Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading "Supplemental Financial Information"), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the March 2019 quarter between $75 and $85 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).
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MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions except per share amounts) (unaudited) | ||||||||||||||||
| Three months ended | Nine Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net sales | $ | 1,374.7 | $ | 994.2 | $ | 4,019.7 | $ | 2,978.5 | ||||||||
| Cost of sales | 595.1 | 387.1 | 1,908.8 | 1,172.9 | ||||||||||||
| Gross profit | 779.6 | 607.1 | 2,110.9 | 1,805.6 | ||||||||||||
| Research and development | 217.7 | 131.6 | 611.6 | 395.7 | ||||||||||||
| Selling, general and administrative | 174.8 | 109.1 | 515.5 | 337.6 | ||||||||||||
| Amortization of acquired intangible assets | 193.7 | 121.0 | 497.2 | 362.8 | ||||||||||||
| Special (income) charges and other, net | (1.3) | 0.2 | 57.0 | 17.3 | ||||||||||||
| Operating expenses | 584.9 | 361.9 | 1,681.3 | 1,113.4 | ||||||||||||
| Operating income | 194.7 | 245.2 | 429.6 | 692.2 | ||||||||||||
| Losses on equity method investment | (0.1) | (0.1) | (0.2) | (0.2) | ||||||||||||
| Other expense, net | (139.6) | (48.4) | (376.1) | (142.9) | ||||||||||||
| Income before income taxes | 55.0 | 196.7 | 53.3 | 549.1 | ||||||||||||
| Income tax provision (benefit) | 5.8 | 447.8 | (127.9) | 440.4 | ||||||||||||
| Net income (loss) | $ | 49.2 | $ | (251.1) | $ | 181.2 | $ | 108.7 | ||||||||
| Basic net income (loss) per common share | $ | 0.21 | $ | (1.07) | $ | 0.77 | $ | 0.47 | ||||||||
| Diluted net income (loss) per common share | $ | 0.20 | $ | (1.07) | $ | 0.73 | $ | 0.44 | ||||||||
| Basic common shares outstanding | 236.7 | 234.1 | 235.9 | 232.3 | ||||||||||||
| Diluted common shares outstanding | 244.6 | 234.1 | 249.5 | 248.0 | ||||||||||||
