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Text: To follow along with slides, please visit jabil.com with our -- 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 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.
At Jabil, it's people that drive our success.
And it's these same people that truly make us who we are.
Each day, they carry our culture and they cement our values.
The quarter came in ahead of expectations, driven by solid execution and a moderate uptick in demand.
Said differently, we saw well-balanced contributions across the company.
Altogether, the team delivered core operating income of $277 million on revenue of $7.2 billion, creating a core operating margin of 3.8% for the quarter.
For sure, I'm pleased with these results.
Although, what's most interesting to me is the current construct of the business and the improvements we've made to our balance sheet.
This powerful combination has us feeling confident as we look toward fiscal '22.
Moving to Slide 6, you'll see a pie chart.
A colorful chart that represents our commercial portfolio and underscores the effectiveness of our team.
Today, our business is diversified and is diversified at scale, providing more resiliency than ever before.
And in my opinion, it offers Jabil a real competitive advantage, especially when we consider our performance and the sustainability of the business.
Furthermore, each individual piece of the pie harbors specific domain expertise and deep technical knowledge, all of which make up our library of essential and valuable capabilities.
Add to this the method in which our team weaved together these capabilities.
It elevates the way in which we serve our customers, particularly when we move with speed and precision.
This approach is enabled by our structure and open collaboration across the enterprise.
And when it's done correctly, it yields a proven formula that allows us to simplify the complex for many of the world's most remarkable brands.
And looking at the slide, you can see the earnings power of the company and imagine our potential as we look to FY '22 and beyond.
For this year, we now anticipate core earnings per share to be in the range of $5.50 on revenue of $29.5 billion.
But most importantly, we're maintaining our outlook of 4.2% for core operating margin and increasing our outlook for free cash flow by 5% to $630 million.
For me, a positive testament on how the team is managing the business.
In wrapping up our forecast for FY '21, I'd like to note, when we communicate inside the company, our strategy is understood and our path is clear.
During these internal discussions, the thing that stands out to me is our team's obsession with how we produce outcomes.
And when we think about the how, we think about our behaviors.
Behaviors such as keeping our people safe, servant leadership, ensuring a fully inclusive work environment, and giving back to our communities.
I'm proud that our teams dialed in on all of these areas.
In fact, their conduct is exceptional.
Consistent with the past few years, we're looking forward to hosting our annual investor briefing.
We'll open the session by reporting our fourth-quarter and full-year results.
We'll then follow with a complete review of our priorities.
And we'll connect the dots on how these priorities will guide us throughout fiscal '22.
Add to this, a discussion on end markets and our observations specific to the macro environment.
Our management team will also share how we plan to expand core operating margin year on year.
In addition, we'll also describe the hard work put forth that reinforces our goal to deliver double-digit growth in core earnings per share and free cash flow for fiscal '22.
In wrapping up the September session, Mike will break down the shape of the year and share our capital return framework for the coming one to two years ahead.
We have lots to share and we have a good story to tell.
Their efforts over the past two to three years have allowed us to reshape the business as we've targeted growth in select markets.
A few examples of these markets are areas of 5G infrastructure, electric vehicles, personalized healthcare, cloud computing, clean energy, and eco-friendly packaging.
I really like the decisions we're making, and we're doing so while ensuring each employee can be their true self while respecting the environment in which we work.
In closing, we've made tremendous progress financially, operationally, and commercially.
At Jabil, we solve problems over and over again.
As Mark just highlighted, our third-quarter results were very strong, driven higher by the combination of continued end-market strength and excellent operational execution by the entire Jabil team.
In Q3, we saw continued strength with notable revenue upside during the quarter in mobility, cloud-connected devices, and semi-cap relative to our plan 90 days ago.
Given the additional revenue, I'm particularly pleased with the strong leverage we achieved during the quarter, which enabled us to deliver a solid core operating margin of 3.8%, approximately 30 basis points higher than expected.
In Q3, our interest and tax expense also came in better than expected.
The compounding effects of higher revenue and the associated leverage, along with lower interest and tax expense, allowed us to deliver strong quarter diluted earnings per share in Q3.
Putting it all together on the next slide.
Net revenue for the third quarter was $7.2 billion, approximately $300 million above the midpoint of our guidance range.
On a year-over-year basis, revenue increased 14%.
GAAP operating income was $240 million and our GAAP diluted earnings per share was $1.12.
