ☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No i ☒

As of June 22, 2023, there were i 130,881,417 shares of the registrant’s Common Stock outstanding.

JABIL INC. AND SUBSIDIARIES INDEX

PART I—FINANCIAL INFORMATION

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except for share data)


	May 31, 2023 (Unaudited)		August 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	i 1,480	$	i 1,478
Accounts receivable, net of allowance for credit losses	i 3,599		i 3,995
Contract assets	i 1,173		i 1,196
Inventories, net	i 6,084		i 6,128
Prepaid expenses and other current assets	i 1,273		i 1,111
Total current assets	i 13,609		i 13,908
Property, plant and equipment, net of accumulated depreciation of $ i 6,055 as of May 31, 2023 and $ i 5,624 as of August 31, 2022	i 3,919		i 3,954
Operating lease right-of-use asset	i 484		i 500
Goodwill	i 737		i 704
Intangible assets, net of accumulated amortization of $ i 497 as of May 31, 2023 and $ i 471 as of August 31, 2022	i 150		i 158
Deferred income taxes	i 233		i 199
Other assets	i 304		i 294
Total assets	$	i 19,436	$	i 19,717
LIABILITIES AND EQUITY
Current liabilities:
Current installments of notes payable and long-term debt	$	i 300	$	i 300
Accounts payable	i 6,406		i 8,006
Accrued expenses	i 5,964		i 5,272
Current operating lease liabilities	i 126		i 119
Total current liabilities	i 12,796		i 13,697
Notes payable and long-term debt, less current installments	i 2,874		i 2,575
Other liabilities	i 311		i 272
Non-current operating lease liabilities	i 386		i 417
Income tax liabilities	i 205		i 182
Deferred income taxes	i 127		i 122
Total liabilities	i 16,699		i 17,265
Commitments and contingencies	i		i
Equity:
Jabil Inc. stockholders’ equity:
Preferred stock, $ i i 0.001 / par value, authorized i i 10,000,000 / shares; i i no / shares issued and i i no / shares outstanding	i —		i —
Common stock, $ i i 0.001 / par value, authorized i i 500,000,000 / shares; i 273,536,549 and i 270,891,715 shares issued and i 131,351,864 and i 135,493,980 shares outstanding as of May 31, 2023 and August 31, 2022, respectively	i —		i —
Additional paid-in capital	i 2,758		i 2,655
Retained earnings	i 4,268		i 3,638
Accumulated other comprehensive loss	( i 11)		( i 42)
Treasury stock at cost, i 142,184,685 and i 135,397,735 shares as of May 31, 2023 and August 31, 2022, respectively	( i 4,279)		( i 3,800)
Total Jabil Inc. stockholders’ equity	i 2,736		i 2,451
Noncontrolling interests	i 1		i 1
Total equity	i 2,737		i 2,452
Total liabilities and equity	$	i 19,436	$	i 19,717

See accompanying notes to Condensed Consolidated Financial Statements.

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except for per share data)

Other expense (income)

See accompanying notes to Condensed Consolidated Financial Statements.

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Adjustment for net (gains) losses realized and included in net income

Prior service credit

See accompanying notes to Condensed Consolidated Financial Statements.

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Total stockholders' equity, beginning balances

Additional paid-in capital:

Shares issued under employee stock purchase plan

Recognition of stock-based compensation

Accumulated other comprehensive income (loss):

Total other comprehensive (loss) income

Purchases of treasury stock under employee stock plans

Treasury shares purchased

Noncontrolling interests:

Net income attributable to noncontrolling interests

Total stockholders' equity, ending balances

See accompanying notes to Condensed Consolidated Financial Statements.

JABIL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows provided by operating activities:

Net cash provided by operating activities

Cash flows used in investing activities:

Net cash used in investing activities

Cash flows used in financing activities:

Net cash used in financing activities

Net increase (decrease) in cash and cash equivalents

See accompanying notes to Condensed Consolidated Financial Statements.

