Slide 1: Fiscal first quarter 2023 financial results
Fiscal first quarter 2023 financial results January 25, 2023
Slide 2: Safe harbor and fair disclosure statement
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 &
Slide 3: Fiscal first quarter results
PLEXUS CORP. Fiscal first quarter results Q1F23 Results Q1F23 Guidance Q4F22 Results Revenue $1.09 billion $1.08 to $1.13 billion $1.12 billion GAAP Diluted EPS $1.49(1) $1.40 to $1.58(2) $1.78(3) • Revenue, GAAP operating margin and GAAP EPS within guidance range • Revenue growth of 34% year over y
Slide 4: Sustainability
SUSTAINABILITY SUPPLY CHAIN - INNOVATION Presented to Semiconductor PLEXUS CORP Climate Consortium FOUNDING MEMBER ASM&
Slide 5: Fiscal 2023 second quarter guidance
PLEXUS CORP. Fiscal 2023 second quarter guidance REVENUE GUIDE Q2F23 Guidance • Weakness in SemiCap demand • Near-term slowdown of certain new program ramps Revenue $1.02 billion to $1.07 billion • Over $100M of unfulfilled customer demand GAAP Diluted EPS $1.06 to $1.24* EPS GUIDE • GAAP operating
Slide 6: Performance by market sector
PLEXUS CORP. Performance by market sector Q1F23 Q4F22 Q2F23 Expectations Q1F23 vs. Q4F22 Dec 31, 2022 Oct 1, 2022 (percentage points) Industrial $472 43% $520 46% - 9% Down ~10% Healthcare and Life Sciences $488 45% $467 42% + 4% Flat Aerospace and Defense $134 12% $137 12% - 2% Up low single Total
Slide 7: Manufacturing wins
PLEXUS CORP. Manufacturing wins Q1F23 wins: $158M TFQ New programs: 29 $885M Trailing Four Quarters (TFQ) Manufacturing Wins 45% $1,200 40% $1,000 35% 30% % of TFQ Sales New Wins $M $800 Goal 25% 25% $600 20% 15% $400 10% $200 5% $0 0% Q2F21 Q3F21 Q4F21 Q1F22 Q2F22 Q3F22 Q4F22 Q1F23 TFQ Wins TFQ Win
Slide 8: Manufacturing funnel
PLEXUS CORP. Manufacturing funnel Funnel of Qualified Manufacturing Opportunities 4,000 3,633 A/D $545M 3,500 3,371 3,361 3,389 3,325 Revenue ($ millions) 3,316 3,109 3,037 3,000 IND $868M Q1F23 HC/LS $2,220M 2,500 2,000 Q2F21 Q3F21 Q4F21 Q1F22 Q2F22 Q3F22 Q4F22 Q1F23 Qualified manufacturing funnel
Slide 9: Manufacturing wins by region and sector
PLEXUS CORP. Manufacturing wins by region and sector A/D $23M AMER $54M HC/LS $61M EMEA Q1F23 Q1F23 $93M APAC IND $11M $74M Regional and Sector Highlights • Wins distributed across all three sectors • New logos in Industrial and Healthcare/Life Sciences • Significant wins of $93M for EMEA 9
Slide 10: Fiscal first quarter wins highlights
PLEXUS CORP. Fiscal first quarter wins highlights AUTOMATION AND PROCESS CONTROL (IND) ULTRASOUND SYSTEM (HC/LS) • Industrial control systems • Cardiac care • Production location: Oradea, Romania • Production location: Oradea, Romania ADDITIVE MANUFACTURING (IND) COMMERCIAL AEROSPACE (A/D) • Advance
Slide 11: Operating performance
PLEXUS CORP. Operating performance Q1F23 GAAP Operating Margin: 5.2% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q1F22 Q2F22 Q3F22 Q4F22 Q1F23 Q2F23* Solid execution delivers GAAP operating margin of 5.2% *Represents midpoint of guidance 11
Slide 12: Income statement
PLEXUS CORP. Income statement Q1F23 Comments Revenue $1.09 billion Within guidance range of $1.08 to $1.13 billion Gross margin 9.3% Within guidance range of 9.1% to 9.5% Selling & administrative expenses $43.9 million Favorable to guidance range of $45.0 to $46.0 million GAAP operating margin 5.2%
Slide 13: Cash flow and balance sheet
PLEXUS CORP. Cash flow and balance sheet Q1F23 Comments Cash used in operations: ($48.8) million Free cash flow ($71.9) million Capital expenditures: ($23.1) million Share repurchases $11.5 million Approx. 116,000 shares at an average price of $99.12 per share Cash balance $248 million Sequentially
Slide 14: Working capital trends
PLEXUS CORP. Working capital trends 180 160 140 120 100 Days 80 60 40 20 - Q2F21 Q3F21 Q4F21 Q1F22 Q2F22 Q3F22 Q4F22 Q1F23 Net Cash Cycle Days Inventory Days Contract Asset Days A/R Days A/P Days Customer Deposit Days Q2F21 Q3F21 Q4F21 Q1F22 Q2F22 Q3F22 Q4F22 Q1F23 Inventory Days 89 108 116 145 154
Slide 15: Fiscal second quarter 2023 guidance
PLEXUS CORP. Fiscal second quarter 2023 guidance Guidance Revenue $1.02 to $1.07 billion GAAP diluted EPS $1.06 to $1.24 Gross margin 8.8% to 9.2% Selling & administrative expenses $44.5 to $45.5 million GAAP operating margin 4.5% to 5.0% Depreciation and amortization Approximately $18 million Non-o
Slide 16: Q&A Thank you.
Q&A Thank you. PLEXUS | ————