Microchip Technology Announces Financial Results for Second

Microchip Technology Announces Financial Results for Second Quarter of 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						Six Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Net income, as reported	$	108.9		$	96.3		$	159.6		$	132.0
Share-based compensation expense	45.3			41.4			86.0			70.8
Acquisition-related costs	8.1			6.6			14.7			33.7
IT security remediation	2.0			—			5.0			—
Excess capacity charges to normalize acquired inventory levels	—			2.3			—			2.3
Acquired inventory valuation costs	—			182.1			—			289.6
Amortization of acquired intangible assets	248.2			169.9			496.7			303.6
Special charges and other, net	3.6			18.2			11.7			58.3
Loss on settlement of debt	0.1			4.1			2.0			4.1
Non-cash other expense, net	30.6			28.9			60.5			65.4
(Gains) losses on available-for-sale investments	(0.3		)	0.9			(1.1		)	6.1
Other non-GAAP tax adjustment	(80.8		)	(152.2		)	(111.8		)	(165.0		)
Non-GAAP net income	$	365.7		$	398.5		$	723.3		$	800.9
Non-GAAP net income as a percentage of net sales	27.3		%	27.8		%	27.2		%	30.3		%
GAAP net income as a percentage of net sales	8.1		%	6.7		%	6.0		%	5.0		%
Diluted net income per common share, as reported	$	0.43		$	0.38		$	0.63		$	0.52
Non-GAAP diluted net income per common share	$	1.43		$	1.58		$	2.84		$	3.18
Diluted common shares outstanding, as reported	255.3			251.8			254.6			252.0
Diluted common shares outstanding non-GAAP	255.3			251.8			254.6			252.0

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