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| | | | | | | | | Exhibit 99.1 |
Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands): |
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| | | Fiscal year ended | | | | |
| | | October 3, | | September 28, | | September 29, | | | | |
| | | 2020 | | 2019 | | 2018 | | | | |
Operating income, as reported | | | $ | 153,372 | | | $ | 142,055 | | | $ | 118,283 | | | | | |
Restructuring and other charges | | | 6,003 | | | 1,678 | | | — | | | | | |
One-time employee bonus | | | — | | | — | | | 13,512 | | | | | |
Adjusted operating income | | | 159,375 | | | 143,733 | | | 131,795 | | | | | |
Tax rate | | | 14.0 | % | | 16.0 | % | | 10.0 | % | | | | |
Adjusted operating income (tax effected) | | | $ | 137,062 | | | $ | 120,736 | | | $ | 118,615 | | | | | |
Average invested capital | | | $ | 978,939 | | | $ | 923,107 | | | $ | 735,598 | | | | | |
ROIC | | | 14.0 | % | | 13.1 | % | | 16.1 | % | | | | |
WACC | | | 8.8 | % | | 9.0 | % | | 9.5 | % | | | | |
Economic Return | | | 5.2 | % | | 4.1 | % | | 6.6 | % | | | | |
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Average Invested Capital | Fiscal 2020 |
| October 3, | | July 4, | | April 4, | | January 4, | | September 28, | | Average invested capital |
| 2020 | | 2020 | | 2020 | | 2020 | | 2019 | |
Equity | $ | 977,480 | | | $ | 944,821 | | | $ | 892,558 | | | $ | 908,372 | | | $ | 865,576 | | | |
Plus: | | | | | | | | | | | |
Debt and finance lease obligations - current | 146,829 | | | 145,993 | | | 107,880 | | | 67,847 | | | 100,702 | | | |
Operating lease obligations - current (1) (2) | 7,724 | | | 8,061 | | | 8,546 | | | 9,185 | | | — | | | |
Debt and finance lease obligations - long-term | 187,975 | | | 188,626 | | | 186,327 | | | 186,827 | | | 187,278 | | | |
Operating lease obligations - long-term (2) | 36,779 | | | 38,077 | | | 39,617 | | | 36,473 | | | — | | | |
Less: | | | | | | | | | | | |
Cash and cash equivalents | (385,807) | | | (296,545) | | | (225,830) | | | (252,914) | | | (223,761) | | | |
| $ | 970,980 | | | $ | 1,029,033 | | | $ | 1,009,098 | | | $ | 955,790 | | | $ | 929,795 | | | $ | 978,939 | |
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Average Invested Capital | Fiscal 2019 |
| September 28, | | June 29, | | March 30, | | December 29, | | September 19, | | Average invested capital |
| 2019 | | 2019 | | 2019 | | 2018 | | 2018 | |
Equity | $ | 865,576 | | | $ | 860,791 | | | $ | 875,444 | | | $ | 905,163 | | | $ | 921,143 | | | |
Plus: | | | | | | | | | | | |
Debt and finance lease obligations - current | 100,702 | | | 138,976 | | | 93,197 | | | 8,633 | | | 5,532 | | | |
Operating lease obligations - current (1) (2) | — | | | — | | | — | | | — | | | — | | | |
Debt and finance lease obligations - long-term | 187,278 | | | 187,581 | | | 187,120 | | | 187,567 | | | 183,085 | | | |
Operating lease obligations - long-term (2) | — | | | — | | | — | | | — | | | — | | | |
Less: | | | | | | | | | | | |
Cash and cash equivalents | (223,761) | | | (198,395) | | | (184,028) | | | (188,799) | | | (297,269) | | | |
| $ | 929,795 | | | $ | 988,953 | | | $ | 971,733 | | | $ | 912,564 | | | $ | 812,491 | | | $ | 923,107 | |
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