Non-GAAP Financial Measures
In addition to GAAP reporting, MACOM provides investors with non-GAAP adjusted financial information. Adjusted items include revenue, gross profit, gross margin, operating margin, operating income, net income, earnings per share, Adjusted EBITDA and other data calculated on a non-GAAP basis. This non-GAAP information excludes the operations of Nitronex prior to the date of acquisition, discontinued operations, the impact of fair value accounting in merger and acquisitions (M&A) of businesses, M&A costs, including acquisition and related integration costs, certain cost savings from synergies expected from M&A activities, income and expenses from transition services related to M&A activities, expected amortization of acquisition-related intangibles, share-based and other non-cash compensation expense, certain cash compensation, restructuring charges, litigation settlement and costs, changes in the carrying values of assets and liabilities measured at fair value, contingent consideration, amortization of debt discounts and issuance costs, other non-cash expenses, earn-out costs, restructuring costs and certain income tax items. Management does not believe that the adjusted items are reflective of MACOM's underlying performance. The adjustment of these and other similar items from MACOM's non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. These and other similar items are also excluded from Adjusted EBITDA, which is non-GAAP earnings before interest, income taxes, depreciation and amortization. MACOM believes this non-GAAP financial information provides additional insight into these items and MACOM's performance and has, therefore, chosen to provide this information to investors for a consistent basis of comparison and to help them evaluate the results of MACOM's operations and enable more meaningful period to period comparisons. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data used in this earnings release is included in the supplemental financial data attached to this press release.
|
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data) |
||||||||||||||||||||||||
| Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||
| October 2, | July 3, | October 3, | October 2, | October 3, | ||||||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
| Revenue | $ | 112,564 | $ | 109,058 | $ | 93,859 | $ | 420,609 | $ | 339,189 | ||||||||||||||
| Cost of revenue | 55,603 | 56,562 | 45,075 | 217,019 | 198,249 | |||||||||||||||||||
| Gross profit | 56,961 | 52,496 | 48,784 | 203,590 | 140,940 | |||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Research and development | 22,002 | 20,965 | 19,540 | 82,188 | 71,351 | |||||||||||||||||||
| Selling, general and administrative | 29,964 | 26,592 | 19,595 | 110,030 | 82,593 | |||||||||||||||||||
| Restructuring charges | 308 | 558 | (902 | ) | 1,280 | 14,823 | ||||||||||||||||||
| Total operating expenses | 52,274 | 48,115 | 38,233 | 193,498 | 168,767 | |||||||||||||||||||
| Income (loss) from operations | 4,687 | 4,381 | 10,551 | 10,092 | (27,827 | ) | ||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Warrant liability gain (expense) | 9,651 | 546 | 1,638 | (6,020 | ) | (3,928 | ) | |||||||||||||||||
