What changed in this filing

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Item 1. Business

2024-10-28 compared with 2023-10-20 · 172 added, 120 removed, 181 unchanged (62% of the section changed)

We are one of the leading providers of worldwide manufacturing services and solutions.

We are one of the leading providers of manufacturing services and solutions worldwide.

We provide comprehensive electronics design, production, and product management services to companies in various industries and end markets.

Our services enable our customers to reduce manufacturing costs, improve supply-chain management, reduce inventory obsolescence, lower transportation costs and reduce product fulfillment time.

Our manufacturing and supply chain management services and solutions include innovation, design, planning, fabrication and assembly, delivery and managing the flow of resources and products.

Our services enable our customers to reduce manufacturing costs, improve supply chain management, reduce inventory obsolescence, lower transportation costs, and reduce product fulfillment times.

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, India, Malaysia, Mexico, Singapore, and the United States.

Each business unit team serves as a single point of contact between a customer and Jabil.

Business unit teams are supported by cross-functional teams, which leverage the power of our global expertise and capabilities to carry out work at the site level.

We conduct our operations in facilities that are located worldwide, including but not limited to China, 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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For the fiscal year ended August 31, 2024, we had net revenues of $28.9 billion and net income attributable to Jabil Inc.

of $818 million.

We have two reporting segments:

of $1.4 billion.

On December 29, 2023 (“the Closing Date”), we completed the sale of our product manufacturing business in Chengdu, including its supporting component manufacturing in Wuxi (the “Mobility Business”) to an affiliate of BYD Electronic (International) Co.

(“BYDE”) for pre-tax cash proceeds of approximately $2.2 billion, subject to certain post-closing adjustments.

See Note 17 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

At August 31, 2024, we had two reporting segments:

Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), which are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles.

Our EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing our large scale manufacturing infrastructure and our ability to serve a broad range of end markets.

Our EMS segment is focused on leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing our large scale manufacturing infrastructure and our ability to serve a broad range of end markets.

Our EMS segment is a high volume business that produces product at a quicker rate (i.e.

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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.

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

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

The DMS segment included the results of the Mobility Business prior to the Closing Date.

Beginning September 1, 2024, we reorganized our internal structure to focus on speed, precision, and solutions and as a result of our organizational realignment, we will report our business in the following three segments:

Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.

Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries.

Our Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries.

Our Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries.

Additional financial information regarding our reportable operating segments is included in Item 7 of this report and Note 14 – “Concentration of Risk and Segment Data” to the Consolidated Financial Statements.

Industry Background

The industry in which we operate has historically been composed of companies that provide a range of design and manufacturing services to companies that utilize electronics components in their products.

In recent years, the industry has expanded to include customers that require products and services beyond electronic components including plastics and metal components, packaging, and injection molding.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

Our industry was historically composed of companies that provide a range of design and manufacturing services to companies that utilize electronics components in their products.

The industry subsequently expanded to include customers that require products and services beyond electronic components, including plastics and metal components, packaging, and injection molding.

We monitor the current economic environment and its potential impact on both the customers we serve as well as our end markets;

we closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

Over the long term we believe the factors driving our customers and potential customers to use our industry’s services include:

• Efficient Manufacturing.

Manufacturing service providers are often able to manufacture products at a reduced total cost to companies.

Manufacturing solutions providers are often able to manufacture products at a reduced total cost to companies.

These cost advantages result from higher utilization of capacity and efficiencies of scale because of diversified product demand and, generally, a greater focus on the components of manufacturing cost.

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• Accelerated Product Time-to-Market and Time-to-Volume.

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

Manufacturing solutions 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.

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• 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 solutions 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.

Manufacturing service providers are often able to more efficiently manage both procurement and inventory, and have demonstrated proficiency in purchasing components at improved pricing due to the scale of their operations and continuous interaction with the materials marketplace.

Our vision for the future is to become the world’s most technologically advanced manufacturing services and solutions provider.

Manufacturing solutions providers are often able to more efficiently manage both procurement and inventory.

