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ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES |
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(Unaudited) |
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Three Months Ended |
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December 26, |
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September 26, |
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December 27, |
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2015 |
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2015 |
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2014 |
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(in thousands, except per share data) |
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Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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GAAP gross profit |
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$ 292,169 |
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$ 286,351 |
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$ 314,077 |
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GAAP gross profit % |
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57.2% |
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50.9% |
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55.4% |
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Special items: |
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Intangible asset amortization |
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14,734 |
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16,638 |
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18,750 |
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Accelerated depreciation (1) |
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2,032 |
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43,631 |
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8,895 |
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Total special items |
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16,766 |
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60,269 |
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27,645 |
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GAAP gross profit excluding special items |
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$ 308,935 |
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$ 346,620 |
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$ 341,722 |
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GAAP gross profit % excluding special items |
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60.5% |
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61.6% |
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60.3% |
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Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
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GAAP operating expenses |
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$ 202,636 |
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$ 362,116 |
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$ 378,153 |
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Special items: |
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Intangible asset amortization |
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3,538 |
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3,591 |
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4,155 |
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Impairment of long-lived assets (2) |
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1,950 |
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157,697 |
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50,745 |
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Impairment of goodwill and intangible assets (3) |
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- |
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- |
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93,010 |
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Severance and restructuring (4) |
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10,652 |
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7,126 |
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13,635 |
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Other operating expenses (income), net |
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(247) |
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315 |
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885 |
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Total special items |
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15,893 |
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168,729 |
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162,430 |
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GAAP operating expenses excluding special items |
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$ 186,743 |
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$ 193,387 |
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$ 215,723 |
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Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: |
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GAAP net income (loss) |
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$ 67,469 |
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$ (72,143) |
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$ (72,034) |
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Special items: |
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Intangible asset amortization |
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18,272 |
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20,229 |
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22,905 |
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Accelerated depreciation (1) |
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2,032 |
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43,631 |
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8,895 |
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Impairment of long-lived assets (2) |
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1,950 |
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157,697 |
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50,745 |
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Impairment of goodwill and intangible assets (3) |
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- |
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- |
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93,010 |
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Severance and restructuring (4) |
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10,652 |
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7,126 |
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13,635 |
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Other operating expenses (income), net |
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(247) |
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315 |
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885 |
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Interest and other expense (income), net |
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595 |
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(109) |
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(217) |
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Pre-tax total special items |
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33,254 |
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228,889 |
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189,858 |
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Fiscal year 2015 & 2014 research & development tax credits |
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(2,475) |
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- |
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(2,863) |
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Other income tax effects and adjustments (5) |
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(5,428) |
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(36,434) |
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(21,283) |
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GAAP net income excluding special items |
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$ 92,820 |
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$ 120,312 |
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$ 93,678 |
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GAAP net income per share excluding special items: |
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Basic |
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$ 0.33 |
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$ 0.42 |
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$ 0.33 |
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Diluted |
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$ 0.32 |
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$ 0.42 |
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$ 0.33 |
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Shares used in the calculation of earnings per share excluding special items: |
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Basic |
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285,526 |
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284,588 |
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282,992 |
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Diluted (6) |
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290,521 |
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288,897 |
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287,954 |
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(1) Building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities. |
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(2) Includes impairment charges related to the San Antonio wafer manufacturing facility, MEMS wafer manufacturing equipment, end of line test equipment and certain research and development equipment. |
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(3) Includes impairment of goodwill and write-off of in-process research and development related to MEMS business unit. |
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(4) Includes severance charges associated with several reorganizations, primarily various business units and manufacturing operations. |
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(5) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
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(6) Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis. |
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