| Interest expense | (4,425 | ) | (4,505 | ) | (4,529 | ) | (18,376 | ) | (12,362 | ) | ||||||||||||||
| Other income (expense) | 131 | (225 | ) | 776 | (1,096 | ) | 3,217 | |||||||||||||||||
| Total other income (expense) | 5,357 | (4,184 | ) | (2,115 | ) | (25,492 | ) | (13,073 | ) | |||||||||||||||
| Income (loss) before income taxes | 10,044 | 197 | 8,436 | (15,400 | ) | (40,900 | ) | |||||||||||||||||
| Income tax provision (benefit) | (3,797 | ) | (1,559 | ) | (2,142 | ) | (9,858 | ) | (16,086 | ) | ||||||||||||||
| Income (loss) from continuing operations | 13,841 | 1,756 | 10,578 | (5,542 | ) | (24,814 | ) | |||||||||||||||||
| Income (loss) from discontinued operations | 40,564 | 6,271 | 3,959 | 54,131 | 9,491 | |||||||||||||||||||
| Net income (loss) | $ | 54,405 | $ | 8,027 | $ | 14,537 | $ | 48,589 | $ | (15,323 | ) | |||||||||||||
| Net income (loss) per share: | ||||||||||||||||||||||||
| Basic: | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.26 | $ | 0.03 | $ | 0.22 | $ | (0.11 | ) | $ | (0.53 | ) | ||||||||||||
| Income (loss) from discontinued operations | 0.76 | 0.12 | 0.08 | 1.06 | 0.20 | |||||||||||||||||||
| Income (loss) per share - basic | $ | 1.02 | $ | 0.15 | $ | 0.31 | $ | 0.95 | $ | (0.33 | ) | |||||||||||||
| Diluted: | ||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.08 | $ | 0.03 | $ | 0.22 | $ | (0.11 | ) | $ | (0.53 | ) | ||||||||||||
| Income (loss) from discontinued operations | 0.74 | 0.11 | 0.08 | 1.06 | 0.20 | |||||||||||||||||||
| Income (loss) per share - diluted | $ | 0.81 | $ | 0.15 | $ | 0.30 | $ | 0.95 | $ | (0.33 | ) | |||||||||||||
| Shares - Basic | 53,287 | 53,098 | 47,480 | 51,146 | 47,009 | |||||||||||||||||||
| Shares - Diluted | 54,991 | 55,175 | 48,873 | 51,146 | 47,009 | |||||||||||||||||||
|
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) |
|||||||||||
| October 2, | October 3, | ||||||||||
| 2015 | 2014 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 122,312 | $ | 173,895 | |||||||
| Short term investments | 39,557 | — | |||||||||
| Accounts receivable, net | 83,950 | 62,258 | |||||||||
| Inventories | 79,943 | 71,481 | |||||||||
| Prepaids and other current assets | 58,457 | 50,726 | |||||||||
| Current assets, discontinued operations | — | 14,989 | |||||||||
| Total current assets | 384,219 | 373,349 | |||||||||
| Property and equipment, net | 83,759 | 50,052 | |||||||||
| Goodwill and intangible assets, net | 337,012 | 153,417 | |||||||||
| Deferred income taxes | 48,239 | 84,629 | |||||||||
| Other long-term assets | 13,022 | 20,232 | |||||||||
| Other assets, discontinued operations | — | 555 | |||||||||
| TOTAL ASSETS | $ | 866,251 | $ | 682,234 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of debt obligations | $ | 4,058 | $ | 3,478 | |||||||
| Accounts payable, accrued liabilities and other | 67,418 | 74,247 | |||||||||
| Other current liabilities, discontinued operations | — | 7,921 | |||||||||
| Total current liabilities | 71,476 | 85,646 | |||||||||
| Long-term debt obligations, less current portion | 340,504 | 343,178 | |||||||||
