CommScope Reports Stronger Than Expected First Quarter 2016 Results
- Raises Full Year 2016 Guidance -
- Announces
-
BNS Acquisition Drives Growth
-
Sales of
$1.14 billion , up 39 percent year over year - Record first quarter gross margin of 39 percent
-
Adjusted operating income, excluding special items, of
$211 million , or 18 percent of sales -
Net income of
$0.06 per diluted share -
Adjusted net income of
$0.48 per diluted share, up 14 percent year over year -
Cash flow from operations of
$118 million -
Adjusted free cash flow of
$120 million
-
Sales of
For the quarter ended
"We are pleased to deliver strong first quarter results that exceeded
our expectations while continuing to make excellent progress on our BNS
integration plan," said President and Chief Executive Officer
"We are focused on integrating the BNS acquisition quickly and effectively—and are very pleased with our progress. We recently made another important step in the transition by establishing a new management reporting structure. This structure positions us to serve our customers better and enhances our ability to create technologically-advanced solutions.
"Our confidence in the future and strong cash flow positioned us to
announce the early and voluntary redemption of
First Quarter 2016 Overview
First quarter 2016 sales grew 39 percent year over year to
During the first quarter of 2016,
The Connectivity segment provides connectivity and network intelligence for indoor and outdoor network applications. Indoor network solutions are found in commercial buildings and in the network core, which includes data centers, central offices and cable television headends. Our outdoor network solutions are found in access networks and include coaxial cabling and fiber optic connectivity solutions, which include a robust portfolio of fiber optic connectors and fiber management systems.
First quarter Connectivity segment sales increased to
The Mobility segment provides merchant RF wireless network solutions, as well as metro cell, DAS and small cell solutions. Our macro cell site solutions can be found at wireless tower sites and on rooftops. Our metro cell solutions can be found on street poles and on other urban structures. Our DAS and small cell solutions allow wireless operators to increase spectral efficiency and thereby extend and enhance cellular coverage and capacity in challenging network conditions such as commercial buildings, urban areas, stadiums and transportation systems.
Mobility segment sales in the quarter declined 8 percent year over year
to
GAAP operating income in the first quarter of 2016 was
GAAP net income of
Planned PIK Notes Redemption
Today
Outlook
Second Quarter 2016 Guidance:
-
Revenue of
$1.275 billion -$1.325 billion -
Adjusted operating income of
$270 million -$290 million -
Adjusted earnings per diluted share of
$0.67 -$0.72 , based on 196 million weighted average diluted shares, up 42 percent year over year at the midpoint - Adjusted effective tax rate of 34 percent - 35 percent
Full Year 2016 Guidance:
-
Revenue of
$4.95 billion -$5.05 billion -
Adjusted operating income of
$990 million -$1.035 billion -
Adjusted earnings per diluted share of
$2.40 -$2.50 , based on 196 million weighted average diluted shares, up 32 percent year over year at the midpoint - Adjusted effective tax rate of 34 percent - 35 percent
-
Adjusted free cash flow of more than
$425 million
The company's updated guidance reflects expectations for modest growth in the second half of 2016 compared to the first half of 2016.
CommScope Investor Day
Conference Call, Webcast and Investor Presentation
As previously announced,
To participate in the conference call, dial 866-394-7514 (US and
If you are unable to participate and would like to hear a replay, dial
855-859-2056 (US and
About
Non-GAAP Financial Measures
Forward Looking Statements
This press release or any other oral or written statements made by us or on our behalf may include forward-looking statements which reflect our current views with respect to future events and financial performance. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "anticipate," "should," "could," "designed to," "foreseeable future," "believe," "think," "scheduled," "outlook," "guidance" and similar expressions although not all forward-looking statements contain such terms. This list of indicative terms and phrases is not intended to be all-inclusive.
