You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We have a great session planned for you today.
And as an organization, we're excited to provide you with a little extra detail about our business as typical for our September call.
Over the next 60 minutes or so, we will review our strong fourth quarter and fiscal 2021 results, followed by yet another great outlook for fiscal 2022.
As usual, you will hear from both Mark Mondello, our CEO; as well as Mike Dastoor, our CFO.
Along this journey, we'll discuss our approach to the end markets we serve, the uniqueness of our supply chain solutions, and the innovation underway within our global network of factories.
And we'll kick that right off with the following brief video.
Such a great video.
As we all know, the world is complex and only getting more so each and every day.
But as Mark often says, our people are our greatest differentiator and that couldn't be more apparent as you visit our global network of factories and meet the roughly 260,000 people that make Jabil's foundation so strong.
Our foundation is solid.
Through over 50 million square feet of manufacturing space and 100-plus sites, our people strive to make anything possible and everything better for over 400 of the world's most recognizable brands.
Our agility and global scale enable us to respond quickly and flexibly to meet customer needs in key end markets, like mobility, industrial and semi cap, automotive, and healthcare, just to name a few.
These wide-ranging end markets represent a diverse and thoughtfully designed portfolio that, over the years, has helped reduce volatility and improve the reliability of our financial results.
To help illustrate our diversification strategy over the past few years, I'd now ask that you turn to the next slide, which shows our revenue growth and the end markets we serve.
As you may know, the EMS industry has long struggled with customer concentration, and this dynamic has created a lot of variability in operating performance from one year to the next.
In 2016, our management team concluded that our model was missing an important characteristic if we were going to deliver upon our financial priorities consistently and sustainably.
This important characteristic was product diversification.
So beginning roughly in the 2017 time frame, we embarked on a journey to grow and diversify our business in areas such as 5G, cloud, healthcare, packaging, connected devices, automotive, and semi-capital equipment.
As a result of our efforts to diversify the business, revenue has grown rapidly.
And since 2017, we have added more than $10 billion in revenue across several key end markets.
And it's important to note this growth has been very intentional and focused.
Moving to the right side of the chart, you'll see the composition of our $29.3 billion in revenue, and you'll likely notice that no end market dominates our diverse portfolio.
In each of these areas, Jabil partners with some of the world's most recognizable companies to accelerate their speed to market through product engineering, supply chain design and, of course, manufacture.
In healthcare, think of drug delivery systems, such as inhalers and insulin pens, diagnostics, medical devices, orthopedics, and instruments that all meet exacting FDA standards.
Our healthcare business serves programs and products with long stable life cycles of 10 to 20 years with high cost of change, thus providing stable earnings and cash flows.
In packaging, we design and manufacture highly engineered rigid plastic packaging for many leading consumer brands, bringing to bear capabilities in ideation, product design, material scientists, and eco-friendly barrier technologies.
Within mobility and connected devices, we generally focus on machining, tooling, and molding of highly engineered plastic and metal parts, leveraging a strong product development skillset.
In areas such as digital print and retail, we're focused on 3D print, large form factor printing, and retail automation.
And in industrial and semi cap, 5G wireless and cloud, and networking and storage, we participate in the design, product development, industrialization, and manufacturing of some of the most sophisticated tech products on the marketplace today.
And then in automotive, the bulk of our business focuses on the electrification of auto supported by a nearly 10-year relationship with the world's leading EV company.
So from mobility to retail automation to complex heavy industrial equipment, Jabil helps customers navigate large complex material supply chains while effectively managing change, mitigating risks, and delivering quickly and efficiently.
In summary, our business has grown rapidly over the last several years to serve a diverse blend of end markets that today are benefiting from long-term secular trends.
And again, this gives us the confidence and comfort to not only provide financial guidance more than one quarter out but also invest in things like factory innovation.
And when you drill down one level deeper, you'll again notice an incredibly diverse set of customers, representing some of the largest, most innovative, and successful organizations in the world today.
This by no means is a complete list of the customers we serve, but it's certainly impressive by any standard, especially when considering many of these customers rely on Jabil as the sole source for their products.
