Fiscal fourth quarter 2023

highlights

October 25, 2023

PLEXUS CORP.

Safe harbor and fair disclosure statement

Some of the statements made and information provided during our call as well as information included in the supporting materials will be forward looking statements, including, without limitation, those regarding revenue, gross margin, selling and administrative expense, operating margin, other income and expense, taxes, cash cycle, capital allocation and future business outlook. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed, please refer to the Company's periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended October 01, 2022 as supplemented by our form 10-Q filings, and the Safe Harbor and Fair Disclosure statement in our press release detailing our quarterly results.

2

FISCA L FOURTH QUA RTER THEMES

Robust fiscal 2023

financial performance

Momentum in advancing

our sustainable and responsible business practices

Confident in achieving $5

billion in revenue with 5.5% GAAP operating margin by fiscal 2025

O U R V I S I O NO U R M I S S I O N

W E H E L P C R E A T E T H E P R O D UC T S T H A T B UI L D A B E T T E R W O R L D

T H E L E A D E R I N H I G H L Y C O M P L E X P R O D UC T S A ND D E M A ND I NG

R E G UL A T O R Y E NV I R O NM E NT S

PLEXUS CORP.

Enduring goal performance

PLXS

Revenue

Non-GAAP

ROIC

CAGR

Op Margin *

Enduring Goal

9-12%

5.5%

15.0%

1

Year (F23)

10%

5.2%

13.4%

5

Year (F18-F23)

8%

4.9%

13.8%

  • F23 revenue growth of >10%
  • >5% F23 non-GAAP operating margin
  • 16% F23 non-GAAP EPS growth
  • F23 FCF of $62 million

Revenue ($ millions)

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

F17

F18

F19

F20

F21

F22

F23

Revenue

ROIC

Consistently strong performance!

ROIC

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

*Includes stock-based compensation expense and excludes restructuring and one-time charges 4

PLEXUS CORP.

Fiscal fourth quarter financial results

1,200

1,100

1,000

900

800

700

600

1,124

Revenue ($ millions)

1,094 1,071

1,022 1,024

Operating Margin (Non-GAAP)

7.0%

5.5%

6.0%

5.2%

5.3%

5.0%

5.2%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

$2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 $0.00

Q4 F22

Q1 F23

Q2 F23

Q3 F23

Q4 F23

EPS (Non-GAAP)

$1.78

$1.49

$1.45

$1.44

$1.32

Q4 F22

Q1 F23

Q2 F23

Q3 F23

Q4 F23*

Q4 F22

Q1 F23

Q2 F23

Q3 F23

Q4 F23*

  • 5th consecutive quarter with revenue in excess of $1 billion
  • 6th consecutive quarter with non-GAAP operating margin exceeding 5%
  • GAAP operating margin met the high end of guidance and GAAP EPS exceeded guidance

*Includes $0.21 of stock-based compensation expense

5

PLEXUS CORP.

Wins and funnel highlights

350

300

250

200

150

100

50

-

Wins ($ millions)

4,500

321

275

4,000

3,500

214

192

3,000

2,500

158

2,000

1,500

1,000

500

-

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

Funnel ($ millions)

4,216

3,979

3,389

3,633

3,672

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

  • 30 new manufacturing program wins worth $192 million
  • Funnel expanded nearly $300 million year-over-year to $3.7 billion
  • Funnel contains a greater than typical number of large opportunities

6

PLEXUS CORP.

Fiscal 2024 first quarter guidance

1,200

1,100

1,000

900

800

700

600

Revenue ($ millions)

7.0%

1,094

1,071

6.0%

1,022

1,024

1,010

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

Q1 F23

Q2 F23

Q3 F23

Q4 F23

Q1 F24*

Operating Margin (Non-GAAP)

5.2%

5.3%

5.0%

5.2%

5.1%

Q1 F23

Q2 F23

Q3 F23

Q4 F23

Q1 F24*

$1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 $0.00

EPS (Non-GAAP)

$1.49

$1.45

$1.44

$1.32

$1.24

**

Q1 F23

Q2 F23

Q3 F23

Q4 F23

Q1 F24*

  • Q1F24 revenue of $990 million to $1.03 billion
  • Q1F24 GAAP operating margin of 4.8% to 5.3%
  • Strong F24 demand in commercial aerospace and industrial; unfulfilled backlog remains significant
  • Accelerating revenue growth and operating margin expansion as F24 progresses

*All charts reference midpoint of guidance ** Includes $0.19 of stock-based compensation expense

7

S U S T A I N A B L E A N D R E S P O N S I B L E B U S I N E S S P R A C T I C E S

FISCA L 2 0 2 3 HIGHLIGHT S

Over 19,000 volunteer hours (300% YoY increase)

Two new Employee Resource Groups, 15 new chapters created globally

Charitable foundation donated > $1 million globally

Expect to substantially exceed our 5% energy intensity reduction from operations goal following a 12% reduction in fiscal 2022

Bevi smart water dispenser - voted Coolest Thing Made in Wisconsin for 2023

8

PLEXUS CORP.

Market sector performance - Industrial

Revenue ($ millions)

600

520

500

472

439

428

417

400

300

200

100

-

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

Q4F23 vs.

Q3F23

-2%

Q1F24

Expectations

Up high single

Wins ($ millions)

250

193

200

142

150

90

100

74

50

52

-

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

  • Q4F23 exceeded expectations
  • Some strengthening in semicap demand
  • Expect high single digit growth for Q1F24
  • Strong F23 wins of $461M
  • Q4F23 wins highlights:
    • Heavy vehicle charger system
    • Power grid automation control

9

PLEXUS CORP.

Market sector performance - Healthcare/Life Sciences

Revenue ($ millions)

600

467

488

488

500

451

449

400

300

200

100

-

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

  • Q4F23 in-line with expectations
  • F23 revenue growth of 20%
  • Calendar year-end inventory corrections

Q4F23 vs.

Q3F23

-1%

Q1F24

Expectations

Down low

double

Wins ($ millions)

120

101

104

100

90

81

80

61

60

40

20

-

Q4F22

Q1F23

Q2F23

Q3F23

Q4F23

  • Healthy F23 wins of $336M
  • Q4F23 wins highlights:
    • Neurostimulator bladder control
    • Diagnostic laboratory equipment

10

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Disclaimer

Plexus Corporation published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 08:49:10 UTC.