Microsemi Reports Fourth Quarter and Fiscal Year 2016 Results

 

Additional details reconciling the selected GAAP financial measure to the selected non-GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."

 

Schedule Reconciling Selected Non-GAAP Financial Measures

(unaudited, in millions, except for per share amounts)





Quarter Ended


Fiscal Year Ended



Oct 2, 
2016


Jul 3, 
2016


Sep 27, 
2015


Oct 2, 
2016


Sep 27, 
2015

GAAP gross profit


$

281.8



$

266.9



$

174.8



$

937.1



$

684.3


Manufacturing profit in acquired inventory (1)






11.0



66.2



22.0


Inventory write-offs from restructuring activities (2)








4.0




Non-GAAP gross profit


$

281.8



$

266.9



$

185.8



$

1,007.3



$

706.3













GAAP operating income


$

72.2



$

51.2



$

32.3



$

53.7



$

122.6


Adjustments to GAAP gross profit






11.0



70.2



22.0


Restructuring, severance, facilities and other special charges (2)


2.4



4.9



1.4



60.9



16.2


Amortization of intangible assets (3)


45.6



44.9



25.4



161.2



96.5


Stock based compensation (4)


19.1



18.9



14.0



84.8



50.1


Acquisition and divestiture related costs (5)


0.2



2.8



0.7



31.4



6.2


Non-GAAP operating income


$

139.5



$

122.7



$

84.8



$

462.2



$

313.6













GAAP net income (loss)


$

48.9



$

115.2



$

25.3



$

(32.6)



$

84.6


Adjustments to GAAP gross profit and operating income


67.3



71.5



52.5



408.5



191.0


Gain on divestitures (5)




(125.5)





(125.5)




Credit facility issuance and derivative fair value costs (6)


2.0



14.8



0.7



22.1



1.6


Debt extinguishment charge (6)


0.2



4.6





78.4




Gain from facility sale (2)






(3.9)





(3.9)


Fair value change in foreign tax liabilities (7)


(0.3)



0.2





2.9




Income tax effect on non-GAAP adjustments (8)


(13.2)



3.2



(4.3)



(21.0)



(12.0)


Non-GAAP net income


$

104.9



$

84.0



$

70.3



$

332.8



$

261.3













GAAP diluted earnings (loss) per share


$

0.42



$

1.00



$

0.26



$

(0.31)



$

0.88


Effect of non-GAAP adjustments on diluted earnings per share


$

0.49



$

(0.27)



$

0.47



$

3.36



$

1.85


Non-GAAP diluted earnings per share


$

0.91



$

0.73



$

0.73



$

3.05



$

2.73













Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share


115.4



114.6



96.5



109.3



95.9













Operating cash flow


$

128.8



$

45.3



$

77.9



$

273.6



$

269.4


Payments for capital expenditures


(14.6)



(11.2)



(9.2)



(48.8)



(44.1)


Free cash flow (9)


$

114.2



$

34.1



$

68.7



$

224.8



$

225.3



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