plexuslogoa04.jpg
Plexus Announces Fiscal Fourth Quarter and Fiscal Year 2018 Financial Results
Record fiscal fourth quarter revenue of $771 million and record fiscal 2018 revenue of $2.9 billion
Fiscal fourth quarter GAAP diluted EPS of $2.20
Fiscal fourth quarter non-GAAP adjusted diluted EPS of $0.96, excluding $1.24 per share related to net non-recurring tax benefits
Initiates fiscal first quarter 2019 revenue guidance of $750 to $790 million with GAAP diluted EPS of $0.85 to $0.95

NEENAH, WI – October 24, 2018 - Plexus (NASDAQ: PLXS) today announced financial results for its fiscal fourth quarter ended September 29, 2018, and guidance for its fiscal first quarter ending December 29, 2018.
 
 
Three Months Ended
 
 
Sept 29, 2018
 
Sept 29, 2018
 
Dec 29, 2018
 
 
Q4F18 Results
 
Q4F18 Guidance
 
Q1F19 Guidance
Summary GAAP Items
 
 
 
 
 
Revenue (in millions)

$771

 
$735 to $775
 
$750 to $790
Operating margin
4.8
%
 
4.5% to 4.9%
 
4.6% to 5.0%
Diluted EPS (1)

$2.20

 
$0.82 to $0.92
 
$0.85 to $0.95
 
 
 
 
 
 
 
Summary Non-GAAP Items (2)
 
 
 
 
 
Adjusted diluted EPS (1)

$0.96

 
 
 
 
Return on invested capital (ROIC)
16.1
%
 
 
 
 
Economic Return
6.6
%
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes stock-based compensation expense of $0.14 for Q4F18 results and $0.15 for Q1F19 guidance.
(2)
Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP.
Fiscal Fourth Quarter 2018 Information
Won 44 manufacturing programs during the quarter representing $233 million in annualized revenue when fully ramped into production
Trailing four quarter wins total $889 million in annualized revenue when fully ramped into production
Purchased $39.2 million of our shares at an average price of $61.32 per share under our existing share repurchase programs
Fiscal Year 2018 Information
Revenue of $2.9 billion, up 14% from fiscal 2017
GAAP diluted EPS of $0.38
Non-GAAP adjusted diluted EPS of $3.23, excluding $2.46 per share related to net non-recurring tax expenses and $0.39 per share related to the fiscal second quarter one-time bonus paid to full-time, non-executive employees
ROIC of 16.1%, delivering an economic return of 660 basis points above our weighted average cost of capital
Purchased $137 million of our shares at an average price of $60.68 per share under our existing share repurchase programs

1



Todd Kelsey, President and CEO, commented, “We continue to produce meaningful growth, finishing our fiscal fourth quarter with record revenue of $771 million, near the high end of our guidance range. In addition, as a result of strong execution, we delivered fiscal fourth quarter 2018 operating margin of 4.8%, comfortably within our target range of 4.7% to 5.0%. Our solid growth and operating performance led to non-GAAP diluted EPS of $0.96, a result that was above our guidance range. Further, we delivered fiscal year 2018 revenue of $2.9 billion, representing a 14% increase over fiscal 2017.”

Patrick Jermain, Senior Vice President and CFO, commented, “During the fiscal fourth quarter, we repatriated over $50 million of offshore cash which we deployed by investing in facilities and working capital and repurchasing approximately $39 million of shares under our repurchase programs. In total, we brought back approximately $430 million in fiscal 2018.”

Mr. Jermain continued, “Fiscal fourth quarter GAAP diluted EPS included a net benefit of $1.24 per share related to U.S. tax reform. The benefit resulted from adjustments made in applying additional guidance from the U.S. Department of the Treasury, as well as our utilization of accumulated U.S. net operating loss carryforwards, which reduced the repatriation tax. We also recognized a benefit from the reversal of our valuation allowance previously maintained on our U.S. net deferred tax assets. With future projected taxable income in the U.S. due to tax reform, the valuation allowance is no longer required.”

