| CABOT MICROELECTRONICS CORPORATION | ||||||||||||||||||||
| U.S. GAAP to Non-GAAP Reconciliation | ||||||||||||||||||||
| Gross Profit as a Percentage of Revenue, Net Income and Diluted Earnings Per Share | ||||||||||||||||||||
| (Unaudited and amounts in thousands, except per share and percentage amounts) | ||||||||||||||||||||
| The following presents reconciliation of the Non-GAAP financial measures included in the Cabot | ||||||||||||||||||||
| Microelectronics Corporation press release dated July 28, 2016. | ||||||||||||||||||||
| Three Months Ended June 30, 2016 | Nine Months Ended June 30, 2016 | |||||||||||||||||||
| U.S. GAAP | Adjustments | Non-GAAP | U.S. GAAP | Adjustments | Non-GAAP | |||||||||||||||
| Gross profit | $ | 52,025 | $ | 1,143 | $ | 53,168 | $ | 149,116 | 3,877 | $ | 152,993 | |||||||||
| Gross profit as a percentage of revenue (1) | 48.1 | % | 49.2 | % | 48.5 | % | 49.7 | % | ||||||||||||
| Net income (2) | $ | 18,702 | $ | 745 | $ | 19,447 | $ | 39,142 | $ | 4,378 | $ | 43,520 | ||||||||
| Diluted earnings per share (3) | $ | 0.76 | $ | 0.03 | $ | 0.79 | $ | 1.59 | $ | 0.18 | $ | 1.77 | ||||||||
| (1) Non-GAAP gross profit as a percentage of revenue for the three months ended June 30, 2016 excludes $1,143 of NexPlanar amortization expense. | ||||||||||||||||||||
| Non-GAAP gross profit as a percentage of revenue for the nine months ended June 30, 2016 excludes $706 of NexPlanar acquisition-related costs | ||||||||||||||||||||
| and $3,171 of NexPlanar amortization expense. Acquisition-related costs include the fair value markup of NexPlanar inventory sold and post-acquisition | ||||||||||||||||||||
| employee severance. | ||||||||||||||||||||
| (2) Non-GAAP net income for the three months ended June 30, 2016 excludes the items mentioned above in (1) plus $467 of NexPlanar amortization | ||||||||||||||||||||
| expense recorded in operating expenses and a reversal of $451 in share-based compensation for certain unvested NexPlanar stock options settled in | ||||||||||||||||||||
| cash at the date of acquisition. These adjustments are partially offset by a $414 related increase in the provision for income taxes. Non-GAAP | ||||||||||||||||||||
| net income for the nine months ended June 30, 2016 excludes the items mentioned above in (1) plus $1,623 of NexPlanar acquisition-related costs and | ||||||||||||||||||||
| $1,296 of NexPlanar amortization expense recorded in operating expenses. The $1,623 in acquisition-related costs include share-based compensation | ||||||||||||||||||||
| expense for certain unvested NexPlanar stock options settled in cash at the date of the acquisition, post-acquisition employee severance, share-based | ||||||||||||||||||||
| compensation expense for accelerated vesting of certain replacement stock options, and professional fees incurred directly related to the acquisition. | ||||||||||||||||||||
| These adjustments are partially offset by a $2,418 related increase in the provision for income taxes. | ||||||||||||||||||||
| (3) Non-GAAP diluted earnings per share is calculated based upon Non-GAAP net income. | ||||||||||||||||||||
Cabot Microelectronics Corporation Reports Strong Results for Third Quarter of Fiscal 2016
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