EX-99.1 9 plxsf1910-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 28,
2019
 
September 29,
2018
 
September 30,
2017
 
 
 
 
Operating income, as reported
 
 
$
142,055

 
$
118,283

 
$
129,908

 
 
 
 
Restructuring and other charges
 
 
1,678

 
—

 
—

 
 
 
 
One-time employee bonus
 
 
—

 
13,512

 
—

 
 
 
 
Adjusted operating income
 
 
143,733

 
131,795

 
129,908

 

 
 
Tax rate
 
 
16.0
%
 
10.0
%
 
8.0
%
 
 
 
 
Adjusted operating income (tax effected)
 
 
$
120,736

 
$
118,615

 
$
119,515

 
 
 
 
Average invested capital
 
 
$
923,107

 
$
735,598

 
$
738,266

 
 
 
 
ROIC
 
 
13.1
%
 
16.1
%
 
16.2
%
 
 
 
 
WACC
 
 
9.0
%
 
9.5
%
 
10.5
%
 
 
 
 
Economic Return
 
 
4.1
%
 
6.6
%
 
5.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Invested Capital
Fiscal 2019
 
Actual
 
Actual
 
Actual
 
Actual
 
Actual
 
Average invested capital
 
9/28/19
 
6/29/19
 
3/30/19
 
12/29/18
 
9/29/18
 
Equity
$
865,576

 
$
860,791

 
$
875,444

 
$
905,163

 
$
921,143

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
 
   Debt - current
100,702

 
138,976

 
93,197

 
8,633

 
5,532

 
 
   Debt - non-current
187,278

 
187,581

 
187,120

 
187,567

 
183,085

 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
(223,761
)
 
(198,395
)
 
(184,028
)
 
(188,799
)
 
(297,269
)
 
 
 
$
929,795

 
$
988,953

 
$
971,733

 
$
912,564

 
$
812,491

 
$
923,107

 
 
 
 
 
 
 
 
 
 
 
 
Average Invested Capital
Fiscal 2018
 
Actual
 
Actual
 
Actual
 
Actual
 
Actual
 
Average invested capital
 
9/29/18
 
6/30/18
 
3/31/18
 
12/30/17
 
9/30/17
 
Equity
$
921,143

 
$
882,360

 
$
920,503

 
$
933,849

 
$
1,025,939

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
 
   Debt - current
5,532

 
6,365

 
180,772

 
179,881

 
286,934

 
 
   Debt - non-current
183,085

 
180,204

 
27,217

 
26,047

 
26,173

 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
(297,269
)
 
(332,723
)
 
(402,470
)
 
(506,694
)
 
(568,860
)
 
 
 
$
812,491

 
$
736,206

 
$
726,022

 
$
633,083

 
$
770,186

 
$
735,598

 
 
 
 
 
 
 
 
 
 
 
 
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