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) | ||||||||||||||||||||
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Quarter Ended |
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Nine Months Ended | ||||||||||||||||
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Jun 28,
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Mar 29,
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Jun 29,
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Jun 28,
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Jun 29,
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GAAP gross profit |
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$ |
172.1 |
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$ |
169.3 |
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$ |
153.6 |
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$ |
509.4 |
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$ |
440.5 |
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Manufacturing profit in acquired inventory (1) |
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8.6 |
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2.2 |
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11.1 |
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16.7 |
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Inventory write-offs from restructuring activities (2) |
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7.9 |
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7.9 |
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Non-GAAP gross profit |
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$ |
180.7 |
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$ |
169.3 |
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$ |
163.7 |
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$ |
520.5 |
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$ |
465.1 |
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GAAP operating income |
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$ |
25.2 |
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$ |
35.4 |
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$ |
6.3 |
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$ |
90.3 |
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$ |
20.8 |
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Adjustments to GAAP gross profit |
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8.6 |
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10.1 |
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11.1 |
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24.6 |
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Restructuring, severance and other special charges (2) |
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3.2 |
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3.8 |
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14.8 |
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14.6 |
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29.3 |
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Amortization of intangible assets (3) |
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24.8 |
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22.7 |
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23.4 |
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71.1 |
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69.7 |
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Stock based compensation (4) |
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13.7 |
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11.8 |
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11.3 |
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36.2 |
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32.8 |
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Acquisition related costs (5) |
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3.3 |
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2.1 |
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0.3 |
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5.4 |
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2.4 |
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Non-GAAP operating income |
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$ |
78.8 |
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$ |
75.8 |
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$ |
66.2 |
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$ |
228.7 |
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$ |
179.6 |
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GAAP net income (loss) |
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$ |
14.7 |
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$ |
24.9 |
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$ |
(4.3) |
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$ |
59.2 |
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$ |
(9.7) |
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Adjustments to GAAP gross profit and operating income |
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53.6 |
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40.4 |
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59.9 |
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138.4 |
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158.8 |
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Credit facility issuance and derivative fair value costs (6) |
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0.5 |
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0.2 |
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0.1 |
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0.9 |
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0.8 |
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Income tax effect on non-GAAP adjustments (7) |
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(3.5) |
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(1.7) |
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(0.9) |
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(7.5) |
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(4.5) |
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Non-GAAP net income |
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$ |
65.3 |
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$ |
63.8 |
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$ |
54.8 |
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$ |
191.0 |
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$ |
145.4 |
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GAAP diluted earnings (loss) per share |
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$ |
0.15 |
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$ |
0.26 |
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$ |
(0.05) |
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$ |
0.62 |
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$ |
(0.10) |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
0.53 |
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$ |
0.41 |
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$ |
0.63 |
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$ |
1.39 |
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$ |
1.64 |
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Non-GAAP diluted earnings per share |
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$ |
0.68 |
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$ |
0.67 |
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$ |
0.58 |
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$ |
2.01 |
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$ |
1.54 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
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96.4 |
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95.3 |
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94.8 |
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95.6 |
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94.2 |
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Operating cash flow |
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$ |
55.1 |
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$ |
69.5 |
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$ |
54.4 |
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$ |
191.5 |
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$ |
147.1 |
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Payments for capital expenditures |
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(10.5) |
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(11.3) |
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(8.0) |
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(34.9) |
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(28.9) |
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Free cash flow (8) |
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$ |
44.6 |
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$ |
58.2 |
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$ |
46.4 |
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$ |
156.6 |
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$ |
118.2 |
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