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    PLXS   US7291321005

PLEXUS CORP.

(PLXS)
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Delayed Nasdaq  -  05/23 04:00:00 pm EDT
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Plexus : 2021 Annual Report & 2022 Proxy Statement

12/17/2021 | 09:39am EDT

2021 Annual Report

Plexus Profile

About Plexus Corp.

Since 1979, Plexus (Nasdaq: PLXS) has been partnering with leading companies to deliver customer service excellence and innovative, comprehensive solutions throughout a product's lifecycle. Plexus is a global leader in the Electronics Manufacturing Services ("EMS") industry supported by a team of approximately 19,200 individuals. Our vision is to help create the products that build a better world. Our mission is to be the leader in highly complex products and demanding regulatory environments. Our strategy to fulfill our vision and mission remains consistent and can be summarized in four parts: market focus, superior execution, passion meets purpose and discipline by design.

Plexus has partnerships with approximately 140 customers in the Industrial, Healthcare/Life Sciences and Aerospace/Defense market sectors. We leverage our expertise to understand the unique needs of our customers' markets and have aligned our processes to provide flexibility, create efficiency and deliver superior quality.

With integrated design and development, supply chain solutions, new product introduction, manufacturing and aftermarket services, we proactively tackle tough challenges throughout a product's lifecycle. It is how our teams strive to create innovative and efficient paths to get products to market.

Design and Development - Plexus was established with engineering as a core competency and has built a reputation for success. Our customers are able to partner with a collaborative team of over 600 development engineers to create new products. Using the same tools and processes throughout our seven Design Centers worldwide, we leverage the latest technology and state-of-the-art design automation methodologies to provide comprehensive new product development and product commercialization solutions.

Supply Chain Solutions - Delivering an optimal supply chain solution is more than simply getting a product where it needs to be on time. We take a unique approach. Our supply chain experts engage in all of Plexus' integrated solutions, working closely with our engineers to identify opportunities for supply chain optimization early in the design stage. At Plexus, we take pride in managing the full supply chain to minimize cost, mitigate risk and provide a flexible, scalable solution for our customers.

New Product Introduction - When introducing a new product, customers need to move quickly. Plexus offers a dedicated team focused

on decreasing time to market with

a full suite of integrated new product introduction services. Through early integration

and collaboration, customers can take

advantage of Plexus' capabilities, such as design for excellence (DFX), specialized design of

test solutions and rapid prototyping,

while the program is advanced by a dedicated Plexus team that supports a transition to

volume manufacturing.

Manufacturing - Our approach to manufacturing focuses on innovation, continuous improvement and superior quality and delivery. With a global footprint and scalable operations, we aim to tailor our manufacturing environment to meet each customer's needs worldwide. As we strive for zero defects, we empower all employees with the knowledge that exceptional quality begins with each individual member of our team. We believe our capabilities and our culture position us to support the complex technology and regulatory needs of the industries we serve and to provide customers with innovative and dependable manufacturing services.

Aftermarket Services - From product deployment through a product's end of life, Plexus offers a full range of aftermarket services with the ability to support customers in all regions in which we operate. With a focus on promoting sustainability, we help our customers manage and extend the lifecycle of their products through an optimized level of service. With services such as depot repair, service parts logistics management, order management, distribution and warehousing and recycling, we are committed to protecting and supporting the success of each customer's product in the marketplace.

To learn more about Plexus, please visit plexus.com.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________________________________________

FORM 10-K

____________________________________________________________________________________________________________________________________

(Mark One)

  • ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended October 2, 2021

OR

  • TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from ______ to ______

Commission File Number 001-14423

____________________________________________________________________________________________________________________________________

PLEXUS CORP.

(Exact name of registrant as specified in charter)

____________________________________________________________________________________________________________________________________

Wisconsin

39-1344447

(State or other jurisdiction of incorporation)

(I.R.S. 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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

PLXS

The Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ý No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

x

Accelerated filer

Non-accelerated filer

Smaller reporting company

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. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of April 3, 2021, 28,658,737, shares of common stock were outstanding, and the aggregate market value of the shares of common stock (based upon the $93.47 closing price of the registrant's common stock on the last trading day of its fiscal second quarter, as reported on the Nasdaq Global Select Market) held by non-affiliates (excludes 539,282 shares reported as beneficially owned by directors and executive officers - does not constitute an admission as to affiliate status) was approximately $2.6 billion.

As of November 15, 2021, there were 27,998,920 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

Parts of Registrant's Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.

PLEXUS CORP.

TABLE OF CONTENTS

Form 10-K for the Fiscal Year Ended

October 2, 2021

PART I

2

ITEM 1. BUSINESS

2

ITEM 1A. RISK FACTORS

10

ITEM 1B. UNRESOLVED SEC STAFF COMMENTS

23

ITEM 2. PROPERTIES

24

ITEM 3. LEGAL PROCEEDINGS

24

ITEM 4. MINE SAFETY DISCLOSURES

24

PART II

25

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER

MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

25

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

27

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

38

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

39

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON

ACCOUNTING AND FINANCIAL DISCLOSURE

70

ITEM 9A. CONTROLS AND PROCEDURES

70

ITEM 9B. OTHER INFORMATION

70

ITEM 9C. FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

70

PART III

71

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

71

ITEM 11. EXECUTIVE COMPENSATION

71

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

MANAGEMENT AND RELATED STOCKHOLDER MATTERS

72

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR

INDEPENDENCE

72

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

72

PART IV

73

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

73

ITEM 16. FORM 10-K SUMMARY

76

SIGNATURES

78

Disclaimer

Plexus Corporation published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 December 2021 14:38:02 UTC.


© Publicnow 2021
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Sales 2022 3 548 M - -
Net income 2022 115 M - -
Net Debt 2022 128 M - -
P/E ratio 2022 20,1x
Yield 2022 -
Capitalization 2 247 M 2 247 M -
EV / Sales 2022 0,67x
EV / Sales 2023 0,59x
Nbr of Employees 19 200
Free-Float 50,8%
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Steven J. Frisch President & Chief Strategy Officer
Patrick John Jermain Executive VP, Chief Financial & Accounting Officer
Dean A. Foate Non-Executive Chairman
Pat Rothe Chief Information Officer
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