The third quarter and full year fiscal 2015 outlook assume a projected
annual effective tax rate of 29 percent and 26 percent for GAAP and
non-GAAP results, respectively. These rates do not include one-time GAAP
discrete items or the federal R&D tax credit that expired on December
31, 2013.
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Reconciliation for Guidance:
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The following is a reconciliation of anticipated fiscal 2015 GAAP
and non-GAAP operating margins:
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Fiscal 2015
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GAAP operating margin
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4
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%
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|
5
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%
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Stock-based compensation expense
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|
|
7
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%
|
|
7
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%
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Amortization of purchased intangibles
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4
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%
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|
4
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%
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Restructuring charges
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—
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%
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|
—
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%
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Non-GAAP operating margin
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|
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15
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%
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|
16
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%
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