These statements are subject to various risks and uncertainties, many of which are outside our control, including, without limitation, our ability to integrate the BNS business on a timely and cost effective manner; our reliance on TE Connectivity for transition services for the BNS business; our ability to realize expected growth opportunities and cost savings from the BNS business; our dependence on customers' capital spending on communication systems; concentration of sales among a limited number of customers and channel partners; changes in technology; industry competition and the ability to retain customers through product innovation, introduction and marketing; risks associated with our sales through channel partners; product performance issues and associated warranty claims; our ability to maintain effective information management systems and to successfully implement major systems initiatives; cyber-security incidents, including data security breaches or computer viruses; the risk our global manufacturing operations suffer production or shipping delays causing difficulty in meeting customer demands; the risk that internal production capacity and that of contract manufacturers may be insufficient to meet customer demand or quality standards for our products; changes in cost and availability of key raw materials, components and commodities and the potential effect on customer pricing; risks associated with our dependence on a limited number of key suppliers; our ability to fully realize anticipated benefits from prior or future acquisitions or equity investments; potential difficulties in realigning global manufacturing capacity and capabilities among our global manufacturing facilities, including delays or challenges related to removing, transporting or reinstalling equipment, that may affect our ability to meet customer demands for products; possible future restructuring actions; substantial indebtedness and maintaining compliance with debt covenants; our ability to incur additional indebtedness; our ability to generate cash to service our indebtedness; possible future impairment charges for fixed or intangible assets, including goodwill; income tax rate variability and ability to recover amounts recorded as value-added tax receivables; our ability to attract and retain qualified key employees; labor unrest; significant international operations expose us to economic, political and other risks, including the impact of variability in foreign exchange rates; our ability to comply with governmental anti-corruption laws and regulations and export and import controls worldwide; our ability to compete in international markets due to export and import controls to which we may be subject; cost of protecting or defending intellectual property; costs and challenges of compliance with domestic and foreign environmental laws; and other factors beyond our control. These and other factors are discussed in greater detail in our 2015 Annual Report on Form 10-K. Although the information contained in this press release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date made. We are not undertaking any duty or obligation to update this information to reflect developments or information obtained after the date of this report, except as otherwise may be required by law.
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|
