Microchip Technology Announces Financial Results for Third

Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2021

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								Nine Months Ended
	December 31,								December 31,
	2020				2019				2020				2019
Net income, as reported	$	36.2			$	311.1			$	233.4			$	470.7
Share-based compensation expense	51.2				43.5				143.3				129.5
COVID-19 shelter-in-place restrictions on manufacturing activities	—				—				2.8				—
Acquisition-related	1.0				10.2				1.6				24.9
Professional services associated with certain legal matters	4.3				—				9.1				—
IT security remediation	0.1				0.7				1.4				5.7
Amortization of acquired intangible assets	231.6				248.7				699.9				745.4
Special charges and other, net	4.3				17.8				8.9				29.5
Loss on settlement of debt	142.1				—				214.0				2.0
Non-cash other expense, net	13.2				31.1				54.6				91.6
Gains on equity investments	—				—				(0.2		)		(1.1		)
Other non-GAAP tax adjustment	(39.1		)		(322.3		)		(105.6		)		(434.1		)
Non-GAAP net income	$	444.9			$	340.8			$	1,263.2			$	1,064.1
Non-GAAP net income as a percentage of net sales	32.9			%	26.5			%	31.8			%	27.0			%
GAAP net income as a percentage of net sales	2.7			%	24.2			%	5.9			%	11.9			%
Diluted net income per common share, as reported	$	0.13			$	1.20			$	0.87			$	1.84
Non-GAAP diluted net income per common share	$	1.62			$	1.32			$	4.73			$	4.16
Diluted common shares outstanding, as reported	275.4				258.3				267.0				255.8
Diluted common shares outstanding non-GAAP	275.4				258.3				267.0				255.8

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