Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2020

RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

 Three Months Ended
 June 30,
 2019 2018
Other expense, net, as reported$(131.1) $(94.5)
Loss on settlement of debt1.9   
Non-cash other expense, net29.9  36.5 
(Gains) losses on available-for-sale investments(0.8) 5.2 
Non-GAAP other expense, net$(100.1) $(52.8)
Non-GAAP other expense, net, as a percentage of net sales(7.6)% (4.3)%

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

 Three Months Ended
 June 30,
 2019 2018
Income tax (benefit) provision, as reported$(10.2) $2.0 
Income tax rate, as reported(25.2)% 5.3%
Other non-GAAP tax adjustment31.0  12.8 
Non-GAAP income tax provision$20.8  $14.8 
Non-GAAP income tax rate5.5% 3.5%

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,
 2019 2018
Net income, as reported$50.7  $35.7  
Impact of changes in distributor inventory levels     3.4  
Share-based compensation expense 40.7     29.4  
Acquisition-related costs 6.6     27.1  
IT security remediation 3.0      
Acquired inventory valuation costs     107.5  
Amortization of acquired intangible assets 248.5     133.7  
Special charges and other, net 8.1     40.1  
Loss on settlement of debt 1.9      
Non-cash other expense, net 29.9     36.5  
(Gains) losses on available-for-sale investments (0.8 )   5.2  
Other non-GAAP tax adjustment (31.0 )   (12.8 )
Non-GAAP net income $ 357.6     $ 405.8  
Non-GAAP net income as a percentage of net sales 27.0 %   33.3 %
GAAP net income as a percentage of net sales 3.8 %   2.9 %
Diluted net income per common share, as reported $ 0.20     $ 0.14  
Non-GAAP diluted net income per common share $ 1.41     $ 1.61  
Diluted common shares outstanding, as reported 253.9     252.2  
Diluted common shares outstanding non-GAAP 253.9     252.2  

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