Plexus Corp. Files 2024 Annual Report

Ticker: PLXS · Form: 10-K · Filed: Nov 15, 2024 · CIK: 785786

Sentiment: neutral

Topics: 10-K, annual-report, manufacturing

TL;DR

PLEXUS CORP 10-K FILED: FY24 RESULTS ARE IN. CHECK IT OUT.

AI Summary

Plexus Corp. filed its 10-K for the fiscal year ending September 28, 2024, reporting on its operations as a manufacturer of printed circuit boards. The company is incorporated in Wisconsin and headquartered in Neenah, WI. The filing details its financial performance and business operations for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Plexus Corp.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) for a publicly traded company, providing routine disclosure.

Key Numbers

Key Players & Entities

FAQ

What is Plexus Corp.'s primary business activity?

Plexus Corp. is primarily involved in the manufacturing of printed circuit boards, as indicated by its SIC code 3672.

In which state is Plexus Corp. incorporated?

Plexus Corp. is incorporated in Wisconsin (WI).

What is the address of Plexus Corp.'s headquarters?

Plexus Corp.'s headquarters are located at One Plexus Way, Neenah, WI 54956.

When did Plexus Corp.'s fiscal year end for this filing?

The fiscal year for this filing ended on September 28, 2024.

What is the accession number for this 10-K filing?

The accession number for this filing is 0000785786-24-000074.

Filing Stats: 4,342 words · 17 min read · ~14 pages · Grade level 16 · Accepted 2024-11-15 08:05:54

Key Financial Figures

Filing Documents

RISK FACTORS

ITEM 1A. RISK FACTORS 11

UNRESOLVED SEC STAFF COMMENTS

ITEM 1B. UNRESOLVED SEC STAFF COMMENTS 23

CYBERSECURITY

ITEM 1C. CYBERSECURITY 23

PROPERTIES

ITEM 2. PROPERTIES 25

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 25

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 25 PART II 26

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 40

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 71

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 71

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 72

FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 72 PART III 72

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 72

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 73

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 73

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 74

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 74 PART IV 75

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 75

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 79

SIGNATURES

SIGNATURES 81 Table of Contents "SAFE HARBOR" CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this Form 10-K 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 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 ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; 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 o

BUSINESS

ITEM 1. BUSINESS Overview At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions. Our Vision, Mission and Strategy 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 is consistent and can be summarized in four parts: Market Focus – We engineer innovative solutions for customers in growth markets featuring highly complex products and demanding regulatory environments. Superior Execution – We are dedicated partners to our customers, committed to achieving zero defects and perfect delivery through operational excellence. Passion Meets Purpose – We are united as a team. We are guided by our values. We do the right thing to support our team members, communities and customers. Discipline by Design – We hold ourselves accountable to delivering shareholder value through consistent application of a disciplined financial model. Built on a foundation of innovation, we are relentless in our pursuit of excellence, aligning our team members, operations, systems of oversight and financial metrics to create a high performance, accountable org

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