|
|
|
|
|
|
|
|
|
|
ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES |
| ||||||
|
(Unaudited) |
| ||||||
|
|
|
Three Months Ended |
| ||||
|
|
|
March 25, |
|
December 24, |
|
March 26, |
|
|
|
|
2017 |
|
2016 |
|
2016 |
|
|
|
|
(in thousands, except per share data) |
| ||||
|
Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ 366,904 |
|
$ 340,178 |
|
$ 318,841 |
|
|
GAAP gross profit % |
|
63.1% |
|
61.7% |
|
57.4% |
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
11,064 |
|
11,755 |
|
11,829 |
|
|
Accelerated depreciation (1) |
|
1,103 |
|
1,178 |
|
4,066 |
|
|
Other cost of goods sold (2) |
|
— |
|
— |
|
6,123 |
|
|
Total special items |
|
12,167 |
|
12,933 |
|
22,018 |
|
|
GAAP gross profit excluding special items |
|
$ 379,071 |
|
$ 353,111 |
|
$ 340,859 |
|
|
GAAP gross profit % excluding special items |
|
65.2% |
|
64.1% |
|
61.4% |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ 192,652 |
|
$ 191,104 |
|
$ 141,133 |
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
2,348 |
|
2,348 |
|
2,538 |
|
|
Impairment of long-lived assets (3) |
|
1,000 |
|
383 |
|
506 |
|
|
Severance and restructuring |
|
450 |
|
864 |
|
2,552 |
|
|
Other operating expenses (income), net |
|
1,704 |
|
1,909 |
|
(55,419) |
|
|
Total special items |
|
5,502 |
|
5,504 |
|
(49,823) |
|
|
GAAP operating expenses excluding special items |
|
$ 187,150 |
|
$ 185,600 |
|
$ 190,956 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: |
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ 140,213 |
|
$ 130,477 |
|
$ 139,810 |
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
13,412 |
|
14,103 |
|
14,367 |
|
|
Accelerated depreciation (1) |
|
1,103 |
|
1,178 |
|
4,066 |
|
|
Other cost of goods sold (2) |
|
— |
|
— |
|
6,123 |
|
|
Impairment of long-lived assets (3) |
|
1,000 |
|
383 |
|
506 |
|
|
Severance and restructuring |
|
450 |
|
864 |
|
2,552 |
|
|
Other operating expenses (income), net |
|
1,704 |
|
1,909 |
|
(55,419) |
|
|
Interest and other expense (income), net (4) |
|
(48) |
|
(5,052) |
|
(45) |
|
|
Pre-tax total special items |
|
17,621 |
|
13,385 |
|
(27,850) |
|
|
Other income tax effects and adjustments (5) |
|
1,957 |
|
(11,167) |
|
5,698 |
|
|
GAAP net income excluding special items |
|
$ 159,791 |
|
$ 132,695 |
|
$ 117,658 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share excluding special items: |
|
|
|
|
|
|
|
|
Basic |
|
$ 0.56 |
|
$ 0.47 |
|
$ 0.41 |
|
|
Diluted |
|
$ 0.56 |
|
$ 0.46 |
|
$ 0.41 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in the calculation of earnings per share excluding special items: |
|
|
|
|
|
|
|
|
Basic |
|
282,903 |
|
283,294 |
|
285,854 |
|
|
Diluted |
|
287,882 |
|
288,106 |
|
289,783 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes building and equipment accelerated depreciation related to the Dallas manufacturing facility. |
| ||||||
|
(2) Includes expense related to patent license settlement. |
| ||||||
|
(3) Includes impairment of investments in privately-held companies and other equipment impairment charges. |
| ||||||
|
(4) Includes gain on sale of shares received for the sale of the wafer manufacturing facility in San Antonio, Texas. |
|
| |||||
|
(5) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
| ||||||
|
|
|