I'm sure most of you recognized some of our incredible partners such as Apple, HP, Ericsson, Amazon, Cisco, John Deere, Tesla, and J&J.
In all of our customer relationships, we're incredibly focused on delivering consistent value 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 the end of the day, we build stuff at Jabil, and we do it really, really well.
This leads me to our financial priorities as a management team.
We're squarely focused on three areas: expanding operating margins, increasing earnings per share, and generating strong cash flows.
In fact, this focus has been further sharpened as we've embedded core margins, core earnings per share, and free cash flow within our short-term and long-term compensation programs as we believe this effectively aligns management and shareholders.
And over the next several minutes, we plan to provide you with a credible plan to improve all of these three metrics in fiscal '22.
Following me today will be Mike who joined Jabil in 2000 as a regional controller based in Hong Kong.
Mike will walk you through our fiscal '21 results and our robust financial plan for fiscal '22.
He will also spend some time highlighting our end markets and discussing some of the trends which should drive our business for many years to come.
Then Mark, who joined Jabil in 1992 as a manufacturing supervisor, will share some of the value that Jabil provides to its customers through our people, our culture, and our best-in-class manufacturing capabilities.
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 in our annual report on Form 10-K for the fiscal year ended August 31, 2020, and other filings.
As Adam highlighted, our business model is fundamentally structured to deliver core margin expansion and strong predictable cash flows, and our capital structure has been optimized to maximize our flexibility.
This flexibility has enabled us to reshape our end-market portfolio over the last several years, and in the last 18 months, our strategy has been pressure tested.
And our diversified, well-balanced portfolio performed extremely well evidenced by a solid Q4 and exceptionally strong FY '21 results.
In Q4, the teams in both segments successfully managed to navigate an incredibly dynamic supply chain environment.
During the quarter, demand continued to be broad-based and robust, but revenue came in slightly lower than expected due to some incremental tightness in the supply chain, mainly in healthcare, industrial, and cloud.
This was partly offset by upsides in connected devices and networking and storage.
Despite this, our core operating margin performance in the quarter was quite strong coming in at 4.2%, approximately 10 basis points higher than expected, a testament to our team's execution in the quarter, solid cost optimization, and our ever more resilient end-market portfolio.
In Q4, our interest and tax expense also came in better than expected, which when combined with the strong margin performance allowed us to deliver strong core diluted earnings per share in Q4, putting it all together on the next slide.
Net revenue for the fourth quarter was $7.4 billion, up 1% over the prior-year quarter.
GAAP operating income was $265 million, and our GAAP diluted earnings per share was $1.16.
Core operating income during the quarter was $314 million, an increase of 23% year over year, representing a core operating margin of 4.2%, a 70-basis-point improvement over the prior year.
Net interest expense in Q4 was $36 million, and core tax rate came in at approximately 22.3%.
Core diluted earnings per share was $1.44, a 47% improvement over the prior-year quarter.
Now turning to our fourth-quarter segment results on the next slide.
Revenue for our DMS segment was $3.9 billion, an increase of 9.7% 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 4.1%, 20 basis points higher than the previous year.
Revenue for our EMS segment came in at $3.5 billion, down 6.4%, primarily driven by our previously announced transition to a consignment model.
Core margin for the segment was 4.3%, up 120 basis points over the prior year reflecting solid execution by the team.
For the year, our DMS segment revenue was $15.4 billion, an increase of 17% over the prior year, while core operating income for the segment was up an impressive 49% year over year.
This resulted in core margins expanding 110 basis points to 4.8%, reflective of our improved mix.
In EMS for the year, core margins were also up strong, coming in at 3.7%, 100 basis points higher than the prior year on revenue of $13.9 billion.
Turning now to our cash flows and balance sheet.
Net capital expenditures for the fourth quarter were $202 million and for the full fiscal year came in better than expected at $793 million or 2.7% of net revenue.
We sometimes hear from investors seeking clarification on our net capex, so I'd like to take a moment to walk you through the components.
As a reminder, our customers sometimes co-invest in plant, property, and equipment with us as part of our ongoing business model.
