8 unchanged sentences
We conduct our operations in facilities that are located worldwide, including but not limited to, China, Ireland, Malaysia, Mexico, Singapore and the United States.
−Removed: We derived a substantial majority, 83.5% and 84.2%, of net revenue from our international operations for the three months and six months ended February 28, 2022, respectively.
+Added: We derived a substantial majority, 82.6% and 83.7%, of net revenue from our international operations for the three months and nine months ended May 31, 2022, respectively.
Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products.
10 unchanged sentences
"Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our Annual Report on Form 10-K for the fiscal year ended August 31, 2021 for further discussion of the items disclosed in Item 2.
−Removed: "Management's Discussion and Analysis of Financial Condition and Results of Operations" section as of February 28, 2022 contained herein.
+Added: "Management's Discussion and Analysis of Financial Condition and Results of Operations" section as of May 31, 2022 contained herein.
The COVID-19 pandemic, which began to impact us in January 2020, has continued to affect our business and the businesses of our customers and suppliers.
5 unchanged sentences
Three months ended
−Removed: Six months ended
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
+Added: Nine months ended
Operating income
10 unchanged sentences
February 28, 2022
−Removed: November 30, 2021
−Removed: February 28, 2021
Sales cycle (1)
7 unchanged sentences
(3) Days in accounts receivable is calculated as accounts receivable, net, divided by net revenue multiplied by 90 days.
−Removed: During the three months ended February 28, 2022, the decrease in days in accounts receivable from the prior sequential quarter was primarily due to lower sales and timing of collections.
+Added: During the three months ended May 31, 2022, the decrease in days in accounts receivable from the prior sequential quarter and the three months ended May 31, 2021, was primarily due to timing of collections.
(4) Days in inventory is calculated as inventory and contract assets divided by cost of revenue multiplied by 90 days.
−Removed: During the three months ended February 28, 2022, the increase in days in inventory from the prior sequential quarter and the three months ended February 28, 2021 was primarily due to higher raw material balances due to supply chain constraints.
+Added: During the three months ended May 31, 2022, the increase in days in inventory from the three months ended May 31, 2021 was primarily due to higher raw material balances due to supply chain constraints.
(5) Days in accounts payable is calculated as accounts payable divided by cost of revenue multiplied by 90 days.
−Removed: During the three months ended February 28, 2022, the increase in days in accounts payable from the prior sequential quarter was primarily due to timing of purchases and cash payments during the quarter.
−Removed: During the three months ended February 28, 2022, the increase in days in accounts payable from the three months ended February 28, 2021 was primarily due to an increase for material purchases and the timing of payments.
+Added: During the three months ended May 31, 2022, the decrease in days in accounts payable from the prior sequential quarter was primarily due to timing of purchases and cash payments during the quarter.
Critical Accounting Policies and Estimates
5 unchanged sentences
however, actual results may vary from these estimates and assumptions under different future circumstances.
−Removed: For further discussion of our significant accounting policies, refer to Note 1 — “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of
−Removed: Operations – Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2021.
+Added: For further discussion of our significant accounting policies, refer to Note 1 — “Description of Business and Summary of Significant Accounting Policies” to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2021.
Recent Accounting Pronouncements
11 unchanged sentences
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: Net revenue increased during the three months ended February 28, 2022, compared to the three months ended February 28, 2021.
+Added: Net revenue increased during the three months ended May 31, 2022, compared to the three months ended May 31, 2021.
Specifically, the EMS segment net revenue increased 23% due to:
−Removed: (i) a 10% increase in revenues from existing customers within our 5G, wireless and cloud business, (ii) a 5% increase in revenues from existing customers within our digital print and retail business, (iii) a 3% increase in revenues from existing customers within our industrial and capital equipment business, and (iv) a 1% increase in revenues from existing customers within our networking and storage business.
