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Plexus Announces Fiscal Third Quarter Financial Results

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Plexus
Plexus

NEENAH, WI, July 27, 2022 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended July 2, 2022, and guidance for our fiscal fourth quarter ending October 1, 2022.

  • Reports record fiscal third quarter revenue of $981 million, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.33, including $0.21 of stock-based compensation expense

  • Initiates fiscal fourth quarter revenue guidance of $980 million to $1.020 billion with GAAP diluted EPS of $1.19 to $1.35, including $0.22 of stock-based compensation expense

 

 

 

Three Months Ended

 

Jul 2, 2022

 

Jul 2, 2022

 

Oct 1, 2022

 

Q3F22 Results

 

Q3F22 Guidance

 

Q4F22 Guidance

Summary GAAP Items

 

 

 

 

 

Revenue (in millions)

$

981

 

$885 to $925

 

$980 to $1,020

Operating margin

 

5.1%

 

4.4% to 4.9%

 

4.7% to 5.2%

Diluted EPS (1)

$

1.33

 

$1.02 to $1.18

 

$1.19 to $1.35

 

 

 

 

 

 

Summary Non-GAAP Items (2)

 

 

 

 

 

Return on invested capital (ROIC)

 

11.5%

 

 

 

 

Economic return

 

2.2%

 

 

 

 

 

 

 

 

 

 

(1)  Includes stock-based compensation expense of $0.21 for Q3F22 results, $0.21 for Q3F22 guidance and $0.22 for Q4F22 guidance.

(2)  Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP.

 

Fiscal Third Quarter 2022 Information

  • Won 47 manufacturing programs during the quarter representing $201 million in annualized revenue when fully ramped into production

  • Trailing four-quarter manufacturing wins continue to exceed $1 billion in annualized revenue when fully ramped into production

  • Purchased $11.7 million of our shares at an average price of $79.27 per share, completing our $50 million share repurchase program authorized by Plexus’ Board of Directors on August 11, 2021

Todd Kelsey, CEO, commented, “As we establish our fiscal fourth quarter guidance, I am pleased that Plexus is in position to deliver $1 billion in quarterly revenue, which would be a first for the company. While understanding that the macroeconomic outlook is uncertain and that challenging supply chain conditions remain, the strength in substantial, early-stage new program ramps, our leading position in secular growth markets and commitment to operational excellence provides the opportunity for further revenue growth and GAAP EPS expansion into fiscal 2023.”

Mr. Kelsey continued, “We delivered another strong quarter of results given our increasing success in mitigating the impact of constrained component supplies. Our fiscal third quarter revenue of $981 million, representing year-over-year growth of 21%, 5.1% GAAP operating margin and GAAP EPS of $1.33 all exceeded our guidance range.”

Mr. Kelsey further commented, “Our funnel of qualified manufacturing opportunities held steady at a record $3.4 billion, while quarterly new manufacturing program wins of $201 million declined following the superb performance last quarter. With our trailing four-quarter wins exceeding $1 billion, our momentum in program ramps and our increasing exposure to the secular growth markets of commercial space, warehouse and factory automation and robotic-assisted surgery, we remain positioned for sustained growth.”

Patrick Jermain, Executive Vice President and CFO, commented, “The fiscal third quarter cash cycle of 102 days was consistent with our expectation. As anticipated, the quarter included strategic investments in working capital to support significant revenue growth delivered in the fiscal third quarter and continued revenue growth projected in the fiscal fourth quarter. While working capital investments will continue in support of our customers’ demand, we expect our cash cycle to improve for the fiscal fourth quarter through sequential revenue growth and continued focus on working capital initiatives. We anticipate this improvement will help deliver breakeven-to-positive free cash flow for the fiscal fourth quarter.”

Mr. Jermain continued, "On June 9, 2022, we refinanced our credit facility to take advantage of favorable pricing and improve our financial covenants. In addition, the maximum commitment under the credit facility was expanded to $500 million, with the potential to increase it by an additional $250 million. The maturity of the credit facility was extended to June 2027.”

Mr. Kelsey concluded, “We are guiding fiscal fourth quarter revenue of $980 million to $1.020 billion, which reflects the success of ongoing new program ramps and customer demand that continues to substantially outpace supply. Incremental investments to support robust customer growth projections and increased incentive compensation expense are modestly pressuring GAAP operating margin, resulting in a forecast of 4.7% to 5.2%, while GAAP EPS guidance of $1.19 to $1.35 is also impacted by greater interest and tax expense.”

