Reconciliation of Non-GAAP EPS to GAAP EPS
To supplement our financial results presented on a GAAP basis, we use non-GAAP measures that we believe are helpful in understanding our results. The non-GAAP measures exclude insurance proceeds related to a business interruption claim and costs related to acquisitions. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements and guidance prepared in accordance with GAAP. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the factors management uses in planning and forecasting for future periods.
In the fiscal first quarter of 2013, our non-GAAP results exclude $0.6 million of costs related to the acquisition of Origio recorded in selling, general and administrative expense and $14.1 million in business interruption insurance proceeds. Our fiscal second quarter of 2013 non-GAAP results include the $0.9 million income tax benefit that arises from the impact of the above adjustments to the related projected fiscal year effective tax rate.
We also report revenue growth using the non-GAAP financial measure of constant currency revenue. Management presents and refers to constant currency information so that revenue results may be evaluated excluding the effect of foreign currency rate fluctuations. To present this information, current period revenue for entities reporting in currencies other than United States dollars are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year.
|Three Months Ended April 30,||Six Months Ended April 30,|
|2013 GAAP||Adjustments||2013 Non-GAAP||2013 GAAP||Adjustments||2013 Non-GAAP|
|Operating income||$ 81,473||$ --||$ 81,473||$ 150,293||$ 626||$ 150,919|
|Income before income taxes||$ 78,940||$ --||$ 78,940||$ 159,916||$ (13,459)||$ 146,457|
|Provision for income taxes||$ 3,473||$ 868||$ 4,341||$ 9,515||$ 1,038||$ 10,553|
|Net income attributable to Cooper Stockholders||$ 75,136||$ (868)||$ 74,268||$ 149,803||$ (14,497)||$ 135,306|
|Diluted EPS attributable to Cooper stockholders||$ 1.52||$ (0.02)||$ 1.50||$ 3.02||$ (0.29)||$ 2.73|
|Fiscal 2013 EPS Guidance|
|2013 GAAP||Adjustments||2013 Non-GAAP|
|Diluted EPS||$6.42 - $6.52||$ (0.27)||$6.15 - $6.25|