+Added: (i) a 10% increase in revenues from existing customers within our 5G, wireless and cloud business, (ii) a 5% increase in revenues from existing customers within our networking and storage business, (iii) a 4% increase in revenues from existing customers within our digital print and retail business, and (iv) a 4% increase in revenues from existing customers within our industrial and capital equipment business.
The DMS segment net revenue increased 7% due to:
−Removed: (i) a 7% increase in revenues from existing customers in our automotive and transportation business, (ii) a 3% increase in revenues from existing customers within our healthcare and packaging business, and (iii) a 3% increase in revenues from existing customers within our connected devices business.
−Removed: The increase is partially offset by a 9% decrease in revenues from existing customers within our mobility business.
−Removed: Net revenue increased during the six months ended February 28, 2022, compared to the six months ended February 28, 2021.
+Added: (i) a 5% increase in revenues from existing customers within our automotive and transportation business, and (ii) a 2% increase in revenues from existing customers within our healthcare and packaging business.
+Added: Net revenue increased during the nine months ended May 31, 2022, compared to the nine months ended May 31, 2021.
Specifically, the EMS segment net revenue increased 16% due to:
(i) a 8% increase in revenues from existing customers within our 5G, wireless and cloud business, (ii) a 4% increase in revenues from existing customers within our industrial and capital equipment business, and (iii) a 4% increase in revenues from existing customers within our digital print and retail business.
−Removed: The increase is partially offset by a 1% decrease in revenues from existing customers within our networking and storage business.
The DMS segment net revenue increased 8% due to:
−Removed: (i) a 6% increase in revenues from existing customers in our automotive and transportation business, and (ii) a 3% increase in revenues from existing customers within our healthcare and packaging business.
−Removed: The increase is partially offset by a 1% decrease in revenues from existing customers within our mobility business.
+Added: (i) a 5% increase in revenues from existing customers within our automotive and transportation business, and (ii) a 3% increase in revenues from existing customers within our healthcare and packaging business.
The following table sets forth, for the periods indicated, revenue by segment expressed as a percentage of net revenue:
Three months ended
−Removed: Six months ended
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
+Added: Nine months ended
The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:
Three months ended
−Removed: Six months ended
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
+Added: Nine months ended
Foreign source revenue
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Percent of net revenue
−Removed: Gross profit as a percentage of net revenue decreased for the three months and six months ended February 28, 2022 compared to the three months and six months ended February 28, 2021, primarily due to product mix.
+Added: Gross profit as a percentage of net revenue decreased for the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021, primarily due to product mix.
Selling, General and Administrative
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Selling, general and administrative
−Removed: Selling, general and administrative expenses decreased during the three months ended February 28, 2022, compared to the three months ended February 28, 2021.
−Removed: The decrease is primarily due to:
−Removed: (i) a $14 million decrease due to lower salary and salary related expenses and (ii) a $7 million decrease in stock-based compensation expense due to certain one-time awards granted during the second quarter of fiscal year 2021 and higher anticipated achievement levels during the three months ended February 28, 2021 for certain performance-based stock awards.
−Removed: Selling, general and administrative expenses decreased during the six months ended February 28, 2022, compared to the six months ended February 28, 2021.
+Added: Selling, general and administrative expenses decreased during the three months ended May 31, 2022, compared to the three months ended May 31, 2021.
+Added: The decrease is primarily due to lower salary and salary related expenses.
+Added: Selling, general and administrative expenses decreased during the nine months ended May 31, 2022, compared to the nine months ended May 31, 2021.
The decrease is primarily due to:
−Removed: (i) a $9 million decrease due to lower salary and salary related expenses and (ii) a $6 million decrease in stock-based compensation expense due to certain one-time awards granted during the second quarter of fiscal year 2021 and higher anticipated achievement levels during the six months ended February 28, 2021 for certain performance-based stock awards.
