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| Three Months Ended December 31, 2022 | |||||||||||||
Non-GAAP Earnings Per Share |
| GAAP Measure |
| Stock Compensation Expense* |
| Intangible Asset Amortization* |
| Termination Costs & Other* |
| Equity-Method Investment Adjustments* |
| Income Tax Adjustments |
| Non- GAAP Measure |
|
Net income |
| $25,361 |
| $17,297 |
| $6,743 |
| $594 |
| $(414) |
| $(6,047) |
| $43,534 |
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Diluted shares outstanding |
| 33,265 |
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| 33,265 |
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Diluted earnings per share |
| $ 0.76 |
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| $ 1.31 |
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* Represents pre-tax amounts |
Unaudited Forward-Looking Statements Regarding Business Outlook | ||||||
(In millions, except per share data) | ||||||
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Business Outlook |
| Three Months Ending April 1, 2023 | ||||
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| GAAP Measure |
| Non-GAAP Adjustments** |
| Non-GAAP Measure |
Gross margin |
| 63 % |
| 0 % |
| 63 % |
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Operating expenses |
| $139 |
| $(28) |
| $111 |
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| Effective tax rate |
| 31 % |
| (8) % |
| 23 % |
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| Diluted earnings per share - low |
| $0.36 |
| $0.71 |
| $1.07 |
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| Diluted earnings per share - high |
| $0.46 |
| $0.71 |
| $1.17 |
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| ** Non-GAAP adjustments include the following estimates: stock compensation expense of $16.6 million, intangible asset amortization of $6.5 million, termination costs of $5.4 million, and the associated tax impact from the aforementioned items. |
