Microchip Technology Announces Record Financial Results for First Quarter of Fiscal Year 2023
RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended June 30, |
| | | 2022 | | | | 2021 | |
| Income tax provision as reported | $ | 139.4 | | | $ | 44.2 | |
| Income tax rate, as reported | | 21.6 | % | | | 14.9 | % |
| Other non-GAAP tax adjustment | | (60.1 | ) | | | (8.5 | ) |
| Non-GAAP income tax provision | $ | 79.3 | | | $ | 35.7 | |
| Non-GAAP income tax rate | | 9.4 | % | | | 6.0 | % |
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, |
| | | 2022 | | | | 2021 | |
| Net income, as reported | $ | 507.2 | | | $ | 252.8 | |
| Share-based compensation expense | | 41.2 | | | | 56.6 | |
| Acquisition-related | | 0.8 | | | | 1.5 | |
| Professional services associated with certain legal matters | | 0.9 | | | | 2.1 | |
| Amortization of acquired intangible assets | | 167.6 | | | | 215.6 | |
| Special (income) charges and other, net | | (16.9 | ) | | | 10.5 | |
| Loss on settlement of debt | | 6.2 | | | | 0.3 | |
| Non-cash other expense, net | | 0.1 | | | | 10.9 | |
| Other non-GAAP tax adjustment | | 60.1 | | | | 8.5 | |
| Non-GAAP net income | $ | 767.2 | | | $ | 558.8 | |
| Non-GAAP net income as a percentage of net sales | | 39.1 | % | | | 35.6 | % |
| GAAP net income as a percentage of net sales | | 25.8 | % | | | 16.1 | % |
| Diluted net income per common share, as reported | $ | 0.90 | | | $ | 0.45 | |
| Non-GAAP diluted net income per common share | $ | 1.37 | | | $ | 0.99 | |
| Diluted common shares outstanding, as reported | | 561.5 | | | | 565.1 | |
| Diluted common shares outstanding non-GAAP | | 561.5 | | | | 565.1 | |
