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NEENAH, WI, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal fourth quarter and fiscal year ended October 1, 2022, and guidance for our fiscal first quarter 2023 ending December 31, 2022.
| Three Months Ended | ||||||
| Oct 1, 2022 | Oct 1, 2022 | Dec 31, 2022 | ||||
| Q4F22 Results | Q4F22 Guidance | Q1F23 Guidance | ||||
| Summary GAAP Items | ||||||
| Revenue (in millions) | $1,124 | $980 to $1,020 | $1,080 to $1,130 | |||
| Operating margin | 5.5% | 4.7% to 5.2% | 5.0% to 5.5% | |||
| Diluted EPS (1) | $1.78 | $1.19 to $1.35 | $1.40 to $1.58 | |||
| Summary Non-GAAP Items (2) | ||||||
| Return on invested capital (ROIC) | 13.0% | |||||
| Economic return | 3.7% | |||||
| (1) Includes stock-based compensation expense of $0.18 for Q4F22 results, $0.22 for Q4F22 guidance and $0.20 for Q1F23 guidance. | ||||||
| (2) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to the comparable GAAP measures. | ||||||
Fiscal Fourth Quarter 2022 Information
Fiscal Year 2022 Information
Todd Kelsey, Chief Executive Officer, commented, "The unwavering commitment to operational excellence of Plexus’ nearly 25,000 dedicated team members resulted in accelerating momentum as our fiscal 2022 progressed, culminating in record quarterly revenue and operating profit. With this strong base to build upon entering our fiscal 2023, the benefit of a large backlog of unfulfilled demand, share gains and participation in secular growth markets, we see the opportunity for continued momentum while acknowledging ongoing uncertainties in the macroeconomic outlook and geopolitical climate."
Mr. Kelsey further commented, "Our funnel of qualified manufacturing opportunities remains at a record $3.4 billion, while quarterly new manufacturing program wins totaled $214 million. Included in these wins is an exciting opportunity with a new customer in vehicle, truck and bus electrification, building upon our existing presence in this secular growth market."
Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, "Our fiscal fourth quarter cash cycle of 100 days was consistent with expectations.The quarter included strategic investments in working capital to support the significant revenue delivered in the fiscal fourth quarter and projected future growth. I was pleased with our ability to steadily improve operating performance and manage working capital to drive sequential improvement in our ROIC as we moved through our fiscal year. Fiscal 2022 ROIC of 13% equated to 370 basis points of economic return, creating substantial shareholder value.While working capital investments will continue in support of our customers’ strong demand, we expect our cash cycle to improve as our fiscal 2023 progresses. "
Mr. Kelsey concluded, "We are guiding fiscal first quarter revenue of $1.08 billion to $1.13 billion, GAAP operating margin of 5.0% to 5.5% and GAAP EPS of $1.40 to $1.58. Our guidance reflects the benefit from ongoing new program ramps and robust customer demand with consideration given to the continuation of supply chain challenges and macroeconomic uncertainty. We also anticipate an impact to GAAP EPS due to the absence of foreign exchange gainsand greater interest and income tax expense relative to the prior quarter.”
| Quarterly & Annual Comparison | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (in thousands, except EPS) | Oct 1, 2022 | Jul 2, 2022 | Oct 2, 2021 | Oct 1, 2022 | Oct 2, 2021 | ||||||||||||||
| Revenue | $ | 1,123,848 | $ | 981,341 | $ | 843,238 | $ | 3,811,368 | $ | 3,368,865 | |||||||||
| Gross profit | 107,105 | 93,618 | 78,967 | 347,229 | 323,296 | ||||||||||||||
| Operating income | 62,314 | 49,561 | 42,342 | 178,185 | 176,268 | ||||||||||||||
| Net income | 50,457 | 37,494 | 33,341 | 138,243 | 138,912 | ||||||||||||||
| Diluted EPS | $ | 1.78 | $ | 1.33 | $ | 1.16 | $ | 4.86 | $ | 4.76 | |||||||||
| Gross margin | 9.5 | % | 9.5 | % | 9.4 | % | 9.1 | % | 9.6 | % | |||||||||
| Operating margin | 5.5 | % | 5.1 | % | 5.0 | % | 4.7 | % | 5.2 | % | |||||||||
| ROIC (1) | 13.0 | % | 11.5 | % | 15.4 | % | 13.0 | % | 15.4 | % | |||||||||
| Economic return (1) | 3.7 | % | 2.2 | % | 7.3 | % | 3.7 | % | 7.3 | % | |||||||||
| (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 58% of revenue during the fourth quarter of fiscal 2022. This is up two percentage points from each of the third quarter of fiscal 2022 and the fourth quarter of fiscal 2021. For fiscal 2022, top 10 customers comprised 56% of revenue, up one percentage point from fiscal 2021.
