What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-10-20 compared with 2022-10-25 · 52 added, 54 removed, 249 unchanged (30% 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, Ireland, Malaysia, Mexico, Singapore, and the United States.

We conduct our operations in facilities that are located worldwide, including but not limited to China, India, 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 EMS segment is a high volume business that produces product at a quicker rate (i.e.

cycle time) and in larger quantities and includes customers primarily in the 5G, wireless and cloud, digital print and retail, industrial and semi-cap, and networking and storage industries.

cycle time) and in larger quantities and includes customers primarily in the 5G, wireless and cloud, digital print and retail, industrial and semi-capital equipment, and networking and storage industries.

Our DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, machining, tooling, and molding of highly engineered plastic and metal parts.

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• Product Diversification.

We focus on balancing our portfolio of products and product families to those that align with higher return areas of our business, including manufacturing, supply chain management services, comprehensive electronics design, production and product management services, 5G wireless, cloud, healthcare, automotive and transportation, and capital equipment.

We focus on balancing our portfolio of products and product families to those that align with higher return areas of our business, including manufacturing, supply chain management services, comprehensive electronics design, production and product management services, 5G wireless, cloud, healthcare, packaging, automotive and transportation, and semi-capital equipment.

We have made concentrated efforts to diversify our industry sectors and customer base.

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We believe that global production is a key strategy to reduce obsolescence risk and secure the lowest possible landed costs while simultaneously supplying products of equivalent or comparable quality throughout the world.

Consistent with this strategy, we have established or acquired operations in the Americas, Europe, Asia and Africa.

Consistent with this strategy, we have established or acquired operations in the Americas, Europe and Asia.

Our extensive global footprint positions us well to implement safe and practical solutions in order to select production locations which best serve the needs of our customers.

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

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.

In fiscal year 2023, our five largest customers accounted for approximately 42% of our net revenue and 84 customers accounted for approximately 90% of 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:

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By implementing a continuous improvement-based Health and Safety Management System including annual training assessments coupled with engaged leaders and employees who prioritize safety above all else, we have established a path to safety excellence.

COVID-19 Response

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 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.

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 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 help 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.

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.

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.

At Jabil, our core strength lies in our diverse workforce, providing us with the innovation and creativity that have allowed us to continue our success.

Welcoming a spectrum of backgrounds, experiences, and viewpoints, we collaborate effectively to create an environment where every employee feels physically and psychologically safe to bring their true selves to work every day.

Our approach not only empowers our employees to embrace authenticity, but also challenges, and uplifts them, enabling them to create an impact both within their roles and the global space.

In keeping with our Code of Conduct, we are dedicated to establishing a discrimination-free and harassment-free environment globally, helping to ensure the human rights of all our employees are respected.

Guided by our enterprise-wide priorities of mitigating biases, cultivating inclusive leadership, and developing diverse talent, we are proud to foster a culture of belonging.

In fiscal year 2023, we further advanced diversity, equity, and inclusion (DEI) programming through the formation of our second enterprise-wide DEI Council, which works closely with our business, manufacturing, and functional teams to identify areas of focus and make informed decisions around our DEI strategy and organization.

This second global council is committed to building a diverse, equitable, and inclusive environment.

During fiscal year 2023, numerous initiatives were launched in alignment with Jabil’s ESG goals to increase the representation of women in leadership and programming around disability inclusion.

We launched our first wave of global events focused on women, creating the opportunity for women leaders across our functional teams, to share their experiences and advice in an open forum setting.

While geared toward women, all employees at all levels at Jabil were welcome to participate in these seven engaging sessions to enhance both professional and personal development.

We also hosted regionalized training in our Latin America sites related to biases, discrimination, and harassment against women.

We were proud to receive a top score on the 2023 Disability Equality Index by Disability:IN for the third consecutive year.

Sites globally developed and implemented programs focused on employment and retention of employees with disabilities, physical and digital infrastructure, and training programs to foster an inclusive environment.

With support from Disability:IN, we created and implemented a new learning, “Disability Inclusion & Awareness in the Workplace,” complete with best practices and an introduction in sign language by our team in Dominican Republic.

Beyond these two focus areas, we completed many initiatives at the site level to celebrate diversity across the Americas, Europe, and Asia, including sponsoring and walking in Pride Parades, external social media and communication campaigns, training sessions to mitigate unconscious bias, and more.

Compensation and Benefits

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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.

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

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

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Employee Engagement

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.

In May 2023, we conducted our global Voice of the Employee Survey, administered by a third party.

Action plans have been developed and are in the process of being executed at all sites to promote continued excellence in employee engagement at Jabil.

This is a continuation of four Voice of the Employee Pulse Surveys conducted in 2022 to measure the impact of action plans developed from the 2021 global survey.

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.

At Jabil, we provide our employees two days of paid time off for health & wellbeing and one day for community service.

As of August 31, 2023, almost 95,000 employees have utilized their wellness days, and over 13,000 employees have completed a paid day of community service.

To support our commitment to serve our communities where we live and operate, Jabil employees completed over 1 million volunteer hours in 2022.

From January to July 2023, Jabil employees and sites have volunteered approximately 500,000 service hours in their local communities to help make a difference in the areas of education, empowerment and the environment.

We believe that while our efforts are locally driven, the impact is global.

Jabil hosted four “Global Volunteer Days,” large scale volunteer events designed to create shared experiences across the organization around a particular cause.

The four Global Volunteer Days held in 2023 were International Women’s Day, Earth Day, World Environment Day, and World Food Day.

In 2023, Jabil hosted employees from around the globe for our annual continuous improvement competition, Deliver Best Practices.

This week-long celebration embodies the best of Jabil’s culture by encouraging individuals to learn more about one another while also competing to be named the top project around four key business drivers (People, Process, Social & Environmental and Technology & Innovation).

Environmental

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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.

He holds a 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 Ferri (age 58) 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.

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

Frederic McCoy (age 55) was named Executive Vice President & Chief Executive Officer, Electronics Manufacturing Services, in December 2021.

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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.

Kristine Melachrino (age 45) was named Senior Vice President, General Counsel, in October 2022.

She joined Jabil in 2007 holding various roles in the legal department supporting the functional and business teams globally.

Prior to this role, Ms.

Melachrino served as Vice President, Senior Deputy General Counsel for the global Commercial legal team, advising on complex legal and regulatory matters to facilitate business growth;

and Assistant Corporate Secretary.

She holds a Juris Doctor from Stetson University College of Law, and an MBA from Stetson University.

Mark Mondello (age 59) was named Chairman of Jabil’s Board of Directors effective November 1, 2021 and has been a member of the Board since March 2013.

Mondello served as our Chief Executive Officer until succeeded by Mr.

Wilson on May 1, 2023.

Mondello has retained various executive responsibilities.

Mondello joined Jabil in 1992.

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

Wilson (age 58) was named Chief Executive Officer and member of the Board of Directors in May 2023.

Prior to that, he was Executive Vice President and Chief Executive Officer of Jabil Green Point since September 2017, and earlier served as 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.

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

May Yap (age 53) 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.

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

Additional Information

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Through a link on the “Investors” section of our website, we make available our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports, free of charge, as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

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

The “Investors” section of our website contains a significant amount of information about our Company, including a Sustainability Report, 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.

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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