Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2019



RECONCILIATION OF GAAP NET INCOME AND GAAP DILUTED NET INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE

 Three and Twelve Months Ended
 March 31, 2019
Net income, as reported$174.7  $355.9 
Impact of changes in distributor inventory levels  83.4 
Share-based compensation expense39.1  149.2 
Acquisition-related costs5.0  44.1 
Excess capacity charges to normalize acquired inventory levels  2.3 
Acquired inventory valuation costs1.8  365.7 
Amortization of acquired intangible assets176.9  674.1 
Special (income) charges and other, net(23.3) 33.7 
Loss on settlement of debt8.3  12.6 
Non-cash other expense29.7  124.3 
Acquisition-related other income(12.5) (12.5)
Losses on available-for-sale investments(0.7) 6.0 
Other non-GAAP tax adjustment 1(28.6) (202.5)
Non-GAAP net income$370.4  $1,636.3 
Non-GAAP net income as a percentage of net sales27.9% 29.9%
GAAP net income as a percentage of net sales13.1% 6.7%
Diluted net income per common share, as reported$0.70  $1.42 
Non-GAAP diluted net income per common share$1.48  $6.55 
Diluted common shares outstanding, as reported250.9  249.9 
Diluted common shares outstanding non-GAAP250.9  249.9 


 Three and Twelve Months Ended
 March 31, 2018
Net income, as reported$146.7  $255.4 
Share-based compensation expense, net of tax effect 216.9  64.9 
Manufacturing excursion, net of tax effect 2  (0.4)
Acquisition-related costs, net of tax effect 23.6  6.8 
Amortization of acquired intangible assets, net of tax effect 2114.5  449.5 
Special charges and other, net of tax effect 20.3  11.6 
Loss on settlement of debt, net of tax effect 2  10.7 
Non-cash other expense, net of tax effect 220.0  74.2 
Impairment on available-for-sale investments, net of tax effect15.4   15.4  
Non-recurring tax events 2 38.9     467.5  
Tax adjustment in accordance with ASC 740-270 2 (5.0 )    
Non-GAAP net income $ 351.3     $ 1,355.6  
Non-GAAP net income as a percentage of net sales 35.0 %   34.1 %
GAAP net income as a percentage of net sales 14.6 %   6.4 %
Diluted net income per common share, as reported $ 0.58     $ 1.03  
Non-GAAP diluted net income per common share $ 1.40     $ 5.45  
Diluted common shares outstanding, as reported 251.5     248.9  
Diluted common shares outstanding non-GAAP 251.5     248.9  

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