Microchip Technology Announces Financial Results for Fourth

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

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 and Twelve Months Ended
	March 31, 2019
Net income, as reported	$	174.7		$	355.9
Impact of changes in distributor inventory levels	—			83.4
Share-based compensation expense	39.1			149.2
Acquisition-related costs	5.0			44.1
Excess capacity charges to normalize acquired inventory levels	—			2.3
Acquired inventory valuation costs	1.8			365.7
Amortization of acquired intangible assets	176.9			674.1
Special (income) charges and other, net	(23.3		)	33.7
Loss on settlement of debt	8.3			12.6
Non-cash other expense	29.7			124.3
Acquisition-related other income	(12.5		)	(12.5		)
Losses on available-for-sale investments	(0.7		)	6.0
Other non-GAAP tax adjustment ¹	(28.6		)	(202.5		)
Non-GAAP net income	$	370.4		$	1,636.3
Non-GAAP net income as a percentage of net sales	27.9		%	29.9		%
GAAP net income as a percentage of net sales	13.1		%	6.7		%
Diluted net income per common share, as reported	$	0.70		$	1.42
Non-GAAP diluted net income per common share	$	1.48		$	6.55
Diluted common shares outstanding, as reported	250.9			249.9
Diluted common shares outstanding non-GAAP	250.9			249.9

	Three and Twelve Months Ended
	March 31, 2018
Net income, as reported	$	146.7		$	255.4
Share-based compensation expense, net of tax effect ²	16.9			64.9
Manufacturing excursion, net of tax effect ²	—			(0.4		)
Acquisition-related costs, net of tax effect ²	3.6			6.8
Amortization of acquired intangible assets, net of tax effect ²	114.5			449.5
Special charges and other, net of tax effect ²	0.3			11.6
Loss on settlement of debt, net of tax effect ²	—			10.7
Non-cash other expense, net of tax effect ²	20.0			74.2
Impairment on available-for-sale investments, net of tax effect	15.4			15.4
Non-recurring tax events ²	38.9			467.5
Tax adjustment in accordance with ASC 740-270 ²	(5.0		)	—
Non-GAAP net income	$	351.3		$	1,355.6
Non-GAAP net income as a percentage of net sales	35.0		%	34.1		%
GAAP net income as a percentage of net sales	14.6		%	6.4		%
Diluted net income per common share, as reported	$	0.58		$	1.03
Non-GAAP diluted net income per common share	$	1.40		$	5.45
Diluted common shares outstanding, as reported	251.5			248.9
Diluted common shares outstanding non-GAAP	251.5			248.9

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