 

 

Quarterly Comparison

Three Months Ended

(in thousands, except EPS)

Jul 2, 2022

 

Apr 2, 2022

 

Jul 3, 2021

Revenue

$

981,341

 

 

$

888,723

 

 

$

814,387

 

Gross profit

 

93,618

 

 

 

76,510

 

 

 

74,050

 

Operating income

 

49,561

 

 

 

35,837

 

 

 

36,373

 

Net income

 

37,494

 

 

 

26,869

 

 

 

27,609

 

Diluted EPS

$

1.33

 

 

$

0.95

 

 

$

0.95

 

 

 

 

 

 

 

Gross margin

 

9.5

%

 

 

8.6

%

 

 

9.1

%

Operating margin

 

5.1

%

 

 

4.0

%

 

 

4.5

%

 

 

 

 

 

 

ROIC (1)

 

11.5

%

 

 

10.2

%

 

 

15.9

%

Economic return (1)

 

2.2

%

 

 

0.9

%

 

 

7.8

%

 

 

 

 

 

 

(1)  Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return and a reconciliation of these measures to their comparable GAAP measures.

 

Business Segment and Market Sector Revenue

Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised 56% of revenue during both the second and third quarters of fiscal 2022, up one percentage point from the third quarter of fiscal 2021 when the top 10 customers comprised 55% of revenue.

 

 

Business Segments ($ in millions)

Three Months Ended

 

Jul 2, 2022

 

Apr 2, 2022

 

Jul 3, 2021

Americas

$

343

 

 

$

311

 

 

$

319

 

Asia-Pacific

 

586

 

 

 

534

 

 

 

447

 

Europe, Middle East and Africa

 

84

 

 

 

74

 

 

 

76

 

Elimination of inter-segment sales

 

(32

)

 

 

(30

)

 

 

(28

)

Total Revenue

$

981

 

 

$

889

 

 

$

814

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Market Sectors ($ in millions)

Three Months Ended

 

Jul 2, 2022

 

Apr 2, 2022

 

Jul 3, 2021

Industrial

$

454

46

%

 

$

415

47

%

 

$

372

46

%

Healthcare/Life Sciences

 

401

41

%

 

 

353

40

%

 

 

324

40

%

Aerospace/Defense

 

126

13

%

 

 

121

13

%

 

 

118

14

%

Total Revenue

$

981

 

 

$

889

 

 

$

814

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Supplemental Information

Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to the attached Non-GAAP Supplemental Information Tables.

ROIC and Economic Return

ROIC for the third quarter of fiscal 2022 was 11.5%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a four-quarter period for the third fiscal quarter. Invested capital is defined as equity plus debt and operating lease obligations, less cash and cash equivalents. Plexus' weighted average cost of capital for fiscal 2022 is 9.3%. ROIC for the third quarter of fiscal 2022 less Plexus’ weighted average cost of capital resulted in an economic return of 2.2%.

Free Cash Flow

Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended July 2, 2022, cash flows used in operations was $21.2 million, less capital expenditures of $20.8 million, resulted in negative free cash flow of $42 million.

 

 

Cash Cycle Days

Three Months Ended

 

Jul 2, 2022

 

Apr 2, 2022

 

Jul 3, 2021

Days in Accounts Receivable

57

 

59

 

52

Days in Contract Assets

12

 

12

 

13

Days in Inventory

160

 

154

 

108

Days in Accounts Payable

(87)

 

(86)

 

(71)

Days in Cash Deposits

(40)

 

(41)

 

(22)

Annualized Cash Cycle *

102

 

98

 

80

 

 

 

 

 

 

* We calculate cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in cash deposits.

 

Conference Call and Webcast Information

What:

Plexus Fiscal 2022 Q3 Earnings Conference Call and Webcast

When:

Thursday, July 28, 2022 at 8:30 a.m. Eastern Time

Where:

Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com. Participants can also join utilizing the links below:

Audio conferencing link:
https://register.vevent.com/register/BI9aba234995214c3096c0dad2bf8c99e4

Webcast link:
https://edge.media-server.com/mmc/p/xv7vm7hu

Replay:

The webcast will be archived on the Plexus website and will be available as on-demand for 12 months

 

 

Investor and Media Contact
Shawn Harrison
+1.920.969.6325
shawn.harrison@plexus.com

About Plexus
Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 20,000 individuals who are dedicated to providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing and Aftermarket Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading companies by providing innovative, comprehensive solutions throughout a product’s lifecycle. For more information about Plexus, visit our website at www.plexus.com.

Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the evolving effect, which may intensify, of COVID-19 on our employees, customers, suppliers, and logistics providers, including the impact of governmental actions being taken to curtail the spread of the virus. Other risks and uncertainties include, but are not limited to: the effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets; the effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risks of concentration of work for certain customers; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the effects of start-up costs of new programs and facilities or the costs associated with the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; risks related to information technology systems and data security; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; increasing regulatory and compliance requirements; the effects of U.S. Tax Reform, any tax law changes as a result of change in U.S. presidential administration, and of related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and tax matters in the United States and in the other countries in which we do business (including as a result of the United Kingdom’s exit from the European Union); the potential effect of other world or local events or other events outside our control (such as the recent conflict between Russia and Ukraine, changes in energy prices, terrorism, global health epidemics and weather events); the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2021 Form 10-K and subsequently filed quarterly reports on Form 10-Q.

 

PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Jul 2,

 

Jul 3,

 

Jul 2,

 

Jul 3,

 

2022

 

2021

 

2022

 

2021

Net sales

$

981,341

 

 

$

814,387

 

 

$

2,687,520

 

 

$

2,525,627

 

Cost of sales

 

887,723

 

 

 

740,337

 

 

 

2,447,396

 

 

 

2,281,298

 

Gross profit

 

93,618

 

 

 

74,050

 

 

 

240,124

 

 

 

244,329

 

Operating expenses:

 

 

 

 

 

 

 

Selling and administrative expenses

 

44,057

 

 

 

36,439

 

 

 

122,232

 

 

 

107,136

 

Restructuring and impairment charges

 

 

 

 

1,238

 

 

 

2,021

 

 

 

3,267

 

Operating income

 

49,561

 

 

 

36,373

 

 

 

115,871

 

 

 

133,926

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

 

(3,923

)

 

 

(3,190

)

 

 

(10,314

)

 

 

(11,094

)

Interest income

 

318

 

 

 

308

 

 

 

851

 

 

 

1,072

 

Miscellaneous, net

 

(2,678

)

 

 

(579

)

 

 

(5,047

)

 

 

(2,922

)

Income before income taxes

 

43,278

 

 

 

32,912

 

 

 

101,361

 

 

 

120,982

 

Income tax expense

 

5,784

 

 

 

5,303

 

 

 

13,575

 

 

 

15,411

 

Net income

$

37,494

 

 

$

27,609

 

 

$

87,786

 

 

$

105,571

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.35

 

 

$

0.97

 

 

$

3.14

 

 

$

3.68

 

Diluted

$

1.33

 

 

$

0.95

 

 

$

3.09

 

 

$

3.60

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

27,738

 

 

 

28,529

 

 

 

27,913

 

 

 

28,708

 

Diluted

 

28,179

 

 

 

29,068

 

 

 

28,452

 

 

 

29,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

PLEXUS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

Jul 2,

 

Oct 2,

 

2022

 

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

276,608

 

 

$

270,172

 

Restricted cash

 

1,222

 

 

 

341

 

Accounts receivable

 

613,510

 

 

 

519,684

 

Contract assets

 

128,050

 

 

 

115,283

 

Inventories

 

1,561,264

 

 

 

972,312

 

Prepaid expenses and other

 

73,771

 

 

 

53,094

 

Total current assets

 

2,654,425

 

 

 

1,930,886

 

Property, plant and equipment, net

 

429,990

 

 

 

395,094

 

Operating lease right-of-use assets

 

64,293

 

 

 

72,087

 

Deferred income taxes

 

26,919

 

 

 

27,385

 

Other assets

 

28,836

 

 

 

36,441

 

Total non-current assets

 

550,038

 

 

 

531,007

 

Total assets

$

3,204,463

 

 

$

2,461,893

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt and finance lease obligations

$

250,012

 

 

$

66,313

 

Accounts payable

 

853,203

 

 

