0000785786false00007857862024-07-242024-07-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
____________________________________________________________________________________________________________________________________
Date of Report (Date of earliest event reported): July 24, 2024
____________________________________________________________________________________________________________________________________
plxslogo8ka05.gif
PLEXUS CORP.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________________________________
Wisconsin001-1442339-1344447
(State or other jurisdiction
 of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
One Plexus Way
Neenah, Wisconsin 54957
(Address of principal executive offices) (Zip Code)
Telephone Number (920) 969-6000
(Registrant’s telephone number, including Area Code) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valuePLXSThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company    ☐
        If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02    Results of Operations and Financial Condition.

On July 24, 2024, Plexus Corp. (“we” or the “Company”) announced results for the fiscal third quarter ended June 29, 2024. A copy of the Company’s related press release is furnished as Exhibit 99.1 to this report.


Item 9.01    Financial Statements and Exhibits

(d) The following exhibits are filed herewith:

Exhibit NumberDescription
99.1
104Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)




* * * * *
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 24, 2024PLEXUS CORP.
(Registrant)
By: /s/ Patrick J. Jermain
Patrick J. Jermain
Executive Vice President and Chief Financial Officer



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Plexus Announces Fiscal Third Quarter Financial Results
NEENAH, WI – July 24, 2024 - Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended June 29, 2024, and guidance for our fiscal fourth quarter ending September 28, 2024.
•Reports fiscal third quarter 2024 revenue of $961 million, GAAP operating margin of 4.1% and GAAP diluted EPS of $0.91.
•Reports fiscal third quarter 2024 non-GAAP operating margin of 5.8% and non-GAAP diluted EPS of $1.45, excluding $0.24 of stock-based compensation expense and $0.30 of restructuring and other charges, net of tax.
•Initiates fiscal fourth quarter 2024 revenue guidance of $990 million to $1.03 billion with GAAP diluted EPS of $1.14 to $1.29, including $0.36 of stock-based compensation expense. Fiscal fourth quarter 2024 non-GAAP EPS guidance of $1.50 to $1.65 excludes stock-based compensation expense.
Three Months Ended
Jun 29, 2024Jun 29, 2024Sep 28, 2024
Q3F24 Results
Q3F24 Guidance
Q4F24 Guidance
Summary GAAP Items
Revenue (in millions)$961$960 to $1,000$990 to $1,030
Operating margin4.1 %3.9% to 4.3%4.6% to 5.0%
Diluted EPS$0.91$0.80 to $0.95$1.14 to $1.29
Summary Non-GAAP Items (1)
Adjusted operating margin (2)5.8 %5.2% to 5.6%5.6% to 6.0%
Adjusted EPS (3)$1.45$1.22 to $1.37$1.50 to $1.65
Return on invested capital (ROIC)10.4 %
Economic return 2.2 %
(1)Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for additional information regarding non-GAAP financial measures.
(2)Excludes stock-based compensation expense of approximately 70 bps for Q3F24 results, 60 bps for Q3F24 guidance, and 100 bps for Q4F24 guidance. Excludes restructuring and other charges, net, of approximately 100 bps for Q3F24 results and 70 bps for Q3F24 guidance.
(3)
Excludes stock-based compensation expense, net of tax, of $0.24 for Q3F24 results, $0.21 for Q3F24 guidance and $0.36 for Q4F24 guidance. Excludes restructuring and other charges, net of tax, of $0.30 for Q3F24 results and $0.21 for Q3F24 guidance.
Fiscal Third Quarter 2024 Information
•Won 35 manufacturing programs during the quarter representing $279 million in annualized revenue when fully ramped into production.
•Generated fiscal third quarter free cash flow of $114 million, contributing to fiscal year-to-date free cash flow of $147 million.
•Purchased $18.6 million of our shares at an average price of $100.64 per share under our repurchase program, leaving $19.5 million available under our existing $50.0 million authorization.



Todd Kelsey, President and Chief Executive Officer, commented, “Our team delivered superior operational performance for the fiscal third quarter, which enabled outstanding financial results. Revenue of $961 million was within our guidance range, while non-GAAP operating margin and non-GAAP EPS of 5.8% and $1.45, respectively, exceeded our guidance ranges. We generated free cash flow of $114 million, representing the second best quarterly performance in our history.”

Mr. Kelsey continued, “We delivered fiscal third quarter new manufacturing program wins worth $279 million in annualized revenue, including a record contribution within Healthcare/Life Sciences. In addition, we are seeing increasing market sector diversification in the demand for our engineering solutions, resulting in the team achieving the highest level of new business wins in the past four quarters.”

Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, “The $114 million of free cash flow generated during the fiscal third quarter significantly exceeded our expectations. Continued progress on our working capital initiatives contributed to this strong performance, resulting in fiscal third quarter cash cycle of 83 days, three days favorable to our expectations and sequentially lower by eight days. Given this performance, we now anticipate delivering in excess of $150 million of free cash flow in fiscal 2024. The ongoing benefits from our working capital initiatives combined with increasing profitability is anticipated to result in continued strong free cash flow generation in fiscal 2025. Finally, we reduced our borrowing by $89 million and repurchased $18.6 million of our shares during the fiscal third quarter. We expect to continue to execute upon the remaining $19.5 million of our current repurchase authorization during the fourth quarter of fiscal 2024, creating additional shareholder value.”

Mr. Kelsey added, “We are witnessing signs of strengthening demand across each of our market sectors, with share gains and new program ramps further bolstering our ongoing and continued expectations for revenue growth. As a result, we are guiding fiscal fourth quarter revenue of $990 million to $1.03 billion, non-GAAP operating margin of 5.6% to 6.0% and non-GAAP EPS of $1.50 to $1.65.”

Mr. Kelsey concluded, “Consistent with prior expectations, we anticipate delivering a strong finish to our fiscal 2024, with sequential expansion in revenue, robust operating margin performance, sequential growth in EPS and continued free cash flow generation. We expect sustained revenue growth momentum into fiscal 2025, capitalizing upon Aerospace/Defense market sector strength, increasing Healthcare/Life Sciences customer forecasts aided by new program ramps, and improved semiconductor capital equipment and broadband communications demand. We anticipate revenue growth momentum, the benefits from optimizing our business for greater efficiency during fiscal 2024 and ongoing free cash flow deployment toward debt reduction and share repurchases will create meaningful EPS growth in fiscal 2025.”
2

Quarterly ComparisonThree Months Ended
(in thousands, except EPS)Jun 29, 2024Mar 30, 2024Jul 1, 2023
Revenue$960,751 $966,900 $1,021,610 
Gross profit94,415 88,063 93,646 
Operating income39,246 29,470 28,204 
Net income25,140 16,239 15,799 
Diluted EPS$0.91 $0.58 $0.56 
Gross margin9.8 %9.1 %9.2 %
Operating margin4.1 %3.0 %2.8 %
ROIC (1)10.4 %9.9 %13.5 %
Economic return (1)2.2 %1.7 %4.5 %
(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.
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 48% of revenue during both the second and third quarter of fiscal 2024. This is down three percentage points from the third quarter of fiscal 2023.

Business Segments ($ in millions)Three Months Ended
Jun 29, 2024Mar 30, 2024Jul 1, 2023
Americas$332 $322 $371 
Asia-Pacific522 521 572 
Europe, Middle East and Africa137 155 105 
Elimination of inter-segment sales(30)(31)(26)
Total Revenue$961 $967 $1,022 

Market Sectors ($ in millions)Three Months Ended
Jun 29, 2024Mar 30, 2024Jul 1, 2023
Healthcare/Life Sciences$380 40 %$379 39 %$451 44 %
Industrial403 42 %418 43 %428 42 %
Aerospace/Defense178 18 %170 18 %143 14 %
Total Revenue$961 $967 $1,022 

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 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 additional information on non-GAAP measures, please refer to the attached Non-GAAP Supplemental Information tables.

ROIC and Economic Return
ROIC for the third quarter of fiscal 2024 was 10.4%. 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. Our weighted average cost of capital for fiscal 2024 is 8.2%. ROIC for the third quarter of fiscal 2024 less our 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 June 29, 2024, cash flows provided by operations were $131.6 million and capital expenditures were $17.4 million, which resulted in free cash flow of $114.2 million.

Cash Cycle DaysThree Months Ended
Jun 29, 2024Mar 30, 2024Jul 1, 2023
Days in Accounts Receivable616163
Days in Contract Assets111212
Days in Inventory151158161
Days in Accounts Payable(62)(65)(68)
Days in Advanced Payments (1)(78)(75)(78)
Annualized Cash Cycle (2)839190
(1)Includes a reclassification in the presentation of advanced payments from customers reflected in prior period amounts. As of July 1, 2023, the impact of this reclassification was an increase in the Company's days in advanced payments and a reduction in annualized cash cycle by 21 days.
(2)Plexus calculates 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 advanced payments.


