Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2021
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
| | Three Months Ended |
| | June 30, |
| | 2020 | | 2019 |
| Other expense, net, as reported | $ | (128.8 | ) | | $ | (131.1 | ) |
| Loss on settlement of debt | 26.8 | | | 1.9 | |
| Non-cash other expense, net | 24.6 | | | 29.9 | |
| Gains on available-for-sale investments | (0.2 | ) | | (0.8 | ) |
| Non-GAAP other expense, net | $ | (77.6 | ) | | $ | (100.1 | ) |
| Non-GAAP other expense, net, as a percentage of net sales | (5.9 | )% | | (7.6 | )% |
RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended |
| | June 30, |
| | 2020 | | 2019 |
| Income tax benefit, as reported | $ | (34.1 | ) | | $ | (10.2 | ) |
| Income tax rate, as reported | (38.1 | )% | | (25.2 | )% |
| Other non-GAAP tax adjustment | 59.8 | | | 31.0 | |
| Non-GAAP income tax provision | $ | 25.7 | | | $ | 20.8 | |
| Non-GAAP income tax rate | 6.0 | % | | 5.5 | % |
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, |
| | 2020 | | 2019 |
| Net income, as reported | $ | 123.6 | | | $ | 50.7 | |
| Share-based compensation expense | 42.4 | | | 40.7 | |
COVID-19 shelter-in-place restrictions on manufacturing activities
| 2.8 | | | — | |
| Acquisition-related costs | 1.5 | | | 6.6 | |
| Professional services associated with certain legal matters | 3.5 | | | — | |
| IT security remediation | 1.0 | | | 3.0 | |
| Amortization of acquired intangible assets | 235.4 | | | 248.5 | |
| Special charges and other, net | 0.3 | | | 8.1 | |
| Loss on settlement of debt | 26.8 | | | 1.9 | |
| Non-cash other expense, net | 24.6 | | | 29.9 | |
| Gains on available-for-sale investments | (0.2 | ) | | (0.8 | ) |
| Other non-GAAP tax adjustment | (59.8 | ) | | (31.0 | ) |
| Non-GAAP net income | $ | 401.9 | | | $ | 357.6 | |
| Non-GAAP net income as a percentage of net sales | 30.7 | % | | 27.0 | % |
| GAAP net income as a percentage of net sales | 9.4 | % | | 3.8 | % |
| Diluted net income per common share, as reported | $ | 0.48 | | | $ | 0.20 | |
| Non-GAAP diluted net income per common share | $ | 1.56 | | | $ | 1.41 | |
| Diluted common shares outstanding, as reported | 257.8 | | | 253.9 | |
| Diluted common shares outstanding non-GAAP | 257.8 | | | 253.9 | |
