Investor Presentaiton
Appendix - reconciliation
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 24,
2023
June 25,
2023
U.S. GAAP net income
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold
Elective deferred compensation ("EDC") related liability valuation (decrease) increase - cost of goods sold
Restructuring charges, net - cost of goods sold
887,398 $
802,537
3,149
3,093
(591)
4,288
7,940
11,446
Product rationalization - cost of goods sold
(13,383)
Transformational costs - cost of goods sold
4,269
1,634
EDC related liability valuation (decrease) increase - research and development
(1,064)
7,719
Product rationalization - research and development
(3,795)
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative
EDC related liability valuation (decrease) increase - selling, general and administrative
1,186
1,395
(709)
5,146
Product rationalization - selling, general and administrative
(2,891)
Transformational costs - selling, general and administrative
8,020
4,294
Restructuring charges, net - operating expenses
Amortization of note discounts - other income (expense), net
Loss (gain) on EDC related asset - other income (expense), net
Net income tax benefit on non-GAAP items
Income tax benefit on the conclusion of certain tax matters
Non-GAAP net income
Non-GAAP net income per diluted share
U.S. GAAP net income per diluted share
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation
2,021
1,742
1,017
724
2,901
(16,599)
(3,098)
(1,146)
(3,079)
SSS
912,439 $
803,125
$
6.85
6.66 $
5.98
5.97
133,166
134,392
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