4

Conference Call and Webcast Information
What:
Plexus Fiscal 2024 Q3 Earnings Conference Call and Webcast
When:
Thursday, July 25, 2024 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/BI6d418e4593b04f1da475cd7614d2ed39
Webcast link:
https://edge.media-server.com/mmc/p/vos8hpvo
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 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 ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; 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 outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; 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; increasing regulatory and compliance requirements; any tax law changes and 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, conflict in the Middle East, escalating tensions between China and Taiwan or China and the United States, 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 2023 Form 10-K.
5

PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months EndedNine Months Ended
Jun 29,Jul 1,Jun 29,Jul 1,
2024202320242023
Net sales$960,751 $1,021,610 $2,910,258 $3,186,358 
Cost of sales866,336 927,964 2,639,640 2,888,520 
Gross profit94,415 93,646 270,618 297,838 
Operating expenses:
Selling and administrative expenses45,950 42,348 136,487 132,257 
Restructuring and other charges, net9,219 23,094 20,257 23,094 
Operating income39,246 28,204 113,874 142,487 
Other income (expense):
Interest expense(7,389)(8,231)(23,299)(23,412)
Interest income1,015 598 2,640 2,291 
Miscellaneous, net(2,568)(3,194)(9,097)(6,750)
Income before income taxes30,304 17,377 84,118 114,616 
Income tax expense5,164 1,578 13,524 15,783 
Net income
$25,140 $15,799 $70,594 $98,833 
Earnings per share:
Basic$0.92 $0.57 $2.57 $3.58 
Diluted$0.91 $0.56 $2.53 $3.51 
Weighted average shares outstanding:
Basic27,364 27,561 27,463 27,619 
Diluted27,765 27,992 27,918 28,169 


6

PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
Jun 29,Sep 30,
20242023
ASSETS
Current assets:
Cash and cash equivalents$269,868 $256,233 
Restricted cash22 421 
Accounts receivable643,786 661,542 
Contract assets115,982 142,297 
Inventories1,434,297 1,562,037 
Prepaid expenses and other76,895 49,693 
Total current assets2,540,850 2,672,223 
Property, plant and equipment, net489,856 492,036 
Operating lease right-of-use assets58,867 69,363 
Deferred income taxes55,119 62,590 
Other assets26,183 24,960 
Total non-current assets630,025 648,949 
Total assets$3,170,875 $3,321,172 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and finance lease obligations$258,175 $240,205 
Accounts payable592,644 646,610 
Advanced payments from customers736,206 760,351 
Accrued salaries and wages74,602 94,099 
Other accrued liabilities63,080 71,402 
Total current liabilities1,724,707 1,812,667 
Long-term debt and finance lease obligations, net of current portion 90,715 190,853 
Accrued income taxes payable17,198 31,382 
Long-term operating lease liabilities31,923 38,552 
Deferred income taxes4,293 4,350 
Other liabilities35,679 28,986 
Total non-current liabilities179,808 294,123 
Total liabilities1,904,515 2,106,790 
Shareholders’ equity:
Common stock545 543 
Additional paid-in-capital670,199 661,270 
Common stock held in treasury(1,170,574)(1,134,429)
Retained earnings1,781,922 1,711,328 
Accumulated other comprehensive loss(15,732)(24,330)
Total shareholders’ equity1,266,360 1,214,382 
Total liabilities and shareholders’ equity$3,170,875 $3,321,172 

7

PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 1
(in thousands, except per share data)
(unaudited)
Three Months EndedNine Months Ended
Jun 29,Mar 30,Jul 1,Jun 29,Jul 1,
20242024202320242023
Operating income, as reported$39,246 $29,470 $28,204 $113,874 $142,487
Operating margin, as reported4.1 %3.0 %2.8 %3.9 %4.5 %
Non-GAAP adjustments:
Restructuring costs (1)9,219 13,288 8,865 22,507 8,865 
Other non-recurring (income) charges (2)— (2,250)14,229 (2,250)14,229 
Stock-based compensation (3)7,205 7,096 3,829 19,636 15,555 
Non-GAAP operating income$55,670 $47,604 $55,127 $153,767 $181,136 
Non-GAAP operating margin5.8 %4.9 %5.4 %5.3 %5.7 %
Net income, as reported$25,140 $16,239 $15,799 $70,594 $98,833 
Non-GAAP adjustments:
Restructuring costs, net of tax (1)8,251 11,893 7,920 20,144 7,920 
Other non-recurring charges, net of tax (2)— (2,014)13,346 (2,014)13,346 
Stock-based compensation, net of tax (3)6,845 7,096 3,829 19,276 15,555 
Adjusted net income$40,236 $33,214 $40,894 $108,000 $135,654 
Diluted earnings per share, as reported$0.91 $0.58 $0.56 $2.53 $3.51 
Non-GAAP per share adjustments:
Restructuring costs, net of tax (1)0.30 0.43 0.28 0.72 0.28 
Other non-recurring charges, net of tax (2)— (0.07)0.48 (0.07)0.47 
Stock-based compensation, net of tax (3)0.24 0.25 0.14 0.69 0.56 
Adjusted diluted earnings per share$1.45 $1.19 $1.46 $3.87 $4.82 
(1)During the three months ended June 29, 2024, restructuring and impairment charges of $9.2 million, or $8.3 million net of taxes, were incurred for employee severance costs associated with a reduction in the Company's workforce as well as closure costs associated with a site in the Company's AMER region.

