Microchip Technology Announces Record Financial Results for First Quarter of Fiscal Year 2022
RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended |
| | June 30, |
| | 2021 | | 2020 |
| Income tax provision (benefit) as reported | $ | 44.2 | | | $ | (34.1 | ) |
| Income tax rate, as reported | 14.9 | % | | (38.1 | )% |
| Other non-GAAP tax adjustment | (8.5 | ) | | 59.8 | |
| Non-GAAP income tax provision | $ | 35.7 | | | $ | 25.7 | |
| Non-GAAP income tax rate | 6.0 | % | | 6.0 | % |
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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, |
| | 2021 | | 2020 |
| Net income, as reported | $ | 252.8 | | | $ | 123.6 | |
| Share-based compensation expense | 56.6 | | | 42.4 | |
| COVID-19 shelter-in-place restrictions on manufacturing activities | — | | | 2.8 | |
| Acquisition-related | 1.5 | | | 1.5 | |
| Professional services associated with certain legal matters | 2.1 | | | 3.5 | |
| IT security remediation | — | | | 1.0 | |
| Amortization of acquired intangible assets | 215.6 | | | 235.4 | |
| Special charges and other, net | 10.5 | | | 0.3 | |
| Loss on settlement of debt | 0.3 | | | 26.8 | |
| Non-cash other expense, net | 10.9 | | | 24.6 | |
| Gains on equity investments | — | | | (0.2 | ) |
| Other non-GAAP tax adjustment | 8.5 | | | (59.8 | ) |
| Non-GAAP net income | $ | 558.8 | | | $ | 401.9 | |
| Non-GAAP net income as a percentage of net sales | 35.6 | % | | 30.7 | % |
| GAAP net income as a percentage of net sales | 16.1 | % | | 9.4 | % |
| Diluted net income per common share, as reported | $ | 0.89 | | | $ | 0.48 | |
| Non-GAAP diluted net income per common share | $ | 1.98 | | | $ | 1.56 | |
| Diluted common shares outstanding, as reported | 282.6 | | | 257.8 | |
| Diluted common shares outstanding non-GAAP | 282.6 | | | 257.8 | |
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