||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited -- In thousands, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
|
|
||||||||
| 2016 | 2015 | |||||||
| Net sales | $ | 1,143,979 | $ | 825,400 | ||||
| Operating costs and expenses: | ||||||||
| Cost of sales | 696,888 | 532,196 | ||||||
| Selling, general and administrative | 209,197 | 125,671 | ||||||
| Research and development | 52,190 | 27,736 | ||||||
| Amortization of purchased intangible assets | 73,616 | 44,786 | ||||||
| Restructuring costs, net | 6,072 | 1,871 | ||||||
| Asset impairments | 15,293 | - | ||||||
| Total operating costs and expenses | 1,053,256 | 732,260 | ||||||
| Operating income | 90,723 | 93,140 | ||||||
| Other income, net | 301 | 2,627 | ||||||
| Interest expense | (72,562 | ) | (36,329 | ) | ||||
| Interest income | 2,579 | 1,029 | ||||||
| Income before income taxes | 21,041 | 60,467 | ||||||
| Income tax expense | (8,461 | ) | (20,991 | ) | ||||
| Net income | $ | 12,580 | $ | 39,476 | ||||
| Earnings per share: | ||||||||
| Basic | $ | 0.07 | $ | 0.21 | ||||
| Diluted (a) | $ | 0.06 | $ | 0.20 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 191,642 | 188,480 | ||||||
| Diluted (a) | 195,456 | 193,137 | ||||||
| (a) Calculation of diluted earnings per share: | ||||||||
| Net income (basic) | $ | 12,580 | $ | 39,476 | ||||
| Weighted average shares (basic) | 191,642 | 188,480 | ||||||
| Dilutive effect of stock options | 3,814 | 4,657 | ||||||
| Denominator (diluted) | 195,456 | 193,137 | ||||||
| See notes to unaudited condensed consolidated financial statements included in our Form 10-Q. | ||||||||
|
|
||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited -- In thousands, except share amounts) | ||||||||
|
|
|
|||||||
| 2016 | 2015 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 688,368 | $ | 562,884 | ||||
| Accounts receivable, less allowance for doubtful accounts of | ||||||||
|
|
924,216 | 833,041 | ||||||
| Inventories, net | 464,462 | 441,815 | ||||||
| Prepaid expenses and other current assets | 149,925 | 166,900 | ||||||
| Total current assets | 2,226,971 | 2,004,640 | ||||||
| Property, plant and equipment, net of accumulated depreciation | ||||||||
|
of |
519,931 | 528,706 | ||||||
|
|
2,719,300 | 2,690,636 | ||||||
| Other intangible assets, net | 2,077,368 | 2,147,483 | ||||||
| Other noncurrent assets | 129,337 | 131,166 | ||||||
| Total assets | $ | 7,672,907 | $ | 7,502,631 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Accounts payable | $ | 388,005 | $ | 300,829 | ||||
| Other accrued liabilities | 397,657 | 371,743 | ||||||
| Current portion of long-term debt | 12,500 | 12,520 | ||||||
| Total current liabilities | 798,162 | 685,092 | ||||||
| Long-term debt | 5,231,513 | 5,231,131 | ||||||
| Deferred income taxes | 190,941 | 202,487 | ||||||
| Pension and other postretirement benefit liabilities | 40,334 | 37,102 | ||||||
| Other noncurrent liabilities | 123,503 | 124,099 | ||||||
|
Total liabilities |
6,384,453 | 6,279,911 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
|
Preferred stock, |
||||||||
|
200,000,000; Issued and outstanding shares: None at |
||||||||
|
or |
— | — | ||||||
|
Common stock, |
||||||||
| 1,300,000,000; Issued and outstanding shares: 191,863,546 and | ||||||||
|
191,368,727 at |
1,929 | 1,923 | ||||||
| Additional paid-in capital | 2,227,241 | 2,216,202 | ||||||
| Retained earnings (accumulated deficit) | (799,814 | ) | (812,394 | ) | ||||