| Common stock warrant liability | 21,822 | 15,801 | |||||||||
| Deferred income taxes and other | 7,916 | 9,042 | |||||||||
| Total liabilities | 441,718 | 453,667 | |||||||||
| Stockholders' equity | 424,533 | 228,567 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 866,251 | $ | 682,234 | |||||||
|
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) |
||||||||||||
| Fiscal Year Ended | ||||||||||||
| October 2, | October 3, | |||||||||||
| 2015 | 2014 | |||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income (loss) | $ | 48,589 | $ | (15,323 | ) | |||||||
| Non-cash adjustments | 109,045 | 57,755 | ||||||||||
| Gain on sale of business | (63,256 | ) | — | |||||||||
| Change in operating assets and liabilities | (60,700 | ) | (16,960 | ) | ||||||||
| Net cash from operating activities | 33,678 | 25,472 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Acquisition of businesses, net | (208,352 | ) | (260,875 | ) | ||||||||
| Sale of businesses and product line | 81,208 | 24,345 | ||||||||||
| Purchase of investment securities | (40,183 | ) | — | |||||||||
| Strategic investments | 1,500 | (5,250 | ) | |||||||||
| Purchases of property and equipment | (38,252 | ) | (16,973 | ) | ||||||||
| Acquisition of intellectual property | (3,346 | ) | (5,490 | ) | ||||||||
| Net cash used in investing activities | (207,425 | ) | (264,243 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Payments of debt | (5,004 | ) | (44,417 | ) | ||||||||
| Proceeds from stock offering | 127,761 | — | ||||||||||
| Repurchase of common stock | (8,626 | ) | (1,282 | ) | ||||||||
| Borrowings on revolving facility | 100,000 | 245,000 | ||||||||||
| Payments on revolving facility | (100,000 | ) | (245,000 | ) | ||||||||
| Proceeds from notes payable | — | 350,000 | ||||||||||
| Proceeds from stock awards and units | 5,450 | 4,028 | ||||||||||
| Capital contributions | — | 3,200 | ||||||||||
| Other adjustments | 2,826 | (9,169 | ) | |||||||||
| Net cash from financing activities | 122,407 | 302,360 | ||||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (243 | ) | (182 | ) | ||||||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (51,583 | ) | 63,407 | |||||||||
| CASH AND CASH EQUIVALENTS — Beginning of period | 173,895 | 110,488 | ||||||||||
| CASH AND CASH EQUIVALENTS — End of period | $ | 122,312 | $ | 173,895 | ||||||||
|
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited and in thousands, except per share data) |
||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||
| October 2, 2015 | July 3, 2015 | October 3, 2014 | October 2, 2015 | October 3, 2014 | ||||||||||||||||||||||||||||||||||||
| Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||
| Revenue - GAAP | $ | 112,564 | $ | 109,058 | $ | 93,859 | $ | 420,609 | $ | 339,189 | ||||||||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | (1,048 | ) | ||||||||||||||||||||||||||||||||||
| Adjusted Revenue (NonGAAP) | $ | 112,564 | $ | 109,058 | $ | 93,859 | $ | 420,609 | $ | 338,141 | ||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | |||||||||||||||||||||||||||||||
