Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2020

RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2020 2019 2020 2019
Other expense, net, as reported$(114.9) $(133.3) $(496.7) $(509.6)
Loss on settlement of debt3.4  8.3  5.4  12.6 
Non-cash other expense, net31.0  29.7  122.6  124.3 
Acquisition-related other income  (12.5)   (12.5)
(Gains) losses on available-for-sale investments(1.5) (0.7) (2.6) 6.0 
Non-GAAP other expense, net$(82.0) $(108.5) $(371.3) $(379.2)
Non-GAAP other expense, net, as a percentage of net sales(6.2)% (8.2)% (7.0)% (7.1)%

RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2020   2019   2020   2019
Income tax benefit, as reported $ (54.1 )   $ (23.5 )   $ (420.2 )   $ (151.4 )
Income tax rate, as reported (118.1 )%   (15.5 )%   (279.4 )%   (74.0 )%
Other non-GAAP tax adjustment 82.3     28.6     516.4     202.5  
Non-GAAP income tax provision $ 28.2     $ 5.1     $ 96.2     $ 51.1  
Non-GAAP income tax rate 7.0 %   1.4 %   6.3 %   3.2 %

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