We often pay for these co-investments upfront, which are then subsequently reimbursed to us by customers.
The line item acquisition of property, plant, and equipment on our statement of cash flows includes the full upfront payment made by us.
The reimbursements by our customers are reflected as a sale of assets in the line item proceeds and advances from sale of property, plant, and equipment on our statement of cash flows.
The net of these two items reflects our true spend and what we refer to as net capital expenditures.
In Q4, inventory days came in higher than expected at 71 days, an increase of three days sequentially, driven by the previously mentioned incremental tightness in the supply chain.
While these higher inventory days may continue in the short term, we expect it to normalize below 60 over the mid- to longer term.
The management team continues to be fully focused on this metric, particularly in the current environment.
In spite of this, our fourth quarter cash flows from operations were very strong, coming in at $762 million.
As a result of the strong fourth-quarter performance and cash flow generation, adjusted free cash flow for the fiscal year came in higher than expected at approximately $640 million.
We exited the quarter with total debt to core EBITDA levels of approximately 1.4 times and cash balances of $1.6 billion.
During the fourth quarter, we repurchased 2.9 million shares, bringing total shares repurchased in FY '21 to 8.8 million shares or $477 million.
This brings our cumulative shares repurchased since FY '13 to approximately 90 million shares at an average price under $27, bringing our total returns to shareholders, including repurchases and dividends, to approximately $3 billion, reflective of our ongoing commitment to return capital to shareholders.
In summary, I'm extremely pleased with the resiliency of our portfolio and sustainable broad-based momentum underway across the business, which has allowed us to deliver exceptionally strong results in fiscal '21.
Next, I'd like to take a few moments to highlight Jabil's unique position across multiple end markets benefiting from long-term secular trends and the convergence of technology in our day-to-day lives.
We believe these trends will continue to drive sustainable growth and margins across the enterprise in FY '22 and beyond.
In healthcare today, on the next slide, the industry is undergoing tremendous change due to rising costs, aging populations, the demand for better healthcare in emerging markets, and the accelerated pace of change and innovation.
Consequently, we're witnessing healthcare companies shifting their core competencies away from manufacturing toward innovative and connected product solutions.
We continue to be in the early days of outsourcing of manufacturing in the healthcare space.
Our strategic collaboration, which we have highlighted in previous years, has enhanced our credibility within the industry and has further enabled Jabil to benefit from this outsourcing trend.
On top of this, we are also seeing the impact of connectivity, digitization, and personalized care across healthcare.
I expect these trends to accelerate over the next few years.
Our deep domain expertise within the healthcare industry uniquely positions us to build technology-enabled products which help our customers excel in today's evolution of healthcare.
Another end market experiencing a rapid shift in technologies is the automotive market.
Climate change, fuel efficiency, and emissions are ongoing concerns, and regulatory policies worldwide are beginning to mandate more eco-friendly technologies.
As a result, OEMs are making substantial investments into vehicle electrification efforts.
The bulk of our automotive business is focused on electrification of cars, which we believe still has plenty of room to grow.
Over the next three years, we expect the fastest-growing area of our auto business will be in what's known as ACE, autonomous, connectivity, and electrification.
Today, electric vehicles account for a small fraction of total vehicles in the market, but the EV segment overall is growing rapidly and gaining a larger share of the total vehicle market.
Jabil's long-standing capabilities and over 10 years of experience and credibility in this space have positioned us extremely well to benefit from this ongoing trend.
We are also extremely well-positioned to build the infrastructure that will power tomorrow, be it cloud, semi cap, 5G infrastructure, and the associated connected devices, or power generation and energy storage.
5G is expected to transform the way we live, work, play and educate.
As the underlying infrastructure continues to roll out, 5G adoption is accelerating.
Jabil is well-positioned to benefit from both, the worldwide infrastructure rollouts and with the devices, which will be needed to recognize the full potential of a robust 5G network.
5G is also accelerating secular expansion of cloud adoption and infrastructure growth.
This, coupled with the value proposition Jabil offers to cloud hyperscalers, is helping us gain market share in an expanding market, evidenced by the significant growth over the last three years.