| Gross Profit - GAAP | $ | 56,961 | 50.6 | $ | 52,496 | 48.1 | $ | 48,784 | 52.0 | $ | 203,590 | 48.4 | $ | 140,940 | 41.6 | |||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | — | 959 | 0.3 | ||||||||||||||||||||||||||||||
| Intangible amortization expense | 7,647 | 6.8 | 6,932 | 6.4 | 4,495 | 4.8 | 27,285 | 6.5 | 18,274 | 5.4 | ||||||||||||||||||||||||||||||
| Non-cash compensation expense | 607 | 0.5 | 485 | 0.4 | 404 | 0.4 | 2,011 | 0.5 | 1,721 | 0.5 | ||||||||||||||||||||||||||||||
| Equity-based compensation | (21 | ) | — | 27 | — | 13 | — | 243 | 0.1 | 66 | — | |||||||||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (631 | ) | (0.6 | ) | 2,464 | 2.3 | 168 | 0.2 | 6,206 | 1.5 | 18,875 | 5.6 | ||||||||||||||||||||||||||||
| Third-party engineering costs | — | — | 396 | 0.4 | 493 | 0.5 | 1,625 | 0.4 | 1,463 | 0.4 | ||||||||||||||||||||||||||||||
| Integration costs and synergy savings | 41 | — | 487 | 0.4 | 100 | 0.1 | 880 | 0.2 | 1,406 | 0.4 | ||||||||||||||||||||||||||||||
| Adjusted Gross Profit (NonGAAP) | $ | 64,604 | 57.4 | $ | 63,287 | 58.0 | $ | 54,457 | 58.0 | $ | 241,840 | 57.5 | $ | 183,704 | 54.3 | |||||||||||||||||||||||||
| Research and Development - GAAP | $ | 22,002 | 19.5 | $ | 20,965 | 19.2 | $ | 19,540 | 20.8 | $ | 82,188 | 19.5 | $ | 71,351 | 21.0 | |||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | — | (1,423 | ) | (0.2 | ) | ||||||||||||||||||||||||||||
| Non-cash compensation expense | (2,380 | ) | (2.1 | ) | (1,456 | ) | (1.3 | ) | (680 | ) | (0.7 | ) | (6,404 | ) | (1.5 | ) | (2,678 | ) | (0.8 | ) | ||||||||||||||||||||
| Equity-based compensation | 27 | — | (305 | ) | (0.3 | ) | (112 | ) | (0.1 | ) | (1,466 | ) | (0.3 | ) | (477 | ) | (0.1 | ) | ||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (204 | ) | (0.2 | ) | (204 | ) | (0.2 | ) | (204 | ) | (0.2 | ) | (816 | ) | (0.2 | ) | (663 | ) | (0.2 | ) | ||||||||||||||||||||
| Integration costs and synergy savings | (149 | ) | (0.1 | ) | (74 | ) | (0.1 | ) | (898 | ) | (1.0 | ) | (531 | ) | (0.1 | ) | (4,456 | ) | (1.3 | ) | ||||||||||||||||||||
| Third-party engineering costs | — | — | 396 | 0.4 | 493 | 0.5 | 1,625 | 0.4 | 1,463 | 0.4 | ||||||||||||||||||||||||||||||
| Adjusted Research and Development (NonGAAP) | $ | 19,296 | 17.1 | $ | 19,322 | 17.7 | $ | 18,139 | 19.3 | $ | 74,596 | 17.7 | $ | 63,117 | 18.7 | |||||||||||||||||||||||||
| Selling, General and Administrative - GAAP | $ | 29,964 | 26.6 | $ | 26,592 | 24.4 | $ | 19,595 | 20.9 | $ | 110,030 | 26.2 | $ | 82,593 | 24.4 | |||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | — | (685 | ) | (0.2 | ) | ||||||||||||||||||||||||||||
| Earn-out costs | (330 | ) | (0.3 | ) | — | — | — | — | (330 | ) | (0.1 | ) | — | — | ||||||||||||||||||||||||||
| Intangible amortization expense | (4,345 | ) | (3.9 | ) | (3,201 | ) | (2.9 | ) | (432 | ) | (0.5 | ) | (11,695 | ) | (2.8 | ) | (1,779 | ) | (0.5 | ) | ||||||||||||||||||||
| Non-cash compensation expense | (5,589 | ) | (5.0 | ) | (4,697 | ) | (4.3 | ) | (1,613 | ) | (1.7 | ) | (20,239 | ) | (4.8 | ) | (6,632 | ) | (2.0 | ) | ||||||||||||||||||||
