EX-99.1 11 plxsf1710-kexhibit991.htm EXHIBIT 99.1 Exhibit


 
 
 
 
 
 
 
 
 
Exhibit 99.1
 
Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):
 
 
 
Fiscal year ended
 
 
 
 
 
 
 
September 30,
2017
 
October 1,
2016
 
October 3,
2015
 
 
 
 
Operating income, as reported
 
 
$
129,908

 
$
99,439

 
$
115,436

 
 
 
 
Typhoon-related losses
 
 
—

 
2,871

 
—

 
 
 
 
Accelerated stock-based compensation expense
 
 
—

 
5,210

 
—

 
 
 
 
Restructuring and other charges
 
 
—

 
7,034

 
1,691

 
 
 
 
Adjusted operating income
 
 
129,908

 
114,554

 
117,127

 

 
 
Tax rate
 
 
8.0
%
 
11.0
%
 
11.0
%
 
 
 
 
Adjusted operating income (tax effected)
 
 
$
119,515

 
$
101,953

 
$
104,243

 
 
 
 
Average invested capital
 
 
$
738,266

 
$
739,986

 
$
745,611

 
 
 
 
ROIC
 
 
16.2
%
 
13.8
%
 
14.0
%
 
 
 
 
WACC
 
 
10.5
%
 
11.0
%
 
11.0
%
 
 
 
 
Economic Return
 
 
5.7
%
 
2.8
%
 
3.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Invested Capital
Fiscal 2017
 
Actual
 
Actual
 
Actual
 
Actual
 
Actual
 
Average invested capital
 
9/30/2017
 
7/1/2017
 
4/1/2017
 
12/30/2016
 
10/1/2016
 
Equity
$
1,025,939

 
$
991,306

 
$
961,438

 
$
927,542

 
$
916,797

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
 
   Debt - current
286,934

 
267,297

 
92,623

 
78,879

 
78,507

 
 
   Debt - non-current
26,173

 
26,138

 
185,638

 
184,136

 
184,002

 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
(568,860
)
 
(519,172
)
 
(524,520
)
 
(496,505
)
 
(432,964
)
 
 
 
$
770,186

 
$
765,569

 
$
715,179

 
$
694,052

 
$
746,342

 
$
738,266

 
 
 
 
 
 
 
 
 
 
 
 
Average Invested Capital
Fiscal 2016
 
Actual
 
Actual
 
Actual
 
Actual
 
Actual
 
Average invested capital
 
10/1/2016
 
7/2/2016
 
4/2/2016
 
1/2/2016
 
10/3/2015
 
Equity
$
916,797

 
$
895,175

 
$
871,111

 
$
850,794

 
$
842,272

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
 
   Debt - current
78,507

 
78,279

 
2,300

 
2,864

 
3,513

 
 
   Debt - non-current
184,002

 
184,479

 
259,565

 
259,289

 
259,257

 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
(432,964
)
 
(433,679
)
 
(409,796
)
 
(354,728
)
 
(357,106
)
 
 
 
$
746,342

 
$
724,254

 
$
723,180

 
$
758,219

 
$
747,936

 
$
739,986

 
 
 
 
 
 
 
 
 
 
 
 
Average Invested Capital
Fiscal 2015
 
Actual
 
Actual
 
Actual
 
Actual
 
Actual
 
Average invested capital
 
10/3/2015
 
7/4/2015
 
4/4/2015
 
1/3/2015
 
9/27/2014
 
Equity
$
842,272

 
$
835,063

 
$
808,468

 
$
792,298

 
$
781,133

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
 
   Debt - current
3,513

 
4,281

 
4,774

 
4,793

 
4,368

 
 
   Debt - non-current
259,257

 
259,284

 
260,025

 
260,990

 
262,046

 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
(357,106
)
 
(354,830
)
 
(356,296
)
 
(239,685
)
 
(346,591
)
 
 
 
$
747,936

 
$
743,798

 
$
716,971

 
$
818,396

 
$
700,956

 
$
745,611