JABIL INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. i Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the information set forth therein have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Annual Report on Form 10-K of Jabil Inc. (the “Company”) for the fiscal year ended August 31, 2022. Results for the nine months ended May 31, 2023 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2023.

2. i Trade Accounts Receivable Sale Programs

The Company regularly sells designated pools of high credit quality trade accounts receivable, at a discount, under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions.

As of May 31, 2023, the Company may elect to sell receivables and the unaffiliated financial institutions may elect to purchase specific accounts receivable at any one time up to a: (i) maximum aggregate amount available of $ i 2.0 billion under i eight trade accounts receivable sale programs, (ii) maximum amount available of i 400 million CNY under i one trade accounts receivable sale program, (iii) maximum amount available of i 100 million CHF under i one trade accounts receivable sale program, and (iv) maximum amount available of i 8.1 billion INR under i one trade accounts receivable sale program. The trade accounts receivable sale programs expire on various dates through 2028.

The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to the trade accounts receivable sale programs recognized during the three months and nine months ended May 31, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.

In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):

Trade accounts receivable sold(1)

Pre-tax losses on sale of receivables(2)

(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

(2)Recorded to other expense within the Condensed Consolidated Statements of Operations.

Inventories consist of the following (in millions):

During fiscal year 2023, the Company entered into new operating and finance leases. i i The future minimum lease payments under these new leases as of May 31, 2023 were as follows (in millions): /

Operating lease obligations(1)

Finance lease obligations(1)

(1)Excludes $ i 224 million of payments related to operating and finance leases signed but not yet commenced. Of these excluded payments, $ i 163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.

5. i Notes Payable and Long-Term Debt

Notes payable and long-term debt outstanding as of May 31, 2023 and August 31, 2022 are summarized below (in millions):

i 4.900% Senior Notes

i 3.950% Senior Notes

i 3.600% Senior Notes

i 3.000% Senior Notes

i 1.700% Senior Notes

i 4.250% Senior Notes

i 5.450% Senior Notes(1)

Borrowings under credit facilities(2)(3)

Less current installments of notes payable and long-term debt

Notes payable and long-term debt, less current installments

(1)On April 13, 2023, the Company issued $ i 300 million of publicly registered i 5.450% Senior Notes due 2029 (the “ i 5.450% Senior Notes”). The Company intends to use the net proceeds for general corporate purposes, including, together with available cash, repayment of the $ i 300 million aggregate principal amount of the Company’s i 4.900% Senior Notes due in July 2023.

(2)On February 10, 2023, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (as amended, the “Credit Facility”). The Amendment, among other things, (i) instituted certain amendments to the sustainability-linked adjustments to the interest rates applicable to borrowings under the i three-year revolving credit facility (the “ i Three-Year Revolving Credit Facility”) and the Company’s i five-year revolving credit facility (the “ i Five-Year Revolving Credit Facility”), (ii) established customary SOFR, CDOR, EURIBOR and TIBOR provisions, which replaced the LIBOR provisions set forth in the existing agreement, and (iii) extended the termination date of the i Three-Year Revolving Credit Facility to January 22, 2025, and of the i Five-Year Revolving Credit Facility to January 22, 2027.

(3)As of May 31, 2023, the Company has $ i 3.9 billion in available unused borrowing capacity under its revolving credit facilities. The Credit Facility acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $ i 3.2 billion under its commercial paper program.

Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the revolving credit facilities and the i 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the i 4.900%, i 3.950%, i 3.600%, i 3.000%, i 1.700%, i 4.250% or i 5.450% Senior Notes upon a change of control. As of May 31, 2023 and August 31, 2022, the Company was in compliance with its debt covenants.

Refer to Note 16 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.

6. Asset-Backed Securitization Program

Certain Jabil entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, a foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis.

The Company continues servicing the receivables sold and in exchange receives a servicing fee under the global asset-backed securitization program. Servicing fees related to the global asset-backed securitization program recognized during the three months and nine months ended May 31, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.