Providers have demonstrated proficiency in purchasing components at improved pricing due to the scale of their operations and continuous interaction with the materials marketplace.

• Global Reach and Regional Manufacturing.

Manufacturing solutions providers operate globally and are often able to more efficiently transition the location of manufacturing processes for products in response to changing macroeconomic and geopolitical environments relying on installed footprints, local teams, and consistent processes.

Our vision for the future is to become the world’s most technologically advanced and trusted manufacturing solutions provider.

As we work to achieve our vision, we continue to pursue the following strategies:

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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, packaging, automotive and transportation, and semi-capital equipment.

We focus on balancing our portfolio of products and product families to those that align with higher return areas of our business.

This includes manufacturing, supply chain management services, comprehensive electronics design, production, and product management services for markets such as cloud and data infrastructure, healthcare, packaging, automotive and transportation, warehouse automation, networking and communications, and semi-capital equipment.

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

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• Decentralized Business Unit Model.

Most of our business units are dedicated to serve one customer each and are empowered to formulate strategies tailored to individual customer’s needs.

Most of our business units are dedicated to serve one customer each and are empowered to formulate strategies tailored to an individual customer’s needs.

Our business units generally have dedicated production lines consisting of equipment, production workers, supervisors, buyers, planners, and engineers.

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Business unit management reviews the customer financial information to assess whether the business units are meeting their designated responsibilities and to ensure that the daily execution of manufacturing activities is being effectively managed.

The business units aggregate into operating segments based on the economic profiles of the services performed, including manufacturing capabilities, market share strategy, margins, return on capital and risk profiles.

The business units aggregate into operating segments based on the end markets they serve.

• Automated Continuous Flow.

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Component inspection and vendor quality are monitored electronically in real-time.

Materials planning, purchasing, stockroom and shop floor control systems are supported through a computerized manufacturing resource planning system, which provides customers with the ability to continuously monitor material availability and track work-in-process on a real-time basis.

In addition, manufacturing processes are supported by a computerized statistical process control system, whereby customers can remotely access our computer systems to monitor real-time yields, inventory positions, work-in-process status and vendor quality data.

Materials planning, purchasing, stockroom, and shop floor control systems are supported through a computerized manufacturing resource planning system.

• Electronic Supply Chain Management.

We make available to our customers and suppliers an electronic commerce system/electronic data interchange and web-based tools to implement a variety of supply chain management programs.

We make available to our customers and suppliers an electronic commerce system/electronic data interchange and cloud-based tools to implement a variety of supply chain management programs.

Our customers use these tools to share demand and product forecasts and deliver purchase orders, and we use these tools with our suppliers for just-in-time delivery, supplier-managed inventory, and consigned supplier-managed inventory.

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We offer a wide spectrum of value-add design services to enhance our relationships with current customers and to help develop relationships with our new customers.

Our teams are strategically staffed to support Jabil customers for all development projects, including turnkey system design and design for manufacturing activities.

Our teams are strategically staffed to support Jabil customers for all development projects, from turnkey system design and joint development to industrialization and product optimization activities.

Our design services support products across all markets we serve and include products such as cloud data center server platforms;

medical and consumer health devices;

automotive assemblies for software defined vehicles, advanced driver assistance systems, autonomous systems, and electrification;

connected consumer products and appliances;

digital commerce ecosystem products for retail environments;

power and storage products to support the energy infrastructure;

and smart controls and security for digital building and utilities.

These design services include:

• Electronic Design.

Our Electronic Design team provides electronic circuit design services, including application-specific integrated circuit design, firmware development and rapid prototyping services.

These services have been used by our customers for a variety of products including smart phones and accessory products, notebook and personal computers, connected consumer products and appliances, servers, radio frequency products, optical communications products, communication and broadband products, and automotive and healthcare components and devices.

• Industrial Design.

Our Industrial Design team designs the “look and feel” of the plastic and metal enclosures that house the products’ electro-mechanics, including the printed circuit board assemblies (“PCBA”).

