Does your '23 guide contemplate lower shares with the buyback? Adam and Mike discussed our progress, which largely stems from the construct and pedigree of the company. Again, unit volumes are up. And in terms of the bill of materials becoming deflationary, I don't think we have to worry about that so much in '23. Good morning. Effective 11 May 2022 (Wednesday), Malaysia's Immigration Department (Jabatan Imigresen Malaysia, or JIM) will undertake a series of measures to overcome difficulties faced by individuals in applying for and renewing their Malaysian International Passports (PMA).. During the fourth quarter, we repurchased 3.8 million shares, bringing total shares repurchased in FY '22 to 11.8 million shares of $696 million. Yes. Moving to the next slide, where I'll offer some insight about how we're thinking about the business this year by end market. He has held various leadership positions at Lam since joining the company in 1995, supporting product management and marketing for the Etch Business Unit, as well as overseeing development of Lams dielectric etch, conductor and 3DIC etch innovations. By the way, we also have a wonderful footprint in Mainland China that we're pleased with. On top of this, our capital structure has been optimized to maximize our flexibility. Your line is now live. I don't think you provided a share count guide for Q1 or for '23. And this guidepost places an emphasis on caring, perspective, proper intentions, and truthfulness. At Lam, we believe you cant identify an innovator through innovation aloneits through collaboration, precision, and delivery. *Average returns of all recommendations since inception. Good morning. Headquarters: Fremont, California from Columbia Law School and a B.A. With that, I'll now turn the call back to Adam. 2. After several rounds, the top twenty-four projects from the global teams win a trip to Jabil's corporate offices and present their projects to company executives in person. So, the buybacks are -- now you have a pretty huge percentage relative to your market cap sort of earmarked for buybacks. And EMS segment revenue is expected to be $4.5 billion, an increase of approximately 15% over the prior year. GAAP operating income is expected to be in the range of $367 million to $427 million. I remind you our strategy in this end market has been very thoughtful due to the high cyclicality of the semi-cap market. We also expect the investments we've made in areas such as IT, automation, and factory digitization will drive improved optimization across our footprint, which will translate to higher margins in the future. And we handle that differently with every single customer depending on the relationship, the terms, and the overall economics. For the quarter, revenue was approximately $9 billion, ahead of our forecast, driven by much better-than-expected revenue in 5G wireless and cloud and networking and storage as our ability to secure critical parts on higher-end demand created meaningful revenue upside during the quarter. He previously served as executive vice president of Lams Global Products Group, overseeing development of the companys Deposition, Etch, and Clean products. We often pay for these co-investments upfront, which is then later reimbursed to us by customers. Jabil Inc. (JBL-1.68%) Q4 2022 Earnings Call Sep 27, 2022, 8:30 a.m. E I mean, there's so many different end markets there. And we'll see what the next 60, 90, 120 days hold between monetary policy and everything else. To reiterate, today, demand still remains strong and well ahead of supply. [31] Jabil was awarded with the 2010 Save Energy Now Award by the United States Department of Energy. We really like the footprint that we have. Core operating income is estimated to be in the range of $415 million to $475 million. Next, I would like to provide some clarity on our capex as shown in our cash flow statement. Our business model has been intentionally structured with the aim of delivering core operating margin expansion, sustainable earnings growth, and strong predictable cash flows. Can we assume that, that 80% is solid no matter what cash flows turn out? So with that, there's just one more housekeeping item before we begin. And if we expand on the current composition of our business, we don't anticipate any single product or any single product family to contribute more than 5% to 6% to our overall earnings in FY '23. Good morning, and welcome to Jabil's fourth quarter of fiscal 2022 earnings call and fifth annual investor briefing. Or is that maybe a headwind you baked into the guidance? That's point number one. He has held a variety of leadership positions since joining Lam in 1997, including serving as vice president of pilot operations, overseeing Lams wet clean product operations in Villach, Austria, and its Customer Support Business Group. It also contains important telephone and helpline numbers that can be used in case of emergencies. We've been dealing with that for a long, long time. Invest better with The Motley Fool. And in the cloud space, our expectation is that the ongoing shift away from on-prem will continue to accelerate, driving long-term growth in the space. And I would guess we'll see a similar trajectory as we move through '23 on a relative basis. Maybe you could remind us to what extent those are typically part of the cost-plus structure? But I think demand in general on a macro basis will start to soften a bit. On the other hand, the data also revealed the occupation groups which saw the biggest drops in demand with chemical engineering leading the way (-40.1%), followed by childcare (-27.7%), and mechanical engineering (-21.6%) recording the highest decreases. As we think about fiscal '23, we'll certainly measure our success based on financial performance. In lieu of that, just wanted to know your outlook for the first quarter and full year. Jabil's organizational culture supports numerous social and environmental responsibility initiatives and embraces lean thinking throughout the organization. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Moving forward, we expect to continue generating strong cash flows. I'm wondering how that comes into the conversations with customers in terms of where you're manufacturing versus some of the currency moves or if it's a topic of discussion at all, given where everything has moved in the last, say, six months, there have been some pretty aggressive currency swings. Nathan has 1 job listed on their profile. And I would guess we'll see a similar trajectory as we move through '23 on a relative basis. Our business is complicated at times. And in doing what you do each day, I want all of you to be your true self without fear or recourse. Does it build in a little bit for hurricane? A little surprising and strong, given concerns about IT spending slowdown. R&D: $1.55 Billion (CY 2021) Your line is now live. Malaysia's Minimum Wage Order (MWO) 2022 has been gazetted. Core operating income during the quarter was $447 million, an increase of 42% year over year, representing a core operating margin of 5%, up 80 basis points over the prior year driven by the aforementioned strength in certain end markets, slightly offset by unanticipated costs associated with the power shortages in Chengdu during the month of August. You mentioned supply is starting to ease. And I represent a team here that's pretty excited to share our 2022 results with you today while also providing additional detail around our focus and outlook as typical for our September call. Do Not Sell My Personal Information (CA Residents Only). I wanted to ask you a question on risk management in the DMS segment. Are there areas of investment that you would switch to other areas? We also expect some consumer-centric end markets to underperform compared to the robust growth for the past 18 months. You can't help but notice the global nature of our manufacturing footprint, which enables us to manufacture on a local level for a global set of customers. I think we're being very aggressive. I would use so for the year were about 138 million to 140 million and for Q1 in the 141, 142 range. Therefore, we anticipate the 5G end market to continue to be resilient even in the face of a moderate global slowdown. and Chief Technology Officer. And importantly, all of this increased complexity translates to increased content per vehicle for Jabil. And Shannon, a big part of that is, again, I think if we're not the largest, we're one of the largest large-scale manufacturing services company in the world. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Our voluntary attrition rates in 2021 were comparable to pre-pandemic levels and were in fact either on par or lower than the market average in our core markets. To date, we have utilized $737 million of our $1 billion authorization granted in July of last year This brings our cumulative shares repurchased since FY '13 to approximately 102 million shares at an average price of $30, bringing our total returns to shareholders, including repurchases and dividends to approximately $3.6 billion, reflective of our ongoing commitment to return capital to shareholders. If economic conditions weaken, our views of the cloud space should be a beneficiary as companies look to reduce costs in a moderating growth environment. Our net capital expenditures for the fiscal year amounted to $841 million. Your line is now live. A, there is still a decent amount of backlog that needs to be replenished. [10] The company was then added to the S&P 500 Index in 2001. Or where can the firm be a little bit more active given some depressed private valuations here? Right now, the outlook doesn't look so good. This is in addition to the consignment of certain components we had announced in earlier years. Thank you. WebStudy full-time and on-campus in Malaysia and experience Kuala Lumpurs life. The value add that you get, the local labor, the local cost, yes, those fluctuate. Net interest expense in the quarter came in higher than expectations at $53 million primarily associated with rising interest rates, while our tax rate came in better than expected by approximately 70 basis points, resulting in core diluted earnings per share of $2.34, a 63% improvement over the prior-year quarter and at the higher end of our range. Your line is now live. And then at an enterprise level, we build stuff. And so, I would guess we're very pleased, by the way, with the progress that we've made in terms of days of inventory reduction as we got to the back half of fiscal '22. So why not increase the authorization higher? Thank you. As a result, the tax rate on core earnings in the first quarter and for the fiscal year is estimated to be 19%. And now you're talking about a total authorization of $1.3 billion plus another $100 million plus for dividend, you're talking about us returning $1.4 billion or give or take against free cash flows of $1.9 billion. Ahead of the UN International Day of Persons with Disabilities, we have a global programme of activity for building awareness and educating our people about the creative challenges perceptions around all types of disability and encourages all employees to look beyond the surface. [18] Jabil has assisted many Fortune 500 companies with design and engineering. The Shift up a Gear programme, like others designed to tackle the underrepresentation of women in management roles, focuses on building a pipeline that will improve the gender balance in the organisation in future years. Mark Mondello -- Chairman and Chief Executive Officer. Thank you very much. And is that giving you some more confidence in your guide? I'll begin by saying thanks to our team here