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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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Twelve Months Ended | |||||||||||||||||
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Sep 28, 2014 |
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Jun 29, 2014 |
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Sep 29, 2013 |
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Sep 28, 2014 |
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Sep 29, 2013 | |||||||||||
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GAAP gross profit |
$ |
171.0 |
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$ |
153.6 |
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$ |
142.8 |
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$ |
611.5 |
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$ |
557.2 |
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Manufacturing profit in acquired inventory (1) |
— |
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2.2 |
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— |
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16.6 |
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— |
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Inventory write-offs from restructuring activities (2) |
— |
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7.9 |
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— |
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7.9 |
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— |
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Non-GAAP gross profit |
$ |
171.0 |
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$ |
163.7 |
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$ |
142.8 |
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$ |
636.0 |
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$ |
557.2 |
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GAAP operating income |
$ |
33.4 |
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$ |
6.3 |
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$ |
26.9 |
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$ |
54.2 |
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$ |
89.4 |
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Adjustments to GAAP gross profit |
— |
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10.1 |
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— |
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24.5 |
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— |
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Restructuring and other special charges (2) |
1.8 |
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3.6 |
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2.1 |
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19.9 |
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11.8 |
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Facility consolidation and equipment charges |
2.7 |
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11.2 |
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— |
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13.9 |
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— |
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Amortization of intangible assets (3) |
23.1 |
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23.4 |
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21.0 |
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92.8 |
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84.8 |
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Stock based compensation (4) |
11.3 |
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11.3 |
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9.2 |
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44.1 |
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34.6 |
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Acquisition costs (5) |
0.5 |
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0.3 |
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— |
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3.0 |
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— |
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Non-GAAP operating income |
$ |
72.8 |
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$ |
66.2 |
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$ |
59.2 |
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$ |
252.4 |
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$ |
220.6 |
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GAAP net income (loss) |
$ |
32.8 |
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$ |
(4.3) |
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$ |
14.1 |
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$ |
23.1 |
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$ |
43.7 |
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Adjustments to GAAP gross profit and operating income |
39.4 |
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59.9 |
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32.3 |
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198.2 |
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131.2 |
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(Gain) loss from facility closure and asset disposal (2) |
— |
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— |
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(0.1) |
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— |
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0.1 |
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Credit facility issuance and refinancing costs (6) |
0.2 |
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0.2 |
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0.2 |
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1.5 |
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3.9 |
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(Gain) in derivative instruments (7) |
(0.1) |
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(0.1) |
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(0.3) |
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(0.6) |
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(1.3) |
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Income tax effect on non-GAAP adjustments (8) |
(10.9) |
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(0.9) |
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2.9 |
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(15.4) |
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— |
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Non-GAAP net income |
$ |
61.4 |
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$ |
54.8 |
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$ |
49.1 |
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$ |
206.8 |
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$ |
177.6 |
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GAAP diluted earnings (loss) per share |
$ |
0.34 |
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$ |
(0.05) |
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$ |
0.15 |
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$ |
0.24 |
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$ |
0.48 |
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Effect of non-GAAP adjustments on diluted earnings per share |
$ |
0.30 |
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$ |
0.63 |
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$ |
0.38 |
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$ |
1.95 |
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$ |
1.47 |
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Non-GAAP diluted earnings per share |
$ |
0.64 |
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$ |
0.58 |
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$ |
0.53 |
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$ |
2.19 |
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$ |
1.95 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
95.6 |
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94.8 |
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92.8 |
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94.5 |
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91.3 |
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Operating cash flow |
$ |
59.6 |
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$ |
54.4 |
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$ |
52.4 |
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$ |
206.7 |
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$ |
165.0 |
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Capital expenditures |
(10.6) |
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(8.0) |
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(6.2) |
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(39.4) |
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(37.3) |
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Free cash flow |
$ |
49.0 |
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$ |
46.4 |
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$ |
46.2 |
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$ |
167.3 |
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$ |
127.7 |
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