+Added: (i) a $30 million decrease due to lower salary and salary related expenses, (ii) a $9 million decrease in stock-based compensation expense due to certain one-time awards granted during the second quarter of fiscal year 2021 and higher anticipated achievement levels during the nine months ended May 31, 2021 for certain performance-based stock awards, and (iii) a $4 million decrease in acquisition and integration charges related to our strategic collaboration with a healthcare company.
Research and Development
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Research and development
Percent of net revenue
−Removed: Research and development expenses remained consistent as a percentage of net revenue during the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021.
+Added: Research and development expenses remained consistent as a percentage of net revenue during the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021.
Amortization of Intangibles
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Amortization of intangibles
−Removed: Amortization of intangibles decreased during the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021 primarily driven by reduced amortization related to the Nypro trade name.
+Added: Amortization of intangibles decreased during the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021, primarily driven by reduced amortization related to the Nypro trade name.
Restructuring, Severance and Related Charges
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Restructuring, severance and related charges
−Removed: Restructuring, severance and related charges decreased during the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021 as the 2020 Restructuring Plan was complete as of August 31, 2021.
+Added: Restructuring, severance and related charges decreased during the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021 as the 2020 Restructuring Plan was complete as of August 31, 2021.
+Added: Loss on Debt Extinguishment
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: Other income remained relatively consistent during the three months and six months ended February 28, 2022 compared to the three months and six months ended February 28, 2021.
+Added: Loss on debt extinguishment
+Added: Loss on debt extinguishment is due to the “make-whole” premium incurred during the three months ended May 31, 2022, for the redemption of the 4.700% Senior Notes due 2022.
+Added: Gain on Securities
+Added: Three months ended
+Added: Nine months ended
+Added: (dollars in millions)
+Added: Gain on securities
+Added: Gain on securities is due to cash proceeds received in connection with the sale of an investment during the three months ended May 31, 2021.
+Added: Other Expense (Income)
+Added: Three months ended
+Added: Nine months ended
+Added: (dollars in millions)
+Added: Other expense (income)
+Added: The change in other expense (income) during the three months ended May 31, 2022, compared to the three months ended May 31, 2021, is primarily due to an increase in fees associated with higher utilization of the trade accounts receivable sales programs.
+Added: The change in other expense (income) during the nine months ended May 31, 2022, compared to the nine months ended May 31, 2021, is primarily due to:
+Added: (i) $6 million arising from an increase in other expense and (ii) $3 million related to an increase in fees associated with higher utilization of the trade accounts receivable sales programs.
+Added: The change is partially offset by $4 million related to lower net periodic benefit costs.
Interest Income
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Interest income
−Removed: Interest income remained relatively consistent during the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021.
+Added: Interest income remained relatively consistent during the three months and nine months May 31, 2022, compared to the three months and nine months ended May 31, 2021.
Interest Expense
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(dollars in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Interest expense
−Removed: Interest expense remained relatively consistent during the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021.
+Added: Interest expense increased during the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021, primarily due to higher interest rates and higher borrowings on our credit facilities and commercial paper program.
+Added: Additionally, the increase is due to higher borrowings on our senior notes.
Income Tax Expense
Three months ended
−Removed: Six months ended
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
+Added: Nine months ended
Effective income tax rate
−Removed: The effective income tax rate decreased for the three months and six months ended February 28, 2022, compared to the three months and six months ended February 28, 2021, primarily due to decreased losses in tax jurisdictions with existing valuation allowances for the three months and six months ended February 28, 2022.
+Added: The effective income tax rate differed for the three months and nine months ended May 31, 2022, compared to the three months and nine months ended May 31, 2021, primarily due to:
+Added: (i) decreased losses in tax jurisdictions with existing valuation allowances for the three months and nine months ended May 31, 2022 and (ii) a $17 million income tax expense during the three months ended May 31, 2022 for an unrecognized tax benefit related to the taxation of certain prior year intercompany transactions.
Non-GAAP (Core) Financial Measures
3 unchanged sentences
Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation.