| Accumulated other comprehensive loss | (126,848 | ) | (171,678 | ) | ||||
|
|
||||||||
|
at |
(14,054 | ) | (11,333 | ) | ||||
| Total stockholders' equity | 1,288,454 | 1,222,720 | ||||||
| Total liabilities and stockholders' equity | $ | 7,672,907 | $ | 7,502,631 | ||||
| See notes to unaudited condensed consolidated financial statements included in our Form 10-Q. | ||||||||
|
|
||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited -- In thousands) | ||||||||
| Three Months Ended | ||||||||
|
|
||||||||
| 2016 | 2015 | |||||||
| Operating Activities: | ||||||||
| Net income | $ | 12,580 | $ | 39,476 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| generated by operating activities: | ||||||||
| Depreciation and amortization | 96,938 | 59,454 | ||||||
| Equity-based compensation | 8,835 | 5,253 | ||||||
| Deferred income taxes | (10,440 | ) | (13,623 | ) | ||||
| Asset impairments | 15,293 | — | ||||||
| Excess tax benefits from equity-based compensation | (1,381 | ) | (10,414 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (58,760 | ) | (95,317 | ) | ||||
| Inventories | (9,863 | ) | 5,792 | |||||
| Prepaid expenses and other assets | (6,378 | ) | (1,134 | ) | ||||
| Accounts payable and other liabilities | 73,019 | 12,682 | ||||||
| Other | (1,751 | ) | (929 | ) | ||||
| Net cash generated by operating activities | 118,092 | 1,240 | ||||||
| Investing Activities: | ||||||||
| Additions to property, plant and equipment | (14,472 | ) | (8,213 | ) | ||||
| Proceeds from sale of property, plant and equipment | 3,684 | 125 | ||||||
| Net purchase price adjustment | 15,355 | — | ||||||
| Other | 474 | 2,633 | ||||||
| Net cash generated by (used in) investing activities | 5,041 | (5,455 | ) | |||||
| Financing Activities: | ||||||||
| Long-term debt repaid | (3,146 | ) | (2,199 | ) | ||||
| Proceeds from the issuance of common shares under | ||||||||
| equity-based compensation plans | 1,490 | 11,999 | ||||||
| Excess tax benefits from equity-based compensation | 1,381 | 10,414 | ||||||
| Tax withholding payments for vested equity-based | ||||||||
| compensation awards | (2,721 | ) | — | |||||
| Net cash generated by (used in) financing activities | (2,996 | ) | 20,214 | |||||
|
Effect of exchange rate changes on cash and cash equivalents
|
5,347 |
(10,178 |
) |
|||||
| Change in cash and cash equivalents | 125,484 | 5,821 | ||||||
| Cash and cash equivalents, beginning of period | 562,884 | 729,321 | ||||||
| Cash and cash equivalents, end of period | $ | 688,368 | $ | 735,142 | ||||
| See notes to unaudited condensed consolidated financial statements included in our Form 10-Q. | ||||||||
|
|
||||||||
| Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures | ||||||||
| (Unaudited -- In millions, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
|
|
||||||||
| 2016 | 2015 | |||||||
| Operating income, as reported | $ | 90.7 | $ | 93.1 | ||||
| Adjustments: | ||||||||
| Amortization of purchased intangible assets | 73.6 | 44.8 | ||||||
| Restructuring costs, net | 6.1 | 1.9 | ||||||
| Equity-based compensation | 8.8 | 5.3 | ||||||
| Asset impairments | 15.3 | - | ||||||
| Transaction and integration costs | 15.9 | 11.4 | ||||||
| Purchase accounting adjustments | 1.0 | - | ||||||
| Total adjustments to operating income | 120.7 | 63.4 | ||||||
| Non-GAAP adjusted operating income | $ | 211.4 | $ | 156.5 | ||||
