Harris Corporation Reports Fiscal 2018 First Quarter Results With Robust Orders Across All Segments

FY '18 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures of income from continuing operations per diluted common share, operating income, operating margin and net cash provided by operating activities, adjusted to exclude certain costs, charges, expenses and losses or other amounts. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris’ business trends and to understand Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:

     

Table 5

HARRIS CORPORATION

FY '18 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Income from Continuing Operations per Diluted Common Share

(Unaudited)

     
    Quarter Ended
    September 30, 2016 (A)
    As Reported   Adjustment (B)   Non-GAAP
             
    (In millions, except per share amounts)
Income from continuing operations   $ 145   $ 15   $ 160
Income from continuing operations per diluted common share   $ 1.16   $ 0.12   $ 1.28
                   
(A)   Certain amounts reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations
 
(B)   Adjustment for Exelis Inc. acquisition-related charges, net of income taxes
     

Table 6

HARRIS CORPORATION

FY '18 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Operating Income and Operating Margin

(Unaudited)

     
    Quarter Ended
    September 30, 2016 (A)
    As Reported   Adjustment (B)   Non-GAAP
             
    (In millions)
Revenue   $ 1,420     $   $ 1,420  
Operating income   $ 246     $ 17   $ 263  
Operating margin   17.3 %       18.5 %
                 
(A)   Certain amounts reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations
 
(B)   Pre-tax adjustment for Exelis Inc. acquisition-related charges
         

Table 7

HARRIS CORPORATION

FY '18 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Free Cash Flow

(Unaudited)

         
    Quarter Ended    
            Fiscal Year 2018
    September 29, 2017   September 30, 2016   (Guidance)
             
    (In millions)
Net cash provided by operating activities   $ 95     $ 43     $980 to $1,030
Less net capital expenditures (A)   (23 )   (21 )   (130)
Free cash flow   $ 72     $ 22     $850 to $900
                     
(A)   Reflects additions of property, plant and equipment, net of proceeds from the sale of property, plant and equipment

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