| Business Segments ($ in millions) | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| Oct 1, 2022 | Jul 2, 2022 | Oct 2, 2021 | Oct 1, 2022 | Oct 2, 2021 | |||||||||||||||
| Americas | $ | 380 | $ | 343 | $ | 307 | $ | 1,311 | $ | 1,318 | |||||||||
| Asia-Pacific | 689 | 586 | 494 | 2,300 | 1,851 | ||||||||||||||
| Europe, Middle East and Africa | 85 | 84 | 74 | 316 | 313 | ||||||||||||||
| Elimination of inter-segment sales | (30 | ) | (32 | ) | (32 | ) | (116 | ) | (113 | ) | |||||||||
| Total Revenue | $ | 1,124 | $ | 981 | $ | 843 | $ | 3,811 | $ | 3,369 | |||||||||
| Market Sectors ($ in millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| Oct 1, 2022 | Jul 2, 2022 | Oct 2, 2021 | Oct 1, 2022 | Oct 2, 2021 | ||||||||||||||||||||
| Industrial | $ | 520 | 46 | % | $ | 454 | 46 | % | $ | 392 | 46 | % | $ | 1,753 | 46 | % | $ | 1,549 | 46 | % | ||||
| Healthcare/Life Sciences | 467 | 42 | % | 401 | 41 | % | 333 | 40 | % | 1,565 | 41 | % | 1,327 | 39 | % | |||||||||
| Aerospace/Defense | 137 | 12 | % | 126 | 13 | % | 118 | 14 | % | 493 | 13 | % | 493 | 15 | % | |||||||||
| Total Revenue | $ | 1,124 | $ | 981 | $ | 843 | $ | 3,811 | $ | 3,369 | ||||||||||||||
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 fiscal year 2022 was 13.0%. Plexus defines ROIC as tax-effected annualized adjusted operating income divided by average invested capital over a five-quarter period for the fiscal year. 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 was 9.3%. ROIC for fiscal year 2022 less Plexus’ weighted average cost of capital resulted in an economic return of 3.7%.
Free Cash Flow
Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended October 1, 2022, cash flows used in operations was $0.4 million, less capital expenditures of $16.7 million, resulting in negative free cash flow of $17.1 million. For the fiscal year ended October 1, 2022, cash flows used in operations was $26.3 million, less capital expenditures of $101.6 million, resulting in negative free cash flow of $127.9 million.
| Cash Cycle Days | Three Months Ended | ||||
| Oct 1, 2022 | Jul 2, 2022 | Oct 2, 2021 | |||
| Days in Accounts Receivable | 60 | 57 | 56 | ||
| Days in Contract Assets | 11 | 12 | 13 | ||
| Days in Inventory | 144 | 160 | 116 | ||
| Days in Accounts Payable | (72) | (87) | (76) | ||
| Days in Cash Deposits | (43) | (40) | (24) | ||
| Annualized Cash Cycle * | 100 | 102 | 85 | ||
| * 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 Q4 Earnings Conference Call and Webcast |
| When: | Thursday, October 27, 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/BI0fdf9621f40541699b8a6ce0d8aa8fa8 Webcast link: https://edge.media-server.com/mmc/p/w4wswspi |
| 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 nearly 25,000 individuals who are dedicated to providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing and Sustaining 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; the potential effect of other world or local events or other events outside our control (such as the 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 | Twelve Months Ended | ||||||||||||||
| Oct 1, | Oct 2, | Oct 1, | Oct 2, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net sales | $ | 1,123,848 | $ | 843,238 | $ | 3,811,368 | $ | 3,368,865 | |||||||
| Cost of sales | 1,016,743 | 764,271 | 3,464,139 | 3,045,569 | |||||||||||
| Gross profit | 107,105 | 78,967 | 347,229 | 323,296 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling and administrative expenses | 44,791 | 36,625 | 167,023 | 143,761 | |||||||||||
