What changed in this filing

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Item 1. Business

2022-10-25 compared with 2021-10-22 · 90 added, 108 removed, 213 unchanged (48% of the section changed)

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We serve our customers primarily through dedicated business units that combine highly automated, continuous flow manufacturing with advanced electronic design and design for manufacturability.

We conduct our operations in facilities that are located worldwide, including but not limited to, China, Hungary, Malaysia, Mexico, Singapore, and the United States.

We conduct our operations in facilities that are located worldwide, including but not limited to China, Ireland, Malaysia, Mexico, Singapore, and the United States.

Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products.

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Our DMS includes customers primarily in the automotive and transportation, connected devices, healthcare and packaging, and mobility industries.

As of September 1, 2020, certain customers were realigned within our operating segments.

Our operating segments, which are the reporting segments, continue to consist of the DMS and EMS segments.

Customers within the automotive and transportation and smart home and appliances industries are now presented within the DMS segment.

Prior period disclosures are restated to reflect the realignment.

Additional financial information regarding our reportable operating segments is included in Item 7 of this report and Note 13 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.

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Manufacturing service providers are often able to deliver accelerated production start-ups and achieve high efficiencies in bringing new products to production.

Providers are also able to more rapidly scale production for changing markets and to position themselves in global locations that

serve the leading world markets.

Providers are also able to more rapidly scale production for changing markets and to position themselves in global locations that serve the leading world markets.

With increasingly shorter product life cycles, these key services allow new products to be sold in the marketplace in an accelerated time frame.

• Access to Advanced Design and Manufacturing Technologies.

By utilizing manufacturing service providers, customers gain access to additional advanced technologies in manufacturing processes, as well as to product and production design, which can offer customers significant improvements in the performance, quality, cost, time-to-market and manufacturability of their products.

By utilizing manufacturing service providers, customers gain access to additional advanced technologies in manufacturing processes, as well as to product and

production design, which can offer customers significant improvements in the performance, quality, cost, time-to-market and manufacturability of their products.

• Improved Inventory Management and Purchasing Power.

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• Manufacturing Test Solution Development.

Our Manufacturing Test Solution Development team provides integral support to the design teams to embed design with testability and to promote efficient capital and resource investment in the manufacturing process.

Our Manufacturing Test Solution Development team provides integral support to the design teams to embed design with testability and to promote efficient capital and resource investment

in the manufacturing process.

The use of software driven instrumentation and test process design and management has enhanced our product quality and reduced our operating costs relative to human dependent test processes.

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We also market our services and solutions through our website and our Blue Sky Innovation Centers.

In fiscal year 2021, our five largest customers accounted for approximately 47% of our net revenue and 82 customers accounted for approximately 90% of our net revenue.

The table below sets forth the respective portion of net revenue attributable to the customers that accounted for a significant concentration of our net revenue during the periods indicated:

In fiscal year 2022, our five largest customers accounted for approximately 44% of our net revenue and 79 customers accounted for approximately 90% o f our net revenue.

The table below sets forth the respective portion of net revenue attributable to the customer that accounted for a significant concentration of our net revenue during the periods indicated:

Fiscal Year Ended August 31,

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We compete against numerous domestic and foreign electronic manufacturing service providers, diversified manufacturing service providers and design providers.

We also face competition from the manufacturing operations of our current and potential customers, who are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing.

We also face competition from the manufacturing

operations of our current and potential customers, who are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing.

We compete with different companies depending on the type of service we are providing or the geographic area in which an activity takes place.

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Human Capital Management

As of August 31, 2021, our workforce includes diverse, talented and dedicated employees across approximately 100 locations in more than 30 countries, and simply stated, they are what differentiate us from our competitors.

To maintain our edge, we continually invest in our employees, so that they can make anything possible and everything better for our customers, shareholders, and communities.

As of August 31, 2022, our workforce includes diverse, talented and dedicated employees across approximately 100 locations in more than 30 countries who differentiate us from our competitors.

To maintain our edge, we continually invest in our employees, so that they can take care of our customers, shareholders and communities.

Following is a summary of employees by location (in thousands):

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None of our U.S.

domestic employees have chosen to be represented by a labor union.

employees are represented by a labor union.

In certain international locations, our employees are represented by labor unions and by works councils.

We have never experienced a significant work stoppage or strike and promote a culture of positive employee relations.

We have not experienced a significant work stoppage or strike and promote positive employee relations.

“Safety First” is a fundamental value that is ingrained in our culture.

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As a global employer, we have a responsibility to our employees, customers, suppliers and the communities in which we operate to take decisive action to protect against COVID-19 in our facilities.