In power generation and energy storage, we offer differentiated solutions across the entire energy value chain from energy generation, power conversion, transmission, storage, and metering to the management of power inside of homes and buildings.
In this space, we serve a diversified set of customers across numerous markets, including oil and gas, wind, power inverters and converters, smart meters, smart grid communications, building automation, home automation, and energy storage.
As the convergence of technology in our day-to-day lives accelerates, demand for semiconductors has increased exponentially, which has generated a huge backlog in this industry.
Jabil is well-positioned to help customers in the semi cap space with end-to-end solutions spanning the front end with design and complex fabrication equipment along with the back end with validation and test solutions.
So what do all these trends translate to in terms of Jabil?
You can see our revenue growth expectations by end market in the coming fiscal year.
In FY '22, in spite of supply chain headwinds, we expect incredibly strong growth in automotive and continued solid growth in healthcare and packaging, industrial, semi cap, 5G wireless, and cloud.
Today, both segments are in great shape.
We've repositioned our business to serve critical and long life cycle products while also providing the foundation for predictable, yet strong cash flows and margins.
For FY '22, we expect both gross profit margins and core operating margins to improve 30 basis points over the prior year, mainly driven by our end market growth and improved mix of business.
We also expect the investments to be made in areas such as IT, automation, and factory digitization will drive improved optimization across our footprint, which will translate to higher margins.
We expect these gains will be slightly offset by continued tightness in the supply chain, especially in the first half of our fiscal year.
However, we're incredibly confident in our team's ability to successfully execute in this market given our track record over the last several years.
Key to executing amid an incredibly dynamic environment is our expertise and the investments we made in our IT and supply chain.
We've got the tools and technologies that allow us to progressively manage with analytics and data some of the most complex supply chains in the world.
This has certainly been evident over the last two years.
Let's hear from our supply chain leaders and how they're executing for our customers.
Turning now to our capex guidance for FY '22.
Net capital expenditures are expected to be in the range of $830 million or 2.6% of net revenue.
This will come through a combination of both maintenance and strategic investments for future growth.
Let's talk about our maintenance capex for a moment.
We now have 100 sites in more than 30 countries.
At this scale, our factories require approximately $500 million in annual maintenance investments.
Areas of investment are inclusive of IT and data analytics, automation, and factory digitization, which will drive innovation across our footprint.
This, along with upgrading of our equipment sets based on appropriate cost-benefit analysis, will improve first-pass yields and help reduce ongoing maintenance costs.
We are also investing in strategic growth in targeted areas of our business that are expected to deliver strong margin expansion and free cash flow.
The bulk of our strategic growth capex will be in the healthcare, automotive, 5G wireless, power generation and energy storage, semi cap, and eco-friendly packaging end markets.
All of this positions us well to deliver higher margins as highlighted earlier in my margin waterfall slide.
Our improved profitability, strong operational performance, and disciplined investments have yielded significant cash flows over the last few years, which has allowed the company to strategically invest in higher return areas of our business.
Moving forward, we expect to continue generating strong cash flows in spite of higher working capital associated with our robust growth in targeted areas I highlighted earlier.
This is possible as a result of earnings expansion, along with our team's disciplined approach and ability to execute.
In FY '22, we expect to generate adjusted free cash flow of $700 million.
As I mentioned earlier, we've intentionally targeted higher return areas.
In doing so, we're focused on end markets that offer higher profitability and good cash flow dynamics.
This discipline has translated to much higher returns on invested capital.
Moving forward, we will continue to prioritize investments in areas of our business with higher margins, which we expect will translate into strong returns.
Another key aspect of delivering higher returns and delivering long-term value to shareholders is ensuring our capital structure is appropriately balanced and optimized.
Over the last few years, our team has done an outstanding job of building a solid and flexible debt and liquidity profile with current maturities appropriately staggered and at very attractive interest rates.
We ended FY '21 with committed capacity under the global credit facilities of $3.8 billion.
With this available capacity, along with our year-end cash balance, Jabil ended the year with access to more than $5.3 billion of available liquidity, which we believe causes forges ample flexibility.
