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MICROSEMI CORPORATION Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures (unaudited, in millions, except for per share amounts) | |||||||||
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Quarter Ended | |||||||
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Dec 29, 2013 |
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Sep 29, 2013 |
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Dec 30, 2012 | |||
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GAAP gross profit |
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$ |
138.3 |
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$ |
142.8 |
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$ |
142.6 |
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Manufacturing profit in acquired inventory (1) |
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4.8 |
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— |
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— | |||
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Non-GAAP gross profit |
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$ |
143.1 |
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$ |
142.8 |
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$ |
142.6 |
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GAAP operating income |
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$ |
7.2 |
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$ |
26.9 |
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$ |
25.5 |
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Adjustments to GAAP gross profit |
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4.8 |
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— |
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— | |||
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Restructuring and other special charges (2) |
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8.3 |
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2.1 |
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1.4 | |||
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Amortization of intangible assets (3) |
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22.0 |
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21.0 |
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21.7 | |||
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Stock based compensation (4) |
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10.1 |
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9.2 |
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8.1 | |||
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Acquisition costs (5) |
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1.7 |
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— |
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— | |||
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Non-GAAP operating income |
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$ |
54.1 |
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$ |
59.2 |
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$ |
56.7 |
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GAAP net income |
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$ |
1.4 |
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$ |
14.1 |
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$ |
14.2 |
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Adjustments to GAAP gross profit and operating income |
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46.9 |
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32.3 |
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31.2 | |||
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Loss from facility closure and asset disposal (2) |
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— |
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(0.1) |
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— | |||
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Credit facility issuance and refinancing costs (6) |
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0.2 |
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0.2 |
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0.3 | |||
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(Gain) in debt and derivative instruments (7) |
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(0.3) |
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(0.3) |
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(0.3) | |||
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Income tax effect on non-GAAP adjustments (8) |
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(5.3) |
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2.9 |
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(0.4) | |||
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Non-GAAP net income |
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$ |
42.9 |
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$ |
49.1 |
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$ |
45.0 |
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GAAP diluted earnings per share |
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$ |
0.01 |
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$ |
0.15 |
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$ |
0.16 |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
0.45 |
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$ |
0.38 |
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$ |
0.34 |
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Non-GAAP diluted earnings per share |
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$ |
0.46 |
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$ |
0.53 |
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$ |
0.50 |
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Weighted average diluted shares used in calculating diluted earnings per share |
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93.5 |
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92.8 |
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90.1 | |||
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Operating cash flow |
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$ |
62.5 |
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$ |
52.4 |
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$ |
28.1 |
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Capital expenditures |
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(12.1) |
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(6.2) |
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(8.5) | |||
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Free cash flow |
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$ |
50.4 |
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$ |
46.2 |
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$ |
19.6 |
