Microchip Technology Announces Record Financial Results For First Quarter of Fiscal Year 2024

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,
  2023   2022 
Net income, as reported$666.4  $507.2 
Share-based compensation expense 44.5   41.2 
Other adjustments (0.9)  0.8 
Professional services associated with certain legal matters 0.5   0.9 
Amortization of acquired intangible assets 151.5   167.6 
Special charges (income) and other, net 1.7   (16.9)
Loss on settlement of debt 9.1   6.2 
Non-cash other expense, net    0.1 
Other non-GAAP tax adjustment 32.5   60.1 
Non-GAAP net income$905.3   $ 767.2  
GAAP net income as a percentage of net sales   29.1 %     25.8 %
Non-GAAP net income as a percentage of net sales   39.6 %     39.1 %
Diluted net income per common share, as reported $ 1.21     $ 0.90  
Non-GAAP diluted net income per common share $ 1.64     $ 1.37  
Diluted common shares outstanding, as reported   551.4       561.5  
Diluted common shares outstanding non-GAAP   551.4       561.5  
               

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