at Jabil. Hi. You talked about China. I wanted to ask you a question on risk management in the DMS segment. The company's fiscal '23 guidance assumes a slowdown in certain end markets, even though, as I understand it, demand is generally strong. Next question today is coming from Melissa Fairbanks from Raymond James. That's all for me. Executive Vice President of Human Resources Thank you. Melissa Fairbanks -- Raymond James -- Analyst. We also focus on guiding our teams on how to support colleagues living with disabilities, including top tips for being a good ally. These projects have multiyear investment timelines independent of underlying short-term economic growth forecast, so we feel comfortable with the visibility we have in this space. Good morning, everyone. Our FY '23 guidance assumes a moderate economic slowdown and some moderation in growth, which will impact certain end markets more than others. As you know, we operate our business across a broad range of geographies with team members that don't look the same, don't talk the same, that have physical limitations and neurodiversities, team members that practice different religions, and team members that have different sexual orientations. By the way, we also have a wonderful footprint in Mainland China that we're pleased with. And I don't think today is going to be all that exciting, but certainly, starting at noon tomorrow, I think things will get interesting. The eight sectors shown here exhibit the diversified nature of our revenue with each sector having a meaningful contribution to our overall financial results. And again, the market is massive. The eight sectors shown here exhibit the diversified nature of our revenue with each sector having a meaningful contribution to our overall financial results. I'll now turn the call over to Mark. At DHL India, the We for She initiative includes a safety guide for women, designed to provide advice and guidance to employees to improve understanding of personal safety in the workplace. But we have an additional authorization of another $1 billion, bringing our total authorized almost $1.3 billion. It is important to note that this estimate is based on our current expectations of a moderation in growth and continuing supply chain constraints in certain secular end markets. a Jabil Company. My name is Adam Berry, I'm head of investor relations at Jabil. Our DHL4ALL programme ensures all people, regardless of who they are, for example of all races, faiths, identities, sexual orientations, and abilities are not just treated fairly, but empowered, supported to succeed, and feel a true sense of belonging. And Shannon, a big part of that is, again, I think if we're not the largest, we're one of the largest large-scale manufacturing services company in the world. And if you could just maybe dial in a little bit on India and Southeast Asia ex China. Your line is now live. This resulted in core margin expanding 10 basis points to 4.9%. Our view is that EV adoption will continue to accelerate and gain a larger share of the auto market in FY '23 regardless of the near-term global growth dynamics. If I could sneak one last question in. Vahid Vahedi is senior vice president and general manager of the Etch Business Unit at Lam Research. That said, it is noteworthy that the Order is not applicable to a domestic servant - which is defined as "a person employed in connection with the work of a private dwelling-house, and not in connection with any trade, business, or profession carried on by the employer in such dwelling-house and includes a cook, house-servant, butler, child's nurse, valet, footman, gardener, washerman or washer-woman, watchman, groom and driver or cleaner of any vehicle licensed for private use" - under subsection 2(1) of the Employment Act 1955 [Act 265], subsection 2(1) of the Sabah Labour Ordinance [Cap. WebEUPOL COPPS (the EU Coordinating Office for Palestinian Police Support), mainly through these two sections, assists the Palestinian Authority in building its institutions, for a future Palestinian state, focused on security and justice sector reforms. Interest expense in the first quarter is estimated to be in the range of $56 million to $60 million and for FY '23 to be approximately $230 million. There's clearly a lot to like about Jabil today. But on a unit volume basis, volumes are up. And I think that's going to help with overall supply chain, both continuity and supply as we move forward in the next nine, 12, 18 months. In industrial and semi-cap, our business has grown 43% since fiscal '18, driven mainly by the increasing need for green energy and with incredibly strong global demand for semiconductors. And we have been very conservative around how we have invested in this business and our forecast for FY '23. If you add item(s) to cart and submit your order without the approval number, GE will contact you before your order can be confirmed for shipment. And then if you kind of extrapolate out Q2, Q3, Q4, I would guess margins will be similar as they were in '22. Although it isn't the 1 million hours per se, it's the positive difference our Jabil team is making around the world. So just your thoughts on if there's incremental weakness in these two end markets, mobility, and connected devices, how your playbook changes. Thank you. So just exactly how did we get here? And does this lead to kind of increasingly more opportunities both on maybe less so revenues because it's a net model, but more so profitability and more potential improvement in margins? We'll continue -- Southeast Asia will certainly continue to be of interest to us. Today marks our fifth annual investor session, a day where we share insights and lay out the groundwork for our business. Thank you. Are the issues semiconductor supply demand? Thank you for your interest in Jabil. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. OK. And just lastly, on the consignment shift with the cloud business, that 500 million, does that begin this quarter so that's reflected in the year-over-year growth rates in Q1? So, I'm just wondering if that comes up in any of your discussions. Core operating income during the quarter was $447 million, an increase of 42% year over year, representing a core operating margin of 5%, up 80 basis points over the prior year driven by the aforementioned strength in certain end markets, slightly offset by unanticipated costs associated with the power shortages in Chengdu during the month of August. Siris Capital Group LLC. Turning now to EMS. One, just on your outlook. Net interest expense in the quarter came in higher than expectations at $53 million primarily associated with rising interest rates, while our tax rate came in better than expected by approximately 70 basis points, resulting in core diluted earnings per share of $2.34, a 63% improvement over the prior-year quarter and at the higher end of our range. And in mobility, demand signals continue to be strong as we navigate through our Q1 quarter. Umax Packaging . As a result, the tax rate on core earnings in the first quarter and for the fiscal year is estimated to be 19%. OK. And then just a couple of smaller questions. Good employers recognise the need to constantly improve diversity & inclusion as a moral responsibility, and there is also plenty of research that demonstrates that diversity & inclusion is just as much a business issue, with a clear link drawn between diverse workforces and financial performance. Maybe you could remind us to what extent those are typically part of the cost-plus structure? Then Mike walked you through our financial playbook, highlighted by the strength of our portfolio, fueled by long-term secular tailwinds. The company was awarded the Excellence in Best Practices Award from Frost & Sullivan in 2009. This is effected under Palestinian ownership and in accordance with the best European and international In summary, I'm extremely pleased with the resiliency of our portfolio and the sustainable momentum underway across the business, which has allowed us to deliver exceptionally strong results in fiscal '22. Click here for more information. Purchased Telmar, a global provider of complex. Purchased Plasticos Castella, a European company that manufactures plastic packaging products for the food, beverage, and consumer product goods industries. Thanks for the questions, Paul. There'll be no material impact whatsoever to Q1 or our guide for '23. These statements are based on current expectations, forecasts, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. He was later promoted to president and chief operating officer, and then president and chief executive officer in December 2018. Mark, I have a couple of questions for you. Should we expect kind of this continued in-house investments for customers and reimbursement? While I am pleased with the sequential decline in inventory days, the team continues to be fully focused on bringing this metric down further in FY '23 as some of the supply chain constraints continue to ease. If you look at the end markets that we play in, the secular tailwinds that we continue to see, our margin accretion, our EPS accretion, cash flow accretion, all leads me to think that we're highly undervalued. We'll continue -- Southeast Asia will certainly continue to be of interest to us. I'm just thinking about as we move into '24, '25 from an overall risk standpoint, I would -- I think we're going to continue to see good trajectory of growth in the automotive, transport, healthcare, packaging as we move beyond '23. We've closed the campus starting this afternoon, and the campus will be closed through the end of the week. Our business model has been intentionally structured with the aim of delivering core operating margin expansion, sustainable earnings growth, and strong predictable cash flows. [35] He is also a fellow of the American Physical and American Vacuum Societies and has served on numerous program committees for major conferences in plasma science and engineering. In fiscal '23 and beyond, we expect to generate significant free cash flow. You talked about China. My name is Adam Berry, I'm head of investor relations at Jabil. [24], Jabil is involved in both social and environmental responsibility. From secure supply chain design and manufacturing to rack integration and ultimately recycling, Jabil is winning in an expanding market. Joining me on today's call is Mike Dastoor, our chief financial officer; and Mark Mondello, our chairman and CEO, who together account for over 50 years of Jabil experience. As we transition to our final slide, we expect the momentum underway across our business to continue even in a subdued economic environment. Thank you for taking the question and let me add my thoughts for everyone in Florida. But given the consumer-centric nature of this end market, as we move from the pandemic-fueled consumer spending to a more normalized environment, we feel it's appropriate to take a conservative outlook and expect some moderation in growth. Today, our business serves a diverse plan of end markets and areas that provide confidence in future earnings and cash flows. To address these trends, doctors, hospitals, and patients are adopting new and more innovative ways to deliver better, more personalized treatment. Lastly, another action worth mentioning is our commitment to giving back. As a whole, the top 10 occupation groups that saw an increase in job demands over the three months are: As highlighted in the findings, the healthcare industry continues to be a significant sector, with widespread skill shortages prominent across the industry. WebGet the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more