| Income before income taxes, as reported | $ | 21.0 | $ | 60.5 | ||||
| Income tax expense, as reported | (8.5 | ) | (21.0 | ) | ||||
| Net income, as reported | $ | 12.6 | $ | 39.5 | ||||
| Adjustments: | ||||||||
| Total pretax adjustments to operating income | 120.7 | 63.4 | ||||||
| Pretax amortization of deferred financing costs & OID(1) | 3.7 | 3.1 | ||||||
| Pretax gains on sale of equity investment (2) | (0.4 | ) | (2.4 | ) | ||||
| Tax effects of adjustments and other tax items(3) | (42.2 | ) | (22.2 | ) | ||||
| Non-GAAP adjusted net income | $ | 94.4 | $ | 81.4 | ||||
| Diluted EPS, as reported | $ | 0.06 | $ | 0.20 | ||||
| Non-GAAP adjusted diluted EPS | $ | 0.48 | $ | 0.42 | ||||
|
(1) |
Included in interest expense. |
|
(2) |
Included in other income (expense), net. |
|
(3) |
The tax rates applied to adjustments reflect the tax expense or benefit based on the tax jurisdiction of the entity generating the adjustment. There are certain items for which we expect little or no tax effect. |
| Note: Components may not sum to total due to rounding | |
| See Description of Non-GAAP Financial Measures | |
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| Segment Information | |||||||||||||||||
| (Unaudited -- In millions) | |||||||||||||||||
| Sales by Segment (1) | |||||||||||||||||
| % Change | |||||||||||||||||
| Q1 2016 | Q4 2015 | Q1 2015 | Sequential | YOY | |||||||||||||
| Connectivity Solutions | 687.0 | 671.5 | 329.1 | 2.3 | % | 108.8 | % | ||||||||||
| Mobility Solutions | 457.0 | 471.0 | 496.3 | (3.0 | ) | % | (7.9 | ) | % | ||||||||
|
Total |
$ | 1,144.0 | $ | 1,142.5 | $ | 825.4 | 0.1 | % | 38.6 | % | |||||||
| Non-GAAP Adjusted Operating Income by Segment (1) | |||||||||||||||||
| % Change | |||||||||||||||||
| Q1 2016 | Q4 2015 | Q1 2015 | Sequential | YOY | |||||||||||||
| Connectivity Solutions | 134.8 | 117.4 | 58.4 | 14.8 | % | 130.8 | % | ||||||||||
| Mobility Solutions | 76.6 | 78.9 | 98.1 | (2.9 | ) | % | (21.9 | ) | % | ||||||||
| Total Non-GAAP Adjusted Operating Income | $ | 211.4 | $ | 196.4 | $ | 156.5 | 7.6 | % | 35.1 | % | |||||||
|
(1) |
During the three months ended CommScope Mobility Solutions (CMS). All prior period amounts have been restated to reflect these operating segment changes. |
|
| Components may not sum to total due to rounding | ||
| See Description of Non-GAAP Financial Measures | ||
|
|
|||||||||
| Pro Forma Segment Information | |||||||||
| (Unaudited -- In millions) | |||||||||
|
Pro |
|||||||||
| Q1 2015 | Q2 2015 | Q3 2015 | |||||||
| Connectivity Solutions | $ | 717.6 | $ | 781.2 | $ | 750.4 | |||
| Mobility Solutions | 532.7 | 557.0 | 496.9 | ||||||
|
Total Pro |
$ | 1,250.3 | $ | 1,338.2 | $ | 1,247.3 | |||
|
The unaudited pro forma amounts are presented as though the BNS
acquisition had been completed as of |
|
|
||||||||||
| Reconciliation of GAAP to Non-GAAP Adjusted Operating Income by Segment | ||||||||||
| (Unaudited -- In millions) | ||||||||||
| First Quarter 2016 Non-GAAP Adjusted Operating Income Reconciliation by Segment (1) | ||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total | ||||||||
| Operating income, as reported | $ | 50.0 | $ | 40.7 | $ | 90.7 | ||||
| Amortization of purchased intangible assets | 48.2 | 25.4 | 73.6 | |||||||
| Restructuring costs, net | 1.1 | 5.0 | 6.1 | |||||||
| Equity-based compensation | 5.0 | 3.8 | 8.8 | |||||||
| Asset impairments | 15.3 | - | 15.3 | |||||||
