Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017
RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS AND GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS TO NON-GAAP NET INCOME FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS | | | Three Months Ended | | Nine Months Ended | | December 31, | | December 31, | | 2016 | | 2015 | | 2016 | | 2015 | Net income from continuing operations, as reported | $ | 107,335 | | | $ | 61,211 | | | $ | 33,684 | | | $ | 256,777 | | Distributor revenue recognition adjustment, net of tax effect | 26,005 | | | 4,380 | | | 46,159 | | | 11,589 | | Share-based compensation expense, net of tax effect | 14,744 | | | 11,505 | | | 69,467 | | | 36,537 | | Manufacturing excursion, net of tax effect | — | | | — | | | 505 | | | — | | Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect | 93,278 | | | 55,294 | | | 426,467 | | | 126,631 | | Special charges (income) and other, net of tax effect | 12,387 | | | (4,817 | ) | | 34,453 | | | 1,773 | | Noncontrolling interests | — | | | — | | | — | | | (375 | ) | Gain on equity securities and equity method investment, net of tax effect | — | | | (52 | ) | | (296 | ) | | (16,116 | ) | Impairment on available-for-sale investment, net of tax effect | 907 | | | 2,523 | | | 907 | | | 2,523 | | Non-cash other expense, net of tax effect | 8,257 | | | 8,091 | | | 24,227 | | | 23,351 | | Non-recurring tax events | (7,524 | ) | | 301 | | | (10,335 | ) | | (12,406 | ) | Tax adjustment in accordance with ASC 740-270 | (8,841 | ) | | — | | | 34,901 | | | — | | Non-GAAP net income from continuing operations | $ | 246,548 | | | $ | 138,436 | | | $ | 660,139 | | | $ | 430,284 | | Non-GAAP net income from continuing operations as a percentage of net sales | 28.0 | % | | 25.1 | % | | 25.4 | % | | 26.2 | % | Diluted net income per common share from continuing operations attributable to Microchip Technology stockholders, as reported | $ | 0.46 | | | $ | 0.28 | | | $ | 0.14 | | | $ | 1.18 | | Non-GAAP diluted net income per common share from continuing operations attributable to Microchip Technology stockholders | $ | 1.05 | | | $ | 0.64 | | | $ | 2.83 | | | $ | 1.98 | | Diluted common shares outstanding, as reported | 235,424 | | | 217,975 | | | 233,351 | | | 217,280 | | Diluted common shares outstanding Non-GAAP | 235,424 | | | 217,975 | | | 233,351 | | | 217,109 | | | | | | | | | | | | | |
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