Plexus Corporation

05/07/2021 | Press release | Archived content

Quarterly Report (SEC Filing - 10-Q)


Exhibit 99.1
Return on Invested Capital ('ROIC') and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):
Six Months Ended Three Months Ended Six Months Ended
Apr 3, Jan 2, Apr 4,
2021 2021 2020
Operating income, as reported $ 97,553 $ 46,866 $ 57,143
Restructuring and other charges + 2,029 + - + 6,003
Adjusted operating income 99,582 46,866 63,146
x 2 x 4 x 2
Adjusted annualized operating income $ 199,164 $ 187,464 $ 126,292
Adjusted effective tax rate x 13 % x 13 % x 13 %
Tax impact $ 25,891 $ 24,370 $ 16,418
Adjusted operating income (tax effected) $ 173,273 $ 163,094 $ 109,874
Average invested capital $ 1,002,260 $ 1,002,087 $ 966,630
ROIC 17.3 % 16.3 % 11.4 %
WACC 8.1 % 8.1 % 8.8 %
Economic Return 9.2 % 8.2 % 2.6 %

Three Months Ended
Apr 3, Jan 2, Oct 3, Jul 4, Apr 4, Jan 4, Sept 28,
2021 2021 2020 2020 2020 2020 2019
Equity $ 1,013,952 $ 1,006,959 $ 977,480 $ 944,821 $ 892,558 $ 908,372 $ 865,576
Plus:
Debt and finance lease obligations - current 50,229 148,408 146,829 145,993 107,880 67,847 100,702
Operating lease obligations - current (1) (2) 9,314 9,351 7,724 8,061 8,546 9,102 -
Debt and finance lease obligations - long-term 188,730 188,148 187,975 188,626 186,327 186,827 187,278
Operating lease obligations - long-term (2) 34,751 37,052 36,779 38,077 39,617 41,764 -
Less:
Cash and cash equivalents (294,370) (356,724) (385,807) (296,545) (225,830) (252,914) (223,761)
$ 1,002,606 $ 1,033,194 $ 970,980 $ 1,029,033 $ 1,009,098 $ 960,998 $ 929,795

(1) Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
(2) In fiscal 2020, 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.