Form 8-K Gigamon Inc. For: Jul 28

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July 28, 2016 4:18 PM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 28, 2016 
GIGAMON INC.
(Exact name of registrant as specified in its charter)
  
Delaware
 
001-35957
 
26-3963351
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
3300 Olcott Street
Santa Clara, California 95054
(Address of principal executive offices, including zip code)
(408) 831-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02
Results of Operations and Financial Condition
On July 28, 2016, Gigamon Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended July 2, 2016. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01
Financial Statements and Exhibits
 
(d)
Exhibits.
 
 
Exhibit No.
Description
99.1
Press release issued by Gigamon Inc., dated July 28, 2016







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
GIGAMON INC.
 
 
 
By:
/s/ Mike Burns
 
 
Mike Burns
Chief Financial Officer
Date: July 28, 2016





EXHIBIT INDEX
 
 
 
Exhibit No.
Description
99.1
Press release issued by Gigamon Inc., dated July 28, 2016





Exhibit 99.1
 
MEDIA CONTACT:
 
INVESTOR CONTACT:
Tom Rice
 
Cynthia Hiponia
1 (703) 856-2218
 
+1 (408) 831-4100
 
Gigamon Reports Second Quarter 2016 Financial Results
Record revenue delivers 46% year-over-year growth
Results driven by strong demand for both Security and Mobility solutions
Santa Clara, Calif., July 28, 2016 - Gigamon Inc. (NYSE: GIMO), the leader in traffic visibility solutions, today released financial results for the second quarter ended July 2, 2016.
Second Quarter 2016 Financial Highlights:
•
Revenue of $75.1 million, up 46% year-over-year.
•
GAAP gross margin was 82%, compared to 78% in the second quarter of fiscal 2015.
•
Non-GAAP gross margin was 82%, compared to 79% in the second quarter of fiscal 2015.
•
GAAP net income was $34.0 million, or $0.91 per diluted share, compared to GAAP net income of $38,000, or $0.00 per diluted share, in the second quarter of fiscal 2015. The company realized a one-time benefit of $30.5 million to the GAAP income tax provision due to the release of a significant portion of its valuation allowance against deferred tax assets.
•
Non-GAAP net income was $11.5 million, or $0.30 per diluted share, compared to non-GAAP net income of $5.9 million, or $0.16 per diluted share, in the second quarter of fiscal 2015.
•
Cash and investments were $228 million, up $20 million from the first quarter of 2016, and up $49 million from the second quarter of fiscal 2015.
“The continued strong execution across our business has resulted in us delivering revenue growth of 46% year over year this quarter,” said Paul Hooper, Chief Executive Officer of Gigamon. “Our first to market Security Delivery Platform continues to set the industry standard for how leading organizations architect their IT security infrastructure, and in doing so realize higher efficiency, greater effectiveness and significantly improved coverage for their security solutions. Our journey is underway, and the runway ahead is exciting and full of opportunity.”
Recent Business Highlights:
•
Announced field trials of our Amazon Web Services Elastic Compute Cloud offering - the first visibility solution for information traversing with the public cloud.
•
Introduced automated network topology visualization for managing visibility infrastructure at scale.
•
Vice President of WW Channels, Barbara Spicek, recognized as one of CRN's 2016 Women of the Channel.