From the outset of the COVID-19 pandemic, we established prevention protocols, which have allowed our sites to operate safely with minimal disruption.

Measures we have taken include:

• Employees and visitors are required to undergo temperature checks and complete health screening questionnaires before entering a Jabil facility

• Employees and visitors are provided with masks and required to wear them while on site

• Hand sanitizing stations are located throughout all of our facilities

• Social distancing guidelines have been established

From the outset of the COVID-19 pandemic, we established prevention protocols, which allowed our sites to operate safely with minimal disruption.

Quarantine and contact tracing protocols have been established for suspected and/or confirmed cases, and a robust follow-up process has been implemented to ensure the well-being of our employees.

• Business travel has been restricted

• Eligible employees work remotely

• Employees have been provided with masks, hand sanitizer, and educational resources to take home to their families

In addition to these extensive internal measures, we also retooled and ramped-up numerous production facilities to make masks, hand sanitizer, face shields, ventilators and diagnostic products in order to fulfill the urgent needs of our customers.

We promote respect for fundamental human rights as an essential element of responsible corporate citizenship.

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The RBA sets (1) standards regarding excessive working hours and unfair wages, (2) controls to prohibit child labor and human trafficking, and (3) avenues for employees to raise and address workplace health and safety concerns.

We have aligned our work programs, processes and procedures to the RBA Code of Conduct so as to ensure working conditions are safe, employees are treated with respect and dignity, and manufacturing process and practices are environmentally responsible.

We have aligned our work programs, processes and procedures to the RBA Code of Conduct to ensure working conditions are safe, employees are treated with respect and dignity and manufacturing process and practices are environmentally responsible.

Diversity, Equity and Inclusion

At Jabil, our workforce is diverse at its core, and our employees thrive in an entrepreneurial culture where they can do their best work.

Diverse backgrounds, experiences and opinions are welcome here.

We work together in a way that enables our employees to be their true self, challenges them and encourages them, while allowing them to make a difference at work and in the world.

Diverse backgrounds, experiences and opinions are welcome.

We work together in a way that enables our employees to be their true selves, challenges them and encourages them, while allowing them to make a difference at work and in the world.

We act in accordance with our Code of Conduct to create an environment free from discrimination or harassment globally and respect the human rights of our employees.

Moreover, we strive to achieve an inclusive and equitable workplace where opportunities for success are created and available for all employees.

In order to achieve this, we have trained leaders on unconscious bias to support their capability as inclusive leaders.

In partnership with the University of South Florida's Muma College of Business and the Tampa Bay Lightning, we developed an online certificate program about workplace diversity, equity, and inclusion.

Over 135,000 registrants from fifteen different countries, including the US, which led all nations with the most online registrants, signed-up for this seven-week course.

The program was offered at no cost and consisted of seven two-hour modules.

Over 62,000 registrants completed the program and received a digital certificate and badge to display on social media.

In 2020, we launched a Diversity, Equity & Inclusion (DEI) Council comprised of eight global, cross-functional team members who represent the voice of our employees.

Under the direction of our CEO and diversity leader, this council has unprecedented access to share directly with our executive leadership team their perspectives, ideas and solutions on diversity,

equity and inclusivity opportunities at Jabil while acting and advocating for progress within spheres of internal and external influence.

Career Growth and Development

At Jabil, we have historically invested in the professional and personal growth and development of our employees at all levels of the organization to ensure continuous learning and skills enrichment.

In addition, we undertake talent reviews to assess bench strength and succession planning.

During these reviews, we also spotlight high potential talent, retention rates and the diversity composition of our leaders.

In FY21, there were over 35,000 internal promotions at various levels in Jabil, a true testament to our ability to grow and develop our own talent.

To achieve this, we provide training to our leaders on unconscious bias, and in fiscal year 2022, we deployed additional diversity, equity and inclusion (DEI) learning with input from our DEI Council, which includes management and nonmanagement members.

Jabil is committed to being a place where everyone is psychologically and physically safe to be authentically themselves.

With our enterprise-wide priorities of mitigating bias, inclusive leadership and diverse talent development, we are committed to creating a culture of belonging.

In fiscal year 2022, we launched multiple new initiatives to support a more diverse, equitable and inclusive workplace for all.

We launched a Transgender Inclusive Workplace campaign, which included transgender guidelines;

a sample plan for employees, their managers and human resources;

a self-paced learning on LGBTQ+;

and content regarding gender pronoun usage internally.

