Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2024

 
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 December 31, Nine Months Ended December 31,
  2023  2022  2023  2022
Net income, as reported$        419.2  $        580.3  $        1,752.2  $        1,633.7 
Share-based compensation expense         44.8           44.0           134.7           126.5 
Other adjustments         1.1           0.3           1.0           2.0 
Professional services associated with certain legal matters         0.4           —           1.2           3.2 
Amortization of acquired intangible assets         151.3           167.4           454.2               502.5  
Special charges (income) and other, net           1.1               6.5               4.6               (6.1 )
Loss on settlement of debt           —               —               12.2               8.3  
Non-cash other expense, net           —               —               —               0.1  
Other non-GAAP tax adjustment           (25.2 )             65.2               27.2               175.1  
Non-GAAP net income $         592.7     $         863.7     $         2,387.3     $         2,445.3  
GAAP net income as a percentage of net sales           23.7 %             26.8 %             27.8 %             26.3 %
Non-GAAP net income as a percentage of net sales           33.6 %             39.8 %             37.8 %             39.4 %
Diluted net income per common share, as reported $         0.77     $         1.04     $         3.19     $         2.93  
Non-GAAP diluted net income per common share $         1.08     $         1.56     $         4.35     $         4.38  
Diluted common shares outstanding, as reported           546.5               555.4               549.0               558.4  
Diluted common shares outstanding non-GAAP           546.5               555.4               549.0               558.4  



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