EX-99.1 9 plxsf2110-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 2,October 3,September 28,
202120202019
Operating income, as reported$176,268 $153,372 $142,055 
Restructuring and other charges3,267 6,003 1,678 
Adjusted operating income179,535 159,375 143,733 
Tax rate13.0 %14.0 %16.0 %
Adjusted operating income (tax effected)$156,195 $137,062 $120,736 
Average invested capital$1,014,742 $979,981 $923,107 
ROIC15.4 %14.0 %13.1 %
WACC8.1 %8.8 %9.0 %
Economic Return7.3 %5.2 %4.1 %
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) (2)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 (2)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 



Average Invested CapitalFiscal 2019
September 28,June 29,March 30,December 29,September 19,Average invested capital
20192019201920182018
Equity$865,576 $860,791 $875,444 $905,163 $921,143 
Plus:
  Debt and finance lease obligations - current100,702 138,976 93,197 8,633 5,532 
  Operating lease obligations - current (1) (2)— — — — — 
  Debt and finance lease obligations - long-term187,278 187,581 187,120 187,567 183,085 
  Operating lease obligations - long-term (2)— — — — — 
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 

(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.