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| Three Months Ended March 30, 2024 | ||||||||||
Non-GAAP Loss Per Share |
| GAAP Measure |
| Stock Compensation Expense* |
| Intangible Asset Amortization* |
| Termination Costs* |
| Income Tax Adjustments |
| Non- GAAP Measure |
Net income (loss) |
| $ (56,526) |
| $ 13,611 |
| $ 6,080 |
| $ 563 |
| $ 6,946 |
| $ (29,326) |
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Diluted shares outstanding |
| 31,910 |
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| 31,910 |
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Diluted loss per share |
| $ (1.77) |
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|
| $ (0.92) |
* Represents pre-tax amounts |
Unaudited Forward-Looking Statements Regarding Business Outlook (In millions, except per share data) | ||||||
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| Three Months Ended
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Business Outlook |
| GAAP Measure |
| Non-GAAP Adjustments** |
| Non-GAAP Measure |
Gross margin |
| 53 % |
| — % |
| 53 % |
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Operating expenses |
| $ 125 |
| $ (23) |
| $ 102 |
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Diluted loss per share - low |
| $ (1.61) |
| $ 0.91 |
| $ (0.70) |
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| Diluted loss per share - high |
| $ (1.45) |
| $ 0.87 |
| $ (0.58) |
| ** Non-GAAP adjustments include the following estimates: stock compensation expense of $16.0 million, intangible asset amortization of $6.1 million, termination costs of $1.3 million, and the application of a long-term non-GAAP tax rate of 20%. |