We are proud of being a top scorer for Disability:IN's Disability Equality Index in 2022, the second year in a row.

Sites around the world have increased their disability inclusion efforts, including teams who have provided sign language courses for employees, conducted assessments on their facilities for accessibility and partnered with nonprofits in their communities to recruit people with disabilities.

Compensation and Benefits

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• Salary increases and incentive compensation are based on merit and performance.

• All full-time U.S.

employees are eligible for health insurance, paid and unpaid leaves, a retirement plan and life and disability/accident coverage.

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• Supporting the mental health and emotional well-being of our employees and their families is a high priority at Jabil, and we have implemented several programs and benefits over the past several years to help de-stigmatize mental health issues and assist employees in finding and leveraging appropriate resources.

These include a global employee assistance program (EAP), on-site behavioral health resources in some locations and education for our leaders regarding how to recognize and respond to signs of mental health and substance abuse issues.

• Almost all of our employees around the world are eligible to participate in our Employee Stock Purchase plan, allowing them to become owners of Jabil stock at a discount.

These include a global employee assistance program (EAP), on-site behavioral health resources in some locations and education for our leaders on ways to recognize and respond to signs of mental health and substance abuse issues.

By focusing on training leaders in mental health awareness, we are creating the right environment for mental health issues to be recognized and addressed.

Additionally, our Health and Wellbeing programs help to strengthen mental health resilience.

• The majority of our employees around the world are eligible to participate in our Employee Stock Purchase plan, allowing them to become owners of Jabil stock at a discount.

Career Growth and Development

At Jabil, we have historically invested in the professional and personal growth and development of our employees at all levels of the organization to ensure continuous learning and skills enrichment.

In addition, we undertake talent reviews to assess bench strength and succession planning.

During these reviews, we also spotlight high potential talent, retention rates and the diversity composition of our leaders.

In fiscal year 2022, there were more than 37,000 internal promotions at various levels in Jabil, a testament to our ability to grow and develop our own talent.

Employee Engagement

In May 2021, we conducted a Voice of the Employee Survey, utilizing a third party to administer it.

Approximately 90% of our employees responded to the survey, demonstrating the high level of engagement of our employees.

In addition, scores across a number of factors were consistently high and exceeded industry benchmark.

In May 2021, we conducted a global Voice of the Employee Survey, utilizing a third party to administer it.

Action plans have been developed and are in the process of being executed at all sites.

In 2022, we conducted Voice of the Employee Pulse Surveys to measure the impact of these action plans and develop new plans accordingly to promote continued excellence in employee engagement at Jabil.

Cultural Initiatives

Our commitment to our employees’ safety and wellbeing goes beyond physical health to include social, emotional and mental health.

In October 2021, we announced that all global full-time employees receive (2) wellness and (1) community service paid time off (PTO) days each year.

To date, more than 82,000 employees have utilized their wellness days, and 7,000 employees have completed a paid day of community service.

We have also made a commitment to serve our communities, and in September 2021 we pledged to complete one million volunteer hours in 2022.

As of August 31, 2022, Jabil employees and sites have volunteered approximately 500,000 hours in their local communities to help make a difference in the areas of education, empowerment and the environment.

In June 2022, Jabil’s multi-year partnership with the Special Olympics USA Games culminated in more than 200 employees volunteering their time throughout the week of the games.

These efforts, combined with the efforts of Jabil experts (in areas of IT, procurement, logistics and sustainability) who worked behind the scenes with the Special Olympics over a two year period, helped to make the USA Games a success.

Environmental

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Below is a list of our executive officers:

Borges (age 53) was named Executive Vice President, Chief Executive Officer, Regulated Industries in September 2020 with additional responsibility for Additive Manufacturing.

Borges served as Executive Vice President, Chief Executive Officer, Healthcare from September 2016 through August 2020.

Borges joined Jabil in 1993 and has global experience in positions of increasing responsibility in Operations, Business Development, Manufacturing Operations and Supply Chain Management.

Borges (age 54) was named Executive Vice President, Chief Executive Officer, Diversified Manufacturing Services in June 2022.

He previously served as Executive Vice President, Chief Executive Officer, Regulated Industries, from September 2020, with additional responsibility for additive Manufacturing and as Executive Vice President, Chief Executive Officer, Healthcare from September 2016 through August 2020.

Borges joined Jabil in 1993.

He holds a bachelor’s degree in Business Administration and Management from Fitchburg State University.

Michael Dastoor (age 56) was named Executive Vice President, Chief Financial Officer effective September 2018.

