8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

____________________________________________________________________________________________________________________________________

Date of Report (Date of earliest event reported): July 27, 2022

____________________________________________________________________________________________________________________________________

PLEXUS CORP.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________________________________________________________

Wisconsin	001-14423	39-1344447
(State or other jurisdiction  of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Plexus Way

Neenah, Wisconsin 54957

(Address of principal executive offices) (Zip Code)

Telephone Number (920) 969-6000

(Registrant’s telephone number, including Area Code) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	PLXS	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company    ☐

        If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02    Results of Operations and Financial Condition.

On July 27, 2022, Plexus Corp. (“we” or the “Company”) announced results for the fiscal third quarter ended July 2, 2022. A copy of the Company’s related press release is furnished as Exhibit 99.1 to this report.

Item 9.01    Financial Statements and Exhibits

(d) The following exhibits are filed herewith:

Exhibit Number	Description
99.1	Earnings release issued by Plexus Corp., dated July 27, 2022
104	Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)

* * * * *

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 27, 2022	PLEXUS CORP.
	(Registrant)
	By: /s/ Patrick J. Jermain
	Patrick J. Jermain
	Executive Vice President and Chief Financial Officer

EX-99.1

Plexus Announces Fiscal Third Quarter Financial Results

NEENAH, WI – July 27, 2022 - Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended July 2, 2022, and guidance for our fiscal fourth quarter ending October 1, 2022.

•Reports record fiscal third quarter revenue of $981 million, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.33, including $0.21 of stock-based compensation expense

•Initiates fiscal fourth quarter revenue guidance of $980 million to $1.020 billion with GAAP diluted EPS of $1.19 to $1.35, including $0.22 of stock-based compensation expense

		Three Months Ended
		Jul 2, 2022		Jul 2, 2022	Oct 1, 2022
		Q3F22 Results		Q3F22 Guidance	Q4F22 Guidance
Summary GAAP Items
Revenue (in millions)		$	981	$885 to $925	$980 to $1,020
Operating margin		5.1%		4.4% to 4.9%	4.7% to 5.2%
Diluted EPS (1)		$	1.33	$1.02 to $1.18	$1.19 to $1.35
Summary Non-GAAP Items (2)
Return on invested capital (ROIC)		11.5%
Economic return		2.2%
(1)	Includes stock-based compensation expense of $0.21 for Q3F22 results, $0.21 for Q3F22 guidance and $0.22 for Q4F22 guidance.
(2)	Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP.

Fiscal Third Quarter 2022 Information

•Won 47 manufacturing programs during the quarter representing $201 million in annualized revenue when fully ramped into production

•Trailing four-quarter manufacturing wins continue to exceed $1 billion in annualized revenue when fully ramped into production

•Purchased $11.7 million of our shares at an average price of $79.27 per share, completing our $50 million share repurchase program authorized by Plexus’ Board of Directors on August 11, 2021

Todd Kelsey, CEO, commented, “As we establish our fiscal fourth quarter guidance, I am pleased that Plexus is in position to deliver $1 billion in quarterly revenue, which would be a first for the company. While understanding that the macroeconomic outlook is uncertain and that challenging supply chain conditions remain, the strength in substantial, early-stage new program ramps, our leading position in secular growth markets and commitment to operational excellence provides the opportunity for further revenue growth and GAAP EPS expansion into fiscal 2023.”

Mr. Kelsey continued, “We delivered another strong quarter of results given our increasing success in mitigating the impact of constrained component supplies. Our fiscal third quarter revenue of $981 million, representing year-over-year growth of 21%, 5.1% GAAP operating margin and GAAP EPS of $1.33 all exceeded our guidance range.”

Mr. Kelsey further commented, “Our funnel of qualified manufacturing opportunities held steady at a record $3.4 billion, while quarterly new manufacturing program wins of $201 million declined following the superb performance last quarter. With our trailing four-quarter wins exceeding $1 billion, our momentum in program ramps and our increasing exposure to the secular growth markets of commercial space, warehouse and factory automation and robotic-assisted surgery, we remain positioned for sustained growth.”

Patrick Jermain, Executive Vice President and CFO, commented, “The fiscal third quarter cash cycle of 102 days was consistent with our expectation. As anticipated, the quarter included strategic investments in working capital to support significant revenue growth delivered in the fiscal third quarter and continued revenue growth projected in the fiscal fourth quarter. While working capital investments will continue in support of our customers’ demand, we expect our cash cycle to improve for the fiscal fourth quarter through sequential revenue growth and continued focus on working capital initiatives. We anticipate this improvement will help deliver breakeven-to-positive free cash flow for the fiscal fourth quarter.”

