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MICROSEMI CORPORATION Schedule Reconciling Selected Non-GAAP Financial Measures to Comparable GAAP Financial Measures (unaudited, in millions, except for per share amounts) | ||||||||||||||||
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Quarter Ended |
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Six Months Ended | ||||||||||||
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Mar 30,
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Dec 29,
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Mar 31,
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Mar 30,
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Mar 31,
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GAAP gross profit |
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$ |
145.4 |
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$ |
138.3 |
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$ |
133.5 |
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$ |
283.7 |
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$ |
276.1 | |
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Manufacturing profit in acquired inventory (1) |
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12.9 |
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4.8 |
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— |
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17.7 |
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— | ||||||
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Non-GAAP gross profit |
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$ |
158.3 |
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$ |
143.1 |
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$ |
133.5 |
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$ |
301.4 |
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$ |
276.1 | |
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GAAP operating income |
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$ |
4.1 |
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$ |
7.2 |
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$ |
11.8 |
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$ |
11.2 |
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$ |
37.3 | |
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Adjustments to GAAP gross profit |
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12.9 |
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4.8 |
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— |
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17.7 |
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— | ||||||
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Restructuring and other special charges (2) |
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6.2 |
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8.3 |
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6.9 |
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14.5 |
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8.3 | ||||||
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Amortization of intangible assets (3) |
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24.3 |
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22.0 |
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21.1 |
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46.3 |
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42.8 | ||||||
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Stock based compensation (4) |
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11.4 |
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10.1 |
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10.2 |
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21.5 |
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18.3 | ||||||
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Acquisition costs (5) |
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0.4 |
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1.7 |
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— |
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2.2 |
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— | ||||||
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Non-GAAP operating income |
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$ |
59.3 |
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$ |
54.1 |
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$ |
50.0 |
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$ |
113.4 |
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$ |
106.7 | |
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GAAP net income (loss) |
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$ |
(8.7) |
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$ |
1.4 |
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$ |
(2.9) |
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$ |
(7.3) |
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$ |
11.3 | |
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Adjustments to GAAP gross profit and operating income |
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55.2 |
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46.9 |
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38.2 |
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102.2 |
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69.4 | ||||||
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Loss from facility closure and asset disposal (2) |
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— |
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— |
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0.2 |
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— |
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0.2 | ||||||
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Credit facility issuance and refinancing costs (6) |
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0.9 |
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0.2 |
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3.3 |
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1.1 |
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3.6 | ||||||
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(Gain) in debt and derivative instruments (7) |
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(0.1) |
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(0.3) |
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(0.3) |
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(0.4) |
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(0.6) | ||||||
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Income tax effect on non-GAAP adjustments (8) |
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0.4 |
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(5.3) |
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0.4 |
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(5.0) |
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— | ||||||
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Non-GAAP net income |
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$ |
47.7 |
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$ |
42.9 |
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$ |
38.9 |
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$ |
90.6 |
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$ |
83.9 | |
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GAAP diluted earnings (loss) per share |
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$ |
(0.09) |
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$ |
0.01 |
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$ |
(0.03) |
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$ |
(0.08) |
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$ |
0.12 | |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
0.60 |
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$ |
0.45 |
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$ |
0.46 |
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$ |
1.05 |
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$ |
0.81 | |
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Non-GAAP diluted earnings per share |
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$ |
0.51 |
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$ |
0.46 |
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$ |
0.43 |
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$ |
0.97 |
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$ |
0.93 | |
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Weighted average diluted shares used in calculating non-GAAP diluted earnings per share |
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94.1 |
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93.5 |
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91.1 |
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93.8 |
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90.5 | ||||||
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Operating cash flow |
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$ |
30.2 |
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$ |
62.5 |
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$ |
31.9 |
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$ |
92.7 |
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$ |
60.0 | |
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Capital expenditures |
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(8.7) |
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(12.1) |
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(9.0) |
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(20.8) |
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(17.5) | ||||||
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Free cash flow |
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$ |
21.5 |
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$ |
50.4 |
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$ |
22.9 |
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$ |
71.9 |
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$ |
42.5 | |
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Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures." |