The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Company’s Condensed Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of May 31, 2023.

The global asset-backed securitization program expires on November 25, 2024 and the maximum amount of net cash proceeds available at any one time is $ i 600 million. As of May 31, 2023, the Company had i no available liquidity under its global asset-backed securitization program.

In connection with the asset-backed securitization programs, the Company recognized the following (in millions):

Trade accounts receivable sold(1)

Cash proceeds received(2)

Pre-tax losses on sale of receivables(3)

(2)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.

(3)Recorded to other expense within the Condensed Consolidated Statements of Operations.

The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. As of May 31, 2023 and August 31, 2022, the Company was in compliance with all covenants under the global asset-backed securitization program.

7. i Accrued Expenses

Accrued expenses consist of the following (in millions):

Contract liabilities(1)

(1)Revenue recognized during the nine months ended May 31, 2023 and 2022 that was included in the contract liability balance as of August 31, 2022 and 2021 was $ i 353 million and $ i 269 million, respectively.

8. i Postretirement and Other Employee Benefits

Net Periodic Benefit Cost

The following table provides information about the net periodic benefit cost for all plans for the three months and nine months ended May 31, 2023 and 2022 (in millions):

Three months ended

Nine months ended

Service cost(1)

i 4

i 7

i 12

i 19

Interest cost(2)

i 3

i 1

i 9

i 3

Expected long-term return on plan assets(2)

( i 4)

( i 5)

( i 12)

( i 13)

Recognized actuarial gain(2)

( i 2)

( i 6)

( i 8)

Amortization of actuarial gain(2)(3)

( i 2)

( i 5)

( i 6)

Amortization of prior service cost(2)

i 1

i 3

Net periodic benefit cost (credit)

i —

i 1

( i 2)

(1)Service cost is recognized in cost of revenue in the Condensed Consolidated Statements of Operations.

(2)Components are recognized in other expense in the Condensed Consolidated Statements of Operations.

(3)Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to i 10 percent of the greater of the projected benefit obligation and the fair value of plan assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.

9. i Derivative Financial Instruments and Hedging Activities

The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency risk and interest rate risk.

Foreign Currency Risk Management

Forward contracts are put in place to manage the foreign currency risk associated with the anticipated foreign currency denominated revenues and expenses. A hedging relationship existed with an aggregate notional amount outstanding of $ i 640 million and $ i 1.4 billion as of May 31, 2023 and August 31, 2022, respectively. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The forward foreign exchange contract transactions will effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between June 1, 2023 and November 30, 2023.

In addition to derivatives that are designated as hedging instruments and qualify for hedge accounting, the Company also enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The aggregate notional amount of these outstanding contracts as of May 31, 2023 and August 31, 2022, was $ i 3.7 billion and $ i 3.4 billion, respectively.

The gains and losses on cash flow hedges recognized in earnings due to amounts excluded from effectiveness testing were not material for all periods presented and are included as components of net revenue, cost of revenue and selling, general and administrative expense, which are the same line items in which the hedged items are recorded.

In addition, the Company has entered into forward foreign currency exchange contracts to hedge a portion of its net investment in foreign currency denominated operations, which are designated as net investment hedges. i The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):

The gains and losses on net investment hedges are included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The amounts excluded from effectiveness testing were not material for all periods presented and are recognized in interest expense.

Refer to Note 16 – “Fair Value Measurements” for the fair values and classification of the Company’s derivative instruments.

The following table presents the net losses from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in millions):

Forward foreign exchange contracts(1)

(1)For the three months and nine months ended May 31, 2023, the Company recognized $ i 24 million and $ i 20 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts. For the three months and nine months ended May 31, 2022, the Company recognized $ i 64 million and $ i 27 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts.

Interest Rate Risk Management

The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances.