| Transaction and integration costs | 14.1 | 1.8 | 15.9 | |||||||
| Purchase accounting adjustments | 1.0 | - | 1.0 | |||||||
| Non-GAAP adjusted operating income | $ | 134.8 | $ | 76.6 | $ | 211.4 | ||||
| Non-GAAP adjusted operating margin % | 19.6% | 16.8% | 18.5% | |||||||
| Fourth Quarter 2015 Non-GAAP Adjusted Operating Income Reconciliation by Segment (1) | ||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total | ||||||||
| Operating income (loss), as reported | $ | (17.9) | $ | 39.5 | $ | 21.6 | ||||
| Amortization of purchased intangible assets | 49.9 | 27.0 | 76.9 | |||||||
| Restructuring costs, net | 11.8 | 7.1 | 18.9 | |||||||
| Equity-based compensation | 5.7 | 1.9 | 7.6 | |||||||
| Asset impairments | 5.5 | - | 5.5 | |||||||
| Transaction and integration costs | 13.7 | 1.1 | 14.8 | |||||||
| Purchase accounting adjustments | 48.9 | 2.2 | 51.2 | |||||||
| Non-GAAP adjusted operating income | $ | 117.4 | $ | 78.9 | $ | 196.4 | ||||
| Non-GAAP adjusted operating margin % | 17.5% | 16.8% | 17.2% | |||||||
| First Quarter 2015 Non-GAAP Adjusted Operating Income Reconciliation by Segment (1) | ||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total | ||||||||
| Operating income, as reported | $ | 28.7 | $ | 64.5 | $ | 93.1 | ||||
| Amortization of purchased intangible assets | 21.7 | 23.1 | 44.8 | |||||||
| Restructuring costs, net | 0.1 | 1.8 | 1.9 | |||||||
| Equity-based compensation | 2.4 | 2.9 | 5.3 | |||||||
| Transaction and integration costs | 5.4 | 6.0 | 11.4 | |||||||
| Non-GAAP adjusted operating income | $ | 58.4 | $ | 98.1 | $ | 156.5 | ||||
| Non-GAAP adjusted operating margin % | 17.7% | 19.8% | 19.0% | |||||||
|
(1) |
During the three months ended |
| Components may not sum to total due to rounding | |
| See Description of Non-GAAP Financial Measures | |
|
|
||||||||||
| Adjusted Free Cash Flow | ||||||||||
| (Unaudited -- In millions) | ||||||||||
| Adjusted Free Cash Flow | ||||||||||
| Q1 2016 | Q1 2015 | |||||||||
| Cash flow from operations |
|
|
||||||||
| Transaction and integration costs | 15.7 | 6.6 | ||||||||
| Capital expenditures | (14.5) | (8.2) | ||||||||
| Capex related to BNS integration | 0.6 | - | ||||||||
| Adjusted Free Cash Flow |
|
|
||||||||
|
|
||||||||||
| Quarterly Adjusted Operating Income and Adjusted EBITDA | ||||||||||
| (Unaudited -- In millions) | ||||||||||
| GAAP to Non-GAAP Adjusted Operating Income and Adjusted EBITDA Reconciliation | ||||||||||
| Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | ||||||
| Operating income (loss), as reported |
|
|
|
|
|
|||||
| Amortization of purchased intangible assets | 73.6 | 76.9 | 54.3 | 44.6 | 44.8 | |||||
| Restructuring costs, net | 6.1 | 18.9 | 6.9 | 1.9 | 1.9 | |||||
| Equity-based compensation | 8.8 | 7.6 | 5.7 | 10.1 | 5.3 | |||||
| Asset impairments | 15.3 | 5.5 | 85.3 | - | - | |||||
| Transaction and integration costs | 15.9 | 14.8 | 60.8 | 9.9 | 11.4 | |||||
| Purchase accounting adjustments | 1.0 | 51.2 | 30.5 | - | - | |||||
| Non-GAAP adjusted operating income |
|
|
|
|
|
|||||
| Non-GAAP adjusted operating margin % | 18.5% | 17.2% | 20.7% | 20.3% | 19.0% | |||||
| Depreciation | 19.6 | 21.9 | 15.6 | 11.5 | 11.6 | |||||
| Non-GAAP adjusted EBITDA |
|
|
|
|
|
|||||
| Components may not sum to total due to rounding | ||||||||||
| See Description of Non-GAAP Financial Measures | ||||||||||
|
Note: For the twelve months ended |
|
|
