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Text: To follow along with the slides, please visit jabil.com within our investor section of our website.
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 in our annual report on Form 10-K for the fiscal year ended August 31, 2020 and other filings.
I appreciate everyone taking the time to join our call today.
In stepping back and reflecting for a moment, it's hard to believe that 12 months have passed since we first encountered COVID.
I think about sitting alongside Mike and Adam one year ago during our March 2020 earnings call when clarity vanished and uncertainty ran wild.
Yet, in typical Jabil fashion, our people did what they do.
They dove in and gave their very best to combat the pandemic.
They did so by looking after one another while taking outstanding care of our customers.
It's a point in time that I'll never forget.
It's a point in time that highlights the level of respect and admiration that I have for our team here at Jabil.
Their attitude and their actions continue to impress.
And for sure, there is no other team I'd rather be part of.
Our second quarter came in well ahead of expectations, driven by stronger than expected product demand, solid execution, and a well-balanced contribution throughout the entire company.
The team delivered core earnings per share of $1.27 and revenue of $6.8 billion, resulting in a core operating margin of 4.2%.
I'm really pleased with our financial results for the quarter.
Although, what's quite interesting to me is the overall construct of the business in combination with the improvements we've made to our balance sheet.
All in all, our performance during the first half of the year gives us excellent momentum as we push toward the back half of fiscal '21.
It also sets a firm foundation for further margin expansion as we look to FY '22.
I'd now like to share a pie chart which is indicative of our commercial portfolio.
Slide 6 underscores the effectiveness of our approach and the base from which we operate.
Today, our business is wide-ranging and resilient.
This is especially true when any individual product or product family is faced with a macro disruption or cyclical demand.
Furthermore, our current business mix provides a unique set of capabilities, innovative capabilities openly shared across the enterprise with speed and precision as we simplify the complex for our customers.
It's a proven formula that's trusted by many of the world's most remarkable brands.
Moving to Slide 7, I'll address our updated outlook for the year.
We now believe core earnings will be in the neighborhood of $5 a share, an increase of 25% from what we anticipated back in September, with top-line revenue coming in around $28.5 billion.
This incremental revenue improves our portfolio as evidenced by another 10-basis-point increase to core operating margin, which we now forecast to be 4.2% for the year.
Lastly, we remain committed to generating a minimum of $600 million in free cash flow, a testament to how we're managing our capital investments.
As I wrap up the outlook, it's notable that our strategy is working, our path is well understood, and how we go about producing results is important.
On this last point, when we think about the how, we think about purpose.
A purpose that guides us in our journey.
A purpose which is grounded in a series of behaviors.
Behaviors such as keeping our people safe, servant leadership, ensuring a fully inclusive environment, and giving back to our communities around the world.
I'm just so proud that our team is hitting the mark in all of these areas.
Their efforts over the past two to three years have allowed us to reshape the business as we've targeted growth in select markets.
Markets that largely align with secular trends.
A few example of these being 5G, personalized healthcare, electric vehicles, digital learning, cloud computing, clean energy, and eco-friendly packaging.
Our team continues to develop deep domain expertise in concert with these secular tailwinds.
I like the decisions we're making and what we're doing.
And we do what we do while respecting the environment and safeguarding our workplace.
We're committed to a workplace which encompasses tolerance, respect, and acceptance.
We encourage each and every employee here at Jabil to be their true self.
We strive to make the world just a little bit better, a little bit healthier, and a little bit safer each and every day.
One factor that makes good companies great is possessing a value system which allows them to solve problems over and over again.
As Mark has detailed, our second-quarter performance was outstanding, driven by the combination of broad-based end market strength and associated leverage, an improved portfolio mix, and excellent operational execution by the entire Jabil team.
We saw broad-based revenue strength across the business, most notably in mobility, cloud, healthcare, connected devices, automotive, and semi-cap.
Given the additional revenue, I am particularly pleased with the strong leverage we achieved during the quarter which enabled us to deliver a strong core operating margin of 4.2%.
And finally, our net interest expense came in better than expected during the quarter due in large part to better working capital management coupled with the proactive steps we've taken over the past year to optimize our capital structure.
Putting it all together on the next slide, net revenue for the second quarter was $6.8 billion, $300 million above the midpoint of our guidance range.
On a year-over-year basis, revenue increased by $700 million or 11%.
GAAP operating income was $236 million and the GAAP diluted earnings per share was $0.99.
Core operating income during the quarter was $285 million, an increase of 78% year over year, representing a core operating margin of 4.2%, a 160-basis-point improvement over the prior year.
Net interest expense in Q2 was $33 million and core tax rate came in at approximately 23%.
Core diluted earnings per share was $1.27, a 154% improvement over the prior-year quarter.
Now, turning to our second quarter segment results on the next slide.
Revenue for our DMS segment was $3.6 billion, an increase of 26% on a year-over-year basis.
The strong performance in our DMS segment was extremely broad-based as several of the end markets we serve are becoming increasingly critical such as connected devices, healthcare, automotive, and mobility.
Core margins for the segment came in at an impressive 5.1%, 210 basis points higher than the previous year.
