Investor Presentation Fourth Quarter FY23
Non-GAAP Financial Measures and Other Supplemental Data
Reconciliation of Gross Margin to Adjusted Gross Margin
Gross margin
Restructuring Charges
Amortization of purchased intangibles
Impairment charges
Adjusted gross margin
Three Months Ended
June 3, 2023
$ 354.7
37.1 % $
May 28, 2022
382.5
June 3, 2023
34.8 % $ 1,430.0
35.0 % $ 1,352.7
Twelve Months Ended
May 28, 2022
34.3
(0.4)
%
-
%
(0.4)
—
%
%
%
0.1
0.1 %
%
12.8
0.3
%
-
%
15.7
0.4 %
$ 354.3
37.0 % $
382.6
34.8 % $ 1,445.3
35.4 % $ 1,365.5
34.6 %
Reconciliation of Operating Expenses to Adjusted Operating Expenses
Three Months Ended
Twelve Months Ended
June 3, 2023
Operating expenses
$
343.1
35.9 % $
May 28, 2022
325.5
June 3, 2023
May 28, 2022
29.6 % $ 1,307.7
32.0 % $ 1,312.9
33.3 %
Restructuring charges
14.6
1.5 %
-
%
34.4
0.8 %
%
Acquisition and integration charges
5.3
0.6 %
7.5
0.7 %
18.0
0.4 %
124.5
3.2 %
Amortization of purchased intangibles
5.9
0.6 %
6.6
0.6 %
25.3
0.6 %
50.6
1.3 %
Gain on Sale of Dealer
-
%
%
%
(2.0)
(0.1)%
Impairment charges
19.7
2.1 %
%
41.2
1.0 %
Adjusted operating expenses
$
297.6
31.1 % $
311.4
28.3 % $ 1,188.8
29.1 % $ 1,139.8
28.9 %
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