−Removed: Also, our “core” financial measures should not be
−Removed: construed as an indication by us that our future results will be unaffected by those items that are excluded from our “core” financial measures.
+Added: Also, our “core” financial measures should not be construed as an indication by us that our future results will be unaffected by those items that are excluded from our “core” financial measures.
+Added: Management believes that the non-GAAP “core” financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges.
+Added: Among other uses, management uses non-GAAP “core” financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation.
We determine the tax effect of the items excluded from “core” earnings and “core” diluted earnings per share based upon evaluation of the statutory tax treatment and the applicable tax rate of the jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.
5 unchanged sentences
Three months ended
−Removed: Six months ended
+Added: Nine months ended
(in millions, except for per share data)
−Removed: February 28, 2022
−Removed: February 28, 2021
−Removed: February 28, 2022
−Removed: February 28, 2021
Operating income (U.S.
9 unchanged sentences
Adjustments to operating income
+Added: Loss on debt extinguishment (3)
+Added: Gain on securities
Net periodic benefit cost (1)
8 unchanged sentences
(2) Charges related to our strategic collaboration with Johnson & Johnson Medical Devices Companies (“JJMD”).
+Added: (3) Charges related to the redemption of our 4.700% Senior Notes due 2022.
Adjusted Free Cash Flow
−Removed: Six months ended
+Added: Nine months ended
(in millions)
−Removed: February 28, 2022
−Removed: February 28, 2021
Net cash provided by operating activities (U.S.
3 unchanged sentences
Liquidity and Capital Resources
−Removed: We believe that our level of liquidity sources, which includes available borrowings under our revolving credit facilities and commercial paper program, additional proceeds available under our global asset-backed securitization program and under our
−Removed: uncommitted trade accounts receivable sale programs, cash on hand, cash flows provided by operating activities and access to the capital markets, will be adequate to fund our cash requirements, including capital expenditures, the payment of any declared quarterly dividends, any share repurchases under the approved program, any potential acquisitions and our working capital requirements for the next 12 months and beyond.
+Added: We believe that our level of liquidity sources, which includes available borrowings under our revolving credit facilities and commercial paper program, additional proceeds available under our global asset-backed securitization program and under our uncommitted trade accounts receivable sale programs, cash on hand, cash flows provided by operating activities and access to the capital markets, will be adequate to fund our cash requirements, including capital expenditures, the payment of any declared quarterly dividends, any share repurchases under the approved program, any potential acquisitions and our working capital requirements for the next 12 months and beyond.
We continue to assess our capital structure and evaluate the merits of redeploying available cash.
Cash and Cash Equivalents
−Removed: As of February 28, 2022, we had approximately $1.1 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries.
−Removed: Most of our foreign cash and cash equivalents as of February 28, 2022 could be repatriated to the United States without potential tax expense.
+Added: As of May 31, 2022, we had approximately $1.1 billion in cash and cash equivalents, of which a significant portion was held by our foreign subsidiaries.
+Added: Most of our foreign cash and cash equivalents as of May 31, 2022 could be repatriated to the United States without potential tax expense.
Notes Payable and Credit Facilities
4 unchanged sentences
1.700% Senior Notes
+Added: 4.250% Senior Notes (1)
facilities (2)
Balance as of August 31, 2021
−Removed: Balance as of February 28, 2022
+Added: Balance as of May 31, 2022
Maturity Date
2 unchanged sentences
$3.8 billion (2)
−Removed: (1) As of February 28, 2022, we had $3.8 billion in available unused borrowing capacity under our revolving credit facilities.
+Added: (1) On May 4, 2022, we issued $500 million of registered 4.250% Senior Notes due 2027 (the “Green Bonds” or the “4.250% Senior Notes”).
+Added: On May 31, 2022, the net proceeds from the offering were used to redeem our 4.700% Senior Notes due in 2022 and pay the applicable “make-whole” premium and accrued interest.
