Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures."
Summary of Schedule Reconciling Selected Non-GAAP Financial Measures
(unaudited, in millions, except for per share amounts) | ||||||||||||
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Quarter Ended April 3, 2016 | ||||||||||
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GAAP |
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Non-GAAP Adjustments |
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Non-GAAP | ||||||
Net sales |
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$ |
444.3 |
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$ |
— |
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$ |
444.3 |
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Gross profit |
|
$ |
200.6 |
|
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$ |
70.2 |
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$ |
270.8 |
|
Operating income (loss) |
|
$ |
(97.9) |
|
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$ |
214.1 |
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$ |
116.2 |
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Net income (loss) |
|
$ |
(212.0) |
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$ |
286.7 |
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$ |
74.7 |
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Diluted earnings (loss) per share |
|
$ |
(1.93) |
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$ |
2.60 |
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$ |
0.67 |
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Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."
Consolidated Condensed Statements of Income
(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 | ||||||||||
Net sales |
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$ |
444.3 |
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$ |
329.2 |
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$ |
296.2 |
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$ |
773.5 |
|
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$ |
599.8 |
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Cost of sales |
|
243.7 |
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|
141.3 |
|
|
126.9 |
|
|
385.0 |
|
|
262.4 |
| |||||
Gross profit |
|
$ |
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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Operating expenses |
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Selling, general and administrative |
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$ |
91.4 |
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$ |
63.3 |
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$ |
58.9 |
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$ |
154.7 |
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$ |
118.9 |
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Research and development |
|
87.8 |
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|
54.9 |
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46.4 |
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142.7 |
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|
94.0 |
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Amortization of intangible assets |
|
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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Restructuring and severance charges |
|
51.7 |
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1.7 |
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3.8 |
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53.4 |
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|
10.9 |
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Acquisition and divestiture related costs |
|
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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Total operating expenses |
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$ |
298.5 |
|
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$ |
151.3 |
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$ |
133.9 |
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$ |
449.8 |
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$ |
272.3 |
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Operating income (loss) |
|
$ |
(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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Interest and other (expense), net |
|
(115.8) |
|
|
(8.8) |
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|
(6.3) |
|
|
(124.6) |
|
|
(12.9) |
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Income (loss) before income taxes |
|
$ |
(213.7) |
|
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$ |
27.8 |
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$ |
29.1 |
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$ |
(185.9) |
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$ |
52.2 |
|
Provision (benefit) for income taxes |
|
(1.7) |
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|
4.1 |
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4.2 |
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2.4 |
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|
7.6 |
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Net income (loss) |
|
$ |
(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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Earnings (loss) per share |
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Basic |
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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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Diluted |
|
$ |
(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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Weighted-average common shares outstanding |
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Basic |
|
109.6 |
|
|
95.1 |
|
|
94.0 |
|
|
102.0 |
|
|
94.0 |
| |||||
Diluted |
|
109.6 |
|
|
96.5 |
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|
95.3 |
|
|
102.0 |
|
|
95.2 |
|