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

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

 Three Months Ended
 June 30,
 2020 2019
Other expense, net, as reported$(128.8) $(131.1)
Loss on settlement of debt26.8  1.9 
Non-cash other expense, net24.6  29.9 
Gains on available-for-sale investments(0.2) (0.8)
Non-GAAP other expense, net$(77.6) $(100.1)
Non-GAAP other expense, net, as a percentage of net sales(5.9)% (7.6)%

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

 Three Months Ended
 June 30,
 2020 2019
Income tax benefit, as reported$(34.1) $(10.2)
Income tax rate, as reported(38.1)% (25.2)%
Other non-GAAP tax adjustment59.8  31.0 
Non-GAAP income tax provision$25.7  $20.8 
Non-GAAP income tax rate6.0% 5.5%

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,
 2020 2019
Net income, as reported$123.6  $50.7  
Share-based compensation expense 42.4     40.7  
COVID-19 shelter-in-place restrictions on manufacturing activities

2.8      
Acquisition-related costs 1.5     6.6  
Professional services associated with certain legal matters 3.5      
IT security remediation 1.0     3.0  
Amortization of acquired intangible assets 235.4     248.5  
Special charges and other, net 0.3     8.1  
Loss on settlement of debt 26.8     1.9  
Non-cash other expense, net 24.6     29.9  
Gains on available-for-sale investments (0.2 )   (0.8 )
Other non-GAAP tax adjustment (59.8 )   (31.0 )
Non-GAAP net income $ 401.9     $ 357.6  
Non-GAAP net income as a percentage of net sales 30.7 %   27.0 %
GAAP net income as a percentage of net sales 9.4 %   3.8 %
Diluted net income per common share, as reported $ 0.48     $ 0.20  
Non-GAAP diluted net income per common share $ 1.56     $ 1.41  
Diluted common shares outstanding, as reported 257.8     253.9  
Diluted common shares outstanding non-GAAP 257.8     253.9  

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