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 effect26,005  4,380  46,159  11,589 
Share-based compensation expense, net of tax effect14,744  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 effect93,278  55,294  426,467  126,631 
Special charges (income) and other, net of tax effect12,387  (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 effect907  2,523  907  2,523 
Non-cash other expense, net of tax effect8,257  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 sales28.0% 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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