Mr. Kelsey continued, “As we look to the fiscal first quarter of 2019, we are guiding revenue of $750 million to $790 million. We expect continued strong operating performance with operating margin in the range of 4.6% to 5.0% and GAAP diluted EPS in the range of $0.85 to $0.95. We believe that our operating performance strength in the fiscal first quarter of 2019 will alleviate the impact of increased tax expense, estimated at $0.05 per share above the previous quarter.”

Mr. Kelsey concluded, “We anticipate fiscal 2019 to be another strong growth year as we achieve full production volumes of recently launched programs and expect to capitalize on our robust fiscal 2018 wins performance. Further, we currently see overall strength in our end markets and believe we can navigate the ongoing supply chain constraints. This growth, when combined with operating margin within our 4.7% to 5.0% target range and our share repurchase program, should result in meaningful EPS expansion.”


2



Quarterly & Annual Comparison
Three Months Ended
 
Twelve Months Ended
 
Sept 29, 2018
 
Jun 30, 2018
 
Sept 30, 2017
 
Sept 29, 2018
 
Sept 30, 2017
(in thousands, except EPS)
Q4F18
 
Q3F18
 
Q4F17
 
F18
 
F17
Revenue
$
771,178

 
$
726,385

 
$
669,852

 
$
2,873,508

 
$
2,528,052

Gross profit
73,304

 
67,821

 
66,514

 
257,600

 
255,855

Operating income
36,965

 
32,446

 
33,965

 
118,283

 
129,908

Net income
72,742

 
26,501

 
29,009

 
13,040

 
112,062

Diluted EPS
$
2.20

 
$
0.79

 
$
0.84

 
$
0.38

 
$
3.24

Adjusted net income (1)
31,615

 
*

 
*

 
109,600

 
*

Adjusted diluted EPS (1)
$
0.96

 
*

 
*

 
$
3.23

 
*

 
 
 
 
 
 
 
 
 
 
Gross margin
9.5
%
 
9.3
%
 
9.9
%
 
9.0
%
 
10.1
%
Adjusted gross margin (1)
*

 
*

 
*

 
9.4
%
 
*

Operating margin
4.8
%
 
4.5
%
 
5.1
%
 
4.1
%
 
5.1
%
Adjusted operating margin (1)
*

 
*

 
*

 
4.6
%
 
*

 
 
 
 
 
 
 
 
 
 
ROIC*
16.1
%
 
15.9
%
 
16.2
%
 
16.1
%
 
16.2
%
Economic Return*
6.6
%
 
6.4
%
 
5.7
%
 
6.6
%
 
5.7
%
 
 
 
 
 
 
 
 
 
 
(1) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures discussed in this release, such as adjusted gross margin, adjusted gross profit, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and Economic Return, and a reconciliation of these measures to GAAP.
* No adjustments were made in the indicated periods.

Business Segment and Market Sector Revenue
The Company 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 the Company’s global market sector focused business development strategy. Top 10 customers comprised 59% of revenue during the fiscal fourth quarter, up two percentage points from the fiscal third quarter of 2018, and 57% of revenue during fiscal year 2018, up one percentage point from the prior fiscal year.

Business Segments ($ in millions)
Three Months Ended
 
Twelve Months Ended
 
Sept 29, 2018
 
Sept 30, 2017
 
Sept 29, 2018
 
Sept 30, 2017
Americas
$
320

 
$
314

 
$
1,219

 
$
1,166

Asia-Pacific
418

 
334

 
1,498

 
1,279

Europe, Middle East, and Africa
69

 
55

 
281

 
193

Elimination of inter-segment sales
(36)

 
(33)

 
(124)

 
(110)

Total Revenue
$
771

 
$
670

 
$
2,874

 
$
2,528


Market Sectors ($ in millions)
Three Months Ended
 
Twelve Months Ended
 
Sept 29, 2018 Q4F18
 
Jun 30, 2018 Q3F18
 
Sept 30, 2017 Q4F17
 
Sept 29, 2018 Q4F18
 
Sept 30, 2017 Q4F17
Healthcare/Life Sciences
$
289

37
%
 
$
266

37
%
 
$
233

35
%
 
$
1,040

36
%
 
$
859

34
%
Industrial/Commercial
244

32
%
 
225

31
%
 
189

28
%
 
918

32
%
 
788

31
%
Communications
118

15
%
 
120

16
%
 
140

21
%
 
471

16
%
 
478

19
%
Aerospace/Defense
120

16
%
 
115

16
%
 
108

16
%
 
445

16
%
 
403

16
%
Total Revenue
$
771

 
 