During the three months ended March 30, 2024, restructuring and impairment charges of $13.3 million, or $11.9 million, net of taxes, were incurred from employee severance costs associated with a reduction in the Company's workforce as well as closure costs associated with a site in the Company's EMEA region.

During the nine months ended June 29, 2024, costs comprising of the two restructuring events described above totaled $22.5 million, or $20.1 million, net of taxes.

During the three and nine months ended July 1, 2023, restructuring costs of $8.9 million, or $7.9 million net of taxes, were incurred for employee severance costs associated with a reduction in the Company's workforce as well as a lease agreement termination.
(2)During the three months ended March 30, 2024 and included in the nine months ended June 29, 2024, insurance proceeds of $2.3 million, or $2.0 million net of taxes, were received related to an arbitration decision associated with a contractual matter that occurred in the Company's EMEA region in fiscal 2023.

During the three and nine months ended July 1, 2023, a one-time, non-recurring charge of $14.2 million, or $13.3 million net of taxes, was incurred for an arbitration decision regarding a contractual matter in the Company's EMEA region.
(3)During the three and nine months ended June 29, 2024, $0.9 million, or $0.8 million net of taxes ($0.03 per diluted share), of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of a previously announced executive retirement agreement.
8

PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
 (in thousands)
(unaudited)
ROIC and Economic Return Calculations Nine Months EndedSix Months EndedNine Months Ended
Jun 29,Mar 30,Jul 1,
202420242023
Operating income, as reported$113,874 $74,628 $142,487 
Restructuring and other charges, net20,257 11,038 23,094 
Accelerated stock-based compensation (1)+892 +— +— 
Adjusted operating income$135,023 $85,666 $165,581 
÷3x2÷3
$45,008 $55,194 
x4x4
Adjusted annualized operating income$180,032 $171,332 $220,776 
Adjusted effective tax ratex16 %x15 %x13 %
Tax impact28,805 25,700 28,701 
Adjusted operating income (tax-effected)$151,227 $145,632 $192,075 
Average invested capital÷$1,454,871 ÷$1,478,062 ÷$1,423,003 
ROIC10.4 %9.9 %13.5 %
Weighted average cost of capital-8.2 %-8.2 %-9.0 %
Economic return2.2 %1.7 %4.5 %
Average Invested Capital CalculationsJun 29,Mar 30,Dec 30,Sep 30,
2024202420232023
Equity$1,266,360 $1,259,762 $1,266,755 $1,214,382 
Plus:
Debt and finance lease obligations - current258,175 245,964 251,119 240,205 
Operating lease obligations - current (2)7,990 8,281 9,172 8,363 
Debt and finance lease obligations - long-term
90,715 192,025 192,118 190,853 
Operating lease obligations - long-term31,923 33,915 35,989 38,552 
Less: Cash and cash equivalents(269,868)(265,053)(231,982)(256,233)
$1,385,295 $1,474,894 $1,523,171 $1,436,122 
Average Invested Capital CalculationsJul 1,Apr 1,Dec 31,Oct 1,
2023202320222022
Equity$1,184,362 $1,182,382 $1,150,259 $1,095,731 
Plus:
Debt and finance lease obligations - current304,781 294,011 329,076 273,971 
Operating lease obligations - current (2)8,772 8,358 8,878 7,948 
Debt and finance lease obligations - long-term
187,468 188,730 187,272 187,776 
Operating lease obligations - long-term40,515 31,257 32,149 33,628 
Less: Cash and cash equivalents(252,965)(269,664)(247,880)(274,805)
$1,472,933 $1,435,074 $1,459,754 $1,324,249 
(1)During the three and nine months ended June 29, 2024, $0.9 million of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of a previously announced executive retirement agreement.
(2)Included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
9
v3.24.2
Cover
Jul. 24, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 24, 2024
Entity Registrant Name PLEXUS CORP.
Entity Incorporation, State or Country Code WI
Entity File Number 001-14423
Entity Tax Identification Number 39-1344447
Entity Address, Address Line One One Plexus Way
Entity Address, City or Town Neenah
Entity Address, State or Province WI
Entity Address, Postal Zip Code 54957
City Area Code 920
Local Phone Number 969-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol PLXS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000785786
Amendment Flag false
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