0000898293FALSE00008982932024-12-182024-12-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 18, 2024
Jabil Inc.
(Exact name of registrant as specified in its charter)
Delaware001-1406338-1886260
(State or other jurisdiction
of incorporation)		(Commission
 File Number)		(IRS Employer
Identification No.)
10800 Roosevelt Boulevard North, St. Petersburg, Florida 33716
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (727) 577-9749
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareJBLNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
                            Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On December 18, 2024, Jabil Inc. (the “Company”) issued a press release announcing its results of operations for the first fiscal quarter ended November 30, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

Item 9.01. Financial Statements and Exhibits.
 
(d)    Exhibits

The following exhibit is furnished herewith:
 
Exhibit No. Description
99.1 
104Cover Page Interactive Data File - Embedded within the inline XBRL document



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JABIL INC.
(Registrant)
December 18, 2024By:
/s/ GREGORY B. HEBARD
Gregory B. Hebard
Chief Financial Officer


Exhibit 99.1
jbl-20241218_g1.jpg
 
Jabil Posts Strong First Quarter Results
Raises Fiscal 2025 Outlook
ST. PETERSBURG, Fla. – December 18, 2024 – Today, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its first quarter of fiscal year 2025.
First Quarter of Fiscal Year 2025 Highlights:
 
•Net revenue: $7.0 billion
•U.S. GAAP operating income: $197 million
•U.S. GAAP diluted earnings per share: $0.88
•Core operating income (Non-GAAP): $347 million
•Core diluted earnings per share (Non-GAAP): $2.00
“I am very pleased with our first fiscal quarter results, which came in stronger than we anticipated driven by incremental strength in our Cloud, Data Center Infrastructure, and Digital Commerce end-markets. As a result, the team was able to deliver strong Core EPS and cash flow generation during the quarter,” said CEO Mike Dastoor. “We now anticipate approximately $27.3 billion in net revenue, with core operating margins of 5.4%. Core earnings per share now are expected to be $8.75. Importantly, for the year we continue to foresee robust adjusted free cash flow generation of $1.2 billion,” he concluded.
Second Quarter of Fiscal Year 2025 Outlook:
 
•Net revenue
$6.1 billion to $6.7 billion
•U.S. GAAP operating income
$183 million to $263 million
•U.S. GAAP diluted earnings per share
$0.69 to $1.27 per diluted share
•Core operating income (Non-GAAP)(1)
$286 million to $346 million
•Core diluted earnings per share (Non-GAAP)(1)
$1.60 to $2.00 per diluted share
(1)Core operating income and core diluted earnings per share exclude anticipated adjustments of $13 million for amortization of intangibles (or $0.11 per diluted share) and $20 million for stock-based compensation expense and related charges (or $0.18 per diluted share) and $70 million to $50 million (or $0.62 to $0.44 per diluted share) for restructuring, severance and related charges.

Fiscal Year 2025 Outlook:
•Net revenue
$27.3 billion
•Core operating margin (Non-GAAP)    
5.4%
•Core diluted earnings per share (Non-GAAP)
$8.75 per diluted share
•Adjusted free cash flow (Non-GAAP)
$1.2 billion
(Definitions: “U.S. GAAP” means U.S. generally accepted accounting principles. Jabil defines core operating income as U.S. GAAP operating income less amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer 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, gain from the divestiture of businesses, acquisition and divestiture related charges, plus other components of net periodic benefit cost. Jabil defines core earnings as core operating income, less loss on debt extinguishment, loss (gain) on securities, other components of net periodic benefit cost, 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 defines adjusted free cash flow as net cash provided by (used in) operating


