Microchip Technology Announces Financial Results For Second Quarter of Fiscal Year 2024
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 September 30, | | Six Months Ended September 30, |
| | | 2023 | | | | 2022 | | | | 2023 | | | | 2022 | |
| Net income, as reported | $ | 666.6 | | | $ | 546.2 | | | $ | 1,333.0 | | | $ | 1,053.4 | |
| Share-based compensation expense | | 45.4 | | | | 41.3 | | | | 89.9 | | | | 82.5 | |
| Other adjustments | | 0.8 | | | | 0.9 | | | | (0.1 | ) | | | 1.7 | |
| Professional services associated with certain legal matters | | 0.3 | | | | 2.3 | | | | 0.8 | | | | 3.2 | |
| Amortization of acquired intangible assets | | 151.4 | | | | 167.5 | | | | 302.9 | | | | 335.1 | |
| Special charges (income) and other, net | | 1.8 | | | | 4.3 | | | | 3.5 | | | | (12.6 | ) |
| Loss on settlement of debt | | 3.1 | | | | 2.1 | | | | 12.2 | | | | 8.3 | |
| Non-cash other expense, net | | — | | | | — | | | | — | | | | 0.1 | |
| Other non-GAAP tax adjustment | | 19.9 | | | | 49.8 | | | | 52.4 | | | | 109.9 | |
| Non-GAAP net income | $ | 889.3 | | | $ | 814.4 | | | $ | 1,794.6 | | | $ | 1,581.6 | |
| GAAP net income as a percentage of net sales | | 29.6 | % | | | 26.3 | % | | | 29.3 | % | | | 26.1 | % |
| Non-GAAP net income as a percentage of net sales | | 39.4 | % | | | 39.3 | % | | | 39.5 | % | | | 39.2 | % |
| Diluted net income per common share, as reported | $ | 1.21 | | | $ | 0.98 | | | $ | 2.42 | | | $ | 1.88 | |
| Non-GAAP diluted net income per common share | $ | 1.62 | | | $ | 1.46 | | | $ | 3.26 | | | $ | 2.82 | |
| Diluted common shares outstanding, as reported | | 549.2 | | | | 558.3 | | | | 550.3 | | | | 559.9 | |
| Diluted common shares outstanding non-GAAP | | 549.2 | | | | 558.3 | | | | 550.3 | | | | 559.9 | |
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