Good position in the global electronic manufacturing services (EMS) industry Focus on higher-margin, faster growing end-markets Highly competitive and cyclical industry conditions Meaningful customer concentration Standard&Poor's adjusted leverage of 2x at May 31, 2015 Cash balance of $963 million Reported free operating cash flow (FOCF) near break-even for the past 12 months, on elevated capital expenditures We believe that Jabil can pursue its acquisition and shareholder return objectives while maintaining leverage below 3x. The stable outlook reflects our expectation that Jabil Circuit Inc.'s focus on growth in higher-margin manufacturing businesses will enable it to achieve revenue and EBITDA growth over the next 12 to 24 months, despite the potential for some volatility due to large customer programs. In