•
Announced Fred Studer has joined Gigamon as Chief Marketing Officer.
•
Added Joan Dempsey, cyber security expert, to Board of Directors.
Conference Call Information:
Gigamon will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time on, July 28, 2016. The news release with the financial results will be accessible from the company’s website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (888)-504-7963, using conference code 9870417. International parties can access the call by dialing +1 (719)-325-2308, using conference code 9870417.
The webcast will be accessible on Gigamon’s investor relations website at http://investor.gigamon.com for a period of one year. A telephonic replay of the conference call will be available through Thursday, August 4, 2016. To access the replay, parties in the United States and Canada should call +1 (888)-203-1112 and enter conference code 9870417. International parties should call +1 (719)-457-0820 and enter conference code 9870417
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude stock-based compensation and related payroll taxes, income tax effect of stock-based compensation expense, and a valuation allowance against deferred tax assets. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Gigamon considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the company’s management for that purpose. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented for supplemental informational purposes only to provide additional information in understanding the company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures attached to this release.
During the conference call to discuss these financial results, Gigamon expects to give guidance for the third quarter of fiscal 2016 on a non-GAAP basis. Gigamon does not provide reconciliations of its forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections with respect to the stock-based compensation and related payroll taxes, income tax effect of stock-based compensation expense and valuation allowance against deferred tax assets, which are excluded from these non-GAAP measures. In particular, stock-based compensation and related taxes are impacted by future hiring and retention needs, as well as the future fair market value of the Gigamon’s common stock, all of which is difficult to predict and subject to constant change. The actual amounts of these excluded items will have a significant impact on Gigamon’s GAAP net income (loss) per diluted share and GAAP tax provision. Accordingly, reconciliations of Gigamon’s forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort.




Legal Notice Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our expectations regarding the evolution of our marketplace and the goals for our Unified Visibility Fabric™ and our Security Delivery Platform. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to deliver and improve our products and successfully develop new products; customer acceptance and purchase of our existing products and new products; our ability to retain existing customers and generate new customers; the market for network traffic visibility solutions not continuing to develop; competition from other products and services; and general market, political, economic and business conditions.  The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the period ended December 26, 2015 and our most recently available Quarterly Report on Form 10-Q. The forward-looking statements in this press release are based on information available to Gigamon as of the date hereof, and Gigamon disclaims any obligation to update any forward-looking statements, except as required by law.
Gigamon
Gigamon (NYSE: GIMO) provides active visibility into physical and virtual network traffic, enabling stronger security and superior performance. Gigamon’s Visibility Fabric and GigaSECURE®, the industry’s first Security Delivery Platform, deliver advanced intelligence so that security, network and application performance management solutions in enterprise, government and service provider networks operate more efficiently and effectively. See more at www.gigamon.com, the Gigamon Blog, or follow Gigamon on Twitter, LinkedIn or Facebook.








Gigamon Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
 
Three Months Ended

Six Months Ended
 
July 2, 2016
June 27, 2015

July 2, 2016
June 27, 2015
Revenue:
 
 
 
 

 
 
Product
$
51,308

 
$
34,814

 
$
95,970

 
$
66,966

Service
23,795

 
16,632

 
46,344

 
31,333

Total revenue
75,103

 
51,446

 
142,314

 
98,299

Cost of revenue:

 

 

 

Product
11,510

 
9,558

 
22,217

 
19,003

Service
2,339

 
1,763

 
4,421

 
3,540

Total cost of revenue
13,849

 
11,321

 
26,638

 
22,543

Gross profit
61,254

 
40,125

 
115,676

 
75,756

Operating expenses:

 

 

 

Research and development
17,250

 
12,227

 
32,608

 
23,723

Sales and marketing
28,843

 
21,171

 
56,500

 
40,003

General and administrative
9,147

 
6,702

 
17,142

 
12,721

Total operating expenses
55,240

 
40,100

 
106,250

 
76,447

Income (loss) from operations
6,014

 
25

 
9,426

 
(691
)
Other income (expense):
 
 
 
 
 
 
 
Interest income
219

 
105

 
426

 
224

Other expense, net
(173
)
 
7

 
(242
)
 
(3
)
Income (loss) before income tax benefit (provision)
6,060

 
137

 
9,610

 
(470
)
Income tax benefit (provision)
27,899

 
(99
)
 
27,320

 
(187
)
Net income (loss)
$
33,959

 
$
38

 
$
36,930

 
$
(657
)
Net income (loss) per share:

 

 

 

Basic
$
0.97

 
$
—

 
$
1.06

 
$
(0.02
)
Diluted
$
0.91

 
$
—

 
$
1.00

 
$
(0.02
)
Weighted average shares used in computing net income (loss) per share:

 

 

 

Basic
35,146

 
33,429

 
34,878

 
33,203

Diluted
37,262

 
35,666

 
36,792

 
33,203






Gigamon Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)  
 
July 2, 2016
December 26, 2015
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
135,242

