Microchip Technology Announces Record Financial Results For Third Quarter of Fiscal Year 2023


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,
  2022   2021   2022   2021 
Net income, as reported$580.3  $352.8  $1,633.7  $847.6 
Share-based compensation expense 44.0   50.9   126.5   163.2 
Acquisition-related 0.3   1.2   2.0   3.9 
Professional services associated with certain legal matters    1.8   3.2   5.6 
IT security remediation         0.2             0.2  
Amortization of acquired intangible assets   167.4       215.7       502.5       647.0  
Special charges (income) and other, net   6.5       (0.3 )     (6.1 )     20.4  
Loss on settlement of debt         16.1       8.3       101.6  
Non-cash other expense, net         9.2       0.1       30.2  
Gains on equity investments         (5.5 )           (5.5 )
Other non-GAAP tax adjustment   65.2       39.6       175.1       32.0  
Non-GAAP net income $ 863.7     $ 681.7     $ 2,445.3     $ 1,846.2  
GAAP net income as a percentage of net sales   26.8 %     20.1 %     26.3 %     17.0 %
Non-GAAP net income as a percentage of net sales   39.8 %     38.8 %     39.4 %     37.1 %
Diluted net income per common share, as reported $ 1.04     $ 0.62     $ 2.93     $ 1.50  
Non-GAAP diluted net income per common share $ 1.56     $ 1.20     $ 4.38     $ 3.26  
Diluted common shares outstanding, as reported   555.4       567.3       558.4       566.1  
Diluted common shares outstanding non-GAAP   555.4       567.3       558.4       566.1  

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