Microsemi Reports Second Quarter 2015 Results

 

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."

 

Schedule Reconciling Selected Non-GAAP Financial Measures

(unaudited, in millions, except for per share amounts)

























Quarter Ended


Six Months Ended



Mar 29,
2015


Dec 28,
2014


Mar 30,
2014


Mar 29,
2015


Mar 30,
2014

GAAP gross profit


$

169.3



$

168.1



$

148.6



$

337.4



$

286.9


Manufacturing profit in acquired inventory (1)




2.4



9.7



2.4



14.5


Non-GAAP gross profit


$

169.3



$

170.5



$

158.3



$

339.8



$

301.4













GAAP operating income


$

35.4



$

29.7



$

7.3



$

65.1



$

14.5


Adjustments to GAAP gross profit




2.4



9.7



2.4



14.5


Restructuring, severance and other special charges (2)


3.8



7.7



6.2



11.5



14.4


Amortization of intangible assets (3)


22.7



23.6



24.3



46.3



46.3


Stock based compensation (4)


11.8



10.7



11.4



22.5



21.5


Acquisition costs (5)


2.1



0.1



0.4



2.2



2.2


Non-GAAP operating income


$

75.8



$

74.2



$

59.3



$

150.0



$

113.4













GAAP net income (loss)


$

24.9



$

19.7



$

(6.8)



$

44.6



$

(5.4)


Adjustments to GAAP gross profit and operating income


40.4



44.4



52.0



84.8



98.9


Credit facility issuance and derivative fair value costs (6)


0.2



0.1



0.8



0.3



0.7


Income tax effect on non-GAAP adjustments (7)


(1.7)



(2.3)



1.7



(4.0)



(3.6)


Non-GAAP net income


$

63.8



$

61.9



$

47.7



$

125.7



$

90.6













GAAP diluted earnings (loss) per share


$

0.26



$

0.21



$

(0.07)



$

0.47



$

(0.06)


Effect of non-GAAP adjustments on diluted earnings per share


$

0.41



$

0.44



$

0.58



$

0.85



$

1.03


Non-GAAP diluted earnings per share


$

0.67



$

0.65



$

0.51



$

1.32



$

0.97













Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share


95.3



95.1



94.1



95.2



93.8













Operating cash flow


$

69.5



$

66.9



$

30.2



$

136.4



$

92.7


Capital expenditures


(11.3)



(13.1)



(8.8)



(24.4)



(20.8)


Free cash flow


$

58.2



$

53.8



$

21.4



$

112.0



$

71.9



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