Good position in the global electronic manufacturing services (EMS) industry; Focus on faster growing end-markets; Highly competitive and cyclical industry conditions; More capital intensive than other peers in hardware; and Meaningful customer concentration. S&P Global ratings adjusted leverage around 2x; Cash balance of $1.2 billion; Reported free operating cash flow (FOCF) near $700 million on moderated net capital expenditures and working capital monetization; and We believe that Jabil can pursue its acquisition and shareholder return objectives while maintaining leverage below 3x and FOCF to debt around 15%. S&P Global Ratings' stable outlook on St. Petersburg, Fla.-based outsourced manufacturing company Jabil Inc. reflects the expectation that the company's focus on growth in higher-margin manufacturing businesses will enable it to achieve revenue