Our Electronic Design team provides electronic hardware and embedded software design services for analog, digital, radio frequency, power, sensor, and optical component applications.

This ranges from initial concept and system architecture through design implementation and new product introduction to mass production.

• Experience Design.

Our Experience Design team works with product design teams to create product experiences that resonate with consumers through user research, industrial design, user interface design, and human factors.

These capabilities are used to create, develop, and connect concepts and specifications that optimize the function, value, and appearance of products to satisfy the needs of consumers and manufacturing partners.

• Mechanical Design.

Our Mechanical Design team specializes in three-dimensional mechanical design with the analysis of electronic, electro-mechanical and optical assemblies using state of the art modeling and analytical tools.

This team has extended Jabil’s product design offering capabilities to include all aspects of industrial design, advance mechanism development and tooling management.

• Computer-Assisted Design.

Our Computer-Assisted Design (“CAD”) team provides PCBA design services using advanced CAD engineering tools, PCBA design validation and verification services, and other consulting services, which include generating a bill of materials, approved vendor list and assembly equipment configuration for a particular PCBA design.

We believe that our CAD services result in PCBA designs that are optimized for manufacturability and cost efficiencies and accelerate a product’s time-to-market and time-to-volume production.

• Product Validation.

Our Product Validation team provides complete product and process validation.

This includes product system tests, product safety, regulatory compliance and reliability tests.

Our Mechanical Design team specializes in mechanical design of plastic and metal components, enclosures, sub-assemblies, assemblies, and systems to meet product requirements with the analysis of electronic, electro-mechanical and optical assemblies using state of the art modeling and analytical tools.

This includes all aspects of product concept, detail design, wide-ranging environmental applications, thermal management, and tooling management.

• Optical Design.

Our Optical Design team focuses on applying our knowledge in advanced optics to provide optical product solutions for virtual and/or augmented reality, Light Detection and Ranging (“LiDAR”), 3D sensing, projection, and imaging.

Throughout the design process, we develop the required processes, equipment, and testing specific to optics in order to take the customer from design to precision mass production.

• Industrialization Engineering Services.

Our engineering services combine multiple functions to work with design teams to optimize products for maximum performance, highest quality, and time to market while balancing cost and manufacturability.

These functions include our computer-assisted design (“CAD”) team, to provide PCBA design services using advanced CAD engineering tools, our Value Analysis and Value Engineering (“VAVE”) team, to increase value and decrease cost of both electrical and mechanical assemblies, and our Engineering Prototyping teams for all development stages.

• Product Verification.

Our Product Verification team provides complete product verification throughout the full design cycle and executes specific test services.

This includes product verification, failure analysis, regulatory, compliance and safety, packaging, simulation, and data analysis.

• 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.

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.

The full electronic test data-log of customer products has allowed customer product test traceability and visibility throughout the manufacturing test 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 reduces human dependent test processes and allows customer product test traceability and visibility throughout the manufacturing test process.

Fabrication and Assembly

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In addition, based on quality assurance programs developed with our customers, we provide testing services for our PCBAs, sub-systems, and systems products.

Our quality assurance programs include circuit testing under various environmental conditions to ensure that our products meet or exceed required customer specifications.

We also offer direct-order fulfillment and configure-to-order services for delivery of final products.

Our quality assurance programs include product testing under various environmental conditions to help ensure that our products meet or exceed required customer specifications.

Technology and Research and Development

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To meet our customers’ increasingly sophisticated needs, we continuously engage in R&D activities designed to create new and improved products and manufacturing solutions for our customers.

Through our R&D efforts, we intend to continue to offer our customers highly automated, continuous flow manufacturing process technologies for precise and aesthetic mechanical components and system assembly.

Through our R&D efforts, we intend to continue offering our customers efficient manufacturing processes with high quality and differentiating product solutions using the latest technologies.