| Restructuring and impairment charges | — | — | 2,021 | 3,267 | |||||||||||
| Operating income | 62,314 | 42,342 | 178,185 | 176,268 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (5,544 | ) | (3,159 | ) | (15,858 | ) | (14,253 | ) | |||||||
| Interest income | 454 | 300 | 1,305 | 1,372 | |||||||||||
| Miscellaneous, net | (282 | ) | (54 | ) | (5,329 | ) | (2,976 | ) | |||||||
| Income before income taxes | 56,942 | 39,429 | 158,303 | 160,411 | |||||||||||
| Income tax expense | 6,485 | 6,088 | 20,060 | 21,499 | |||||||||||
| Net income | $ | 50,457 | $ | 33,341 | $ | 138,243 | $ | 138,912 | |||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 1.82 | $ | 1.18 | $ | 4.96 | $ | 4.86 | |||||||
| Diluted | $ | 1.78 | $ | 1.16 | $ | 4.86 | $ | 4.76 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 27,710 | 28,179 | 27,862 | 28,575 | |||||||||||
| Diluted | 28,293 | 28,775 | 28,439 | 29,167 | |||||||||||
| PLEXUS CORP. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except per share data) | |||||||
| (unaudited) | |||||||
| Oct 1, | Oct 2, | ||||||
| 2022 | 2021 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 274,805 | $ | 270,172 | |||
| Restricted cash | 665 | 341 | |||||
| Accounts receivable | 737,696 | 519,684 | |||||
| Contract assets | 138,540 | 115,283 | |||||
| Inventories | 1,602,783 | 972,312 | |||||
| Prepaid expenses and other | 61,633 | 53,094 | |||||
| Total current assets | 2,816,122 | 1,930,886 | |||||
| Property, plant and equipment, net | 444,705 | 395,094 | |||||
| Operating lease right-of-use assets | 65,134 | 72,087 | |||||
| Deferred income taxes | 39,075 | 27,385 | |||||
| Other assets | 28,189 | 36,441 | |||||
| Total non-current assets | 577,103 | 531,007 | |||||
| Total assets | $ | 3,393,225 | $ | 2,461,893 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt and finance lease obligations | $ | 273,971 | $ | 66,313 | |||
| Accounts payable | 805,583 | 634,969 | |||||
| Customer deposits | 480,486 | 204,985 | |||||
| Accrued salaries and wages | 88,876 | 75,394 | |||||
| Other accrued liabilities | 357,273 | 147,042 | |||||
| Total current liabilities | 2,006,189 | 1,128,703 | |||||
| Long-term debt and finance lease obligations, net of current portion | 187,776 | 187,033 | |||||
| Accrued income taxes payable | 42,019 | 47,974 | |||||
| Long-term operating lease liabilities | 33,628 | 37,970 | |||||
| Deferred income taxes | 6,327 | 5,677 | |||||
| Other liabilities | 21,555 | 26,304 | |||||
| Total non-current liabilities | 291,305 | 304,958 | |||||
| Total liabilities | 2,297,494 | 1,433,661 | |||||
| Shareholders’ equity: | |||||||
| Common stock, $.01 par value, 200,000 shares authorized, | |||||||
| 54,084 and 53,849 shares issued, respectively, | |||||||
| and 27,679 and 28,047 shares outstanding, respectively | 541 | 538 | |||||
| Additional paid-in-capital | 652,467 | 639,778 | |||||
| Common stock held in treasury, at cost, 26,405 and 25,802, respectively | (1,093,483 | ) | (1,043,091 | ) | |||
| Retained earnings | 1,572,234 | 1,433,991 | |||||
| Accumulated other comprehensive loss | (36,028 | ) | (2,984 | ) | |||
| Total shareholders’ equity | 1,095,731 | 1,028,232 | |||||
| Total liabilities and shareholders’ equity | $ | 3,393,225 | $ | 2,461,893 | |||
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||||||||||||
| NON-GAAP SUPPLEMENTAL INFORMATION Table 1 | |||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| Oct 1, | Jul 2, | Oct 2, | Oct 1, | Oct 2, | |||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
