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 | ||||||||||||||||||||
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(unaudited, in millions, except for per share amounts) | ||||||||||||||||||||
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Quarter Ended |
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Fiscal Year Ended | ||||||||||||||||
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Oct 2,
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Jul 3,
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Sep 27,
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Oct 2,
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Sep 27,
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GAAP gross profit |
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$ |
281.8 |
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$ |
266.9 |
|
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$ |
174.8 |
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$ |
937.1 |
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$ |
684.3 |
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Manufacturing profit in acquired inventory (1) |
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— |
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— |
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11.0 |
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66.2 |
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22.0 |
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Inventory write-offs from restructuring activities (2) |
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— |
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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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$ |
281.8 |
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$ |
266.9 |
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$ |
185.8 |
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$ |
1,007.3 |
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$ |
706.3 |
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GAAP operating income |
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$ |
72.2 |
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$ |
51.2 |
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$ |
32.3 |
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$ |
53.7 |
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$ |
122.6 |
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Adjustments to GAAP gross profit |
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— |
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— |
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11.0 |
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70.2 |
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22.0 |
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Restructuring, severance, facilities and other special charges (2) |
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2.4 |
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4.9 |
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1.4 |
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60.9 |
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16.2 |
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Amortization of intangible assets (3) |
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45.6 |
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44.9 |
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25.4 |
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161.2 |
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|
96.5 |
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Stock based compensation (4) |
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19.1 |
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18.9 |
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14.0 |
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|
84.8 |
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50.1 |
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Acquisition and divestiture related costs (5) |
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0.2 |
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2.8 |
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0.7 |
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31.4 |
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6.2 |
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Non-GAAP operating income |
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$ |
139.5 |
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$ |
122.7 |
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$ |
84.8 |
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$ |
462.2 |
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$ |
313.6 |
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|
|
|
|
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GAAP net income (loss) |
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$ |
48.9 |
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$ |
115.2 |
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$ |
25.3 |
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$ |
(32.6) |
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$ |
84.6 |
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Adjustments to GAAP gross profit and operating income |
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67.3 |
|
|
71.5 |
|
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52.5 |
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|
408.5 |
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|
191.0 |
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Gain on divestitures (5) |
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— |
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(125.5) |
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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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2.0 |
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14.8 |
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0.7 |
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22.1 |
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1.6 |
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Debt extinguishment charge (6) |
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0.2 |
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4.6 |
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|
— |
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|
78.4 |
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— |
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Gain from facility sale (2) |
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— |
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— |
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(3.9) |
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|
— |
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|
(3.9) |
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Fair value change in foreign tax liabilities (7) |
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(0.3) |
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|
0.2 |
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|
— |
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|
2.9 |
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|
— |
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Income tax effect on non-GAAP adjustments (8) |
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(13.2) |
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3.2 |
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(4.3) |
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(21.0) |
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|
(12.0) |
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Non-GAAP net income |
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$ |
104.9 |
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$ |
84.0 |
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$ |
70.3 |
|
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$ |
332.8 |
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$ |
261.3 |
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|
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GAAP diluted earnings (loss) per share |
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$ |
0.42 |
|
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$ |
1.00 |
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$ |
0.26 |
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$ |
(0.31) |
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$ |
0.88 |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
0.49 |
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$ |
(0.27) |
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$ |
0.47 |
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$ |
3.36 |
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$ |
1.85 |
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Non-GAAP diluted earnings per share |
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$ |
0.91 |
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$ |
0.73 |
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$ |
0.73 |
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$ |
3.05 |
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$ |
2.73 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
|
115.4 |
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|
114.6 |
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|
96.5 |
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|
109.3 |
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|
95.9 |
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Operating cash flow |
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$ |
128.8 |
|
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$ |
45.3 |
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$ |
77.9 |
|
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$ |
273.6 |
|
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$ |
269.4 |
|
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Payments for capital expenditures |
|
(14.6) |
|
|
(11.2) |
|
|
(9.2) |
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|
(48.8) |
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|
(44.1) |
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Free cash flow (9) |
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$ |
114.2 |
|
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$ |
34.1 |
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$ |
68.7 |
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$ |
224.8 |
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$ |
225.3 |
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