And importantly, we are fully committed to maintaining our investment-grade credit profile.
Turning now to our capital allocation framework.
In fiscal '22 and beyond, we expect to generate significant free cash flow.
Given this dynamic, I thought it would be appropriate to reiterate our capital allocation priorities and at a high level how we plan to deploy our capital over the next two years.
As a reminder, in July earlier this year, we announced a $1 billion buyback authorization from our Board of Directors over the next two years.
Our capital return framework beyond organic investments will continue to prioritize commitment to our dividend, share repurchases, and a combination of targeted M&A and capital structure optimization.
Moving forward, we are comfortable with our ability to generate strong cash flows and will remain balanced and thoughtful in how we allocate our capital.
Turning now to our first-quarter guidance on the next slide.
DMS segment revenue is expected to increase 10% on a year-over-year basis to $4.7 billion, while the EMS segment revenue is expected to be $3.6 billion, consistent with the prior year.
We expect total company revenue in the first quarter of fiscal '22 to be in the range of $8 billion to $8.6 billion.
Core operating income is estimated to be in the range of $365 million to $425 million.
GAAP operating income is expected to be in the range of $321 million to $381 million.
Core diluted earnings per share is estimated to be in the range of $1.70 to $1.90.
GAAP diluted earnings per share is expected to be in the range of $1.40 to $1.61.
The tax rate on core earnings in the first quarter is estimated to be approximately 25%.
As we transition to my final slide, you can really begin to see the earnings power of a diversified and balanced Jabil.
Today, our business serves a diverse blend of end markets in areas that provide confidence in future earnings and cash flows.
We have deep domain expertise complemented by investments we made in capabilities, all of which give us confidence in our ability to deliver 4.5% in core margins in FY '22 along with $6.35 in core earnings per share and $700 million in free cash flow.
And importantly, our balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.
I appreciate everyone taking time to join our call today.
Your attitude is amazing and your stamina is incredible.
It was your collective body of work that drove the terrific results we just posted.
Results you delivered while overcoming COVID quarantine mandates, supply chain challenges, factory inefficiencies, and in many cases, a lack of face-to-face interaction.
Fiscal '21 came in well ahead of plan, resulting in a core operating margin of 4.2%.
All in all, a really nice year across all fronts.
Today marks our fourth annual investor session, a session where we take a little extra time to lay out the groundwork for the upcoming year.
As you heard earlier from Adam and Mike, our business is strong and what we're doing is working.
Much of our progress comes from the construct and the pedigree of our company.
So let's start with our approach, beginning with diversity, equity, and inclusion.
We know that each employee is critical to our success and has the right to be treated with dignity and respect each day and every day.
At Jabil, we operate our business in 30-plus countries.
We employ people that don't look the same, don't talk the same, people that practice different religions, have different sexual orientations, people with physical limitations and neurodiversities.
We understand that the current diversity of our team simply makes us better, but we have so much more work to do, and we're holding ourselves accountable through actions.
An example of the type of actions we're taking is the addition of our internal DE&I council, which was established in 2020, a nine-person council which guides us and advocates for the broader Jabil.
We also co-chaired an external DE&I certification program, a program attended by 165,000 participants, of which the vast majority earned their formal certificates.
And one other example is around the upcoming 2022 Special Olympics, where Jabil is a premium sponsor for the U.S. games.
And the best part of our partnership with Special Olympics is that it offers our employees the opportunity to spend time with the athletes and their coaches.
So in summary, our team continues to safeguard our work environment and does so with the acceptance of individual differences.
A second aspect of our approach pertains to the area of ESG, where we aim to always do what's right.
Much like our effort with DE&I, our behavior around ESG is grounded on actions.
An example of one of our actions is our greenhouse gas emissions, where our goal is a 25% reduction by 2025 and a 50% reduction by 2030.
Another set of actions that we have underway are directed toward our heightened focus on mental health, a topic that impacts most all of us, either directly or indirectly.
And one final action worth mentioning is our commitment to giving back.
