(in millions, except per share amounts, unaudited)
Three Months Ended June 30,
2026 2025 | ||
Net sales | $ 1,484.7 | $ 1,075.5 |
Gross profit, as reported | $ 938.9 | $ 576.7 |
Share-based compensation expense | 8.7 | 7.7 |
Non-GAAP gross profit | $ 947.6 | $ 584.4 |
GAAP gross profit percentage | 63.2 % | 53.6 % |
Non-GAAP gross profit percentage | 63.8 % | 54.3 % |
Research and development, as reported | $ 308.9 | $ 255.5 |
Share-based compensation expense | (41.1) | (29.1) |
Non-GAAP research and development | $ 267.8 | $ 226.4 |
Selling, general and administrative, as reported | $ 184.3 | $ 159.3 |
Share-based compensation expense | (25.2) | (16.1) |
Professional services associated with certain legal matters | (0.4) | (7.5) |
Non-GAAP selling, general and administrative $ 158.7 $ 135.7 | ||
Operating expenses, as reported | $ 602.1 | $ 544.6 |
Share-based compensation expense | (66.3) | (45.2) |
Professional services associated with certain legal matters | (0.4) | (7.5) |
Amortization of acquired intangible assets | (90.0) | (107.6) |
Special charges and other, net (18.9) (22.2)
Non-GAAP operating expenses $ 426.5 $ 362.1
Operating income | $ 336.8 | $ 32.1 |
Share-based compensation expense | 75.0 | 52.9 |
Professional services associated with certain legal matters | 0.4 | 7.5 |
Amortization of acquired intangible assets | 90.0 | 107.6 |
Special charges and other, net | 18.9 | 22.2 |
Non-GAAP operating income | $ 521.1 | $ 222.3 |
GAAP operating income percentage | 22.7 % | 3.0 % |
Non-GAAP operating income percentage | 35.1 % | 20.7 % |
Income (loss) before income taxes | $ 289.9 | $ (15.8) |
Share-based compensation expense | 75.0 | 52.9 |
Professional services associated with certain legal matters | 0.4 | 7.5 |
Amortization of acquired intangible assets | 90.0 | 107.6 |
Special charges and other, net 18.9 22.2
Non-GAAP income before income taxes $ 474.2 $ 174.4
Income tax provision $ 60.1 $ 2.8
Other non-GAAP tax adjustment (24.5) 16.9
Non-GAAP income tax provision $ 35.6 $ 19.7
Net income (loss) attributable to common stockholders | $ 202.0 | $ (46.4) |
Dividends on Series A Preferred Stock | 27.8 | 27.8 |
Share-based compensation expense | 75.0 | 52.9 |
Professional services associated with certain legal matters | 0.4 | 7.5 |
Amortization of acquired intangible assets | 90.0 | 107.6 |
Special charges and other, net | 18.9 | 22.2 |
Other non-GAAP tax adjustment 24.5 (16.9)
Non-GAAP net income $ 438.6 $ 154.7
GAAP net income (loss) attributable to common stockholders as a percentage of net sales
13.6 % (4.3)%
Non-GAAP net income as a percentage of net sales | 29.5 % | 14.4 % |
Diluted net income (loss) per common share, as reported | $ 0.37 | $ (0.09) |
Non-GAAP diluted net income per common share | $ 0.76 | $ 0.27 |
Diluted common shares outstanding, as reported | 550.5 | 539.2 |
Diluted common shares outstanding non-GAAP | 574.3 | 569.5 |