| Equity-based compensation | 173 | 0.2 | (246 | ) | (0.2 | ) | (106 | ) | (0.1 | ) | (891 | ) | (0.2 | ) | (467 | ) | (0.1 | ) | ||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (28 | ) | — | (28 | ) | — | (28 | ) | — | (112 | ) | — | (88 | ) | — | |||||||||||||||||||||||||
| Litigation related costs | (188 | ) | (0.2 | ) | 21 | — | (653 | ) | (0.7 | ) | (933 | ) | (0.2 | ) | (1,598 | ) | (0.5 | ) | ||||||||||||||||||||||
| Transaction expenses | (193 | ) | (0.2 | ) | (125 | ) | (0.1 | ) | — | — | (4,423 | ) | (1.1 | ) | (4,472 | ) | (1.3 | ) | ||||||||||||||||||||||
| Integration costs and synergy savings | (315 | ) | (0.3 | ) | (136 | ) | (0.1 | ) | (485 | ) | (0.6 | ) | (1,029 | ) | (0.2 | ) | (9,399 | ) | (2.8 | ) | ||||||||||||||||||||
| Adjusted Selling, General and Administrative (NonGAAP) | $ | 19,149 | 17.0 | $ | 18,180 | 16.7 | $ | 16,278 | 17.3 | $ | 70,378 | 16.7 | $ | 57,473 | 17.0 | |||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||||||||||
| Total operating expenses - GAAP | $ | 52,274 | 46.4 | $ | 48,115 | 44.1 | $ | 38,233 | 40.7 | $ | 193,498 | 46.0 | $ | 168,767 | 49.8 | ||||||||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | — | (2,108 | ) | (0.3 | ) | |||||||||||||||||||||||||||||||||
| Intangible amortization expense | (4,345 | ) | (3.9 | ) | (3,201 | ) | (2.9 | ) | (432 | ) | (0.5 | ) | (11,695 | ) | (2.8 | ) | (1,779 | ) | (0.5 | ) | |||||||||||||||||||||||||
| Non-cash compensation expense | (7,968 | ) | (7.1 | ) | (6,153 | ) | (5.6 | ) | (2,293 | ) | (2.4 | ) | (26,642 | ) | (6.3 | ) | (9,310 | ) | (2.8 | ) | |||||||||||||||||||||||||
| Equity-based compensation | 199 | 0.2 | (551 | ) | (0.5 | ) | (218 | ) | (0.2 | ) | (2,358 | ) | (0.6 | ) | (944 | ) | (0.3 | ) | |||||||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (232 | ) | (0.2 | ) | (232 | ) | (0.2 | ) | (232 | ) | (0.2 | ) | (928 | ) | (0.2 | ) | (751 | ) | (0.2 | ) | |||||||||||||||||||||||||
| Contingent consideration and earn-out costs | (330 | ) | (0.3 | ) | — | — | — | — | (330 | ) | (0.1 | ) | — | — | |||||||||||||||||||||||||||||||
| Restructuring charges | (309 | ) | (0.3 | ) | (558 | ) | (0.5 | ) | 902 | 1.0 | (1,280 | ) | (0.3 | ) | (14,823 | ) | (4.4 | ) | |||||||||||||||||||||||||||
| Integration costs and synergy savings | (464 | ) | (0.4 | ) | (210 | ) | (0.2 | ) | (1,383 | ) | (1.5 | ) | (1,560 | ) | (0.4 | ) | (13,855 | ) | (4.1 | ) | |||||||||||||||||||||||||
| Litigation related costs | (188 | ) | (0.2 | ) | 21 | — | (653 | ) | (0.7 | ) | (933 | ) | (0.2 | ) | (1,598 | ) | (0.5 | ) | |||||||||||||||||||||||||||
| Transaction expenses | (192 | ) | (0.2 | ) | (125 | ) | (0.1 | ) | — | — | (4,423 | ) | (1.1 | ) | (4,472 | ) | (1.3 | ) | |||||||||||||||||||||||||||
| Third-party engineering | — | — | 396 | 0.4 | 493 | 0.5 | 1,625 | 0.4 | 1,463 | 0.4 | |||||||||||||||||||||||||||||||||||
| Adjusted Total Operating Expenses (NonGAAP) | $ | 38,445 | 34.2 | $ | 37,502 | 34.4 | $ | 34,417 | 36.7 | $ | 144,974 | 34.5 | $ | 120,590 | 35.7 | ||||||||||||||||||||||||||||||
| Income (loss) from operations - GAAP | $ | 4,687 | 4.2 | $ | 4,381 | 4.0 | $ | 10,551 | 11.2 | $ | 10,092 | 2.4 | $ | (27,827 | ) | (8.2 | ) | ||||||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | (0.1 | ) | 3,067 | 0.9 | ||||||||||||||||||||||||||||||||||