Our employees will look to complete 1 million volunteer hours in aggregate during calendar 2022.
What a positive difference this will make throughout the communities where we work and we live.
As you might sense, DE&I and ESG are important elements of who we are, and they set the foundation for our approach.
Next, I'd like to talk about our solutions and how they're enabled by our structure, our investments, and our customers.
Our structure enables our collaboration, which allows us to move with precision and speed.
Our investments enable our execution which allows us to take the ordinary and apply the extraordinary.
And our customers enable our obsession, which allows us to solve the complex.
So not to be overly simplistic, but at the center of Jabil's core, we build stuff.
That's just what we do.
Therefore, we'll continue to be aggressive with our investments in the areas of factory automation, robotics, and machine learning.
And to help illustrate how we apply and leverage these investments, I'd now like to share a short video.
As we move to our next slide, you'll see a colorful pie chart which illustrates the current makeup of our commercial portfolio.
Today, our business is diversified and diversified at scale.
This provides Jabil a real competitive advantage when we consider the performance and balance of earnings.
I'd now like to go a degree deeper into the makeup of our business.
These eight sectors exhibit the diversified nature of our revenue, with each sector having a material contribution to our results.
We've been very diligent in pursuing the end markets we serve.
We've also spent significant time successfully positioning the company to capture possible tailwinds offered by various secular trends.
This portfolio is a wonderful mix of cash flows and margins.
And for sure, the composition of our business is a catalyst for our FY '22 outlook.
As we now look at our plan for fiscal '22, you can see the earnings power of the company.
We look to deliver a core operating margin of 4.5% on revenues of $31.5 billion, a 30 basis point expansion when compared to fiscal '21.
This translates to $6.35 in core earnings per share or 13% earnings growth year on year.
In wrapping up our fiscal '22 forecast, I'd like to note that our strategy is well understood across the company.
and what needs to be done is crystal clear.
If we take our FY '21 results and our FY '22 guidance and step back just a bit, this aperture suggests that what we're doing is in fact working.
This slide offers a fantastic backdrop to our ongoing story.
All in all, I feel good about where we've been, but I feel even better about where we're going.
Moving on from our financials.
I'd like to talk a bit about our purpose.
As a management team, we have a purpose that serves as our ultimate guidepost.
Our purpose enables our path and does so with an emphasis on caring, integrity, and proper intentions.
Speaking of our path, our path forward is formed by the beliefs shown on this slide.
For FY '22, we'll trust in these beliefs as we work to deliver to our commitments.
For me, we'll measure our success based on financial performance.
But we'll also measure our success based on keeping our people safe, customer care and improving in the areas of ESG and DE&I.
If our team accomplishes all of the above, it will be another year of humble achievement.
As we consider our outlook for fiscal '22 and the current trajectory of margins and cash flows, it's clear that our journey is nowhere near complete.
In closing, we've made tremendous progress as customers and shareholders remain at the forefront of our actions.
Most importantly, I want each of you to always be your true self without fear or anxiety, without harm or recourse.
I'm honored to serve such a trustworthy team.
As planned, we shared quite a bit over the past hour.
To summarize, we began by describing how Jabil has undergone deep and sustainable improvements to its business model.
And we highlighted the solid foundation upon which Jabil sits today.
Then Mike walked you through our financial results and outlook, which demonstrate the strength of our portfolio, which has been structured to navigate varying fluctuations in demand while also benefiting from long-term secular tailwinds.
And finally, Mark shared with you our unique approach, solutions, portfolio, and path forward.
These truly are exciting times at Jabil.
Operator, we're now ready for Q&A.

user
jabil q4 gaap earnings per share $1.16.
q4 non-gaap core earnings per share $1.44.
q4 gaap earnings per share $1.16.
q4 revenue $7.4 billion versus refinitiv ibes estimate of $7.67 billion.
sees q1 net revenue $8.0 billion to $8.6 billion.
sees q1 u.s. gaap diluted earnings per share $1.41 to $1.61 per diluted share.
sees q1 core diluted earnings per share (non-gaap) $1.70 to $1.90 per diluted share.

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