Microsemi Reports Third 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


Nine Months Ended



Jun 28,
2015


Mar 29,
2015


Jun 29,
2014


Jun 28,
2015


Jun 29,
2014

GAAP gross profit


$

172.1



$

169.3



$

153.6



$

509.4



$

440.5


Manufacturing profit in acquired inventory (1)


8.6





2.2



11.1



16.7


Inventory write-offs from restructuring activities (2)






7.9





7.9


Non-GAAP gross profit


$

180.7



$

169.3



$

163.7



$

520.5



$

465.1













GAAP operating income


$

25.2



$

35.4



$

6.3



$

90.3



$

20.8


Adjustments to GAAP gross profit


8.6





10.1



11.1



24.6


Restructuring, severance and other special charges (2)


3.2



3.8



14.8



14.6



29.3


Amortization of intangible assets (3)


24.8



22.7



23.4



71.1



69.7


Stock based compensation (4)


13.7



11.8



11.3



36.2



32.8


Acquisition related costs (5)


3.3



2.1



0.3



5.4



2.4


Non-GAAP operating income


$

78.8



$

75.8



$

66.2



$

228.7



$

179.6













GAAP net income (loss)


$

14.7



$

24.9



$

(4.3)



$

59.2



$

(9.7)


Adjustments to GAAP gross profit and operating income


53.6



40.4



59.9



138.4



158.8


Credit facility issuance and derivative fair value costs (6)


0.5



0.2



0.1



0.9



0.8


Income tax effect on non-GAAP adjustments (7)


(3.5)



(1.7)



(0.9)



(7.5)



(4.5)


Non-GAAP net income


$

65.3



$

63.8



$

54.8



$

191.0



$

145.4













GAAP diluted earnings (loss) per share


$

0.15



$

0.26



$

(0.05)



$

0.62



$

(0.10)


Effect of non-GAAP adjustments on diluted earnings per share


$

0.53



$

0.41



$

0.63



$

1.39



$

1.64


Non-GAAP diluted earnings per share


$

0.68



$

0.67



$

0.58



$

2.01



$

1.54













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


96.4



95.3



94.8



95.6



94.2













Operating cash flow


$

55.1



$

69.5



$

54.4



$

191.5



$

147.1


Payments for capital expenditures


(10.5)



(11.3)



(8.0)



(34.9)



(28.9)


Free cash flow (8)


$

44.6



$

58.2



$

46.4



$

156.6



$

118.2



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