Additional details reconciling the selected GAAP financial measure to the selected non-GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."
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Schedule Reconciling Selected Non-GAAP Financial Measures
(unaudited, in millions, except for per share amounts) | ||||||||||||||||||||
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Quarter Ended |
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Six Months Ended | ||||||||||||||||
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Apr 3, 2016 |
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Jan 3, 2016 |
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Mar 29, 2015 |
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Apr 3, 2016 |
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Mar 29, 2015 | ||||||||||
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GAAP gross profit |
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$ |
200.6 |
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$ |
187.9 |
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$ |
169.3 |
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$ |
388.5 |
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$ |
337.4 |
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Manufacturing profit in acquired inventory (1) |
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66.2 |
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— |
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— |
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66.2 |
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2.4 |
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Inventory write-offs from restructuring activities (2) |
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4.0 |
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— |
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— |
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4.0 |
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— |
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Non-GAAP gross profit |
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$ |
270.8 |
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$ |
187.9 |
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$ |
169.3 |
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$ |
458.7 |
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$ |
339.8 |
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GAAP operating income (loss) |
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$ |
(97.9) |
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$ |
36.6 |
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$ |
35.4 |
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$ |
(61.3) |
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$ |
65.1 |
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Adjustments to GAAP gross profit |
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70.2 |
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— |
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— |
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70.2 |
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2.4 |
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Restructuring, severance and other special charges (2) |
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49.5 |
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1.8 |
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2.6 |
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51.3 |
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6.8 |
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Facility consolidation and equipment charges (2) |
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2.4 |
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— |
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1.2 |
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2.4 |
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4.7 |
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Amortization of intangible assets (3) |
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45.3 |
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25.4 |
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22.7 |
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70.7 |
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46.3 |
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Stock based compensation (4) |
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24.4 |
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14.0 |
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11.8 |
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38.4 |
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22.5 |
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Acquisition and divestiture related costs (5) |
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22.3 |
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6.0 |
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2.1 |
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28.3 |
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2.2 |
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Non-GAAP operating income |
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$ |
116.2 |
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$ |
83.8 |
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$ |
75.8 |
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$ |
200.0 |
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$ |
150.0 |
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GAAP net income (loss) |
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$ |
(212.0) |
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$ |
23.7 |
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$ |
24.9 |
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$ |
(188.3) |
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$ |
44.6 |
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Adjustments to GAAP gross profit and operating income |
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214.0 |
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47.2 |
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40.4 |
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261.2 |
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84.8 |
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Debt extinguishment charge |
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73.6 |
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— |
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— |
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73.6 |
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— |
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Fair value change in foreign tax liabilities |
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3.0 |
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— |
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— |
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3.0 |
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— |
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Credit facility issuance and derivative fair value costs (6) |
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4.6 |
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0.7 |
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0.2 |
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5.3 |
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0.3 |
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Income tax effect on non-GAAP adjustments (7) |
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(8.5) |
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(2.3) |
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(1.7) |
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(10.8) |
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(4.0) |
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Non-GAAP net income |
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$ |
74.7 |
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$ |
69.3 |
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$ |
63.8 |
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$ |
144.0 |
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$ |
125.7 |
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GAAP diluted earnings (loss) per share |
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$ |
(1.93) |
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$ |
0.25 |
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$ |
0.26 |
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$ |
(1.85) |
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$ |
0.47 |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
2.60 |
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$ |
0.47 |
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$ |
0.41 |
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$ |
3.24 |
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$ |
0.85 |
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Non-GAAP diluted earnings per share |
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$ |
0.67 |
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$ |
0.72 |
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$ |
0.67 |
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$ |
1.39 |
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$ |
1.32 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
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111.6 |
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96.5 |
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95.3 |
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103.8 |
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95.2 |
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Operating cash flow |
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$ |
5.4 |
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$ |
82.9 |
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$ |
69.5 |
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$ |
88.3 |
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$ |
136.4 |
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Payments for capital expenditures |
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(12.5) |
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(10.5) |
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(11.3) |
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(23.0) |
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(24.4) |
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Free cash flow (8) |
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$ |
(7.1) |
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$ |
72.4 |
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$ |
58.2 |
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$ |
65.3 |
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$ |
112.0 |
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