$
726

 
 
$
670

 
 
$
2,874

 
 
$
2,528

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


3



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 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 items such as the one-time, non-executive employee bonus paid in the second quarter of fiscal 2018 and the transitional effects of the U.S. Tax Cuts & Jobs Act (“U.S. Tax Reform”) 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 both fiscal 2018 and the fiscal fourth quarter was 16.1%. The Company defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a five-quarter period for the fourth fiscal quarter. Invested capital is defined as equity plus debt, less cash and cash equivalents. The Company’s weighted average cost of capital for fiscal 2018 was 9.5%. ROIC for both fiscal 2018 and the fiscal fourth quarter less the Company’s weighted average cost of capital resulted in an economic return of 6.6%.

Free Cash Flow Calculation
The Company defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended September 29, 2018, cash flows provided by operations was $25.4 million, less capital expenditures of $10.7 million, resulting in free cash flow of $14.7 million. For the twelve months ended September 29, 2018, cash flows provided by operations was $66.8 million, less capital expenditures of $62.8 million, resulting in free cash flow of $4.0 million.

Cash Cycle Days
Three Months Ended
 
Sept 29, 2018 Q4F18
 
Jun 30, 2018 Q3F18
 
Sept 30, 2017 Q4F17
Days in Accounts Receivable
47
 
48
 
50
Days in Inventory
104
 
105
 
99
Days in Accounts Payable
(66)
 
(66)
 
(63)
Days in Cash Deposits
(12)
 
(14)
 
(16)
Annualized Cash Cycle*
73
 
73
 
70
*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits.

 


4



Conference Call and Webcast Information
What:   
Plexus Fiscal Q4 2018 Earnings Conference Call and Webcast
When:   
Thursday, October 25, 2018 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, https://plexus.gcs-web.com/events-and-presentations/upcoming-events, where a slide presentation reviewing fiscal fourth quarter 2018 results will also be made available ahead of the conference call.

Conference call at +1.800.773.2954 with passcode: 47612122
Replay:   
The webcast will be archived on the Plexus website and available via telephone replay at
+1.888.843.7419 or +1.630.652.3042 with passcode: 47612122

Investor and Media Contact
Heather Beresford
+1.920.751.3612
heather.beresford@plexus.com

About Plexus – The Product Realization Company
Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 18,000, providing global Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Aftermarket Services. Plexus is an industry leader that specializes in serving customers with complex products used in demanding regulatory environments. With a culture built around innovation and customer service, Plexus’ teams create customized end-to-end solutions to assure the realization of the most intricate products. For more information about Plexus, visit our website, 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, but are not limited to: 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 shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the effects of tariffs 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 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 risks of concentration of work for certain customers; the effect of start-up costs of new programs and 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, low volumes and demanding quality, regulatory, and other requirements; 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; risks related to information technology systems and data security; the effects of U.S. Tax Reform 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 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; 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 pending exit from the European Union); the potential effect of other world or local events or other events outside our control (such as changes in energy prices, terrorism and weather events); the impact of increased competition; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings (particularly in "Risk Factors" in our fiscal 2017 Form 10-K).

5



PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
Sept 29,
 
Sept 30,
 
Sept 29,
 
Sept 30,
 
2018
 
2017
 
2018
 
2017
Net sales
$
771,178

 
$
669,852

 
$
2,873,508

 
$
2,528,052

Cost of sales
697,874

 
603,338

 
2,615,908

 
2,272,197

Gross profit
73,304

 
66,514

 
257,600

 
255,855

Selling and administrative expenses
36,339

 
32,549

 
139,317

 
125,947

Operating income
36,965

 
33,965

 
118,283

 
129,908

Other income (expense):
 
 
 
 
 
 
 
Interest expense
(2,044
)
 
(3,748
)
 
(12,226
)
 
(13,578
)
Interest income
647

 
1,487

 
4,696

 
5,042

Miscellaneous
(1,268
)
 