These technologies and R&D activities include:

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• Additive manufacturing

We engage in R&D activities for many products including mobile internet devices and associated accessories, multi-media tablets, two-way radios, health care and life science products, server and storage products, set-top and digital home products and printing products.

• Outsourced semiconductor assembly and test (“OSAT”) capabilities

• Advanced electric assembly processes

• Co-packaged optics

• Liquid cooling

• Silicon photonics

• Sustainable materials and design

• Artificial intelligence and machine learning

Our R&D efforts span the markets we serve to provide our customers leading edge technologies and solutions.

Customers and Marketing

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A small number of customers and significant industry sectors have historically comprised a major portion of our net revenue.

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

We also market our services and solutions through our website and social media platforms.

In fiscal year 2024, our five largest customers accounted for approximately 36% of our net revenue and 88 customers accounted for approximately 90% of our net revenue.

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Fiscal Year Ended August 31,

2024 2023 2022

11 % 17 % 19 %

Our business is highly competitive.

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 compete against numerous domestic and foreign electronic manufacturing solutions 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 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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global locations;

rapid scale production;

rapid scaling of production;

advanced technologies;

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Proprietary Rights

We regard certain aspects of our technology, design, production and product management services as proprietary intellectual property.

To protect our trade secrets, manufacturing know-how and other proprietary rights, we rely largely upon a combination of intellectual property laws, non-disclosure agreements with our customers, employees, and suppliers and our internal security systems, policies and procedures.

We regard certain aspects of our technology, design, production and product management, supply chain, and other services as proprietary intellectual property.

We rely largely upon a combination of intellectual property laws, non-disclosure agreements with our customers, employees, and suppliers and our internal security systems, policies, and procedures.

We currently have a relatively modest number of patents for various innovations.

We believe that our research and design activities, along with developments relating thereto, may result in growth of our patent portfolio and its importance to us, particularly as we expand our business activities.

We believe that our intellectual property portfolio will continue to evolve as we expand our business activities.

Other factors significant to our proprietary rights include the knowledge and experience of our management and workforce and our ability to develop, enhance, and market our technology and services.

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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):

Number of Employees

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

Region Number of Employees

(1) Decrease from prior period is driven by the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.

See Note 17 – “Business Acquisitions and Divestitures” to the Consolidated Financial Statements for additional information.

(2) Total headcount includes permanent, temporary and contingent workers.

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

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.

We are committed to safety standards in all of our facilities, ensuring our employees are protected and can return home safely after each work shift.

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.

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

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

“Safety First.

Always.” is a fundamental value that is ingrained in our culture.

We are committed to safety standards in all of our facilities, so that our employees are protected and can return home safely after each work shift.

We have implemented a continuous improvement-based Health and Safety Management System, including annual training assessments coupled with engaged leaders and employees who prioritize safety.

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

We are a founding member of the Responsible Business Alliance (RBA), which is one of the world’s largest industry coalitions for corporate social responsibility in global supply chains.

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 help 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 support safe working conditions, treat employees with respect and dignity, and environmentally responsible manufacturing process and practices.

Diversity, Equity, and Inclusion

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.

Our diverse workforce provides us with the innovation and creativity that have allowed us to continue our success.

Respect is the foundation of our culture, and we want all our employees to feel valued and psychologically and physically safe.

Welcoming a spectrum of backgrounds, experiences, viewpoints, and abilities, we collaborate to create a culture of belonging where everyone can be their authentic selves and contribute to Jabil’s success.

In alignment with our Code of Conduct, we are dedicated to establishing a discrimination-free and harassment-free environment globally.

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.

In fiscal year 2024, we further advanced diversity, equity, and inclusion (DEI) by expanding our DEI programming to include the formation of Regional DEI Committees.

The role of the DEI Committees is to drive engagement, identify regional needs, and share feedback and best practices globally.

They are comprised of cross-functional employees with a passion for contributing to Jabil’s commitment to inclusion, and are located in the Americas, Europe, and Asia.

During fiscal year 2024, numerous initiatives were launched in alignment with Jabil’s external goals to increase the representation of women in leadership and programming around disability inclusion.

