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Text: To follow along with the slides, please visit jabil.com within our investor relations section.
At the conclusion of today's call, the entire call will be posted for audio playback on our website.
These statements are based on current expectations, forecasts, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially.
An extensive list of these risks and uncertainties are identified on our annual report on Form 10-K for the fiscal year ended August 31, 2021 and other filings.
With that, I'd now like to shift our focus to our strong quarter and outstanding results.
First off, the team delivered $400 million of core operating income on roughly $8.6 billion in revenue, resulting in a core operating margin of 4.7%.
These results were primarily driven by broad-based strength in several key end markets, including healthcare, industrial and semi cap, and of course, mobility, as customary for our first fiscal quarter.
And finally, it's worth noting that our team was able to accomplish all of this in spite of the chaotic global supply chain environment.
In summary, we delivered strong results, grew in key end markets, and successfully navigated a dynamic global supply chain, clearly demonstrating the power of Jabil by way of our scale, tools, team, and relationships.
In a few moments, both Mike and Mark will provide more details on the quarter, while also addressing our improved outlook for the year.
But before I hand it over, I'll pass along some thoughts from Jabil's procurement and supply chain team, as you may find it helpful when modeling our year.
In short, demand continues to outstrip supply, particularly as it relates to semiconductors, an issue that has persisted since 2019.
That said, Jabil continues to leverage best-in-class tools and relationships to maximize our allocation and keep the factories in production to the best of our ability.
So far, we have been extremely successful.
As we move ahead, we anticipate continued supply chain challenges, which have been incorporated in our guidance similar to previous quarters.
We do expect some relief toward the back half of the fiscal year, but the general consensus is that demand will remain ahead of supply for the next six months.
As Adam just highlighted, Q1 was an exceptional quarter.
The team delivered strong results on three fronts: revenue, core operating income, and core diluted earnings per share.
Our results were better than expected due to a combination of continued end-market strength and excellent operational execution by the entire Jabil team, along with lower tax and interest expense.
Net revenue for the first quarter was $8.6 billion, up 9.4% over the prior-year quarter.
GAAP operating income was $350 million, and our GAAP diluted earnings per share was $1.63.
Core operating income during the quarter was $400 million, an increase of 9.6% year over year, representing a core operating margin of 4.7%.
Core diluted earnings per share was $1.92, a 20% improvement over the prior-year quarter.
Now turning to our first quarter segment results on the next slide.
Revenue for our DMS segment was $4.7 billion, an increase of 11.1% on a year-over-year basis.
The strong year-over-year performance in our DMS segment was broad-based, with strength across our healthcare, automotive, and mobility businesses.
Core margin for the segment came in at 5.4%.
Revenue for our EMS segment came in at $3.9 billion, an increase of 7.4% on a year-over-year basis.
The stronger year-over-year performance in our EMS segment was also broad-based, with strength across our digital print and retail, industrial and semi cap, and 5G wireless and cloud businesses.
Core margin for the segment was 3.8%, 40 basis points higher than the prior year, reflecting solid execution by the team.
Turning now to our cash flows and balance sheet.
In Q1, inventory days came in at 66 days, a decline of five days sequentially.
The management team continues to be fully focused on this metric, particularly in the current environment.
And I expect over the medium to longer term, our inventory days to normalize below 60.
Cash flows used in operations were $46 million in Q1 and net capital expenditures totaled $73 million.
We exited the quarter with total debt-to-core EBITDA levels of approximately 1.3 times and cash balances of $1.2 billion.
During Q1, we repurchased approximately 2.1 million shares or $127 million.
Turning now to our second quarter guidance on the next slide.
DMS segment revenue is expected to increase 4% on a year-over-year basis to $3.8 billion, while the EMS segment revenue is expected to increase 14% on a year-over-year basis to $3.6 billion.
We expect total company revenue in the second quarter of fiscal '22 to be in the range of $7.1 billion to $7.7 billion.
Core operating income is estimated to be in the range of $290 million to $350 million.
GAAP operating income is expected to be in the range of $266 million to $326 million.
Core diluted earnings per share is estimated to be in the range of $1.35 to $1.55.
GAAP diluted earnings per share is expected to be in the range of $1.19 to $1.39.
The tax rate on core earnings in the second quarter is estimated to be approximately 24%.