Mr. Jermain continued, "On June 9, 2022, we refinanced our credit facility to take advantage of favorable pricing and improve our financial covenants. In addition, the maximum commitment under the credit facility was expanded to $500 million, with the potential to increase it by an additional $250 million. The maturity of the credit facility was extended to June 2027.”

Mr. Kelsey concluded, “We are guiding fiscal fourth quarter revenue of $980 million to $1.020 billion, which reflects the success of ongoing new program ramps and customer demand that continues to substantially outpace supply. Incremental investments to support robust customer growth projections and increased incentive compensation expense are modestly pressuring GAAP operating margin, resulting in a forecast of 4.7% to 5.2%, while GAAP EPS guidance of $1.19 to $1.35 is also impacted by greater interest and tax expense.”

2

Quarterly Comparison	Three Months Ended
(in thousands, except EPS)	Jul 2, 2022			Apr 2, 2022			Jul 3, 2021
Revenue	$	981,341		$	888,723		$	814,387
Gross profit	93,618			76,510			74,050
Operating income	49,561			35,837			36,373
Net income	37,494			26,869			27,609
Diluted EPS	$	1.33		$	0.95		$	0.95
Gross margin	9.5		%	8.6		%	9.1		%
Operating margin	5.1		%	4.0		%	4.5		%
ROIC (1)	11.5		%	10.2		%	15.9		%
Economic return (1)	2.2		%	0.9		%	7.8		%
(1) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return and a reconciliation of these measures to their comparable GAAP measures.

Business Segment and Market Sector Revenue

Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised 56% of revenue during both the second and third quarters of fiscal 2022, up one percentage point from the third quarter of fiscal 2021 when the top 10 customers comprised 55% of revenue.

Business Segments ($ in millions)	Three Months Ended
	Jul 2, 2022		Apr 2, 2022		Jul 3, 2021
Americas	$	343	$	311	$	319
Asia-Pacific	586		534		447
Europe, Middle East and Africa	84		74		76
Elimination of inter-segment sales	(32)		(30)		(28)
Total Revenue	$	981	$	889	$	814

Market Sectors ($ in millions)	Three Months Ended
	Jul 2, 2022				Apr 2, 2022				Jul 3, 2021
Industrial	$	454	46	%	$	415	47	%	$	372	46	%
Healthcare/Life Sciences	401		41	%	353		40	%	324		40	%
Aerospace/Defense	126		13	%	121		13	%	118		14	%
Total Revenue	$	981			$	889			$	814

3

Non-GAAP Supplemental Information

Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to the attached Non-GAAP Supplemental Information Tables.

ROIC and Economic Return

ROIC for the third quarter of fiscal 2022 was 11.5%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a four-quarter period for the third fiscal quarter. Invested capital is defined as equity plus debt and operating lease obligations, less cash and cash equivalents. Plexus' weighted average cost of capital for fiscal 2022 is 9.3%. ROIC for the third quarter of fiscal 2022 less Plexus’ weighted average cost of capital resulted in an economic return of 2.2%.

Free Cash Flow

Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended July 2, 2022, cash flows used in operations was $21.2 million, less capital expenditures of $20.8 million, resulted in negative free cash flow of $42 million.

Cash Cycle Days	Three Months Ended
	Jul 2, 2022	Apr 2, 2022	Jul 3, 2021
Days in Accounts Receivable	57	59	52
Days in Contract Assets	12	12	13
Days in Inventory	160	154	108
Days in Accounts Payable	(87)	(86)	(71)
Days in Cash Deposits	(40)	(41)	(22)
Annualized Cash Cycle *	102	98	80
* We calculate cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in cash deposits.

4

Conference Call and Webcast Information

What:	Plexus Fiscal 2022 Q3 Earnings Conference Call and Webcast
When:	Thursday, July 28, 2022 at 8:30 a.m. Eastern Time
Where:	Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below: Audio conferencing link: https://register.vevent.com/register/BI9aba234995214c3096c0dad2bf8c99e4 Webcast link: https://edge.media-server.com/mmc/p/xv7vm7hu
Replay:	The webcast will be archived on the Plexus website and will be available as on-demand for 12 months

Investor and Media Contact

Shawn Harrison

+1.920.969.6325

shawn.harrison@plexus.com

About Plexus

Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 20,000 individuals who are dedicated to providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing and Aftermarket Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading companies by providing innovative, comprehensive solutions throughout a product’s lifecycle. For more information about Plexus, visit our website at www.plexus.com.