 

634,969

 

Customer deposits

 

390,779

 

 

 

204,985

 

Accrued salaries and wages

 

68,386

 

 

 

75,394

 

Other accrued liabilities

 

298,363

 

 

 

147,042

 

Total current liabilities

 

1,860,743

 

 

 

1,128,703

 

Long-term debt and finance lease obligations, net of current portion

 

184,707

 

 

 

187,033

 

Accrued income taxes payable

 

42,167

 

 

 

47,974

 

Long-term operating lease liabilities

 

32,270

 

 

 

37,970

 

Deferred income taxes

 

6,289

 

 

 

5,677

 

Other liabilities

 

20,097

 

 

 

26,304

 

Total non-current liabilities

 

285,530

 

 

 

304,958

 

Total liabilities

 

2,146,273

 

 

 

1,433,661

 

Shareholders’ equity:

 

 

 

Common stock, $.01 par value, 200,000 shares authorized,

 

 

 

54,079 and 53,849 shares issued, respectively,

 

 

 

and 27,712 and 28,047 shares outstanding, respectively

 

541

 

 

 

538

 

Additional paid-in-capital

 

647,169

 

 

 

639,778

 

Common stock held in treasury, at cost, 26,367 and 25,802, respectively

 

(1,090,003

)

 

 

(1,043,091

)

Retained earnings

 

1,521,777

 

 

 

1,433,991

 

Accumulated other comprehensive loss

 

(21,294

)

 

 

(2,984

)

Total shareholders’ equity

 

1,058,190

 

 

 

1,028,232

 

Total liabilities and shareholders’ equity

$

3,204,463

 

 

$

2,461,893

 

 

 

 

 


 

PLEXUS CORP. AND SUBSIDIARIES

NON-GAAP SUPPLEMENTAL INFORMATION Table 1

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Jul 2,

 

Apr 2,

 

Jul 3,

 

Jul 2,

 

Jul 3,

 

2022

 

2022

 

2021

 

2022

 

2021

Operating income, as reported

$

49,561

 

 

$

35,837

 

 

$

36,373

 

 

$

115,871

 

 

$

133,926

 

Operating margin, as reported

 

5.1

%

 

 

4.0

%

 

 

4.5

%

 

 

4.3

%

 

 

5.3

%

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Restructuring and impairment charges (1)

 

 

 

 

 

 

 

1,238

 

 

 

2,021

 

 

 

3,267

 

Adjusted operating income

$

49,561

 

 

$

35,837

 

 

$

37,611

 

 

$

117,892

 

 

$

137,193

 

Adjusted operating margin

 

5.1

%

 

 

4.0

%

 

 

4.6

%

 

 

4.4

%

 

 

5.4

%

 

 

 

 

 

 

 

 

 

 

Net income, as reported

$

37,494

 

 

$

26,869

 

 

$

27,609

 

 

$

87,786

 

 

$

105,571

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Restructuring and impairment charges, net of tax (1)

 

 

 

 

 

 

 

1,108

 

 

 

1,809

 

 

 

2,924

 

Adjusted net income

$

37,494

 

 

$

26,869

 

 

$

28,717

 

 

$

89,595

 

 

$

108,495

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share, as reported

$

1.33

 

 

$

0.95

 

 

$

0.95

 

 

$

3.09

 

 

$

3.60

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP per share adjustments:

 

 

 

 

 

 

 

 

 

Restructuring and impairment charges, net of tax (1)

 

 

 

 

 

 

 

0.04

 

 

 

0.06

 

 

 

0.10

 

Adjusted diluted earnings per share

$

1.33

 

 

$

0.95

 

 

$

0.99

 

 

$

3.15

 

 

$

3.70

 

 

 

 

 

 

 

 

 

 

 

(1)  During the nine months ended July 2, 2022, restructuring and impairment charges of $2.0 million, or $1.8 million net of taxes, were primarily incurred for employee severance costs associated with a facility transition in our APAC region.

During the three months ended July 3, 2021, restructuring and impairment charges of $1.2 million, or $1.1 million net of taxes, were incurred for employee severance costs associated with the reduction of the Company's workforce primarily in the AMER region.

During the nine months ended July 3, 2021, restructuring and impairment charges of $3.3 million, or $2.9 million net of taxes, were incurred for employee severance costs associated with the reduction of the Company's workforce primarily in the EMEA and AMER regions.