| Operating income, as reported | $ | 62,314 | $ | 49,561 | $ | 42,342 | $ | 178,185 | $ | 176,268 | |||||||||||
| Operating margin, as reported | 5.5 | % | 5.1 | % | 5.0 | % | 4.7 | % | 5.2 | % | |||||||||||
| Non-GAAP adjustments: | |||||||||||||||||||||
| Restructuring and impairment charges (1) | — | — | — | 2,021 | 3,267 | ||||||||||||||||
| Adjusted operating income | $ | 62,314 | $ | 49,561 | $ | 42,342 | $ | 180,206 | $ | 179,535 | |||||||||||
| Adjusted operating margin | 5.5 | % | 5.1 | % | 5.0 | % | 4.7 | % | 5.3 | % | |||||||||||
| Net income, as reported | $ | 50,457 | $ | 37,494 | $ | 33,341 | $ | 138,243 | $ | 138,912 | |||||||||||
| Non-GAAP adjustments: | |||||||||||||||||||||
| Restructuring and impairment charges, net of tax (1) | — | — | — | 1,809 | 2,924 | ||||||||||||||||
| Adjusted net income | $ | 50,457 | $ | 37,494 | $ | 33,341 | $ | 140,052 | $ | 141,836 | |||||||||||
| Diluted earnings per share, as reported | $ | 1.78 | $ | 1.33 | $ | 1.16 | $ | 4.86 | $ | 4.76 | |||||||||||
| Non-GAAP per share adjustments: | |||||||||||||||||||||
| Restructuring and impairment charges, net of tax (1) | — | — | — | 0.06 | 0.10 | ||||||||||||||||
| Adjusted diluted earnings per share | $ | 1.78 | $ | 1.33 | $ | 1.16 | $ | 4.92 | $ | 4.86 | |||||||||||
| (1) During the twelve months ended October 1, 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 the Company’s APAC region. During the twelve months ended October 2, 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 | Twelve Months Ended | Nine Months Ended | Twelve Months Ended | |||||||||||
| Oct 1, | Jul 2, | Oct 2, | ||||||||||||
| 2022 | 2022 | 2021 | ||||||||||||
| Operating income, as reported | $ | 178,185 | $ | 115,871 | $ | 176,268 | ||||||||
| Restructuring and impairment charges | + | 2,021 | + | 2,021 | + | 3,267 | ||||||||
| Adjusted operating income | $ | 180,206 | $ | 117,892 | $ | 179,535 | ||||||||
| ÷ | 3 | |||||||||||||
| $ | 39,297 | |||||||||||||
| x | 4 | |||||||||||||
| Adjusted annualized operating income | $ | 180,206 | $ | 157,188 | $ | 179,535 | ||||||||
| Adjusted effective tax rate | x | 13 | % | x | 14 | % | x | 13 | % | |||||
| Tax impact | 23,427 | 22,006 | 23,340 | |||||||||||
| Adjusted operating income (tax effected) | $ | 156,779 | $ | 135,182 | $ | 156,195 | ||||||||
| Average invested capital | ÷ | $ | 1,207,357 | ÷ | $ | 1,178,134 | ÷ | $ | 1,014,742 | |||||
| ROIC | 13.0 | % | 11.5 | % | 15.4 | % | ||||||||
| Weighted average cost of capital | - | 9.3 | % | - | 9.3 | % | - | 8.1 | % | |||||
| Economic return | 3.7 | % | 2.2 | % | 7.3 | % | ||||||||
| Three Months Ended | |||||||||||||||||||
| Average Invested Capital Calculations | Oct 1, | Jul 2, | Apr 2, | Jan 1, | Oct 2, | ||||||||||||||
| 2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
| Equity | $ | 1,095,731 | $ | 1,058,190 | $ | 1,040,591 | $ | 1,044,095 | $ | 1,028,232 | |||||||||
| Plus: | |||||||||||||||||||
| Debt and finance lease obligations - current | 273,971 | 250,012 | 222,393 | 151,417 | 66,313 | ||||||||||||||
| Operating lease obligations - current (1) | 7,948 | 8,640 | 9,266 | 9,507 | 9,877 | ||||||||||||||
| Debt and finance lease obligations - long-term | 187,776 | 184,707 | 186,069 | 187,075 | 187,033 | ||||||||||||||
| Operating lease obligations - long-term | 33,628 | 32,270 | 34,347 | 36,343 | 37,970 | ||||||||||||||
| Less: | |||||||||||||||||||
| Cash and cash equivalents | (274,805 | ) | (276,608 | ) | (307,964 | ) | (217,067 | ) | (270,172 | ) | |||||||||
| $ | 1,324,249 | $ | 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. | |