||||||||||||||||||||||
| Historical Data by Segment | ||||||||||||||||||||||
| (Unaudited -- In millions) | ||||||||||||||||||||||
| 2014 | 2015 | |||||||||||||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total |
Connectivity Solutions |
Mobility Solutions |
Total | |||||||||||||||||
| Net sales | $ | 1,359.8 | $ | 2,469.8 | $ | 3,829.6 | $ | 1,841.8 | $ | 1,966.1 | $ | 3,807.8 | ||||||||||
| Operating income | 109.3 | 468.1 | 577.4 | 16.1 | 165.5 | 181.6 | ||||||||||||||||
| Amortization of purchased intangible assets | 87.0 | 91.3 | 178.3 | 124.0 | 96.6 | 220.6 | ||||||||||||||||
| Restructuring costs, net | 3.0 | 16.2 | 19.2 | 16.9 | 12.6 | 29.5 | ||||||||||||||||
| Equity-based compensation | 9.4 | 11.7 | 21.1 | 16.1 | 12.6 | 28.7 | ||||||||||||||||
| Asset impairments | 7.2 | 4.9 | 12.1 | 16.3 | 74.5 | 90.8 | ||||||||||||||||
| Transaction and integration costs | 4.5 | 7.6 | 12.1 | 82.3 | 14.6 | 96.9 | ||||||||||||||||
| Purchase accounting adjustments | (12.5 | ) | 0.6 | (11.9 | ) | 78.2 | 3.6 | 81.7 | ||||||||||||||
| Non-GAAP adjusted operating income | $ | 208.1 | $ | 600.3 | $ | 808.4 | $ | 349.9 | $ | 379.9 | $ | 729.8 | ||||||||||
| Q1 2015 | Q2 2015 | |||||||||||||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total |
Connectivity Solutions |
Mobility Solutions |
Total | |||||||||||||||||
| Net sales | $ | 329.1 | $ | 496.3 | $ | 825.4 | $ | 352.1 | $ | 515.2 | $ | 867.3 | ||||||||||
| Operating income (loss) | 28.7 | 64.5 | 93.1 | 39.2 | 70.2 | 109.4 | ||||||||||||||||
| Amortization of purchased intangible assets | 21.7 | 23.1 | 44.8 | 21.5 | 23.1 | 44.6 | ||||||||||||||||
| Restructuring costs, net | 0.1 | 1.8 | 1.9 | 1.0 | 0.9 | 1.9 | ||||||||||||||||
| Equity-based compensation | 2.4 | 2.9 | 5.3 | 4.6 | 5.5 | 10.1 | ||||||||||||||||
| Asset impairments | - | - | - | - | - | - | ||||||||||||||||
| Transaction and integration costs | 5.4 | 6.0 | 11.4 | 6.1 | 3.8 | 9.9 | ||||||||||||||||
| Purchase accounting adjustments | - | - | - | - | - | - | ||||||||||||||||
| Non-GAAP adjusted operating income | $ | 58.4 | $ | 98.1 | $ | 156.5 | $ | 72.5 | $ | 103.5 | $ | 175.9 | ||||||||||
| Q3 2015 | Q4 2015 | |||||||||||||||||||||
|
Connectivity Solutions |
Mobility Solutions |
Total |
Connectivity Solutions |
Mobility Solutions |
Total | |||||||||||||||||
| Net sales | $ | 489.0 | $ | 483.6 | $ | 972.6 | $ | 671.5 | $ | 471.0 | $ | 1,142.5 | ||||||||||
| Operating income (loss) | (33.9 | ) | (8.6 | ) | (42.5 | ) | (17.9 | ) | 39.5 | 21.6 | ||||||||||||
| Amortization of purchased intangible assets | 30.8 | 23.5 | 54.3 | 49.9 | 27.0 | 76.9 | ||||||||||||||||
| Restructuring costs, net | 4.1 | 2.8 | 6.9 | 11.8 | 7.1 | 18.9 | ||||||||||||||||
| Equity-based compensation | 3.4 | 2.2 | 5.7 | 5.7 | 1.9 | 7.6 | ||||||||||||||||
| Asset impairments | 10.9 | 74.5 | 85.3 | 5.5 | - | 5.5 | ||||||||||||||||
| Transaction and integration costs | 57.1 | 3.8 | 60.8 | 13.7 | 1.1 | 14.8 | ||||||||||||||||
| Purchase accounting adjustments | 29.2 | 1.3 | 30.5 | 48.9 | 2.2 | 51.2 | ||||||||||||||||
| Non-GAAP adjusted operating income | $ | 101.6 | $ | 99.4 | $ | 201.0 | $ | 117.4 | $ | 78.9 | $ | 196.4 | ||||||||||
| Components may not sum to total due to rounding | ||||||||||||||||||||||
| See Description of Non-GAAP Financial Measures | ||||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428005194/en/
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