Dastoor joined Jabil in 2000 as Regional Controller – Asia Pacific and was named Controller in June 2004 and Senior Vice President, Controller in July 2010.

Prior to joining Jabil, Mr.

Dastoor was a Regional Financial Controller for Inchcape PLC.

He holds a degree in Finance and Accounting from the University of Bombay.

Dastoor is a Chartered Accountant from the Institute of Chartered Accountants in England and Wales.

Johnson (age 65) was named Executive Vice President, Chief Human Resources Officer in January 2019.

Johnson joined Jabil in 2015 as Vice President, Human Resources and was promoted to Senior Vice President, Chief Human Resources Officer in 2017.

Prior to joining Jabil, Mr.

Johnson was Chief Organizational Effectiveness Officer/Executive Vice President, Human Resources for C&S Wholesale Grocers, Inc., a wholesale distributor of food and grocery items with headquarters in Keene, New Hampshire from 2007 to 2014.

Johnson also served in senior roles at The Timberland Company, a footwear and apparel designer, retailer and manufacturer in New Hampshire, and E.I.

Du Pont De Nemours and Company (Du Pont) in Delaware.

He holds a Bachelor of Arts in History from Middlebury College in Vermont.

Katz (age 59) joined Jabil in March 2016 and was named Executive Vice President, General Counsel and Corporate Secretary in September 2016.

Katz transitioned the Corporate Secretary role to a member of his staff in April 2017.

Gerald “JJ” Creadon (age 48) was named Executive Vice President, Operations, in March 2022.

Prior to this role, he served as Senior Vice President, Global Operations since March 2019.

Creadon first joined Jabil in 1995 and has held roles of increasing leadership, including Vice President, Global Business Operations.

He holds a bachelor’s degree in business administration from the University of Phoenix and an MBA from the University of Florida’s Warrington School of Business.

Michael Dastoor (age 57) was named Executive Vice President, Chief Financial Officer in September 2018.

He previously served as Senior Vice President, Controller from July 2010.

Dastoor joined Jabil in 2000.

degree in Finance and Accounting from the University of Bombay and is a Chartered Accountant from the Institute of Chartered Accountants in England and Wales.

Roberto Ferr i (age 57) was named Senior Vice President, Chief Sales and Marketing Officer in 2020 and previously served as Senior Vice President, Sales from July 2015.

Ferri joined Jabil in 2001 as Vice President, Sales.

He holds a degree in economics and marketing from SDA Bocconi, Italy.

Katz (age 60) was named Executive Vice President, General Counsel and Corporate Secretary in September 2016 upon joining Jabil.

He transitioned the Corporate Secretary role to a member of his staff in April 2017.

In April 2019 he was named Chief Ethics & Compliance Officer.

Prior to joining Jabil, Mr.

Katz served as Executive Vice President, General Counsel and Secretary of SharkNinja, a vacuum and kitchen appliance manufacturer.

He was previously Senior Vice President and General Counsel of Ingersoll Rand plc, a diversified industrial manufacturer, from 2010 to 2015.

Katz served as Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of Federal-Mogul Corporation from 2007 to 2010.

From 1999 to 2007 he was General Counsel—EMEA for Delphi Corporation in Paris, France.

He began his career with Milbank, Tweed, Hadley & McCloy working in the Mergers and Acquisitions and General Corporate Group in New York and London.

He earned a Bachelor of Laws (LL.B.) and a Bachelor of Civil Law (B.C.L.) from McGill University.

He is a member of the New York Bar.

Loparco (age 50) was named Executive Vice President, Chief Executive Officer, Electronic Manufacturing Services (EMS) in September 2020;

and currently also has responsibility for Jabil’s Enterprise Supply Chain Strategies and Global IT.

Previously, Mr.

Loparco served as Executive Vice President, Chief Executive Officer.

Engineered Solutions Group since January 2016;

and also had responsibility for Jabil’s Enterprise Supply Chain, Procurement and certain strategic investments.

Prior to that, Mr.

Loparco served as President, Chief Executive Officer of Jabil’s High Velocity and Energy & Industrial Division and held a variety of global management positions.

Before joining Jabil in 1999, Mr.

Loparco was an attorney at Holland & Knight, LLP, practicing corporate and commercial litigation and serving as a certified mediator.

He holds a Juris Doctorate from Stetson University College of Law.

He holds a Bachelor of Arts in International Business, with minor degrees in Business Management and Spanish, from Eckerd College.

Mark Mondello (age 57) has served as Chief Executive Officer and a member of the Board of Directors since March 2013.

Katz earned a Bachelor of Laws (LL.B.) and a Bachelor of Civil Law (B.C.L.) from McGill University.

