Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2020
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
| | Three Months Ended |
| | June 30, |
| | 2019 | | 2018 |
| Other expense, net, as reported | $ | (131.1 | ) | | $ | (94.5 | ) |
| Loss on settlement of debt | 1.9 | | | — | |
| Non-cash other expense, net | 29.9 | | | 36.5 | |
| (Gains) losses on available-for-sale investments | (0.8 | ) | | 5.2 | |
| Non-GAAP other expense, net | $ | (100.1 | ) | | $ | (52.8 | ) |
| Non-GAAP other expense, net, as a percentage of net sales | (7.6 | )% | | (4.3 | )% |
RECONCILIATION OF GAAP INCOME TAX (BENEFIT) PROVISION TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended |
| | June 30, |
| | 2019 | | 2018 |
| Income tax (benefit) provision, as reported | $ | (10.2 | ) | | $ | 2.0 | |
| Income tax rate, as reported | (25.2 | )% | | 5.3 | % |
| Other non-GAAP tax adjustment | 31.0 | | | 12.8 | |
| Non-GAAP income tax provision | $ | 20.8 | | | $ | 14.8 | |
| Non-GAAP income tax rate | 5.5 | % | | 3.5 | % |
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 Months Ended |
| | June 30, |
| | 2019 | | 2018 |
| Net income, as reported | $ | 50.7 | | | $ | 35.7 | |
| Impact of changes in distributor inventory levels | — | | | 3.4 | |
| Share-based compensation expense | 40.7 | | | 29.4 | |
| Acquisition-related costs | 6.6 | | | 27.1 | |
| IT security remediation | 3.0 | | | — | |
| Acquired inventory valuation costs | — | | | 107.5 | |
| Amortization of acquired intangible assets | 248.5 | | | 133.7 | |
| Special charges and other, net | 8.1 | | | 40.1 | |
| Loss on settlement of debt | 1.9 | | | — | |
| Non-cash other expense, net | 29.9 | | | 36.5 | |
| (Gains) losses on available-for-sale investments | (0.8 | ) | | 5.2 | |
| Other non-GAAP tax adjustment | (31.0 | ) | | (12.8 | ) |
| Non-GAAP net income | $ | 357.6 | | | $ | 405.8 | |
| Non-GAAP net income as a percentage of net sales | 27.0 | % | | 33.3 | % |
| GAAP net income as a percentage of net sales | 3.8 | % | | 2.9 | % |
| Diluted net income per common share, as reported | $ | 0.20 | | | $ | 0.14 | |
| Non-GAAP diluted net income per common share | $ | 1.41 | | | $ | 1.61 | |
| Diluted common shares outstanding, as reported | 253.9 | | | 252.2 | |
| Diluted common shares outstanding non-GAAP | 253.9 | | | 252.2 | |