 
$
120,212

Short-term investments
92,839

 
90,001

Accounts receivable, net
44,715

 
47,947

Inventories, net
6,325

 
3,813

Prepaid expenses and other current assets
8,745

 
7,621

Total current assets
287,866

 
269,594

Property and equipment, net
10,675

 
9,416

Deferred tax assets, non-current
30,958

 
135

Other assets, non-current
908

 
766

TOTAL ASSETS
$
330,407

 
$
279,911

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable
$
3,101

 
$
3,724

Accrued liabilities
28,057

 
37,334

Deferred revenue
55,571

 
62,248

Total current liabilities
86,729

 
103,306

Deferred revenue, non-current
24,285

 
19,883

Deferred and other tax liabilities, non-current
211

 
279

Other liabilities, non-current
836

 
1,087

TOTAL LIABILITIES
112,061

 
124,555

STOCKHOLDERS' EQUITY
 
 
 
Common stock
4

 
3

Treasury stock
(12,469
)
 
(12,469
)
Additional paid-in-capital
237,347

 
211,402

Accumulated other comprehensive income (loss)
67

 
(47
)
Accumulated deficit
(6,603
)
 
(43,533
)
TOTAL STOCKHOLDERS' EQUITY
218,346

 
155,356

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
330,407

 
$
279,911





Gigamon Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 
Three Months Ended

Six Months Ended
 
July 2, 2016
June 27, 2015

July 2, 2016
June 27, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
Net income (loss)
$
33,959

 
$
38

 
$
36,930

 
$
(657
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
 
 
Depreciation and amortization
1,431

 
1,457

 
2,702

 
2,972

Stock-based compensation expense
10,604

 
8,568

 
18,780

 
15,911

Deferred and other income taxes
(30,774
)
 
(13
)
 
(30,891
)
 
—

Excess tax benefit from employee stock-based compensation
(2,926
)
 
—

 
(3,485
)
 
—

Inventory write-down
309

 
519

 
484

 
1,012

Write down on fixed assets
215

 
—

 
215

 
—

Provision for doubtful accounts
72

 
—

 
97

 
—

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable
872

 
(3,306
)
 
3,135

 
(24
)
Inventories
(759
)
 
(845
)
 
(2,832
)
 
310

Prepaid expenses and other current assets
(2,394
)
 
(339
)
 
(1,740
)
 
(1,802
)
Accounts payable
(261
)
 
1,064

 
(515
)
 
(83
)
Accrued liabilities and other liabilities
7,413

 
5,238

 
(5,663
)
 
(9
)
Deferred revenue
1,007

 
2,694

 
(2,275
)
 
13,217

Net cash provided by operating activities
18,768

 
15,075

 
14,942

 
30,847

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
Purchase of short-term investments
(34,724
)
 
(7,999
)
 
(63,831
)
 
(7,999
)
Proceeds from sales of short-term investments
—

 
1,455

 
—

 
1,455

Proceeds from maturities of short-term investments
34,461

 
12,680

 
61,247

 
34,333

Purchase of property and equipment
(2,371
)
 
(1,187
)
 
(4,478
)
 
(2,224
)
Net cash (used in) provided by investing activities
(2,634
)
 
4,949

 
(7,062
)
 
25,565

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
Proceeds from employee stock purchase plan
—

 
—

 
3,368

 
2,607

Proceeds from exercise of stock option
2,749

 
1,523

 
4,126

 
2,768

Shares repurchased for tax withholdings on vesting of restricted stock units
(2,444
)
 
(2,707
)
 
(3,829
)
 
(3,969
)
Excess tax benefits from employee stock-based compensation
2,926

 
—

 
3,485

 
—

Net cash provided by (used in) financing activities
3,231

 
(1,184
)
 
7,150

 
1,406

NET INCREASE IN CASH AND CASH EQUIVALENTS
19,365

 
18,840

 
15,030

 
57,818

CASH AND CASH EQUIVALENTS — Beginning of period
115,877

 
77,919

 
120,212

 
38,941

CASH AND CASH EQUIVALENTS — End of period
$
135,242

 
$
96,759

 
$
135,242

 
$
96,759

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
 
 
 
