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Jabil Posts Fourth Quarter & Fiscal Year 2012 Results

Stocks in this article: JBL

The Company calculates: (1) its "after-tax GAAP operating income" by subtracting a certain tax effect (the calculation of which is explained below) from its GAAP operating income and (2) its "after-tax non-GAAP core operating income" by subtracting a certain tax effect (the calculation of which is explained below) from its non-GAAP core operating income. See elsewhere in this earnings release for a reconciliation of the Company's non-GAAP core operating income to its GAAP operating income.

The Company calculates "net invested capital asset base" as the sum of the averages (the calculation of which are explained below) of (1) its stockholders’ equity, (2) the non-current portion of its notes payable and long term debt and (3) the current portion of its notes payable and long term debt, less the average (the calculation of which is explained below) of its cash and cash equivalents.

The following table reconciles (1) "Return on Invested Capital," as calculated using "after-tax GAAP operating income" to (2) "Core Return on Invested Capital," as calculated using "after-tax non-GAAP core operating income":

 

Three months

ended

 

Twelve months

ended

August 31, August 31,
2012 2012
Numerator:
Operating income (GAAP) $ 144,268 $ 621,931
Tax effect (1)   (32,552 )   (114,341 )
After-tax operating income 111,716 507,590
x4   x1  
Annualized after-tax operating income $ 446,864   $ 507,590  
 
Core Operating Income (Non-GAAP) $ 175,111 $ 736,179
Tax effect (2)   (32,761 )   (115,905 )
After-tax core operating income 142,350 620,274
x4   x1  
Annualized after-tax core operating income $ 569,400   $ 620,274  
 
Denominator:
Average total Jabil Circuit, Inc. stockholders’ equity (3) $ 2,059,312 $ 1,986,089
Average notes payable and long-term debt, less current installments (3) 1,399,240 1,385,460
Average current installments of notes payable and long-term debt (3) 157,225 46,096
Average cash and cash equivalents (3)   (979,693 )   (1,052,934 )
Net invested capital asset base $ 2,636,084   $ 2,364,711  
 
Return on Invested Capital (GAAP) 17.0 % 21.5 %
Adjustments noted above 4.6 % 4.7 %
Core Return on Invested Capital (Non-GAAP) 21.6 % 26.2 %

(1) This amount is calculated by adding the amount of income taxes attributable to its operating income (GAAP) and its interest expense.

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