(697
)
 
(3,143
)
 
451

Income before income taxes
34,300

 
31,007

 
107,610

 
121,823

Income tax (benefit) expense
(38,442
)
 
1,998

 
94,570

 
9,761

Net income
$
72,742

 
$
29,009

 
$
13,040

 
$
112,062

Earnings per share:
 
 
 
 
 
 
 
Basic
$
2.27

 
$
0.86

 
$
0.40

 
$
3.33

Diluted
$
2.20

 
$
0.84

 
$
0.38

 
$
3.24

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
32,113

 
33,541

 
33,003

 
33,612

Diluted
33,020

 
34,482

 
33,919

 
34,553










6



PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
 
 
 
 
 
Sept 29,
 
Sept 30,
 
2018
 
2017
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
297,269

 
$
568,860

Restricted cash
417

 
394

Accounts receivable
394,827

 
365,513

Inventories
794,346

 
654,642

Prepaid expenses and other
30,302

 
28,046

Total current assets
1,517,161

 
1,617,455

Property, plant and equipment, net
341,306

 
314,665

Deferred income taxes
10,825

 
5,292

Intangible assets
8,239

 

Other
55,111

 
38,770

Total non-current assets
415,481

 
358,727

Total assets
$
1,932,642

 
$
1,976,182

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt and capital lease obligations
$
5,532

 
$
286,934

Accounts payable
506,322

 
413,999

Customer deposits
90,782

 
107,837

Accrued salaries and wages
66,874

 
49,376

Other accrued liabilities
68,163

 
49,445

Total current liabilities
737,673

 
907,591

Long-term debt and capital lease obligations, net of current portion
183,085

 
26,173

Accrued income taxes payable
56,130

 

Deferred income taxes
14,376

 

Other liabilities
20,235

 
16,479

Total non-current liabilities
273,826

 
42,652

Total liabilities
1,011,499

 
950,243

Shareholders’ equity:
 
 
 
Common stock, $.01 par value, 200,000 shares authorized,
 
 
 
52,567 and 51,934 shares issued, respectively,
 
 
 
and 31,838 and 33,464 shares outstanding, respectively
526

 
519

Additional paid-in-capital
581,488

 
555,297

Common stock held in treasury, at cost, 20,729 and 18,470, respectively
(711,138
)
 
(574,104
)
Retained earnings
1,062,246

 
1,049,206

Accumulated other comprehensive loss
(11,979
)
 
(4,979
)
Total shareholders’ equity
921,143

 
1,025,939

Total liabilities and shareholders’ equity
$
1,932,642

 
$
1,976,182

 
 
 
 



7



PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 1
(in thousands, except per share data)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
Sept 29,
 
Jun 30,
 
Sept 30,
 
Sept 29,
 
Sept 30,
 
 
2018
 
2018
 
2017
 
2018
 
2017
Gross profit, as reported
$
73,304

 
$
67,821

 
$
66,514

 
$
257,600

 
$
255,855

Gross margin, as reported
9.5
%
 
9.3
%
 
9.9
%
 
9.0
%
 
10.1
%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
One-time employee bonus (1)

 

 

 
12,590

 

Adjusted gross profit
$
73,304

 
$
67,821

 
$
66,514

 
$
270,190

 
$
255,855

Adjusted gross margin
9.5
%
 
9.3
%
 
9.9
%
 
9.4
%
 
10.1
%
 
 
 
 
 
 
 
 
 
 
 
Operating income, as reported
$
36,965

 
$
32,446

 
$
33,965

 
$
118,283

 
$
129,908

Operating margin, as reported
4.8
%
 
4.5
%
 
5.1
%
 
4.1
%
 
5.1
%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
One-time employee bonus (1)

 

 

 
13,512

 

Adjusted operating income
$
36,965

 
$
32,446

 
$
33,965

 
$
131,795

 
$
129,908

Adjusted operating margin
4.8
%
 
4.5
%
 
5.1
%
 
4.6
%
 
5.1
%
 
 
 
 
 
 
 
 
 
 
 
