Microchip Technology Announces Record Financial Results for Second Quarter of Fiscal Year 2022
RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended September 30, | | Six Months Ended September 30, |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Income tax provision (benefit) as reported | $ | 22.8 | | | $ | 15.2 | | | $ | 67.0 | | | $ | (18.9 | ) | |
| Income tax rate, as reported | 8.6 | % | | 17.1 | % | | 11.9 | % | | (10.6 | ) | % |
| Other non-GAAP tax adjustment | 16.1 | | | 6.7 | | | 7.6 | | | 66.5 | | |
| Non-GAAP income tax provision | $ | 38.9 | | | $ | 21.9 | | | $ | 74.6 | | | $ | 47.6 | | |
| Non-GAAP income tax rate | 6.0 | % | | 5.0 | % | | 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 September 30, | | Six Months Ended September 30, |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Net income, as reported | $ | 242.0 | | | | $ | 73.6 | | | | $ | 494.8 | | | | $ | 197.2 | | |
| Share-based compensation expense | 55.7 | | | | 49.7 | | | | 112.3 | | | | 92.1 | | |
| COVID-19 shelter-in-place restrictions on manufacturing activities | — | | | | — | | | | — | | | | 2.8 | | |
| Acquisition-related | 1.1 | | | | (0.9 | ) | | | 2.6 | | | | 0.6 | | |
| Professional services associated with certain legal matters | 1.7 | | | | 1.3 | | | | 3.8 | | | | 4.8 | | |
| IT security remediation | — | | | | 0.3 | | | | — | | | | 1.3 | | |
| Amortization of acquired intangible assets | 215.7 | | | | 232.9 | | | | 431.3 | | | | 468.3 | | |
| Special charges and other, net | 10.2 | | | | 4.3 | | | | 20.7 | | | | 4.6 | | |
| Loss on settlement of debt | 85.2 | | | | 45.1 | | | | 85.5 | | | | 71.9 | | |
| Non-cash other expense, net | 10.1 | | | | 16.8 | | | | 21.0 | | | | 41.4 | | |
| Gains on equity investments | — | | | | — | | | | — | | | | (0.2 | ) | |
| Other non-GAAP tax adjustment | (16.1 | ) | | | (6.7 | ) | | | (7.6 | ) | | | (66.5 | ) | |
| Non-GAAP net income | $ | 605.6 | | | | $ | 416.4 | | | | $ | 1,164.4 | | | | $ | 818.3 | | |
| Non-GAAP net income as a percentage of net sales | 36.7 | | % | | 31.8 | | % | | 36.2 | | % | | 31.2 | | % |
| GAAP net income as a percentage of net sales | 14.7 | | % | | 5.6 | | % | | 15.4 | | % | | 7.5 | | % |
| Diluted net income per common share, as reported | $ | 0.43 | | | | $ | 0.14 | | | | $ | 0.87 | | | | $ | 0.38 | | |
| Non-GAAP diluted net income per common share | $ | 1.07 | | | | $ | 0.78 | | | | $ | 2.06 | | | | $ | 1.56 | | |
| Diluted common shares outstanding, as reported | 565.9 | | | | 535.3 | | | | 565.5 | | | | 525.5 | | |
| Diluted common shares outstanding non-GAAP | 565.9 | | | | 535.3 | | | | 565.5 | | | | 525.5 | | |