activities 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 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 first quarter of fiscal year 2025 and our guidance for future financial performance in our second quarter of fiscal year 2025 (including, net 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 and restructuring, severance and related charges); and our full year 2025 (including net revenue, core operating margin (Non-GAAP), core diluted earnings per share (Non-GAAP), the components thereof and Adjusted Free Cash Flow (Non-GAAP)). 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 first quarter of fiscal year 2025 that our financial results and conditions differ from our current preliminary unaudited numbers set forth herein; scheduling production, managing growth and capital expenditures and maximizing the efficiency of our manufacturing capacity effectively; managing rapid declines or increases in customer demand and other related customer challenges that may occur; our dependence on a limited number of customers; our ability to purchase components efficiently and reliance on a limited number of suppliers for critical components; risks arising from relationships with emerging companies; changes in technology and competition in our industry; our ability to introduce new business models or programs requiring implementation of new competencies; competition; transportation issues; our ability to maintain our engineering, technological and manufacturing expertise; retaining key personnel; risks associated with international sales and operations, including geopolitical uncertainties; energy price increases or shortages; our ability to achieve expected profitability from acquisitions; risk arising from our restructuring activities; issues involving our information systems, including security issues; regulatory risks (including the expense of complying, or failing to comply, with applicable regulations; risk arising from design or manufacturing defects; risk arising from compliance, or failure to comply, with environmental, health and safety laws or regulations; risk arising from litigation; and intellectual property risk); financial risks (including customers or suppliers who become financially troubled; turmoil in financial markets; tax risks; credit rating risks; risks of exposure to debt; currency fluctuations; and asset impairment); changes in financial accounting standards or policies; risk of natural disaster, climate change or other global events; and risks arising from expectations relating to environmental, social and governance considerations. 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, 2024 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 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 an annual normalized tax rate (“normalized core tax rate”) for the computation of the non-GAAP (core) income tax provision to provide better consistency across reporting periods. In estimating the normalized core tax rate annually, the Company utilizes a full-year financial projection of core earnings that considers the mix of earnings across tax jurisdictions, existing tax positions, and other significant tax matters. The Company may adjust the normalized core tax rate during the year for material impacts from new tax legislation or material changes to the Company’s operations.
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 first quarter of fiscal year 2025. 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: At Jabil (NYSE: JBL), we are proud to be a trusted partner for the world’s top brands, offering comprehensive engineering, manufacturing, and supply chain solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe. Discover more at www.jabil.com.

Investor Contact
Adam Berry
Senior Vice President, Investor Relations and Communications  
Adam_Berry@jabil.com

Media Contact
Timur Aydin
Senior Director, Enterprise Marketing and Communications
publicrelations@jabil.com


JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
 
November 30, 2024
(unaudited)August 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$2,058 $2,201 
Accounts receivable, net3,718 3,533 
Contract assets1,103 1,071 
Inventories, net4,320 4,276 
Prepaid expenses and other current assets2,029 1,710 
Total current assets13,228 12,791 
Property, plant and equipment, net2,915 3,024 
Operating lease right-of-use assets385 360 
Goodwill and intangible assets, net838 804 
Deferred income taxes125 96 
Other assets280 276 
Total assets$17,771 $17,351 
LIABILITIES AND EQUITY
Current liabilities:
Current installments of notes payable and long-term debt$— $— 
Accounts payable6,875 6,190 
Accrued expenses5,466 5,499 
Current operating lease liabilities93 93 
Total current liabilities12,434 11,782 
Notes payable and long-term debt, less current installments2,882 2,880 
Other liabilities327 416 
Non-current operating lease liabilities304 284 
Income tax liabilities92 109 
Deferred income taxes139 143 
Total liabilities16,178 15,614 
Commitments and contingencies
Equity:
Jabil Inc. stockholders’ equity:
Preferred stock— — 
Common stock— — 
Additional paid-in capital3,002 2,841 
Retained earnings5,851 5,760 
Accumulated other comprehensive loss
(52)(46)
Treasury stock, at cost(7,208)(6,818)
Total Jabil Inc. stockholders’ equity1,593 1,737 
Noncontrolling interests— — 
Total equity1,593 1,737 
Total liabilities and equity$17,771 $17,351 



JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except for per share data)
(Unaudited)
 
