|
Sanmina Corporation | |||||||||
|
Reconciliation of GAAP to Non-GAAP Measures | |||||||||
|
(in thousands, except per share amounts) | |||||||||
|
(Unaudited) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended | ||||
|
|
|
|
June 27, |
|
June 28, |
|
June 27, |
|
June 28, |
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income |
|
$ 47,283 |
|
$ 53,328 |
|
$ 150,415 |
|
$ 138,145 | |
|
|
GAAP operating margin |
|
3.1% |
|
3.3% |
|
3.2% |
|
3.1% |
|
Adjustments |
|
|
|
|
|
|
|
| |
|
|
Stock compensation expense (1) |
|
4,273 |
|
4,238 |
|
15,478 |
|
13,270 |
|
|
Amortization of intangible assets |
|
774 |
|
1,074 |
|
2,694 |
|
2,799 |
|
|
Distressed customer charges (2) |
|
1,700 |
|
- |
|
4,802 |
|
383 |
|
|
Restructuring costs |
|
7,711 |
|
2,302 |
|
12,451 |
|
8,571 |
|
|
Contingency item (3) |
|
- |
|
- |
|
- |
|
124 |
|
|
Gain on sales of long-lived assets |
|
(2,552) |
|
- |
|
(3,748) |
|
(530) |
|
|
Asset impairments |
|
- |
|
- |
|
1,954 |
|
- |
|
Non-GAAP Operating Income |
|
$ 59,189 |
|
$ 60,942 |
|
$ 184,046 |
|
$ 162,762 | |
|
|
Non-GAAP operating margin |
|
3.8% |
|
3.8% |
|
3.9% |
|
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ 24,475 |
|
$ 20,721 |
|
$ 61,879 |
|
$ 64,662 | |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
| |
|
|
Operating income adjustments (see above) |
|
11,906 |
|
7,614 |
|
33,631 |
|
24,617 |
|
|
Loss on extinguishment of debt (4) |
|
847 |
|
8,192 |
|
3,760 |
|
8,192 |
|
|
Litigation settlements (5) |
|
- |
|
(1,310) |
|
(273) |
|
(1,571) |
|
|
Deferred and non-recurring tax adjustments |
|
7,860 |
|
10,074 |
|
42,586 |
|
23,156 |
|
Non-GAAP Net Income |
|
$ 45,088 |
|
$ 45,291 |
|
$ 141,583 |
|
$ 119,056 | |
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
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GAAP Net Income Per Share: |
|
|
|
|
|
|
|
| |
|
|
Basic |
|
$ 0.30 |
|
$ 0.25 |
|
$ 0.75 |
|
$ 0.78 |
|
|
Diluted |
|
$ 0.29 |
|
$ 0.24 |
|
$ 0.72 |
|
$ 0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income Per Share: |
|
|
|
|
|
|
|
| |
|
|
Basic |
|
$ 0.55 |
|
$ 0.55 |
|
$ 1.72 |
|
$ 1.43 |
|
|
Diluted |
|
$ 0.53 |
|
$ 0.53 |
|
$ 1.64 |
|
$ 1.37 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing per share amounts: |
|
|
|
|
|
|
|
| |
|
|
Basic |
|
81,700 |
|
82,467 |
|
82,357 |
|
82,988 |
|
|
Diluted |
|
85,493 |
|
86,235 |
|
86,308 |
|
86,597 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Stock compensation expense was as follows: |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended | ||||
|
|
|
|
June 27, |
|
June 28, |
|
June 27, |
|
June 28, |
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
| ||||
|
|
Cost of sales |
|
$ 1,412 |
|
$ 1,298 |
|
$ 4,479 |
|
$ 3,864 |
|
|
Selling, general and administrative |
|
2,810 |
|
2,916 |
|
10,872 |
|
9,369 |
|
|
Research and development |
|
51 |
|
24 |
|
127 |
|
37 |
|
|
Total |
|
$ 4,273 |
|
$ 4,238 |
|
$ 15,478 |
|
$ 13,270 |
|
|
|
|
(2) |
Relates to inventory and bad debt reserves associated with distressed customers. |
|
|
|
|
(3) |
Represents a non-recurring contingency that the Company ultimately resolved favorably in Q4 FY14. |
|
|
|
|
(4) |
Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed, repurchased or otherwise extinguished prior to maturity. |
|
|
|
|
(5) |
Represents cash received in connection with certain litigation settlements. |
Schedule I
