Microchip Technology Announces Record Financial Results for First Quarter of Fiscal Year 2022

RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION

 Three Months Ended
 June 30,
 2021 2020
Income tax provision (benefit) as reported$44.2  $(34.1)
Income tax rate, as reported14.9% (38.1)%
Other non-GAAP tax adjustment(8.5) 59.8 
Non-GAAP income tax provision$35.7  $25.7 
Non-GAAP income tax rate6.0% 6.0%
      

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
 June 30,
 2021 2020
Net income, as reported$252.8  $123.6 
Share-based compensation expense56.6  42.4 
COVID-19 shelter-in-place restrictions on manufacturing activities  2.8 
Acquisition-related1.5  1.5 
Professional services associated with certain legal matters2.1  3.5 
IT security remediation  1.0  
Amortization of acquired intangible assets 215.6     235.4  
Special charges and other, net 10.5     0.3  
Loss on settlement of debt 0.3     26.8  
Non-cash other expense, net 10.9     24.6  
Gains on equity investments     (0.2 )
Other non-GAAP tax adjustment 8.5     (59.8 )
Non-GAAP net income $ 558.8     $ 401.9  
Non-GAAP net income as a percentage of net sales 35.6 %   30.7 %
GAAP net income as a percentage of net sales 16.1 %   9.4 %
Diluted net income per common share, as reported $ 0.89     $ 0.48  
Non-GAAP diluted net income per common share $ 1.98     $ 1.56  
Diluted common shares outstanding, as reported 282.6     257.8  
Diluted common shares outstanding non-GAAP 282.6     257.8  
           

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