+Added: In addition, we intend to allocate an amount equal to the net proceeds from this offering to finance or refinance eligible expenditures under our new green financing framework.
+Added: (2) As of May 31, 2022, we had $3.8 billion in available unused borrowing capacity under our revolving credit facilities.
The senior unsecured credit agreement dated as of January 22, 2020 and amended on April 28, 2021 (the “Credit Facility”) acts as the back-up facility for commercial paper outstanding, if any.
4 unchanged sentences
A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the notes payable and credit facilities and potentially causing acceleration of amounts due under these notes payable and credit facilities.
−Removed: As of February 28, 2022 and August 31, 2021, we were in compliance with our debt covenants.
+Added: As of May 31, 2022 and August 31, 2021, we were in compliance with our debt covenants.
Refer to Note 5 – “Notes Payable and Long-Term Debt” to the Condensed Consolidated Financial Statements for further details.
3 unchanged sentences
We continue servicing the receivables sold and in exchange receive a servicing fee under the global asset-backed securitization program.
−Removed: Servicing fees related to the asset-backed securitization programs recognized during the three months and six months ended February 28, 2022 and 2021 were not material.
−Removed: We do not record a servicing asset or liability on the Condensed
−Removed: Consolidated Balance Sheets as we estimate that the fee we receive to service these receivables approximates the fair market compensation to provide the servicing activities.
+Added: Servicing fees related to the asset-backed securitization programs recognized during the three months and nine months ended May 31, 2022 and 2021 were not material.
+Added: We do not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as we estimate that the fee we receive to service these receivables approximates the fair market compensation to provide the servicing activities.
The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in our Condensed Consolidated Financial Statements.
−Removed: Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of February 28, 2022.
+Added: Certain unsold receivables covering up to the maximum
+Added: amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of May 31, 2022.
The global asset-backed securitization program expires on November 25, 2024 and the maximum amount of net cash proceeds available at any one time is $600 million.
−Removed: During the three months and six months ended February 28, 2022, we sold $1.0 billion and $2.0 billion, respectively, of trade accounts receivable and we received cash proceeds of $1.0 billion and $2.0 billion, respectively.
−Removed: As of February 28, 2022, we had no available liquidity under our global asset-backed securitization program.
+Added: During the three months and nine months ended May 31, 2022, we sold $1.0 billion and $3.0 billion, respectively, of trade accounts receivable and we received cash proceeds of $1.0 billion and $3.0 billion, respectively.
+Added: As of May 31, 2022, we had no available liquidity under our global asset-backed securitization program.
The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility.
−Removed: As of February 28, 2022 and August 31, 2021, we were in compliance with all covenants under our global asset-backed securitization program.
+Added: As of May 31, 2022 and August 31, 2021, we were in compliance with all covenants under our global asset-backed securitization program.
Refer to Note 6 – “Asset-Backed Securitization Program” to the Condensed Consolidated Financial Statements for further details on the program.
Trade Accounts Receivable Sale Programs
−Removed: As of February 28, 2022, we may elect to sell receivables and the unaffiliated financial instit ution may elect to purchase specific accounts receivable at any one time up to a:
+Added: As of May 31, 2022, we may elect to sell receivables and the unaffiliated financ ial institution may elect to purchase specific accounts receivable at any one time up to a:
(i) maximum aggregate amount available of $2.0 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of 400 million CNY under one trade accounts receivable sale program and (iii) maximum amount available of 100 million CHF under one trade accounts receivable sale program.
The trade accounts receivable sale programs expire on various dates through 2025.
−Removed: During the three months and six months ended February 28, 2022, we sold $2.0 billion and $3.9 billion, respectively, of trade accounts receivable under these programs and we received cash proceeds of $2.0 billion and $3.9 billion, respectively.