Frederic McCoy (age 54) was named Executive Vice President & Chief Executive Officer, Electronics Manufacturing Services, in December 2021.

He previously he served as Senior Vice President, Global Business Units from October 2017.

McCoy joined Jabil in 2001.

He holds a Master of Arts in International Affairs and Economics from the School of Advanced International Studies (SAIS) at Johns Hopkins University and a Bachelor of Science in Foreign Service from Georgetown University.

Frank McKay (age 52) was named Senior Vice President, Chief Procurement Officer, in January 2019.

Prior to his current role, he served as Vice President, Procurement & Purchasing Services from October 2014 and held a variety of management positions in Europe, Asia and the US since joining Jabil in 1997.

McKay holds a bachelor’s from University of Strathclyde.

LaShawne Meriwether (age 48) was named Senior Vice President, Chief Human Resources Officer in June 2022.

She previously served as Vice President and management roles since joining Jabil in May 2019.

Prior to joining Jabil she served as Director, Human Resources and Global Compensation and Benefits at Exterran, an oil and gas company, since 2011.

Meriwether holds a bachelor’s degree in science from Wright State University.

Mark Mondello (age 58) was named Chief Executive Officer and a member of the Board of Directors since March 2013.

In addition, Mr.

Mondello has been appointed Chairman of the Board effective November 1, 2021.

Prior to that, Mr.

Mondello served as Chief Operating Officer from 2002 to 2013.

Mondello joined Jabil in 1992 as a manufacturing supervisor and has held various leadership roles, including SVP, Business Development.

Prior to joining Jabil, Mr.

Mondello was a commercial and defense-related aerospace project manager for Moog, Inc.

Mondello joined Jabil in 1992.

He holds a B.S.

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Daryn Smith (age 52) was named Senior Vice President, Enterprise & Commercial Controller in June 2018 and assumed leadership of Corporate Development and M&A in September 2020.

Smith served as Chief Financial Officer of EMS from June 2013 through June 2018.

Smith joined Jabil in 2002 and he has held various leadership roles in Risk and Assurance, Financial Planning and Analysis, and Controllership for Jabil.

Prior to joining Jabil, Mr.

Smith was with the Assurance and Advisory Services practice for Arthur Andersen.

He holds a Bachelor’s degree in Accounting from the University of South Florida and a MBA from the University of Florida.

Wilson (age 56) was named Executive Vice President and CEO of Jabil Green Point in 2017 and assumed responsibility for Consumer Packaging and Corporate Procurement in September 2020.

Prior to that, Mr.

Wilson was Senior Vice President of the Telecommunications Infrastructure Sector within Jabil’s Enterprise & Infrastructure group.

He first joined Jabil in 2000 as a business unit manager;

and has held various leadership roles, including VP of Global Business Units, running businesses such as consumer electronics and telecommunications.

Prior to Jabil, he spent 8 years at Motorola, where he served as Operations Director in their Handset Division.

Wilson has a Bachelor’s degree in Manufacturing Engineering and a MBA from Edinburgh Business School.

He served as Chief Financial Officer of EMS from June 2013 through June 2018.

Smith joined Jabil in 2002.

He holds a Bachelor's degree in Accounting from the University of South Florida and an MBA from the University of Florida.

Wilson (age 57) was named Executive Vice President and Chief Executive Officer of Jabil Green Point in September 2017.

Prior to that, he was Senior Vice President of the Telecommunications Infrastructure Sector within Jabil's Enterprise & Infrastructure group.

He first joined Jabil in 2000.

Wilson has a bachelor’s degree in Manufacturing Engineering and an MBA from Edinburgh Business School.

May Yap (age 52) was named Senior Vice President, Chief Information Officer in September 2020.

She joined Jabil in 2014 as Vice President and CIO of Jabil Green Point.

Yap holds an MBA and a master’s degree in Computer Science from University of Hull and a doctorate in business administration and management from New York University.

Additional Information

Our principal executive offices are located at 10560 Dr.

Martin Luther King, Jr.

Street North, St.

Our principal executive offices are located at 10800 Roosevelt Boulevard North, St.

Petersburg, Florida 33716, and our telephone number is (727) 577-9749.

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The “Investors” section of our website contains a significant amount of information about our Company, including financial and other information for investors.

The information that we post on the “Investors” section of our website could be deemed to be

material information.

The information that we post on the “Investors” section of our website could be deemed to be material information.

We encourage investors, the media and others interested in Jabil to visit our website.

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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.

What changed 10-K

Item 1. Business