And I assume you're probably going through procedures for the negative weather situation. But we have an additional authorization of another $1 billion, bringing our total authorized almost $1.3 billion. The strength in our EMS margins is reflective of our improving mix and strong leverage on 20% year-over-year revenue growth. As Mike alluded to, for FY '23, we plan to deliver revenue of $34.5 billion with a core operating margin of 4.8%, a 20-basis-point expansion when compared to FY '22. degree in economics from the University of Wisconsin in Madison. To put that in context, we've got about 250,000-plus people in the company around the world. A couple of questions for me. Let's now take a look at how our business has performed over the last four to five years. In industrial and semi-cap, our business has grown 43% since fiscal '18, driven mainly by the increasing need for green energy and with incredibly strong global demand for semiconductors. Your line is now live. I believe the fourth quarter is the perfect illustration of our global network of factories adjusting, adapting, and ultimately, delivering for our customers and shareholders alike. WebJabil Inc. is an American worldwide manufacturing services P 500 Green Companies in 2011. OEMs are seeking to address these dynamics by shifting the focus away from manufacturing to a state of improving patient outcomes. So whether it's AR, VR, whether it's artificial intelligence, whether it's additional data analytics, whether it's robotics, automation, by the way, we make significant investments in those areas. As our path forward, it's clear that our journey is based on our unique combination of approach, structure, and experience, our confidence in our ability to execute combined with our engineering expertise, our financial outlook which was formed with rational assumptions, and our continued commitment to returning capital to shareholders. In FY '23, automotive and transportation and healthcare and packaging are expected to be more than half of our DMS business with estimated revenue growth of approximately $1.2 billion combined in FY '23. Operator, we're now ready for Q&A. And we build stuff, and we do it awfully well. An example is our goal of a 50% reduction in our greenhouse gas emissions by 2030. Turning now to our cash flows and balance sheet. We've ramped up a wonderful campus in Vietnam. And as I've said previously, being well-diversified in our business is a significant catalyst. Broadcom Corporation, Executive Advisor On supply chain, you said it's getting somewhat better but still issues. From rapid prototyping using additive manufacturing to high-volume production, tooling, injection molding, robotics, and rigorous test procedures for regulatory compliance, Jabil healthcare offers an unmatched suite of capabilities, all of which uniquely positions us to offer technology-enabled solutions to our customers. I'm extremely pleased with the resiliency of our business, particularly considering the numerous challenges throughout the year with ongoing COVID waves, war in the Ukraine, global inflation, supply chain challenges, and multiple energy shortages. But I assume that there's something built in there. It's like there's hard things. In each of these end markets, we're incredibly focused on delivering consistent and reliable value from early in the product life cycle like product innovation and design to more mature products where we offer planning, automation, supply chain management, and, of course, manufacturing. At Jabil, each employee is critical to our success, and everyone deserves to be treated with dignity and respect. The impact of that, and again, Mike talked about this in his prepared remarks, is that for fiscal '23, roughly, give or take a bit, about $500 million of material content will come out of the natural cloud business for '23. These statements are based on current expectations, forecasts, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. We ended FY '22 with committed capacity on global credit facilities of $3.8 billion. In terms of Europe, our two big revenue generators are Poland and Hungary. And importantly, Mike talked about our financial outlook against a challenged macroeconomic background. Sure, Matt. A recession-resistant end market with long product life cycles and accretive margins and stable cash flows is why healthcare continues to be such an important component of our diversified portfolio. Are there end markets where the company has seen signs of macro-related slowness as you start fiscal '23? We really like the footprint that we have. And EMS segment revenue is expected to be $4.5 billion, an increase of approximately 15% over the prior year. Drive semiconductor breakthroughs that define the next generation. In digital print and retail, we expect some moderation in consumer print as people return to office to slightly offset growth in industrial print and e-commerce and warehouse automation systems. As a fundamental enabler of the fourth industrial revolution and trusted partner to the worlds leading semiconductor companies, we welcome challenges and promise to deliver. In FY '22, fourth quarter cash flow from operations was $1.65 billion. To summarize, we began by describing how Jabil has undergone deep and sustainable improvements to its business model. Tina earned her B.S. Computer-assisted design from Jabil includes testing and verification for printed circuit board assembly design and other consulting services. Prior to joining Lam, Stacey served as chief communications officer at Collins Aerospace. [11] In 2014, the company was moved from the S&P 500 Index to the S&P MidCap 400 Index. There are a few major trends which drive growth in this space, but the overarching one is the green energy revolution. 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