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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Nine Months Ended | ||||||||||||||||
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Jul 3,
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Apr 3,
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Jun 28,
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Jul 3,
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Jun 28,
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GAAP gross profit |
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$ |
266.9 |
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$ |
200.6 |
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$ |
172.1 |
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$ |
655.3 |
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$ |
509.4 |
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Manufacturing profit in acquired inventory (1) |
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— |
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66.2 |
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8.6 |
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66.2 |
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11.1 |
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Inventory write-offs from restructuring activities (2) |
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— |
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4.0 |
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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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$ |
266.9 |
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$ |
270.8 |
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$ |
180.7 |
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$ |
725.5 |
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$ |
520.5 |
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GAAP operating income (loss) |
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$ |
51.2 |
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$ |
(97.9) |
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$ |
25.2 |
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$ |
(10.1) |
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$ |
90.3 |
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Adjustments to GAAP gross profit |
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— |
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70.2 |
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8.6 |
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70.2 |
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11.1 |
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Restructuring, severance and other special charges (2) |
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4.9 |
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49.5 |
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1.7 |
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56.2 |
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8.3 |
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Facility consolidation and equipment charges (2) |
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— |
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2.4 |
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1.5 |
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2.4 |
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6.3 |
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Amortization of intangible assets (3) |
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44.9 |
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45.3 |
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24.8 |
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115.6 |
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71.1 |
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Stock based compensation (4) |
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18.9 |
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24.4 |
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13.7 |
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57.2 |
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36.2 |
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Acquisition and divestiture related costs (5) |
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2.8 |
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22.3 |
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3.3 |
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31.2 |
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5.4 |
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Non-GAAP operating income |
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$ |
122.7 |
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$ |
116.2 |
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$ |
78.8 |
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$ |
322.7 |
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$ |
228.7 |
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GAAP net income (loss) |
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$ |
115.2 |
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$ |
(212.0) |
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$ |
14.7 |
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$ |
(73.1) |
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$ |
59.2 |
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Adjustments to GAAP gross profit and operating income |
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71.5 |
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|
214.1 |
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53.6 |
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332.8 |
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138.4 |
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Gain on divestitures (5) |
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(125.5) |
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— |
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— |
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(125.5) |
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— |
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Credit facility issuance and derivative fair value costs (6) |
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14.8 |
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4.5 |
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0.5 |
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20.2 |
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0.9 |
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Debt extinguishment charge (6) |
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4.6 |
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73.6 |
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— |
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78.2 |
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— |
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Fair value change in foreign tax liabilities (7) |
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0.2 |
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3.0 |
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— |
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3.3 |
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— |
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Income tax effect on non-GAAP adjustments (8) |
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3.2 |
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(8.5) |
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(3.5) |
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(8.0) |
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(7.5) |
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Non-GAAP net income |
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$ |
84.0 |
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$ |
74.7 |
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$ |
65.3 |
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$ |
227.9 |
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$ |
191.0 |
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GAAP diluted earnings (loss) per share |
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$ |
1.00 |
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$ |
(1.93) |
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$ |
0.15 |
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$ |
(0.69) |
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$ |
0.62 |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
(0.27) |
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$ |
2.60 |
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$ |
0.53 |
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$ |
2.81 |
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$ |
1.39 |
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Non-GAAP diluted earnings per share |
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$ |
0.73 |
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$ |
0.67 |
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$ |
0.68 |
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$ |
2.12 |
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$ |
2.01 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
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114.6 |
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111.6 |
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96.4 |
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107.3 |
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95.6 |
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Operating cash flow |
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$ |
45.3 |
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$ |
(56.0) |
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$ |
55.1 |
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$ |
72.3 |
|
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$ |
191.5 |
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Payments for capital expenditures |
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(11.2) |
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(12.4) |
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(10.5) |
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(34.2) |
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(34.9) |
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Free cash flow (9) |
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$ |
34.1 |
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$ |
(68.4) |
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$ |
44.6 |
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$ |
38.1 |
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$ |
156.6 |
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