We hosted a women-focused event series, creating the opportunity for women leaders across our functional teams, to share their experiences and advice.

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

We also launched our second cohort of the Women in Leadership Sponsorship program, a nomination-based program that combines executive-level sponsorship with individual and group coaching for women at the director level.

We are proud to have received a top score on the 2024 Disability Equality Index by Disability:IN for the fourth consecutive year.

Our global sites 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 for all.

In collaboration with our Operations team and utilizing best practices from Disability:IN, we have also established a baseline for site accessibility.

Compensation and Benefits

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Benefits outside the U.S.

are provided based upon country-specific practices and are intended to support the health and well-being of our employees and their families.

• 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.

are provided based upon country-specific practices and are intended to support the health and wellbeing of our employees and their families.

• Supporting the mental health and emotional wellbeing 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 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.

By focusing on training our leaders in mental health awareness, we believe 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.

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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 encourage 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.

At Jabil, we have historically invested in the professional and personal growth and development of our employees at all levels of the organization.

Our learning solutions empower employees to enhance their knowledge and skills, enabling them to work more effectively, develop stronger capabilities, and guide their teams to success and further reinforce the organization’s vision.

Jabil offers learning programs and offerings for all level of employees (hourly, professional, management).

In fiscal year 2024, there were more than 21,000 internal promotions at various levels in Jabil, a testament to our ability to grow and develop our own talent.

As part of our talent strategy, we have introduced the LinkedIn Learning platform to enhance employees' access to the tools, resources, and support needed to take charge of their career development.

We made this significant investment by providing free access to LinkedIn Learning for over 30,000 employees worldwide, including all professional, management, and executive leaders.

Employees are encouraged to utilize LinkedIn Learning for both leadership and technical development, reinforcing our commitment to continuous learning and growth.

Employee Engagement

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.

In May 2024, we conducted our global Your Voice Matters Pulse Survey to measure the impact of action plans developed from the 2023 global survey.

A third party was used to administer the survey.

Action plans resulting from the 2023 global survey have been modified accordingly and further action plans have been developed and are being executed at all sites 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.

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.

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

From January to August 2024, approximately 79,000 employees have utilized their wellness days, and approximately 19,000 employees have completed a paid day of community service.

To support our commitment to serve our communities where we live and operate, in 2023, Jabil employees completed over 1 million volunteer hours, reaching that milestone for the second consecutive year.

From January to August 2024, Jabil employees spent approximately 330,000 service hours in the areas of education, empowerment, and the environment.

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

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The four Global Volunteer Days held in 2024 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).

Jabil hosted its annual Deliver Best Practices Global Finals in October 2023, with 31 employees and teams competing, representing 19 global locations from nine different countries.

This continuous improvement program, which started in 2009, embodies the best of Jabil’s culture while focusing on our key business drivers (People, Process, Social & Environmental, and Technology & Innovation).

As a core part of Jabil’s culture, recognition plays an important role in appreciating others for going above and beyond their normal job duties and doing what’s right for our customers, people, and communities.

Jabil acknowledges these well-deserved efforts through our Respect, Recognize.

program, which recognized 1,528 people from 142 sites and 25 countries in fiscal year 2024.

Environmental

We are subject to a variety of federal, state, local and foreign environmental, health and safety, product stewardship and producer responsibility laws and regulations, including those relating to the use, storage, discharge and disposal of hazardous chemicals used during our manufacturing process, those governing worker health and safety, those requiring design changes, supply chain investigation or conformity assessments or those relating to the recycling or reuse of products we manufacture.

We are subject to a variety of federal, state, local, and foreign environmental, health and safety, product stewardship, and producer responsibility laws and regulations, including those relating to the use, storage, discharge, and disposal of hazardous chemicals used during our manufacturing process;

those governing worker health and safety;

those requiring design changes, supply chain investigation, or conformity assessments;

or those relating to the recycling or reuse of products we manufacture.

