Jabil Inc. filed SEC Form 8-K: Results of Operations and Financial Condition
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Item 2.02 Results of Operations and Financial Condition.
On September 26, 2024, Jabil Inc. (the “Company”) issued a press release announcing its results of operations for the fourth fiscal quarter and full fiscal year ended August 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
Item 2.05 Costs Associated with Exit or Disposal Activities.
On September 24, 2024, the Board of Directors of Jabil Inc. (the “Company”) approved a restructuring plan to align our support infrastructure to further optimize organizational effectiveness. This action includes headcount reductions across our Selling, General and Administrative and manufacturing cost base and capacity realignment (the “2025 Restructuring Plan”). The 2025 Restructuring Plan reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain locations are still subject to consultation with the Company’s employees and their representatives.
Based on the analysis done to date, the Company currently expects to recognize approximately $150 million to $200 million in pre-tax restructuring and other related costs over the course of the Company’s 2025 fiscal year. The charges relating to the 2025 Restructuring Plan are currently expected to result in net cash expenditures of approximately $100 million to $130 million that will be payable over the course of the Company’s fiscal years 2025 and 2026. The exact timing of these charges and cash outflows, as well as the estimated cost ranges by category type, have not been finalized. This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors. The Company’s estimates for the charges discussed above exclude any potential income tax effects.
To the extent required by applicable rules, the Company will file one or more amendments to this Current Report on Form 8-K as details of the 2025 Restructuring Plan are refined and estimates of related costs and charges are finalized.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
The following exhibit is furnished herewith:
| Exhibit No. | Description | |
| 99.1 | Press Release dated September 26, 2024. | |
| 104 | Cover Page Interactive Data File - Embedded within the inline XBRL document | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JABIL INC. | ||||||
| (Registrant) | ||||||
| September 26, 2024 | By: | /s/ GREGORY B. HEBARD | ||||
| Gregory B. Hebard | ||||||
| Chief Financial Officer | ||||||