Microchip Technology Announces Record Net Sales for Fourth Quarter and Fiscal Year 2017


RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION 
 Three Months ended Twelve Months Ended
 March 31, March 31,
 2017 2016 2017 2016
Income tax benefit, as reported$(65,106) $(9,742) $(80,805) $(42,632)
Income tax rate, as reported(90.7)% (16.9)% (90.0)% (15.2)%
Distributor revenue recognition adjustment  1,911  4,164  8,721 
Share-based compensation expense7,592  5,446  44,214  23,012 
Manufacturing excursion(495) 1,324  (200) 1,324 
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs  8,465  2,018  37,095  34,799 
Special charges and other, net17,335  31  35,404  1,445 
Loss on induced conversion and extinguishment of convertible debt16,082    16,082   
Non-cash other expense, net7,198  5,692  21,215  19,426 
Gain on equity securities and equity method investment    (172) (31)
Impairment on available-for-sale investment    526  1,472 
Non-recurring tax events(476) 12,300  9,859  24,706 
Tax adjustment in accordance with ASC 740-270
34,901       
Non-GAAP income tax provision$25,496  $18,980  $87,382  $72,242 
Non-GAAP income tax rate8.4% 11.0% 8.5% 11.0%
            


RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS AND GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS TO NON-GAAP NET INCOME FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS
  Three Months Ended   Twelve Months Ended
  March 31,   March 31,
  2017   2016   2017   2016
Net income from continuing operations, as reported $ 136,908     $ 67,355     $ 170,592     $ 324,132  
Distributor revenue recognition adjustment, net of tax effect     3,484     46,159     15,073  
Share-based compensation expense, net of tax effect 14,474     11,871     83,941     48,408  
Manufacturing excursion, net of tax effect (855 )   2,300     (350 )   2,300  
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect 91,818     69,351     518,285     195,982  
Special charges and other, net of tax effect 28,751     739     63,204     2,512  
Loss on induced conversion and extinguishment of convertible debt, net of tax effect 27,797         27,797      
Non-cash other expense, net of tax effect 12,443     10,228     36,670     33,579  
Noncontrolling interests             (375 )
Gain on equity securities and equity method investment, net of tax effect         (296 )   (16,116 )
Impairment on available-for-sale investment, net of tax effect         907     2,523  
Non-recurring tax events 476     (12,300 )   (9,859 )   (24,706 )
Tax adjustment in accordance with ASC 740-270 (34,901 )            
Non-GAAP net income from continuing operations $ 276,911     $ 153,028     $ 937,050     $ 583,312  
Non-GAAP net income from continuing operations as a percentage of net sales 30.7 %   26.9 %   26.8 %   26.3 %
GAAP net income from continuing operations as a percentage of net sales 15.2 %   12.1 %   5.0 %   14.9 %
Diluted net income per common share from continuing operations attributable to Microchip Technology stockholders, as reported $ 0.57     $ 0.31     $ 0.73     $ 1.49  
Non-GAAP diluted net income per common share from continuing operations attributable to Microchip Technology stockholders $ 1.16     $ 0.70     $ 3.99     $ 2.68  
Diluted common shares outstanding, as reported 239,171     217,711     234,806     217,388  
Diluted common shares outstanding Non-GAAP 239,171     217,711     234,806     217,260  
                       

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