05/07/2021 | Press release | Archived content
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. |