Microchip Technology Announces Record Financial Results for First Quarter of Fiscal Year 2023

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

 Three Months Ended June 30,
  2022   2021 
Income tax provision as reported$139.4  $44.2 
Income tax rate, as reported 21.6%  14.9%
Other non-GAAP tax adjustment (60.1)  (8.5)
Non-GAAP income tax provision$79.3  $35.7 
Non-GAAP income tax rate 9.4%  6.0%

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,
  2022   2021 
Net income, as reported$507.2  $252.8 
Share-based compensation expense 41.2     56.6  
Acquisition-related   0.8       1.5  
Professional services associated with certain legal matters   0.9       2.1  
Amortization of acquired intangible assets   167.6       215.6  
Special (income) charges and other, net   (16.9 )     10.5  
Loss on settlement of debt   6.2       0.3  
Non-cash other expense, net   0.1       10.9  
Other non-GAAP tax adjustment   60.1       8.5  
Non-GAAP net income $ 767.2     $ 558.8  
Non-GAAP net income as a percentage of net sales   39.1 %     35.6 %
GAAP net income as a percentage of net sales   25.8 %     16.1 %
Diluted net income per common share, as reported $ 0.90     $ 0.45  
Non-GAAP diluted net income per common share $ 1.37     $ 0.99  
Diluted common shares outstanding, as reported   561.5       565.1  
Diluted common shares outstanding non-GAAP   561.5       565.1  

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