Contemporaneously with the issuance of the i 5.450% Senior Notes in April 2023, the Company settled cash flow hedges with an aggregate notional amount of $ i 150 million and $ i 100 million, with effective dates of May 2021 and August 2022, respectively. The cash received for the cash flow hedges at settlement was $ i 15 million. The settled cash flow hedges are recorded in the Condensed Consolidated Balance Sheets as a component of accumulated other comprehensive income (“AOCI”) and are amortized to interest expense in the Condensed Consolidated Statements of Operations.

10. i Accumulated Other Comprehensive Income

The following table sets forth the changes in AOCI, net of tax, by component for the nine months ended May 31, 2023 (in millions):

Balance as of August 31, 2022

Other comprehensive income (loss)(1)

Balance as of May 31, 2023

(1)Amounts are net of tax, which are immaterial.

The following table sets forth the amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):

Realized (gains) losses on derivative instruments:(1)

Total amounts reclassified from AOCI(3)

(1)The Company expects to reclassify $ i 11 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.

(2)Amounts are included in the computation of net periodic benefit cost. Refer to Note 8 – “Postretirement and Other Employee Benefits” for additional information.

(3)Amounts are net of tax, which are immaterial for the three months and nine months ended May 31, 2023 and 2022.

11. i Stockholders’ Equity

The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):

Restricted stock units

As of May 31, 2023, the shares available to be issued under the 2021 Equity Incentive Plan were i 8,473,317.

Restricted Stock Units

Certain key employees have been granted time-based, performance-based and market-based restricted stock unit awards (“restricted stock units”). The time-based restricted stock units generally vest on a graded vesting schedule over i three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over i three years and up to a maximum of i 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over i three

years and up to a maximum of i 200%, depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units have a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company. During the nine months ended May 31, 2023 and 2022, the Company awarded approximately i 0.9 million and i 0.7 million time-based restricted stock units, respectively, i 0.2 million and i 0.2 million performance-based restricted stock units, respectively, and i 0.2 million and i 0.2 million market-based restricted stock units, respectively.

The following represents the stock-based compensation information as of the period indicated (in millions):

Common Stock Outstanding

The following represents the common stock outstanding for the periods indicated:

Three months ended

Nine months ended

Common stock outstanding:

Beginning balances

i 133,238,368

i 142,392,135

i 135,493,980

i 144,496,077

Shares issued under employee stock purchase plan

i 1,730

i 1,686

i 631,066

i 522,169

Vesting of restricted stock

i 3,372

i 13,609

i 2,013,768

i 2,467,324

Purchases of treasury stock under employee stock plans

( i 700)

( i 3,766)

( i 571,349)

( i 704,040)

Treasury shares purchased(1)(2)

( i 1,890,906)

( i 3,552,475)

( i 6,215,601)

( i 7,930,341)

Ending balances

i 131,351,864

i 138,851,189

i 131,351,864

i 138,851,189

(1)In July 2021, the Board of Directors approved an authorization for the repurchase of up to $ i 1.0 billion of the Company’s common stock (the “2022 Share Repurchase Program”). As of February 28, 2023, i 16.5 million shares had been repurchased for $ i 1.0 billion and i no authorization remained under the 2022 Share Repurchase Program.

(2)In September 2022, the Board of Directors approved an authorization for the repurchase of up to $ i 1.0 billion of the Company’s common stock (the “2023 Share Repurchase Program”). As of May 31, 2023, i 2.2 million shares had been repurchased for $ i 179 million, excluding excise tax, and $ i 821 million remains available under the 2023 Share Repurchase Program.

12. i Concentration of Risk and Segment Data

Concentration of Risk

Sales of the Company’s products are concentrated among specific customers. During the nine months ended May 31, 2023, the Company’s five largest customers accounted for approximately i 43% of its net revenue and 82 customers accounted for approximately i 90% of its net revenue. Sales to these customers were reported in the Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”) operating segments.

The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.

Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Certain items are excluded from the calculation of segment income. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.