Next, I'd like to take a few moments to highlight our balanced portfolio of businesses by end market.
Today, both segments are in incredibly good shape.
In September, I highlighted several long-term sustainable secular trends in strategically important end markets, such as Healthcare, Automotive, Cloud, Semi-Cap, 5G Infrastructure, and the associated connected devices, along with power generation and energy storage.
For the remainder of FY '22 and beyond, we continue to expect these secular trends to drive strong growth.
Our electric vehicle business in particular continues to outperform in spite of global supply chain issues as the transition to ED accelerates.
And importantly, our broad-based growth associated with these secular trends is expected to drive solid year-over-year core operating margin expansion in both segments.
All of which gives us confidence in our ability to deliver strong financial results for FY '22.
And a balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.
I would like to wish each and every one of you a safe and happy holiday.
I'd also like to recognize their hard work and tireless commitment, which drove solid results for our first fiscal quarter.
Not only did our team deliver a favorable first quarter, but the diversification of our business was fundamental to the results, with each sector having a material contribution in the solutions we offer our customers and with each sector having a material contribution to our financial results.
Specifically, the four sectors in our DMS segment focus on margins while offering reliable cash flows, while the four sectors in our EMS segment focus on cash flows, while offering reliable margins, a perfect complement as the well-diversified construct of Jabil continues to drive our execution.
If we dig a little deeper, we find secular trends embedded within certain sectors, secular markets where we now play and have a substantial presence.
We believe these markets will drive our growth, with the overwhelming majority of such growth occurring organically as we place our attention on secular opportunities, opportunities such as 5G, electric vehicles, personalized healthcare, cloud computing, and clean energy.
Furthermore, our commercial portfolio is intentional, and we think quite special.
Each slice of this pie harbors domain expertise, affording us an essential collection of valuable capabilities.
Although what's most impactful is the way in which we merge these capabilities with precision and speed as we serve our customers.
Our approach is further enhanced by seamless collaboration across the organization, combined with our unique Jabil structure.
And when done correctly, we simplify the complex for many of the world's most remarkable brands.
And we do so as we lean into a massive market, where things need to be built and supply chains need to be optimized.
One of the key outcomes of our approach is the fact that with each passing year, our results become less dependent on any single product or product family, which improves our resiliency, especially during times of macro disruption and cyclical demand.
I'll now take you through an update to our fiscal '22 financial plan where you'll see the continued earnings power of the company.
We've increased core earnings per share to $6.55 for the year, up $0.20 from our September outlook.
We've also increased revenue to $31.8 billion, up from our initial guide of $31.5 billion.
In addition, we're committed to delivering free cash flow in excess of $700 million, while maintaining a core margin of 4.5% for the year as we navigate this challenging environment.
In concert with these strong numbers, please note that our path forward is well understood throughout the company and what needs to be done remains crystal clear.
Quite simply, what we're doing is working a positive testament on how our team is managing the business.
Moving on from the financials, I'd like to talk about purpose.
At Jabil, purpose serves as our guidepost.
When we think about purpose, we think about our behaviors, behaviors such as keeping our people safe, servant leadership, DE&I, protecting the environment, and giving back to the many communities where we live.
Please note that these behaviors, as displayed by our team, are exceptional.
In closing, our improvement is steady and our strategy is consistent.
And as a team, we value our role as a responsible and reliable partner to those we serve.
All in all, I feel good about where we've been, but I feel even better about where we're going.
In simple terms, at Jabil, we build stuff, and we do so really, really well.
We also solve problems over and over again.
I want each of you to always be your true self without fear or anxiety as you care for one another.
To everyone on the call today, I wish you a safe and peaceful holiday.
Before we begin our Q&A session, I'd like to remind everyone on our call that we cannot address customer or product-specific questions.
Otherwise, we're now ready for your Q&A.

user
compname posts q1 earnings per share of $1.63.
q1 non-gaap core earnings per share $1.92.
q1 gaap earnings per share $1.63.
q1 revenue $8.6 billion.
sees q2 net revenue $7.1 billion to $7.7 billion.
sees q2 core diluted earnings per share $1.35 to $1.55 per diluted share.
sees q2 u.s. gaap diluted earnings per share $1.19 to $1.39 per diluted share.
sees fy22 revenue $31.8 billion.
core earnings per share will increase to $6.55 for fy22.

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