| SELECTED NON-GAAP RESULTS 1 | |||||||||
| (Unaudited) | |||||||||
| (In millions, except for percentages and EPS) | |||||||||
| For the quarter ended July 1, 2023 | For the quarter ended July 2, 2022 | Change vs. Q1 FY 2023 | |||||||
| Revenue | $ | 651.2 | $ | 1,035.4 | $ | (384.2 | ) | ||
| Gross profit | $ | 279.5 | $ | 518.2 | $ | (238.7 | ) | ||
| Gross margin | 42.9 | % | 50.0 | % | (7.1 | )ppt | |||
| Operating expenses | $ | 232.7 | $ | 233.8 | $ | (1.1 | ) | ||
| Operating income | $ | 46.7 | $ | 284.4 | $ | (237.7 | ) | ||
| Net income | $ | 33.6 | $ | 238.4 | $ | (204.8 | ) | ||
| Weighted-average diluted shares | 99.3 | 106.1 | (6.8 | ) | |||||
| Diluted EPS | $ | 0.34 | $ | 2.25 | $ | (1.91 | ) | ||
1 Excludes stock-based compensation expense, amortization of intangible assets, restructuring related charges, acquisition and integration related costs, charges associated with a long-term capacity reservation agreement, goodwill impairment, loss (gain) on assets, other non-cash expenses, (gain) loss on investments, other (income) expense and an adjustment of income taxes.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.
