Microchip Technology Announces Financial Results for Second Quarter of Fiscal Year 2021
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
| | Three Months Ended | | Six Months Ended |
| | September 30, | | September 30, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Other expense, net, as reported | $ | (137.4 | ) | | $ | (130.1 | ) | | $ | (266.2 | ) | | $ | (261.2 | ) |
| Loss on settlement of debt | 45.1 | | | 0.1 | | | 71.9 | | | 2.0 | |
| Non-cash other expense, net | 16.8 | | | 30.6 | | | 41.4 | | | 60.5 | |
| Gains on available-for-sale investments | — | | | (0.3 | ) | | (0.2 | ) | | (1.1 | ) |
| Non-GAAP other expense, net | $ | (75.5 | ) | | $ | (99.7 | ) | | $ | (153.1 | ) | | $ | (199.8 | ) |
| Non-GAAP other expense, net, as a percentage of net sales | (5.8 | )% | | (7.5 | )% | | (5.8 | )% | | (7.5 | )% |
RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended | | Six Months Ended |
| | September 30, | | September 30, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Income tax provision (benefit), as reported | $ | 15.2 | | | $ | (55.4 | ) | | $ | (18.9 | ) | | $ | (65.6 | ) |
| Income tax rate, as reported | 17.1 | % | | (103.6 | )% | | (10.6 | )% | | (69.8 | )% |
| Other non-GAAP tax adjustment | 6.7 | | | 80.8 | | | 66.5 | | | 111.8 | |
| Non-GAAP income tax provision | $ | 21.9 | | | $ | 25.4 | | | $ | 47.6 | | | $ | 46.2 | |
| Non-GAAP income tax rate | 5.0 | % | | 6.5 | % | | 5.5 | % | | 6.0 | % |
