EX-99.1 7 plxsq1f20exhibit991.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):
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
Three Months Ended
 
Jan 4,
 
Sept 28,
 
Dec 29,
 
2020
 
2019
 
2018
Operating income, as reported
 
$
39,934

 
 
$
142,055

 
 
$
36,951

Restructuring costs
+
—

 
+
1,678

 
+
—

Adjusted operating income
 
$
39,934

 
 
$
143,733

 
 
$
36,951

 
x
4

 
 
 
 
x
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted annualized operating income
 
$
159,736

 
 
$
143,733

 
 
$
147,804

Adjusted effective tax rate
x
13
%
 
x
16
%
 
x
15
%
Tax impact
 
20,766

 
 
22,997

 
 
22,171

Adjusted operating income (tax effected)
 
$
138,970

 
 
$
120,736

 
 
$
125,633

 
 
 
 
 
 
 
 
 
Average invested capital
÷
$
945,397

 
÷
$
923,107

 
÷
$
862,528

 
 
 
 
 
 
 
 
 
ROIC
 
14.7
%
 
 
13.1
%
 
 
14.6
%
Weighted average cost of capital
-
8.8
%
 
-
9.0
%
 
-
9.0
%
Economic return
 
5.9
%
 
 
4.1
%
 
 
5.6
%

 
Three Months Ended
Average Invested Capital
Jan 4,
 
Sept 28,
 
Jun 29,
 
Mar 30,
 
Dec 29,
 
Sept 29,
 
2020
 
2019
 
2019
 
2019
 
2018
 
2018
Equity
$
908,372

 
$
865,576

 
$
860,791

 
$
875,444

 
$
905,163

 
$
921,143

Plus:
 
 
 
 
 
 
 
 
 
 
 
Debt and finance leases - current
67,847

 
100,702

 
138,976

 
93,197

 
8,633

 
5,532

Operating leases - current (1) (2)
9,102

 
—

 
—

 
—

 
—

 
—

Debt and finance leases - long-term
186,827

 
187,278

 
187,581

 
187,120

 
187,567

 
183,085

Operating leases - long-term (2)
41,764

 
—

 
—

 
—

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
(252,914)

 
(223,761)

 
(198,395)

 
(184,028)

 
(188,799)

 
(297,269)

 
$
960,998

 
$
929,795

 
$
988,953

 
$
971,733

 
$
912,564

 
$
812,491

(1)
Included in Other accrued liabilities on the Condensed Consolidated Balance Sheets.
(2)
In the fiscal first quarter of 2020, the Company adopted and applied Topic 842 to all leases using the modified retrospective method of adoption. The prior year comparative information has not been restated and continued to be reported under the accounting standards in effect for fiscal 2019 and 2018.