 
Income taxes paid during the period
$
527

 
$
137

 
$
811

 
$
266






Gigamon Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except percentages)
(unaudited)  
 
Three Months Ended

Six Months Ended
 
July 2, 2016
June 27, 2015

July 2, 2016
June 27, 2015
Total Revenue
$
75,103

 
$
51,446

 
$
142,314

 
$
98,299

Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin:

 

 

 

GAAP gross profit
61,254

 
40,125

 
115,676

 
75,756

Stock-based compensation expense
538

 
510

 
1,008

 
1,059

Stock-based compensation related payroll taxes
20

 
21

 
36

 
44

Non-GAAP gross profit
$
61,812

 
$
40,656

 
$
116,720

 
$
76,859

GAAP gross margin
82
%
 
78
%
 
81
%
 
77
%
Non-GAAP gross margin
82
%
 
79
%
 
82
%
 
78
%
Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income:
 
 
 
 
 
 
 
GAAP operating income (Loss)
$
6,014

 
$
25

 
$
9,426

 
$
(691
)
Stock-based compensation expense
10,605

 
8,586

 
18,780

 
15,929

Stock-based compensation related payroll taxes
274

 
317

 
557

 
629

Non-GAAP operating income
$
16,893

 
$
8,928

 
$
28,763

 
$
15,867

Reconciliation of GAAP Net Income (Loss) Attributable To Common Stockholders to Non-GAAP Net Income:
 
 
 
 
 
 
 
GAAP net income (loss) attributable to common stockholders
$
33,959

 
$
38

 
$
36,930

 
$
(657
)
Stock-based compensation expense
10,605

 
8,586

 
18,780

 
15,929

Stock-based compensation related payroll taxes
274

 
317

 
557

 
629

Income tax effect of Non-GAAP adjustments
(33,330
)
 
(3,075
)
 
(36,583
)
 
(5,471
)
Non-GAAP net income
$
11,508

 
$
5,866

 
$
19,684

 
$
10,430





Gigamon Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(In thousands, except per share amounts)
(unaudited)  
 
Three Months Ended
 
Six Months Ended
 
July 2, 2016
June 27, 2015
 
July 2, 2016
June 27, 2015
Reconciliation of GAAP Diluted Net Income (Loss) per Share to Non-GAAP Diluted Net Income per Share:
 
 
 
 
 
 
 
GAAP diluted net income (loss) per share
$
0.91

 
$
—

 
$
1.00

 
$
(0.02
)
Stock-based compensation expense
0.28

 
0.24

 
0.51

 
0.48

Stock-based compensation related payroll taxes
0.01

 
0.01

 
0.02

 
0.02

Income tax effect of non-GAAP adjustments
(0.89
)
 
(0.09
)
 
(1.00
)
 
(0.16
)
Impact of difference in number of GAAP and non-GAAP diluted shares
(0.01
)
 
—

 
(0.01
)
 
(0.03
)
Non-GAAP diluted net income per share
$
0.30

 
$
0.16

 
$
0.52

 
$
0.29

Reconciliation of GAAP Diluted Weighted-Average Number of Shares to Non-GAAP Diluted Weighted-Average Number of Shares:
 
 
 
 
 
 
 
GAAP diluted weighted-average number of shares
37,262

 
35,666

 
36,792

 
33,203

Dilutive impact due to stock-based compensation
793

 
648

 
786

 
2,756

Non-GAAP diluted weighted-average number of shares
38,055

 
36,314

 
37,578

 
35,959








Gigamon Inc.
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations
For the Three and Six Months Ended July 2, 2016 and June 27, 2015
(In thousands, except per share amounts and percentages)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
July 2, 2016
June 27, 2015
 
July 2, 2016
June 27, 2015
 
As
Reported
Adjustments
Non-GAAP
As
Reported
Adjustments
Non-GAAP
 
As
Reported
Adjustments
Non-GAAP
As
Reported
Adjustments
Non-GAAP
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
Product
$
51,308