Safe Harbor and Fair Disclosure Statement

The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the evolving effect, which may intensify, of COVID-19 on our employees, customers, suppliers, and logistics providers, including the impact of governmental actions being taken to curtail the spread of the virus. Other risks and uncertainties include, but are not limited to: the effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets; the effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risks of concentration of work for certain customers; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the effects of start-up costs of new programs and facilities or the costs associated with the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; risks related to information technology systems and data security; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; increasing regulatory and compliance requirements; the effects of U.S. Tax Reform, any tax law changes as a result of change in U.S. presidential administration, and of related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and tax matters in the United States and in the other countries in which we do business (including as a result of the United Kingdom’s exit from the European Union); the potential effect of other world or local events or other events outside our control (such as the recent conflict between Russia and Ukraine, changes in energy prices, terrorism, global health epidemics and weather events); the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2021 Form 10-K and subsequently filed quarterly reports on Form 10-Q.

5

PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended				Nine Months Ended
	Jul 2,		Jul 3,		Jul 2,		Jul 3,
	2022		2021		2022		2021
Net sales	$	981,341	$	814,387	$	2,687,520	$	2,525,627
Cost of sales	887,723		740,337		2,447,396		2,281,298
Gross profit	93,618		74,050		240,124		244,329
Operating expenses:
Selling and administrative expenses	44,057		36,439		122,232		107,136
Restructuring and impairment charges	—		1,238		2,021		3,267
Operating income	49,561		36,373		115,871		133,926
Other income (expense):
Interest expense	(3,923)		(3,190)		(10,314)		(11,094)
Interest income	318		308		851		1,072
Miscellaneous, net	(2,678)		(579)		(5,047)		(2,922)
Income before income taxes	43,278		32,912		101,361		120,982
Income tax expense	5,784		5,303		13,575		15,411
Net income	$	37,494	$	27,609	$	87,786	$	105,571
Earnings per share:
Basic	$	1.35	$	0.97	$	3.14	$	3.68
Diluted	$	1.33	$	0.95	$	3.09	$	3.60
Weighted average shares outstanding:
Basic	27,738		28,529		27,913		28,708
Diluted	28,179		29,068		28,452		29,298

6

PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
	Jul 2,		Oct 2,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	276,608	$	270,172
Restricted cash	1,222		341
Accounts receivable	613,510		519,684
Contract assets	128,050		115,283
Inventories	1,561,264		972,312
Prepaid expenses and other	73,771		53,094
Total current assets	2,654,425		1,930,886
Property, plant and equipment, net	429,990		395,094
Operating lease right-of-use assets	64,293		72,087
Deferred income taxes	26,919		27,385
Other assets	28,836		36,441
Total non-current assets	550,038		531,007
Total assets	$	3,204,463	$	2,461,893
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and finance lease obligations	$	250,012	$	66,313
Accounts payable	853,203		634,969
Customer deposits	390,779		204,985
Accrued salaries and wages	68,386		75,394
Other accrued liabilities	298,363		147,042
Total current liabilities	1,860,743		1,128,703
Long-term debt and finance lease obligations, net of current portion	184,707		187,033
Accrued income taxes payable	42,167		47,974
Long-term operating lease liabilities	32,270		37,970
Deferred income taxes	6,289		5,677
Other liabilities	20,097		26,304
Total non-current liabilities	285,530		304,958
Total liabilities	2,146,273		1,433,661
Shareholders’ equity:
Common stock, $.01 par value, 200,000 shares authorized,
54,079 and 53,849 shares issued, respectively,
and 27,712 and 28,047 shares outstanding, respectively	541		538
Additional paid-in-capital	647,169		639,778
Common stock held in treasury, at cost, 26,367 and 25,802, respectively	(1,090,003)		(1,043,091)
Retained earnings	1,521,777		1,433,991
Accumulated other comprehensive loss	(21,294)		(2,984)
Total shareholders’ equity	1,058,190		1,028,232
Total liabilities and shareholders’ equity	$	3,204,463	$	2,461,893