The following table sets forth operating segment information (in millions):

The following table presents the Company’s revenues disaggregated by segment (in millions):

The Company operates in more than i 30 countries worldwide. Sales to unaffiliated customers are based on the Company location that maintains the customer relationship and transacts the external sale. i The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:

13. i Restructuring, Severance and Related Charges

Following is a summary of the Company’s restructuring, severance and related charges (in millions):

Total restructuring, severance and related charges(2)

(1)Primarily relates to headcount reduction to further optimize the Company’s business activities and includes $ i 0 million and $ i 4 million recorded in the EMS segment, $ i 0 million and $ i 33 million recorded in the DMS segment and $ i 0 million and $ i 8 million of non-allocated charges for the three months and nine months ended May 31, 2023, respectively. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.

(2)The restructuring liability is $ i 25 million as of May 31, 2023, which primarily relates to employee severance and benefit costs incurred in fiscal year 2022 and the nine months ended May 31, 2023. We expect the majority of the severance to be paid during fiscal year 2023.

Effective Income Tax Rate

The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows:

The effective income tax rate increased for the three months and nine months ended May 31, 2023, compared to the three months and nine months ended May 31, 2022, primarily due to a change in the jurisdictional mix of earnings, partially offset by a $ i i 17 / million income tax expense during the three months and nine months ended May 31, 2022 for an unrecognized tax benefit related to the taxation of certain prior year intercompany transactions.

The effective income tax rate differed from the U.S. federal statutory income tax rate of 21.0% during the three months and nine months ended May 31, 2023 and 2022, primarily due to: (i) the jurisdictional mix of earnings, (ii) losses in tax jurisdictions with existing valuation allowances, (iii) tax incentives granted to sites in China, Malaysia, Singapore and Vietnam, and (iv) a $ i i 17 / million income tax expense during the three months and nine months ended May 31, 2022 for an unrecognized tax benefit related to the taxation of certain prior year intercompany transactions.

15. i Earnings Per Share and Dividends

The Company calculates its basic earnings per share by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities. The difference between the weighted average number of basic shares outstanding and the weighted average number of diluted shares outstanding is primarily due to dilutive unvested restricted stock units.

Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be antidilutive. Performance-based restricted stock units are considered dilutive when the related performance criteria have been met assuming the end of the reporting period represents the end of the performance period. All potential shares of common stock are antidilutive in periods of net loss. i Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):

The following table sets forth cash dividends declared by the Company to common stockholders during the nine months ended May 31, 2023 and 2022 (in millions, except for per share data):

16. i Fair Value Measurements

Fair Value Measurements on a Recurring Basis

The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated (in millions):

Derivatives designated as hedging instruments (Note 9)

Derivatives not designated as hedging instruments (Note 9)

Derivatives designated as hedging instruments (Note 9)

Derivatives not designated as hedging instruments (Note 9)

(1)Consist of investments that are readily convertible to cash with original maturities of 90 days or less.

(2)The Company’s forward foreign exchange contracts, including cash flow hedges and net investment hedges are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.


	Nine months ended
	May 31, 2023		May 31, 2022
Cash flows provided by operating activities:
Net income	$	i 663	$	i 681
Depreciation, amortization, and other, net	i 752		i 768







Change in operating assets and liabilities, exclusive of net assets acquired	( i 367)		( i 704)






Net cash provided by operating activities	i 1,048		i 745
Cash flows used in investing activities:
Acquisition of property, plant and equipment	( i 860)		( i 1,068)
Proceeds and advances from sale of property, plant and equipment	i 180		i 470
Cash paid for business and intangible asset acquisitions, net of cash	( i 30)		( i 18)