$
—

$
51,308

$
34,814

$
—

$
34,814

 
$
95,970

$
—

$
95,970

$
66,966

$
—

$
66,966

Service
23,795

—

23,795

16,632

—

16,632

 
46,344

—

46,344

31,333

—

31,333

Total revenue
75,103

—

75,103

51,446

—

51,446

 
142,314

—

142,314

98,299

—

98,299

Cost of revenue:






 






Product (1)
11,510

(375
)
11,135

9,558

(332
)
9,226

 
22,217

(690
)
21,527

19,003

(712
)
18,291

Service (1) 
2,339

(183
)
2,156

1,763

(199
)
1,564

 
4,421

(354
)
4,067

3,540

(391
)
3,149

Total Cost of Revenue
13,849

(558
)
13,291

11,321

(531
)
10,790

 
26,638

(1,044
)
25,594

22,543

(1,103
)
21,440

Gross profit
61,254

558

61,812

40,125

531

40,656

 
115,676

1,044

116,720

75,756

1,103

76,859

Product Gross Margin
78
%

78
%
73
%


73
%
 
77
%

78
%
72
%


73
%
Service Gross Margin
90
%

91
%
89
%


91
%
 
90
%

91
%
89
%


90
%
Total Gross Margin
82
%

82
%
78
%


79
%
 
81
%

82
%
77
%


78
%
Operating expenses:






 






Research and development (1)
17,250

(3,587
)
13,663

12,227

(2,740
)
9,487

 
32,608

(6,669
)
25,939

23,723

(4,987
)
18,736

Sales and marketing (1)
28,843

(3,520
)
25,323

21,171

(2,949
)
18,222

 
56,500

(5,887
)
50,613

40,003

(5,489
)
34,514

General and administrative (1) 
9,147

(3,214
)
5,933

6,702

(2,683
)
4,019

 
17,142

(5,737
)
11,405

12,721

(4,979
)
7,742

Total operating expenses
55,240

(10,321
)
44,919

40,100

(8,372
)
31,728

 
106,250

(18,293
)
87,957

76,447

(15,455
)
60,992

Income (loss) from operations
6,014

10,879

16,893

25

8,903

8,928

 
9,426

19,337

28,763

(691
)
16,558

15,867

Other income (expense):






 






Interest income
219

—

219

105

—

105

 
426

—

426

224

—

224

Other expense, net
(173
)
—

(173
)
7

—

7

 
(242
)
—

(242
)
(3
)
—

(3
)
Income (loss) before income taxes
6,060

10,879

16,939

137

8,903

9,040

 
9,610

19,337

28,947

(470
)
16,558

16,088

Income tax benefit (provision) (2) (3)
27,899

(33,330
)
(5,431
)
(99
)
(3,075
)
(3,174
)
 
27,320

(36,583
)
(9,263
)
(187
)
(5,471
)
(5,658
)
Net income (loss)
$
33,959

$
(22,451
)
$
11,508

$
38

$
5,828

$
5,866

 
$
36,930

$
(17,246
)
$
19,684

$
(657
)
$
11,087

$
10,430

Net income (loss) per share:
 
 
 
 
 
 
 












Basic
$
0.97

$
(0.64
)
$
0.33

$
—

$
0.18

$
0.18

 
$
1.06

$
(0.50
)
$
0.56

$
(0.02
)
$
0.33

$
0.31

Diluted
$
0.91

$
(0.61
)
$
0.30

$
—

$
0.16

$
0.16

 
$
1.00

$
(0.48
)
$
0.52

$
(0.02
)
$
0.31

$
0.29

Weighted-average shares used in computing per share amounts:






 












Basic
35,146

—

35,146

33,429

—

33,429

 
34,878

—

34,878

33,203

—

33,203

Diluted
37,262

793

38,055

35,666

648

36,314

 
36,792

786

37,578

33,203

2,756

35,959

Notes:
1.
Includes stock-based compensation expense and related payroll taxes in the three and six months ended July 2, 2016 and June 27, 2015.
2.
Includes income tax effect of non-GAAP adjustments in the three and six months ended July 2, 2016 and June 27, 2015.
3.
Amount for the three and six months ended July 2, 2016 includes a benefit for the release of a significant portion of its valuation allowance against deferred tax assets.




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