7

PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 1
(in thousands, except per share data)
(unaudited)
		Three Months Ended									Nine Months Ended
		Jul 2,			Apr 2,			Jul 3,			Jul 2,			Jul 3,
		2022			2022			2021			2022			2021
Operating income, as reported		$	49,561		$	35,837		$	36,373		$	115,871		$	133,926
Operating margin, as reported		5.1		%	4.0		%	4.5		%	4.3		%	5.3		%
Non-GAAP adjustments:
Restructuring and impairment charges (1)		—			—			1,238			2,021			3,267
Adjusted operating income		$	49,561		$	35,837		$	37,611		$	117,892		$	137,193
Adjusted operating margin		5.1		%	4.0		%	4.6		%	4.4		%	5.4		%
Net income, as reported		$	37,494		$	26,869		$	27,609		$	87,786		$	105,571
Non-GAAP adjustments:
Restructuring and impairment charges, net of tax (1)		—			—			1,108			1,809			2,924
Adjusted net income		$	37,494		$	26,869		$	28,717		$	89,595		$	108,495
Diluted earnings per share, as reported		$	1.33		$	0.95		$	0.95		$	3.09		$	3.60
Non-GAAP per share adjustments:
Restructuring and impairment charges, net of tax (1)		—			—			0.04			0.06			0.10
Adjusted diluted earnings per share		$	1.33		$	0.95		$	0.99		$	3.15		$	3.70
(1)	During the nine months ended July 2, 2022, restructuring and impairment charges of $2.0 million, or $1.8 million net of taxes, were primarily incurred for employee severance costs associated with a facility transition in our APAC region. During the three months ended July 3, 2021, restructuring and impairment charges of $1.2 million, or $1.1 million net of taxes, were incurred for employee severance costs associated with the reduction of the Company's workforce primarily in the AMER region. During the nine months ended July 3, 2021, restructuring and impairment charges of $3.3 million, or $2.9 million net of taxes, were incurred for employee severance costs associated with the reduction of the Company's workforce primarily in the EMEA and AMER regions.

8

PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
(in thousands)
(unaudited)
ROIC and Economic Return Calculations	Nine Months Ended				Six Months Ended				Nine Months Ended
	Jul 2,				Apr 2,				Jul 3,
	2022				2022				2021
Operating income, as reported		$	115,871			$	66,310			$	133,926
Restructuring and impairment charges	+	2,021			+	2,021			+	3,267
Adjusted operating income		$	117,892			$	68,331			$	137,193
	÷	3			x	2			÷	3
		$	39,297							$	45,731
	x	4							x	4
Adjusted annualized operating income		$	157,188			$	136,662			$	182,924
Adjusted effective tax rate	x	14		%	x	14		%	x	13		%
Tax impact		22,006				19,133				23,780
Adjusted operating income (tax effected)		$	135,182			$	117,529			$	159,144
Average invested capital	÷	$	1,178,134		÷	$	1,151,775		÷	$	1,003,614
ROIC		11.5		%		10.2		%		15.9		%
Weighted average cost of capital	-	9.3		%	-	9.3		%	-	8.1		%
Economic return		2.2		%		0.9		%		7.8		%

	Three Months Ended
Average Invested Capital Calculations	Jul 2,		Apr 2,		Jan 1,		Oct 2,
	2022		2022		2022		2021
Equity	$	1,058,190	$	1,040,591	$	1,044,095	$	1,028,232
Plus:
Debt and finance lease obligations - current	250,012		222,393		151,417		66,313
Operating lease obligations - current (1)	8,640		9,266		9,507		9,877
Debt and finance lease obligations - long-term	184,707		186,069		187,075		187,033
Operating lease obligations - long-term	32,270		34,347		36,343		37,970
Less:
Cash and cash equivalents	(276,608)		(307,964)		(217,067)		(270,172)
	$	1,257,211	$	1,184,702	$	1,211,370	$	1,059,253

	Three Months Ended
Average Invested Capital Calculations		Jul 3,		Apr 3,		Jan 2,		Oct 3,
		2021		2021		2021		2020
Equity		$	1,020,450	$	1,013,952	$	1,006,959	$	977,480
Plus:
Debt and finance lease obligations - current		60,468		50,229		148,408		146,829
Operating lease obligations - current (1)		9,130		9,314		9,351		7,724
Debt and finance lease obligations - long-term		187,690		188,730		188,148		187,975
Operating lease obligations - long-term		33,193		34,751		37,052		36,779
Less:
Cash and cash equivalents		(303,255)		(294,370)		(356,724)		(385,807)
		$	1,007,676	$	1,002,606	$	1,033,194	$	970,980

(1) Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

9

XML

Cover	Jul. 27, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 27, 2022
Entity Registrant Name	PLEXUS CORP.
Entity Incorporation, State or Country Code	WI
Entity File Number	001-14423
Entity Tax Identification Number	39-1344447
Entity Address, Address Line One	One Plexus Way
Entity Address, City or Town	Neenah
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54957
City Area Code	920
Local Phone Number	969-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLXS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000785786
Amendment Flag	false