Core operating income during the quarter was $277 million, an increase of 61% year over year, representing a core operating margin of 3.8%, a 110-basis-point improvement over the prior year.
Net interest expense in Q3 was $36 million and core tax rate came in at approximately 18%.
Core diluted earnings per share was $1.30, a 251% improvement over the prior-year quarter.
Now, turning to our third-quarter segment results in the next slide.
Revenue for our DMS segment was $3.6 billion, an increase of 21% on a year-over-year basis.
The strong year-over-year performance in our DMS segment was broad-based, with strength across our connected devices, healthcare, automotive, and mobility businesses.
Core margins for the segment came in at 3.9%, 140 basis points higher than the previous year.
An incredible performance by the team.
Revenue for our EMS segment also came in at $3.6 billion, reflecting strong year-over-year growth in our cloud and semi-cap businesses.
Core margins for the segment were 3.8%, up 90 basis points over the prior year, reflecting solid execution by the team.
Turning now to our cash flows and balance sheet.
Cash flows provided by operations were $585 million in Q3 and capital expenditures net of customer co-investments total $197 million.
We exited the quarter with cash balances of $1.2 billion.
We ended Q3 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 Q3 with access to more than $5 billion of available liquidity, which we believe provides us ample flexibility.
During Q3, we repurchased approximately 2.5 million shares for $130 million.
At the end of the quarter, $124 million remain outstanding in our current stock repurchase authorization and we intend to complete this authorization during Q4 as we remain committed to returning capital to shareholders in FY '21 and beyond.
Turning now to our fourth-quarter guidance.
DMS segment revenue is expected to increase 11% on a year-over-year basis to $3.95 billion.
This is mainly due to strong end-market outlook.
EMS segment revenue is expected to be $3.65 billion, a decrease of 2% on a year-over-year basis.
It's worth noting, our EMS business remains strong and healthy.
The modest decrease is reflective of our previously announced transition to a consignment model, offset by higher server volumes in the cloud business.
We expect total company revenue in the fourth quarter of fiscal 2021 to be in the range of $7.3 billion to $7.9 billion for an increase of 4% on a year-over-year basis at the midpoint of the range.
Core operating income is estimated to be in the range of $280 million to $340 million for a margin range of approximately 3.8% to 4.3%.
Core diluted earnings per share is estimated to be in the range of $1.25 to $1.45.
GAAP diluted earnings per share is expected to be in the range of $1 to $1.20.
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.
Last quarter, I highlighted some long-term sustainable secular trends in strategically important end markets such as healthcare, automotive, connected devices, 5G, cloud, and semi-cap, all of which continue to show strong performance for the balance of FY '21 and beyond.
In tandem with this, in more foundational areas of businesses like print, retail, mobility, networking, and storage, we've retooled, reoptimized, and reimagined our long-standing partnerships with some of the best brands in the world by leveraging Jabil's differentiated capabilities to deliver successful solutions to our customers.
The resiliency in our portfolio, coupled with the long-term secular trends under way across our businesses, we believe, will continue to drive sustainable growth across the enterprise in FY '21 and beyond.
Putting it all together for the year on the next slide.
For FY '21, we expect core operating margins to be 4.2% on revenue of approximately $29.5 billion.
This improved outlook translates to core earnings per share of approximately $5.50.
And importantly, we now expect to deliver more than $630 million in free cash flow despite the stronger growth.
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 through the first nine months of fiscal '21.
As we enter Q4 and look beyond, we fully expect the long-term secular tailwinds that are driving our business to continue.
This, coupled with our improved portfolio mix and lower interest and tax expenses, gives me confidence around continued margin accretion and strong earnings growth in FY '22.
We've been working extremely hard as a team to grow margins, cash flows, and positively impact our interest and tax.
Seeing this hard work manifest in strong financial results is a testament to the exceptional execution by our teams 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 questions.
We appreciate your understanding.
Operator, we are now ready for Q&A.

user
compname posts q3 gaap earnings per share $1.12.
q3 non-gaap core earnings per share $1.30.
q3 gaap earnings per share $1.12.
q3 revenue $7.2 billion versus refinitiv ibes estimate of $6.95 billion.
sees q4 revenue $7.3 billion to $7.9 billion.
sees q4 gaap earnings per share $1.00 to $1.20.
sees q4 core earnings per share $1.25 to $1.45.
compname says now expects fy21 revenue to be in neighborhood of $29.5 billion, with core earnings per share of about $5.50.

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