Net income, as reported
$
72,742

 
$
26,501

 
$
29,009

 
$
13,040

 
$
112,062

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
One-time employee bonus, net of tax (1)

 

 

 
13,176

 

Non-recurring tax impacts (2)
(41,127
)
 

 

 
83,384

 

Adjusted net income
$
31,615

 
$
26,501

 
$
29,009

 
$
109,600

 
$
112,062

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share, as reported
$
2.20

 
$
0.79

 
$
0.84

 
$
0.38

 
$
3.24

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP per share adjustments:
 
 
 
 
 
 
 
 
 
One-time employee bonus, net of tax (1)

 

 

 
0.39

 

Non-recurring tax impacts (2)
(1.24
)
 

 

 
2.46

 

Adjusted diluted earnings per share
$
0.96

 
$
0.79

 
$
0.84

 
$
3.23

 
$
3.24

 
 
 
 
 
 
 
 
 
 
 
(1)
During Q2F18, a $13.5 million one-time employee bonus was paid; of this amount, $12.6 million was recorded in cost of sales and $0.9 million was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations.
(2)
During the three months ended September 29, 2018, non-recurring tax benefits of $38.6 million resulted primarily from the use of current year tax losses and net operating loss carryforwards against the deemed repatriation tax as well as a $3.6 million benefit due to the reversal of a valuation allowance on U.S. deferred tax assets. These benefits were partially offset by a $1.1 million tax expense for other non-recurring tax items. 

During the twelve months ended September 29, 2018, non-recurring tax expenses of $85.9 million and $1.1 million were recorded as a result of U.S. Tax Reform and other non-recurring tax items, respectively, which were partially offset by a $3.6 million tax benefit from the reversal of a valuation allowance on U.S. deferred tax assets.


8



PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
 (in thousands)
(unaudited)
 
 
 
 
 
 
ROIC and Economic Return Calculations
Twelve Months Ended
 
Nine Months Ended
 
Twelve Months Ended
 
Sept 29,
 
Jun 30,
 
Sept 30,
 
2018
 
2018
 
2017
Operating income, as reported
 
$
118,283

 
 
$
81,318

 
 
$
129,908

One-time employee bonus
+
13,512

 
+
13,512

 
+

Adjusted operating income
 
$
131,795

 
 
$
94,830

 
 
$
129,908

 
 
 
 
÷
3

 

 
 
 
 
 
 
$
31,610

 
 
 
 
 
 
 
x
4

 
 
 
Adjusted annualized operating income
 
$
131,795

 
 
$
126,440

 
 
$
129,908

Adjusted effective tax rate
x
10
%
 
x
10
%
 
x
8
%
Tax impact
 
13,180

 
 
12,644

 
 
10,393

Adjusted operating income (tax effected)
 
$
118,615

 
 
$
113,796

 
 
$
119,515

 
 
 
 
 
 
 
 
 
Average invested capital
÷
$
735,598

 
÷
$
716,374

 
÷
$
738,266

 
 
 
 
 
 
 
 
 
ROIC
 
16.1
%
 
 
15.9
%
 
 
16.2
%
Weighted average cost of capital
-
9.5
%
 
-
9.5
%
 
-
10.5
%
Economic return
 
6.6
%
 
 
6.4
%
 
 
5.7
%
 
Three Months Ended
Average Invested Capital
Sept 29,
 
Jun 30,
 
Mar 31,
 
Dec 30,
 
Sept 30,
Calculations
2018
 
2018
 
2018
 
2017
 
2017
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 - long-term
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

 
Three Months Ended
Average Invested Capital
Jul 1,
 
Apr 1,
 
Dec 31,
 
Oct 1,
Calculations
2017
 
2017
 
2016
 
2016
Equity
$
991,306

 
$
961,438

 
$
927,542

 
$
916,797

Plus:
 
 
 
 
 
 
 
Debt - current
267,297

 
92,623

 
78,879

 
78,507

Debt - long-term
26,138

 
185,638

 
184,136

 
184,002

Less:
 
 
 
 
 
 
 
Cash and cash equivalents
(519,172)

 
(524,520)

 
(496,505)

 
(432,964)

 
$
765,569

 
$
715,179

 
$
694,052

 
$
746,342



9

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