Information about our Executive Officers

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Below is a list of our executive officers:

Borges (age 55) 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.

Berry (age 47) was named Senior Vice President, Investor Relations & Communications in June 2024.

He previously served as Vice President, Investor Relations from September 2018.

Berry held other roles of increasing responsibility since joining Jabil in 2010 as Director of Investor Relations.

Berry holds a bachelor’s in Communications from Boston College and an MBA from Georgia Institute of Technology.

Borges (age 56) was named Executive Vice President, Global Business Units in May 2024.

He previously served as Executive Vice President, Chief Executive Officer, Diversified Manufacturing Services from June 2022;

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.

Gerald “JJ” Creadon (age 49) 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 58) was named Executive Vice President, Chief Financial Officer in September 2018.

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

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

Matthew Crowley (age 49) was named Executive Vice President, Global Business Units in May 2024.

He most recently served as Senior Vice President, Global Business Units from May 2022, and from March 2019 until April 2022, as Vice President, Global Business Units, and from February 2018 to February 2019 as Senior Director, Cloud.

Before joining Jabil in 2018, Mr.

Crowley held positions with Dell and Amazon Web Services.

Michael Dastoor (age 59) was named Chief Executive Officer in May 2024.

Over his 24-year tenure at Jabil, he has held multiple leadership roles across Jabil’s global markets, including serving as Executive Vice President, Chief Financial Officer from April 2018.

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

Dastoor joined Jabil in 2000.

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.

Frederic McCoy (age 55) 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.

Hebard (age 55) was named Chief Financial Officer in May 2024.

He most recently served as Senior Vice President, Treasurer since 2021.

Since joining Jabil in 2009, Mr.

Hebard has held roles of increasing responsibility in finance, including Senior Vice President, CFO Green Point from 2017 to 2021 and Vice President, Financial Planning & Analysis from 2013 to 2017.

He holds a master’s in Business from DePaul University and a bachelor’s in Finance from the University of Iowa.

McCoy (age 56) was named Executive Vice President, Operations in May 2024.

He most recently served as Executive Vice President, Global Business Units since August 2023;

Executive Vice President & Chief Executive Officer, Electronics Manufacturing Services, from December 2021 and 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 53) was named Senior Vice President, Chief Procurement Officer, in January 2019.

He holds a master’s in International Affairs and Economics from the School of Advanced International Studies (SAIS) at Johns Hopkins University and a bachelor’s in Foreign Service from Georgetown University.

Francis (“Frank”) G.

McKay (age 54) 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.

3 unchanged sentences

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;

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 (age 60) was named Chairman of Jabil’s Board of Directors effective November 2021 and has been a member of the Board since March 2013.

Mondello served as our Chief Executive Officer until May 2023.

Mondello has retained various executive responsibilities.

Mondello joined Jabil in 1992.

He holds a B.S.

in Mechanical Engineering from the University of South Florida.

Daryn Smith (age 53) was named Senior Vice President, Enterprise & Commercial Controller in June 2018 and assumed leadership of Corporate Development and M&A in September 2020.

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

Smith joined Jabil in 2002.

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 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.

He holds a bachelor’s in Mechanical Engineering from the University of South Florida.

Priestley (age 53) was named Executive Vice President, Global Business Units in May 2024.

He most recently served as Senior Vice President, Global Business Units April 2014.

Since joining Jabil in 1996, he has held positions of increasing responsibility across the Company, including as Vice President, Global Business Units since 2012.

Priestley holds an honour’s in Engineering with Management from the Edinburgh Napier University.

Schick (age 54) was named Senior Vice President and Chief Human Resources Officer in October 2023.

He most recently served as Vice President, HR Operations from October 2022.

Schick has held several other positions of increasing responsibility in human resources since joining Jabil in August 2018 as a Senior Director, Human Resources.

Schick holds a bachelor’s in Economics from Northwestern University and a Juris Doctor from the University of Pittsburgh School of Law.

Yap (age 54) 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.

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Item 1. Business