Other, net	( i 28)		i —
Net cash used in investing activities	( i 738)		( i 616)
Cash flows used in financing activities:
Borrowings under debt agreements	i 3,556		i 2,621
Payments toward debt agreements	( i 3,369)		( i 2,707)
Payments to acquire treasury stock	( i 442)		( i 475)
Dividends paid to stockholders	( i 34)		( i 37)
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	i 27		i 26
Treasury stock minimum tax withholding related to vesting of restricted stock	( i 36)		( i 44)
Other, net	( i 6)		( i 23)
Net cash used in financing activities	( i 304)		( i 639)
Effect of exchange rate changes on cash and cash equivalents	( i 4)		i 13
Net increase (decrease) in cash and cash equivalents	i 2		( i 497)
Cash and cash equivalents at beginning of period	i 1,478		i 1,567
Cash and cash equivalents at end of period	$	i 1,480	$	i 1,070


	May 31, 2023		August 31, 2022
Raw materials	$	i 5,214	$	i 4,918
Work in process	i 472		i 687
Finished goods	i 471		i 605
Reserve for excess and obsolete inventory	( i 73)		( i 82)
Inventories, net	$	i 6,084	$	i 6,128


	May 31, 2023		August 31, 2022
Inventory deposits	$	i 1,879	$	i 1,586
Contract liabilities(1)	i 1,067		i 796
Accrued compensation and employee benefits	i 786		i 806
Other accrued expenses	i 2,232		i 2,084
Accrued expenses	$	i 5,964	$	i 5,272


	May 31, 2023
Unrecognized stock-based compensation expense—restricted stock units	$	i 51
Remaining weighted-average period for restricted stock units expense	i 1.5 years


	Three months ended				Nine months ended
	May 31, 2023		May 31, 2022		May 31, 2023		May 31, 2022
Net revenue	$	8,475	$	8,328	$	26,244	$	24,448
Gross profit	$	697	$	619	$	2,101	$	1,903
Operating income	$	375	$	321	$	1,096	$	984
Net income attributable to Jabil Inc.	$	233	$	218	$	663	$	681
Earnings per share—basic	$	1.76	$	1.55	$	4.96	$	4.77
Earnings per share—diluted	$	1.72	$	1.52	$	4.86	$	4.67

Jabil Inc. – ‘10-Q’ for 5/31/23

On: Friday, 6/30/23, at 7:44am ET · For: 5/31/23 · Accession #: 1193125-23-179422 · File #: 1-14063

Previous ‘10-Q’: ‘10-Q’ on 4/5/23 for 2/28/23 · Next: ‘10-Q’ on 1/9/24 for 11/30/23 · Latest: ‘10-Q’ on 4/5/24 for 2/29/24 · 10 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

1 Subsequent Filing that References this Filing

9 Previous Filings that this Filing References


i ☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


i ☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Part I – Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of May 31, 2023 and August 31, 2022	1
	Condensed Consolidated Statements of Operations for the three months and nine months ended May 31, 2023 and 2022	2
	Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended May 31, 2023 and 2022	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three months and nine months ended May 31, 2023 and 2022	4
	Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2023 and 2022	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

Part II – Other Information
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
	Signatures	32


Maturity date	May 31, 2023		August 31, 2022
August 2023	$	i 131	$	i —
September 2023	i 33		i —
October 2023	i 96		i —
January 2024	i 96		i —
April 2024	i 35		i —
Total	$	i 391	$	i —



			May 31, 2023				August 31, 2022
	Fair Value Hierarchy		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes payable and long-term debt: (Note 5)
i 4.900% Senior Notes	Level 3	(1)	$	i 300	$	i 300	$	i 300	$	i 300
i 3.950% Senior Notes	Level 2	(2)	$	i 497	$	i 469	$	i 497	$	i 471
i 3.600% Senior Notes	Level 2	(2)	$	i 496	$	i 446	$	i 496	$	i 440
i 3.000% Senior Notes	Level 2	(2)	$	i 593	$	i 503	$	i 592	$	i 500
i 1.700% Senior Notes	Level 2	(2)	$	i 498	$	i 451	$	i 497	$	i 446
i 4.250% Senior Notes	Level 2	(2)	$	i 495	$	i 482	$	i 493	$	i 483
i 5.450% Senior Notes	Level 2	(2)	$	i 295	$	i 297	$	i —	$	i —


