Microchip Technology Announces Financial Results for Second

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

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						Six Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net income, as reported	$	73.6		$	108.9		$	197.2		$	159.6
Share-based compensation expense	49.7			45.3			92.1			86.0
COVID-19 shelter-in-place restrictions on manufacturing activities	—			—			2.8			—
Acquisition-related	(0.9		)	8.1			0.6			14.7
Professional services associated with certain legal matters	1.3			—			4.8			—
IT security remediation	0.3			2.0			1.3			5.0
Amortization of acquired intangible assets	232.9			248.2			468.3			496.7
Special charges and other, net	4.3			3.6			4.6			11.7
Loss on settlement of debt	45.1			0.1			71.9			2.0
Non-cash other expense, net	16.8			30.6			41.4			60.5
Gains on available-for-sale investments	—			(0.3		)	(0.2		)	(1.1		)
Other non-GAAP tax adjustment	(6.7		)	(80.8		)	(66.5		)	(111.8		)
Non-GAAP net income	$	416.4		$	365.7		$	818.3		$	723.3
Non-GAAP net income as a percentage of net sales	31.8		%	27.3		%	31.2		%	27.2		%
GAAP net income as a percentage of net sales	5.6		%	8.1		%	7.5		%	6.0		%
Diluted net income per common share, as reported	$	0.27		$	0.43		$	0.75		$	0.63
Non-GAAP diluted net income per common share	$	1.56		$	1.43		$	3.11		$	2.84
Diluted common shares outstanding, as reported	267.7			255.3			262.8			254.6
Diluted common shares outstanding non-GAAP	267.7			255.3			262.8			254.6

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