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

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 Twelve Months Ended
 March 31, March 31,
 2020 2019 2020 2019
Net income, as reported$99.9  $174.7  $570.6  $355.9 
Share-based compensation expense40.7  39.1  170.2  149.2 
COVID-19 shelter-in-place restrictions on manufacturing activities3.3    3.3   
Acquisition-related costs10.9  5.0  35.8  44.1 
Professional services associated with certain legal matters3.3    3.3   
IT security remediation1.1    6.8   
Excess capacity charges to normalize acquired inventory levels      2.3 
Acquired inventory valuation costs  1.8    365.7 
Amortization of acquired intangible assets248.5     176.9     993.9     674.1  
Special charges (income) and other, net 17.2     (23.3 )   46.7     33.7  
Loss on settlement of debt 3.4     8.3     5.4     12.6  
Non-cash other expense, net 31.0     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  
Other non-GAAP tax adjustment (82.3 )   (28.6 )   (516.4 )   (202.5 )
Non-GAAP net income $ 375.5     $ 370.4     $ 1,439.6     $ 1,552.9  
Non-GAAP net income as a percentage of net sales 28.3 %   27.9 %   27.3 %   29.0 %
GAAP net income as a percentage of net sales 7.5 %   13.1 %   10.8 %   6.7 %
Diluted net income per common share, as reported $ 0.39     $ 0.70     $ 2.23     $ 1.42  
Non-GAAP diluted net income per common share $ 1.46     $ 1.48     $ 5.62     $ 6.21  
Diluted common shares outstanding, as reported 257.3     250.9     256.2     249.9  
Diluted common shares outstanding non-GAAP 257.3     250.9     256.2     249.9  

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