EX-99.1 7 plxsf1910-qq2exhibit991.htm EXHIBIT 99.1 Exhibit


 
 
 
 
 
 
 
 
Exhibit 99.1

Return on Invested Capital ("ROIC") and Economic Return Calculations (dollars in thousands):
 
 
 
 
 
 
 
Six Months Ended
 
Three Months Ended
 
Six Months Ended
 
Mar 30,
 
Dec 29,
 
Mar 31,
 
2019
 
2018
 
2018
Operating income, as reported
 
$
70,125

 
 
$
36,951

 
 
$
48,872

One-time employee bonus
+
—

 
+
—

 
+
13,512

Adjusted operating income
 
$
70,125

 
 
$
36,951

 
 
$
62,384

 
x
2

 
x
4

 
x
2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted annualized operating income
 
$
140,250

 
 
$
147,804

 
 
$
124,768

Adjusted effective tax rate
x
15
%
 
x
15
%
 
x
11
%
Tax impact
 
21,038

 
 
22,171

 
 
13,724

Adjusted operating income (tax effected)
 
$
119,212

 
 
$
125,633

 
 
$
111,044

 
 
 
 
 
 
 
 
 
Average invested capital
÷
$
898,929

 
÷
$
862,528

 
÷
$
709,764

 
 
 
 
 
 
 
 
 
ROIC
 
13.3
%
 
 
14.6
%
 
 
15.6
%
Weighted average cost of capital
-
9.0
%
 
-
9.0
%
 
-
9.5
%
Economic return
 
4.3
%
 
 
5.6
%
 
 
6.1
%


 
Three Months Ended
Average Invested Capital
Mar 30,
 
Dec 29,
 
Sept 29,
 
Jun 30,
 
Mar 31,
 
Dec 30,
 
Sept 30,
 
2019
 
2018
 
2018
 
2018
 
2018
 
2017
 
2017
Equity
$
875,444

 
$
905,163

 
$
921,143

 
$
882,360

 
$
920,503

 
$
933,849

 
$
1,025,939

Plus:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt - current
93,197

 
8,633

 
5,532

 
6,365

 
180,772

 
179,881

 
286,934

Debt - long-term
187,120

 
187,567

 
183,085

 
180,204

 
27,217

 
26,047

 
26,173

Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
(184,028)

 
(188,799)

 
(297,269)

 
(332,723)

 
(402,470)

 
(506,694)

 
(568,860)

 
$
971,733

 
$
912,564

 
$
812,491

 
$
736,206

 
$
726,022

 
$
633,083

 
$
770,186