| Intangible amortization expense | 11,992 | 10.7 | 10,133 | 9.3 | 4,927 | 5.2 | 38,983 | 9.3 | 20,053 | 5.9 | |||||||||||||||||||||||||||||||||||
| Non-cash compensation expense | 8,575 | 7.6 | 6,638 | 6.1 | 2,697 | 2.9 | 28,653 | 6.8 | 11,031 | 3.3 | |||||||||||||||||||||||||||||||||||
| Equity-based compensation | (221 | ) | (0.2 | ) | 578 | 0.5 | 231 | 0.2 | 2,600 | 0.6 | 1,010 | 0.3 | |||||||||||||||||||||||||||||||||
| Contingent consideration and earn-out costs | 330 | 0.3 | — | — | — | — | 330 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||
| Restructuring charges | 308 | 0.3 | 558 | 0.5 | (902 | ) | (1.0 | ) | 1,280 | 0.3 | 14,823 | 4.4 | |||||||||||||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (399 | ) | (0.4 | ) | 2,696 | 2.5 | 400 | 0.4 | 7,134 | 1.7 | 19,626 | 5.8 | |||||||||||||||||||||||||||||||||
| Litigation related costs | 188 | 0.2 | (21 | ) | — | 653 | 0.7 | 933 | 0.2 | 1,598 | 4.5 | ||||||||||||||||||||||||||||||||||
| Transaction expenses | 192 | 0.2 | 125 | 0.1 | — | — | 4,423 | 1.1 | 4,472 | 0.5 | |||||||||||||||||||||||||||||||||||
| Integration costs and synergy savings | 505 | 0.4 | 697 | 0.6 | 1,483 | 1.6 | 2,439 | 0.6 | 15,261 | 1.3 | |||||||||||||||||||||||||||||||||||
| Adjusted Income (Loss) from Operations (NonGAAP) | $ | 26,157 | 23.2 | $ | 25,785 | 23.6 | $ | 20,040 | 21.4 | $ | 96,867 | 23.0 | $ | 63,114 | 18.7 | ||||||||||||||||||||||||||||||
| Depreciation expense | 3,786 | 3.4 | 3,253 | 3.0 | 3,201 | 3.4 | 14,128 | 3.4 | 12,555 | 3.7 | |||||||||||||||||||||||||||||||||||
| Other income, net | — | — | — | — | — | — | — | — | 118 | — | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 29,943 | 26.6 | $ | 29,038 | 26.6 | $ | 23,241 | 34.4 | $ | 110,995 | 26.4 | $ | 75,787 | 22.4 | ||||||||||||||||||||||||||||||
| Interest expense- GAAP | $ | 4,425 | 3.9 | $ | 4,505 | 4.1 | $ | 4,529 | 4.8 | $ | 18,376 | 4.4 | $ | 12,362 | 3.7 | ||||||||||||||||||||||||||||||
| Non-cash interest expense | (405 | ) | (0.4 | ) | (405 | ) | (0.4 | ) | (381 | ) | (0.4 | ) | (1,652 | ) | (0.4 | ) | (3,021 | ) | (0.9 | ) | |||||||||||||||||||||||||
| Adjusted Interest Expense (NonGAAP) | $ | 4,020 | 3.6 | $ | 4,100 | 3.8 | $ | 4,148 | 4.4 | $ | 16,724 | 4.0 | $ | 9,341 | 2.8 | ||||||||||||||||||||||||||||||
| Net income (loss) - GAAP | $ | 54,405 | 48.3 | $ | 8,027 | 7.4 | $ | 14,537 | 15.5 | $ | 48,589 | 11.6 | $ | (15,323 | ) | (4.5 | ) | ||||||||||||||||||||||||||||
| Discontinued operations | (40,564 | ) | (36.0 | ) | (6,271 | ) | (5.8 | ) | (3,959 | ) | (4.2 | ) | (54,131 | ) | (12.9 | ) | (9,491 | ) | (2.8 | ) | |||||||||||||||||||||||||
| Nitronex prior to acquisition | — | — | — | — | — | — | — | — | 3,067 | 0.9 | |||||||||||||||||||||||||||||||||||
| Intangible amortization expense | 11,992 | 10.7 | 10,133 | 9.3 | 4,927 | 5.2 | 38,980 | 9.3 | 20,053 | 5.9 | |||||||||||||||||||||||||||||||||||
| Non-cash compensation expense | 8,576 | 7.6 | 6,638 | 6.1 | 2,697 | 2.9 | 28,654 | 6.8 | 11,031 | 3.3 | |||||||||||||||||||||||||||||||||||