−Removed: As of February 28, 2022, we had up to $1.6 billion in available liquidity under our trade accounts receivable sale programs.
+Added: During the three months and nine months ended May 31, 2022, we sold $2.6 billion and $6.5 billion, respectively, of trade accounts receivable under these programs and we received cash proceeds of $2.6 billion and $6.5 billion, respectively.
+Added: As of May 31, 2022, we had up to $905 million in available liquidity under our trade accounts receivable sale programs.
Capital Expenditures
3 unchanged sentences
The following table sets forth selected consolidated cash flow information (in millions):
−Removed: Six months ended
−Removed: February 28, 2022
−Removed: February 28, 2021
+Added: Nine months ended
Net cash provided by operating activities
4 unchanged sentences
Operating Activities
−Removed: Net cash provided by operating activities during the six months ended February 28, 2022, was primarily due to net income and non-cash expenses and an increase in accounts payable, accrued expenses and other liabilities;
+Added: Net cash provided by operating activities during the nine months ended May 31, 2022, was primarily due to net income and non-cash expenses and an increase in accounts payable, accrued expenses and other liabilities;
partially offset by:
1 unchanged sentence
The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of purchases and cash payments.
−Removed: The increase in inventories was primarily due to higher raw material balances due to supply chain constraints.
+Added: The increase in inventories is primarily due to higher raw material balances due to supply chain constraints.
The increase in contract assets is primarily due to timing of revenue recognition for over time customers.
−Removed: The increase in prepaid expenses and other current
−Removed: assets is primarily due to the timing of payments.
+Added: The increase in prepaid expenses and other current assets is primarily due to the timing of payments.
The increase in accounts receivable is primarily driven by higher sales and the timing of collections.
Investing Activities
−Removed: Net cash used in investing activities during the six months ended February 28, 2022 consisted primarily of capital expenditures, principally to support ongoing business in the DMS and EMS segments, partially offset by proceeds and advances from the sale of property, plant and equipment.
+Added: Net cash used in investing activities during the nine months ended May 31, 2022 consisted primarily of capital expenditures, principally to support ongoing business in the DMS and EMS segments, partially offset by proceeds and advances from the sale of property, plant and equipment.
Financing Activities
−Removed: Net cash used in financing activities during the six months ended February 28, 2022 was primarily due to (i) payments for debt agreements, (ii) the repurchase of our common stock under our share repurchase authorization and (iii) the purchase of treasury stock under employee stock plans.
+Added: Net cash used in financing activities during the nine months ended May 31, 2022 was primarily due to (i) payments for debt agreements, (ii) the repurchase of our common stock under our share repurchase authorization, (iii) the purchase of treasury stock under employee stock plans, and (iv) dividend payments.
Net cash used in financing activities was partially offset by borrowings under debt agreements.
Contractual Obligations
−Removed: As of the date of this report, other than the new operating and finance leases, (see Note 4 – “Leases” to the Condensed Consolidated Financial Statements), there were no material changes outside the ordinary course of business, since August 31, 2021 to our contractual obligations and commitments and the related cash requirements.
+Added: As of the date of this report, other than the borrowings on the 4.250% Senior Notes, (see Note 5 – “Notes Payable and Long-Term Debt” to the Condensed Consolidated Financial Statements) and the new operating and finance leases, (see Note 4 – “Leases” to the Condensed Consolidated Financial Statements), there were no material changes outside the ordinary course of business, since August 31, 2021 to our contractual obligations and commitments and the related cash requirements.
Dividends and Share Repurchases
2 unchanged sentences
In July 2021, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of our common stock (the “2022 Share Repurchase Program”).
−Removed: As of February 28, 2022, 5.1 million shares had been repurchased for $314 million and $686 million remains available under the 2022 Share Repurchase Program.
+Added: As of May 31, 2022, 8.6 million shares had been repurchased for $517 million and $483 million remains available under the 2022 Share Repurchase Program.
Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.