Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2020
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
| | Three Months Ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Other expense, net, as reported | $ | (114.9 | ) | | $ | (133.3 | ) | | $ | (496.7 | ) | | $ | (509.6 | ) |
| Loss on settlement of debt | 3.4 | | | 8.3 | | | 5.4 | | | 12.6 | |
| Non-cash other expense, net | 31.0 | | | 29.7 | | | 122.6 | | | 124.3 | |
| Acquisition-related other income | — | | | (12.5 | ) | | — | | | (12.5 | ) |
| (Gains) losses on available-for-sale investments | (1.5 | ) | | (0.7 | ) | | (2.6 | ) | | 6.0 | |
| Non-GAAP other expense, net | $ | (82.0 | ) | | $ | (108.5 | ) | | $ | (371.3 | ) | | $ | (379.2 | ) |
| Non-GAAP other expense, net, as a percentage of net sales | (6.2 | )% | | (8.2 | )% | | (7.0 | )% | | (7.1 | )% |
RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Income tax benefit, as reported | $ | (54.1 | ) | | $ | (23.5 | ) | | $ | (420.2 | ) | | $ | (151.4 | ) |
| Income tax rate, as reported | (118.1 | )% | | (15.5 | )% | | (279.4 | )% | | (74.0 | )% |
| Other non-GAAP tax adjustment | 82.3 | | | 28.6 | | | 516.4 | | | 202.5 | |
| Non-GAAP income tax provision | $ | 28.2 | | | $ | 5.1 | | | $ | 96.2 | | | $ | 51.1 | |
| Non-GAAP income tax rate | 7.0 | % | | 1.4 | % | | 6.3 | % | | 3.2 | % |