	Three months ended						Nine months ended
(dollars in millions)	May 31, 2023		May 31, 2022		Change		May 31, 2023		May 31, 2022		Change
Net revenue	$	8,475	$	8,328	1.8	%	$	26,244	$	24,448	7.3	%


	Nine months ended
(in millions)	May 31, 2023		May 31, 2022
Net cash provided by operating activities (U.S. GAAP)	$	1,048	$	745
Acquisition of property, plant and equipment (“PP&E”)(1)	(860)		(1,068)
Proceeds and advances from sale of PP&E(1)	180		470
Adjusted free cash flow (Non-GAAP)	$	368	$	147


(in millions)	4.900% Senior Notes		3.950% Senior Notes		3.600% Senior Notes		3.000% Senior Notes		1.700% Senior Notes		4.250% Senior Notes		5.450% Senior Notes(1)		Borrowings under revolving credit facilities(2)(3)		Borrowings under loans		Total notes payable and credit facilities
Balance as of August 31, 2022	$	300	$	497	$	496	$	592	$	497	$	493	$	—	$	—	$	—	$	2,875
Borrowings	—		—		—		—		—		—		298		3,258		—		3,556
Payments	—		—		—		—		—		—		—		(3,258)		—		(3,258)
Other	—		—		—		1		1		2		(3)		—		—		1
Balance as of May 31, 2023	$	300	$	497	$	496	$	593	$	498	$	495	$	295	$	—	$	—	$	3,174
Maturity Date	Jul 14, 2023		Jan 12, 2028		Jan 15, 2030		Jan 15, 2031		Apr 15, 2026		May 15, 2027		Feb 1, 2029		Jan 22, 2025 and Jan 22, 2027		Jul 31, 2026
Original Facility/ Maximum Capacity(3)	$300 million		$500 million		$500 million		$600 million		$500 million		$500 million		$300 million		$3.9 billion(3)		$1 million


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 millions)(2)
March 1, 2023 - March 31, 2023	607,055	$	82.49	607,055	$	925
April 1, 2023 - April 30, 2023	598,779	$	81.87	598,079	$	876
May 1, 2023 - May 31, 2023	685,772	$	80.14	685,772	$	821
Total	1,891,606	$	81.44	1,890,906


	JABIL INC. Registrant

Date: June 30, 2023	By:	/s/ KENNETH S. WILSON
		Kenneth S. Wilson Chief Executive Officer

Date: June 30, 2023	By:	/s/ MICHAEL DASTOOR
		Michael Dastoor Chief Financial Officer

This ‘10-Q’ Filing	Date	Other Filings

	5/15/27
	1/22/27
	1/22/25
	11/25/24
	11/30/23
	8/31/23
Filed on:	6/30/23
	6/22/23
	6/2/23
	6/1/23
For Period end:	5/31/23
	5/15/23
	5/1/23
	4/30/23
	4/20/23	8-K
	4/13/23	8-K
	4/1/23
	3/31/23
	3/2/23
	3/1/23
	2/28/23	10-Q
	2/15/23
	2/10/23	3, 8-K
	1/26/23	4, 8-K, DEF 14A
	12/2/22	4
	11/30/22	10-Q, 4
	11/15/22	4
	10/20/22	4
	9/27/22	8-K
	8/31/22	10-K, 5
	6/2/22	4
	5/31/22	10-Q, 4
	5/16/22
	4/21/22	4
	3/2/22
	2/15/22
	1/20/22	4, 8-K, DEF 14A
	12/1/21
	11/15/21
	10/21/21	4
	8/31/21	10-K, 4, 5
	1/22/20	8-K
		List all Filings

Jabil Inc. – ‘10-Q’ for 5/31/23

On: Friday, 6/30/23, at 7:44am ET · For: 5/31/23 · Accession #: 1193125-23-179422 · File #: 1-14063

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