EX-99.1 8 plxsf2210-kexhibit991.htm EX-99.1 Document

Exhibit 99.1
Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):
Fiscal year ended
October 1,October 2,October 3,
202220212020
Operating income, as reported$178,185 $176,268 $153,372 
Restructuring and impairment charges2,021 3,267 6,003 
Adjusted operating income180,206 179,535 159,375 
Tax rate13.0 %13.0 %14.0 %
Adjusted operating income (tax effected)$156,779 $156,195 $137,062 
Average invested capital$1,207,357 $1,014,742 $979,981 
ROIC13.0 %15.4 %14.0 %
WACC9.3 %8.1 %8.8 %
Economic Return3.7 %7.3 %5.2 %
Average Invested CapitalFiscal 2022
October 1,July 2,April 2,January 1,October 2,Average invested capital
20222022202220222021
Equity$1,095,731 $1,058,190 $1,040,591 $1,044,095 $1,028,232 
Plus:
  Debt and finance lease obligations - current273,971 250,012 222,393 151,417 $66,313 
  Operating lease obligations - current (1)7,948 8,640 9,266 9,507 $9,877 
  Debt and finance lease obligations - long-term187,776 184,707 186,069 187,075 $187,033 
  Operating lease obligations - long-term33,628 32,270 34,347 36,343 $37,970 
Less:
  Cash and cash equivalents(274,805)(276,608)(307,964)(217,067)$(270,172)
$1,324,249 $1,257,211 $1,184,702 $1,211,370 $1,059,253 $1,207,357 
Average Invested CapitalFiscal 2021
October 2,July 3,April 3,January 2,October 3,Average invested capital
20212021202120212020
Equity$1,028,232 $1,020,450 $1,013,952 $1,006,959 $977,480 
Plus:
  Debt and finance lease obligations - current66,313 60,468 50,229 148,408 146,829 
  Operating lease obligations - current (1)9,877 9,130 9,314 9,351 7,724 
  Debt and finance lease obligations - long-term187,033 187,690 188,730 188,148 187,975 
  Operating lease obligations - long-term 37,970 33,193 34,751 37,052 36,779 
Less:
  Cash and cash equivalents(270,172)(303,255)(294,370)(356,724)(385,807)
$1,059,253 $1,007,676 $1,002,606 $1,033,194 $970,980 $1,014,742 



Average Invested CapitalFiscal 2020
October 3,July 4,April 4,January 4,September 28,Average invested capital
20202020202020202019
Equity$977,480 $944,821 $892,558 $908,372 $865,576 
Plus:
  Debt and finance lease obligations - current146,829 145,993 107,880 67,847 100,702 
  Operating lease obligations - current (1) (2)7,724 8,061 8,546 9,102 — 
  Debt and finance lease obligations - long-term187,975 188,626 186,327 186,827 187,278 
  Operating lease obligations - long-term (2)36,779 38,077 39,617 41,764 — 
Less:
  Cash and cash equivalents(385,807)(296,545)(225,830)(252,914)(223,761)
$970,980 $1,029,033 $1,009,098 $960,998 $929,795 $979,981 

(1)Included in other accrued liabilities on the Consolidated Balance Sheets.
(2)In fiscal 2021, Plexus 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 continues to be reported under the accounting standards in effect for fiscal 2019.