 Three months ended
 November 30, 2024November 30, 2023
Net revenue$6,994 $8,387 
Cost of revenue6,388 7,612 
Gross profit606 775 
Operating expenses:
Selling, general and administrative305 314 
Research and development8 10 
Amortization of intangibles13 6 
Restructuring, severance and related charges83 127 
Acquisition and divestiture related charges— 15 
Operating income197 303 
Interest and other, net58 68 
Income before income tax139 235 
Income tax expense39 41 
Net income100 194 
Net income attributable to noncontrolling interests, net of tax— — 
Net income attributable to Jabil Inc.$100 $194 
Earnings per share attributable to the stockholders of Jabil Inc.:
Basic$0.89 $1.49 
Diluted$0.88 $1.47 
Weighted average shares outstanding:
Basic112.7 129.6 
Diluted114.0 132.1 



JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 
 Three months ended
 November 30, 2024November 30, 2023
Cash flows provided by operating activities:
Net income$100 $194 
Depreciation, amortization, and other, net182 206 
Change in operating assets and liabilities, exclusive of net assets acquired30 48 
Net cash provided by operating activities
312 448 
Cash flows used in investing activities:
Acquisition of property, plant and equipment(97)(288)
Proceeds and advances from sale of property, plant and equipment11 13 
Cash paid for business and intangible asset acquisitions, net of cash(63)(59)
Proceeds from the divestiture of businesses, net of cash— 258 
Other, net13 1 
Net cash used in investing activities
(136)(75)
Cash flows used in financing activities:
Borrowings under debt agreements100 395 
Payments toward debt agreements(130)(436)
Payments to acquire treasury stock(232)(500)
Dividends paid to stockholders(10)(12)
Treasury stock minimum tax withholding related to vesting of restricted stock(40)(67)
Net cash used in financing activities
(312)(620)
Effect of exchange rate changes on cash and cash equivalents(7)(7)
Net decrease in cash and cash equivalents
(143)(254)
Cash and cash equivalents at beginning of period2,201 1,804 
Cash and cash equivalents at end of period$2,058 $1,550 



JABIL INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
RECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-GAAP MEASURES
(in millions, except for per share data)
(Unaudited)
 Three months ended
November 30, 2024November 30, 2023
Operating income (U.S. GAAP)
$197 $303 
Amortization of intangibles13 6 
Stock-based compensation expense and related charges44 46 
Restructuring, severance and related charges(1)
83 127 
Net periodic benefit cost1 2 
Business interruption and impairment charges, net(2)
9 — 
Acquisition and divestiture related charges— 15 
Adjustments to operating income150 196 
Core operating income (Non-GAAP)$347 $499 
Net income attributable to Jabil Inc. (U.S. GAAP)
$100 $194 
Adjustments to operating income150 196 
Net periodic benefit cost(1)(2)
Adjustments for taxes(21)(45)
Core earnings (Non-GAAP)$228 $343 
Diluted earnings per share (U.S. GAAP)$0.88 $1.47 
Diluted core earnings per share (Non-GAAP)$2.00 $2.60 
Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP)114.0 132.1 
(1)Charges recorded during the three months ended November 30, 2024 and 2023, primarily related to the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively.
(2)Charges recorded during the three months ended November 30, 2024, relate primarily to costs associated with damage from Hurricanes Helene and Milton, which impacted our operations in St. Petersburg, Florida and Asheville and Hendersonville, North Carolina.


JABIL INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
ADJUSTED FREE CASH FLOW
(in millions)
(Unaudited)
 Three months ended
November 30, 2024November 30, 2023
Net cash provided by operating activities (U.S. GAAP)
$312 $448 
Acquisition of property, plant and equipment (“PP&E”)(1)
(97)(288)
Proceeds and advances from sale of PP&E(1)
11 13 
Adjusted free cash flow (Non-GAAP)$226 $173 
(1)Certain customers co-invest in PP&E with us. As we acquire PP&E, we recognize the cash payments in acquisition of PP&E. When our customers reimburse us and obtain control, we recognize the cash receipts in proceeds and advances from the sale of PP&E.



v3.24.4
Cover
Dec. 18, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 18, 2024
Registrant Name Jabil Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-14063
Entity Tax Identification Number 38-1886260
Entity Address, Address Line One 10800 Roosevelt Boulevard North
Entity Address, City or Town St. Petersburg
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33716
City Area Code 727
Local Phone Number 577-9749
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol JBL
Security Exchange Name NYSE
Entity Emerging Growth Company false
Central Index Key 0000898293
Amendment Flag false
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