Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2019



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

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2019 2018 2019 2018
Other expense, net, as reported$(133.3) $(55.8) $(509.6) $(198.8)
Loss on settlement of debt8.3    12.6  16.0 
Non-cash other expense, net29.7  28.1  124.3  110.0 
Acquisition-related other income(12.5)   (12.5)  
Losses on available-for-sale investments(0.7)   6.0   
Impairment on available-for-sale investments  15.5    15.5 
Non-GAAP other expense, net$(108.5) $(12.2) $(379.2) $(57.3)
Non-GAAP other expense, net, as a percentage of net sales(8.2)% (1.2)% (6.9)% (1.4)%

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

For the three and twelve months ended March 31, 2019, non-GAAP income tax expense is presented based on cash taxes for fiscal 2019, excluding transition tax payments under the Tax Cuts and Jobs Act.

 Three and Twelve Months Ended
 March 31, 2019
Income tax benefit, as reported$(23.5) $(151.4)
Income tax rate, as reported(15.5)% (74.0)%
Other non-GAAP tax adjustment 128.6  202.5 
Non-GAAP income tax provision$5.1  $51.1 
Non-GAAP income tax rate1.4% 3.0%

For the three and twelve months ended March 31, 2018, non-GAAP income tax expense is presented as the tax impact of non-GAAP adjustments calculated using the applicable tax rates in the jurisdictions where the adjustments occurred.

 Three and Twelve Months Ended
 March 31, 2018
Income tax provision, as reported$41.5  $481.9 
Income tax rate, as reported22.1% 65.4%
Share-based compensation expense 26.4    28.3  
Manufacturing excursion 2     (0.2 )
Acquisition-related costs 2 1.7     3.3  
Amortization of acquired intangible assets 2 8.3     36.0  
Special charges and other, net 2 (0.1 )   5.9  
Loss on settlement of debt 2     5.3  
Non-cash other expense, net 2 8.1     35.8  
Impairment on available-for-sale investment 0.1     0.1  
Non-recurring tax events 2 (38.9 )   (467.5 )
Tax adjustment in accordance with ASC 740-270 2 5.0      
Non-GAAP income tax provision $ 32.1     $ 128.9  
Non-GAAP income tax rate 8.4 %   8.7 %

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