An incredible performance by the team.
Revenue for our EMS segment was $3.2 billion, also reflecting strong broad-based demand.
Core margins for the segment were 3.1%, 80 basis points over the prior year.
Turning now to our cash flows and balance sheet.
Cash flows provided by operations were $20 million in Q2 and capital expenditures net of customer co-investments total $152 million.
We exited the quarter with a cash balance of $838 million.
We ended Q2 with committed capacity under the global credit facilities of $3.8 billion.
With this available capacity, along with our quarter-end cash balance, Jabil ended Q2 with access to more than $4.6 billion of available liquidity, which we believe provides us ample flexibility.
During Q2, we repurchased approximately 1.9 million shares or $82 million.
At the end of the quarter, $254 million remain outstanding in our current stock repurchase authorization and we intend to complete this authorization during the second half of FY '21 as we remain committed to returning capital to shareholders.
Turning now to our third-quarter guidance.
DMS segment revenue is expected to increase 19% on a year-over-year basis to $3.5 billion.
This is mainly due to the strong end-market outlook.
EMS segment revenue is expected to be $3.4 billion, an increase of 1% on a year-over-year basis.
It's worth noting, our EMS business remains strong and healthy.
The modest increase is reflective of our previously announced transition to a consignment model in the cloud business.
We expect total company revenue in the third quarter of fiscal '21 to be in the range of $6.6 billion to $7.2 billion for an increase of 9% on a year-over-year basis at the midpoint of the range.
Core operating income is estimated to be in the range of $220 million to $270 million.
Core diluted earnings per share is estimated to be in the range of $0.90 to $1.10.
GAAP diluted earnings per share is expected to be in the range of $0.69 to $0.89.
Next, I'd like to take a few moments to provide an update on the long-term secular trends under way across our businesses, which we believe will drive sustainable growth across the enterprise in FY '21 and beyond.
In healthcare today, 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 are witnessing healthcare companies shifting their core competencies away from manufacturing toward innovative and connected product solutions.
We're in the early days of outsourcing of manufacturing in the healthcare space.
On top of this, we're also seeing the impact of connectivity and digitization 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 both technology-enabled products that help our customers excel in today's evolution of healthcare.
Another end market experiencing a rapid shift in technologies is the automotive market.
Today, electric vehicles account for less than 2% of total vehicles in the 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 a substantial investment into vehicle electrification effort.
Jabil's long-standing capabilities and over 10 years of experience and credibility in this space has positioned us extremely well to benefit from this ongoing trend.
Turning now to 5G.
5G will 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 infrastructural labs and with devices which would 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.
The value proposition that continues to resonate with our customers is our design to those capabilities, which incorporates engineering, manufacturing, and eco-friendly decommissioning of servers, all within co-located facilities.
This is incredibly powerful as accelerating cycle times, security, and transparency at every step of the hardware lifecycle become continually more important to our U.S.-domiciled hyperscalers.
Shifting now to packaging.
We are uniquely positioned to benefit from the global shift to smart and eco-friendly packaging.
As consumers become more informed about the environmental impact of plastic waste, demand for sustainable packaging solutions is accelerating.
And then finally, within semi-cap, the demand for semiconductors has never been higher with the accelerated convergence of technologies and the associated data generation and storage needs.
Nearly every part of the economy runs on silicone today.
Jabil serves the semi-cap space with end-to-end solutions spanning the front end with design and complex fabrication equipment, along with the back end, the validation, and test solutions.
In summary, I'm extremely pleased with the sustainable broad-based momentum under way across the business which has allowed us to deliver much better than expected results in the first half of FY '21.
As we turn our attention to the back half of the year and beyond, we fully expect the long-term secular tailwinds that are driving our business to continue.
This, coupled with our improving portfolio mix and lower interest and tax expenses, has given us the confidence to meaningfully raise our FY '21 estimates for revenue, core operating income, core margins, and core earnings per share.
We now expect core operating margins to be 4.2% on revenue of approximately $28.5 billion.
This improved outlook translates to core earnings per share of approximately $5.
And importantly, despite the stronger growth, we remain committed to delivering free cash flow in excess of $600 million for the year.
We've been working extremely hard as a team to grow margins, cash flows, and positively impact our interest in tax.
I am very pleased with our team's exceptional execution of our strategy on all fronts.
As we begin the Q&A session, I'd like to remind our call participants that per our customer agreements, we will not address any customer or product-specific information.
We appreciate your understanding and cooperation.
Operator, we're now ready for Q&A.

user
jabil raises outlook for fiscal year.
q2 non-gaap core earnings per share $1.27.
q2 gaap earnings per share $0.99.
q2 revenue $6.8 billion versus refinitiv ibes estimate of $6.56 billion.
sees q3 2021 net revenue $6.6 billion to $7.2 billion.
sees q3 2021 u.s. gaap diluted earnings per share $0.69 to $0.89 per diluted share.
sees q3 2021 core diluted earnings per share (non-gaap) $0.90 to $1.10 per diluted share.
expect fy21 to deliver revenue in range of $28.5 billion, core earnings per share of about $5.

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