Microchip Technology Announces Record Financial Results For First Quarter of Fiscal Year 2024
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
| | Three Months Ended June 30, |
| | | 2023 | | | | 2022 | |
| Other expense, net, as reported | $ | (54.8 | ) | | $ | (54.7 | ) |
| Loss on settlement of debt | | 9.1 | | | | 6.2 | |
| Non-cash other expense, net | | — | | | | 0.1 | |
| Non-GAAP other expense, net | $ | (45.7 | ) | | $ | (48.4 | ) |
| GAAP other expense, net, as a percentage of net sales | (2.4)% | | (2.8)% |
| Non-GAAP other expense, net, as a percentage of net sales | (2.0)% | | (2.5)% |
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RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION
| | Three Months Ended June 30, |
| | | 2023 | | | | 2022 | |
| Income tax provision as reported | $ | 181.9 | | | $ | 139.4 | |
| Income tax rate, as reported | | 21.4 | % | | | 21.6 | % |
| Other non-GAAP tax adjustment | | (32.5 | ) | | | (60.1 | ) |
| Non-GAAP income tax provision | $ | 149.4 | | | $ | 79.3 | |
| Non-GAAP income tax rate | | 14.2 | % | | | 9.4 | % |
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