 


 

PLEXUS CORP. AND SUBSIDIARIES

NON-GAAP SUPPLEMENTAL INFORMATION Table 2

(in thousands)

(unaudited)

 

 

 

 

 

 

ROIC and Economic Return Calculations

Nine Months Ended

 

Six Months Ended

 

Nine Months Ended

 

Jul 2,

 

Apr 2,

 

Jul 3,

 

2022

 

2022

 

2021

Operating income, as reported

 

$

115,871

 

 

 

$

66,310

 

 

 

$

133,926

 

Restructuring and impairment charges

+

 

2,021

 

 

+

 

2,021

 

 

+

 

3,267

 

Adjusted operating income

 

$

117,892

 

 

 

$

68,331

 

 

 

$

137,193

 

 

÷

 

3

 

 

x

 

2

 

 

÷

 

3

 

 

 

$

39,297

 

 

 

 

 

 

$

45,731

 

 

x

 

4

 

 

 

 

 

x

 

4

 

Adjusted annualized operating income

 

$

157,188

 

 

 

$

136,662

 

 

 

$

182,924

 

Adjusted effective tax rate

x

 

14

%

 

x

 

14

%

 

x

 

13

%

Tax impact

 

 

22,006

 

 

 

 

19,133

 

 

 

 

23,780

 

Adjusted operating income (tax effected)

 

$

135,182

 

 

 

$

117,529

 

 

 

$

159,144

 

 

 

 

 

 

 

 

 

 

Average invested capital

÷

$

1,178,134

 

 

÷

$

1,151,775

 

 

÷

$

1,003,614

 

ROIC

 

 

11.5

%

 

 

 

10.2

%

 

 

 

15.9

%

Weighted average cost of capital

-

 

9.3

%

 

-

 

9.3

%

 

-

 

8.1

%

Economic return

 

 

2.2

%

 

 

 

0.9

%

 

 

 

7.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

Three Months Ended

Average Invested Capital Calculations

 

Jul 2,

 

Apr 2,

 

Jan 1,

 

Oct 2,

 

 

2022

 

2022

 

2022

 

2021

Equity

 

$

1,058,190

 

 

$

1,040,591

 

 

$

1,044,095

 

 

$

1,028,232

 

Plus:

 

 

 

 

 

 

 

 

Debt and finance lease obligations - current

 

 

250,012

 

 

 

222,393

 

 

 

151,417

 

 

 

66,313

 

Operating lease obligations - current (1)

 

 

8,640

 

 

 

9,266

 

 

 

9,507

 

 

 

9,877

 

Debt and finance lease obligations - long-term

 

 

184,707

 

 

 

186,069

 

 

 

187,075

 

 

 

187,033

 

Operating lease obligations - long-term

 

 

32,270

 

 

 

34,347

 

 

 

36,343

 

 

 

37,970

 

Less:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

(276,608

)

 

 

(307,964

)

 

 

(217,067

)

 

 

(270,172

)

 

 

$

1,257,211

 

 

$

1,184,702

 

 

$

1,211,370

 

 

$

1,059,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

Three Months Ended

Average Invested Capital Calculations

 

Jul 3,

 

Apr 3,

 

Jan 2,

 

Oct 3,

 

 

2021

 

2021

 

2021

 

2020

Equity

 

$

1,020,450

 

 

$

1,013,952

 

 

$

1,006,959

 

 

$

977,480

 

Plus:

 

 

 

 

 

 

 

 

Debt and finance lease obligations - current

 

 

60,468

 

 

 

50,229

 

 

 

148,408

 

 

 

146,829

 

Operating lease obligations - current (1)

 

 

9,130

 

 

 

9,314

 

 

 

9,351

 

 

 

7,724

 

Debt and finance lease obligations - long-term

 

 

187,690

 

 

 

188,730

 

 

 

188,148

 

 

 

187,975

 

Operating lease obligations - long-term

 

 

33,193

 

 

 

34,751

 

 

 

37,052

 

 

 

36,779

 

Less:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

(303,255

)

 

 

(294,370

)

 

 

(356,724

)

 

 

(385,807

)

 

 

$

1,007,676

 

 

$

1,002,606

 

 

$

1,033,194

 

 

$

970,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1)  Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.