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ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES | ||||||||
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(Unaudited) | ||||||||
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Three Months Ended |
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September 24, |
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June 25, |
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September 26, |
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2016 |
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2016 |
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2015 |
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(in thousands, except per share data) |
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Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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GAAP gross profit |
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$ 345,732 |
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$ 347,027 |
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$ 286,351 |
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GAAP gross profit % |
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61.6% |
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61.3% |
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50.9% |
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Special items: |
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Intangible asset amortization |
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12,602 |
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11,829 |
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16,638 |
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Accelerated depreciation (1) |
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1,178 |
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4,098 |
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43,631 |
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Total special items |
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13,780 |
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15,927 |
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60,269 |
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GAAP gross profit excluding special items |
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$ 359,512 |
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$ 362,954 |
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$ 346,620 |
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GAAP gross profit % excluding special items |
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64.0% |
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64.1% |
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61.6% |
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Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
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GAAP operating expenses |
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$ 173,659 |
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$ 224,654 |
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$ 362,116 |
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Special items: |
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Intangible asset amortization |
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2,443 |
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2,538 |
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3,591 |
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Impairment of long-lived assets (2) |
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6,134 |
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429 |
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157,697 |
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Impairment of intangible assets |
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- |
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27,602 |
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- |
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Severance and restructuring |
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9,965 |
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4,149 |
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7,126 |
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Other operating expenses (income), net (3) |
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(28,481) |
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4,962 |
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315 |
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Total special items |
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(9,939) |
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39,680 |
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168,729 |
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GAAP operating expenses excluding special items |
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$ 183,598 |
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$ 184,974 |
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$ 193,387 |
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Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: |
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GAAP net income (loss) |
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$ 137,614 |
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$ 92,339 |
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$ (72,143) |
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Special items: |
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Intangible asset amortization |
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15,045 |
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14,367 |
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20,229 |
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Accelerated depreciation (1) |
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1,178 |
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4,098 |
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43,631 |
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Impairment of long-lived assets (2) |
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6,134 |
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429 |
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157,697 |
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Impairment of intangible assets |
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- |
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27,602 |
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- |
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Severance and restructuring |
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9,965 |
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4,149 |
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7,126 |
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Other operating expenses (income), net (3) |
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(28,481) |
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4,962 |
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315 |
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Interest and other expense (income), net |
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(471) |
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(247) |
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(109) |
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Pre-tax total special items |
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3,370 |
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55,360 |
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228,889 |
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Other income tax effects and adjustments (4) |
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(2,754) |
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(7,228) |
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(36,434) |
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GAAP net income excluding special items |
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$ 138,230 |
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$ 140,471 |
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$ 120,312 |
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GAAP net income per share excluding special items: |
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Basic |
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$ 0.49 |
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$ 0.49 |
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$ 0.42 |
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Diluted |
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$ 0.48 |
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$ 0.49 |
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$ 0.42 |
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Shares used in the calculation of earnings per share excluding special items: |
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Basic |
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283,633 |
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284,354 |
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284,588 |
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Diluted (5) |
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288,574 |
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288,544 |
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288,897 |
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(1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities. |
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(2) Includes impairment of investments in privately-held companies and other equipment impairment charges. |
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(3) Includes gain on sale of micro-electromechanical systems (MEMS) business line during the first quarter of fiscal year 2017. |
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(4) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
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(5) Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis for the first quarter of fiscal year 2016. |
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