| Equity-based compensation | (221 | ) | (0.2 | ) | 578 | 0.5 | 231 | 0.2 | 2,600 | 0.6 | 1,010 | 0.3 | |||||||||||||||||||||||||||||||||
| Impairment of minority investment | — | — | — | — | — | — | 3,500 | 0.8 | — | — | |||||||||||||||||||||||||||||||||||
| Contingent consideration | 330 | 0.3 | — | — | — | — | (1,670 | ) | (0.4 | ) | — | — | |||||||||||||||||||||||||||||||||
| Restructuring charges | 308 | 0.3 | 558 | 0.5 | (902 | ) | (1.0 | ) | 1,280 | 0.3 | 14,823 | 4.4 | |||||||||||||||||||||||||||||||||
| Warrant liability (gain) expense | (9,651 | ) | (8.6 | ) | (546 | ) | (0.5 | ) | (1,638 | ) | (1.7 | ) | 6,020 | 1.4 | 3,928 | 1.2 | |||||||||||||||||||||||||||||
| Non-cash interest expense | 405 | 0.4 | 405 | 0.4 | 381 | 0.4 | 1,652 | 0.4 | 3,021 | 0.9 | |||||||||||||||||||||||||||||||||||
| Acquisition FMV step-up expense (inventory/fixed assets) | (399 | ) | (0.4 | ) | 2,696 | 2.5 | 400 | 0.4 | 7,134 | 1.7 | 19,626 | 5.8 | |||||||||||||||||||||||||||||||||
| Litigation related costs | 188 | 0.2 | (21 | ) | — | 653 | 0.7 | 933 | 0.6 | 1,598 | 4.5 | ||||||||||||||||||||||||||||||||||
| Integration costs and synergy savings | 505 | 0.4 | 697 | 0.6 | 1,483 | 1.6 | 2,440 | 0.2 | 15,261 | 0.5 | |||||||||||||||||||||||||||||||||||
| Transaction expenses | 192 | 0.2 | 125 | 0.1 | — | — | 4,422 | 1.1 | 4,472 | 1.3 | |||||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||||||||||
| Tax effect of non-GAAP adjustments | (7,117 | ) | (6.3 | ) | (4,811 | ) | (4.4 | ) | (5,003 | ) | (5.3 | ) | (21,877 | ) | (5.2 | ) | (25,786 | ) | (7.6 | ) | |||||||||||||||||||||||||
| Transition services for divested business and other | (130 | ) | (0.1 | ) | 225 | 0.2 | (776 | ) | (0.8 | ) | (404 | ) | (0.1 | ) | (3,099 | ) | (0.9 | ) | |||||||||||||||||||||||||||
| Adjusted Net Income (NonGAAP) | $ | 18,819 | 16.7 | $ | 18,433 | 16.9 | $ | 13,031 | 13.9 | $ | 68,122 | 16.2 | $ | 44,191 | 13.1 | ||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||||||||
| October 2, 2015 | July 3, 2015 | October 3, 2014 | October 2, 2015 | October 3, 2014 | |||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) | Income (loss) per diluted share | Net Income (Loss) | Income (loss) per diluted share | Net Income (Loss) | Income (loss) per diluted share | Net Income (Loss) | Income (loss) per diluted share | Net Income (Loss) | Income (loss) per diluted share | ||||||||||||||||||||||||||||||||||||
| GAAP | $ | 54,405 | $ | 0.81 | $ | 8,027 | $ | 0.15 | $ | 14,537 | $ | 0.30 | $ | 48,589 | $ | 0.95 | $ | (15,323 | ) | $ | (0.33 | ) | |||||||||||||||||||||||
| Adjusted (NonGAAP) | $ | 18,819 | $ | 0.34 | $ | 18,433 | $ | 0.33 | $ | 13,031 | $ | 0.27 | $ | 68,122 | $ | 1.28 | $ | 44,191 | $ | 0.91 | |||||||||||||||||||||||||
| Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||
| Diluted Shares - GAAP | 54,991 | 55,175 | 48,873 | 51,146 | 47,009 | ||||||||||||||||||||||||||||||||||||||||
| Incremental stock options, warrants, restricted stock and units | — | — | — | 2,056 | 1,408 | ||||||||||||||||||||||||||||||||||||||||
| Adjusted Diluted Shares (NonGAAP) | 54,991 | 55,175 | 48,873 | 53,202 | 48,417 | ||||||||||||||||||||||||||||||||||||||||
