Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2019


RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

 Three Months Ended Nine Months Ended
 December 31, December 31,
 2018 2017 2018 2017
Other expense, net, as reported$(139.6)  $(48.4)  $(376.1)  $(142.9) 
Loss on settlement of debt0.2  2.1  4.3  16.0 
Non-cash other expense, net29.2  27.8  94.6  81.8 
Losses on available-for-sale investments0.6    6.7   
Non-GAAP other expense, net$(109.6)  $(18.5)  $(270.5)  $(45.1) 
Non-GAAP other expense, net, as a percentage of net sales(7.7)%  (1.9)%  (6.5)%  (1.5)% 


RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION

For the three and nine months ended December 31, 2018, non-GAAP income tax expense is presented based on cash taxes for fiscal 2019, excluding transition tax payments under the Tax Cuts and Jobs Act.

 Three and Nine Months Ended
 December 31, 2018
Income tax provision (benefit), as reported$5.8  $(127.9) 
Income tax rate, as reported10.5%  (240.0)% 
Other non-GAAP tax adjustment 18.9  173.9 
Non-GAAP income tax provision$14.7  $46.0 
Non-GAAP income tax rate3.5%  3.5% 

For the three and nine months ended December 31, 2017, non-GAAP income tax expense is presented as the tax impact of non-GAAP adjustments calculated using the applicable tax rates in the jurisdictions where the adjustments occurred.

 Three and Nine Months Ended
 December 31, 2017
Income tax provision, as reported$447.8  $440.4 
Income tax rate, as reported227.7%  80.2% 
Share-based compensation expense 26.6  21.8 
Manufacturing excursion 2  (0.2) 
Acquisition-related costs 20.2  1.6 
Amortization of acquired intangible assets 28.1  27.8 
Special charges and other, net 2  6.0 
Loss on settlement of debt 20.1  5.2 
Non-cash other expense, net 28.0   27.8  
Non-recurring tax events 2 (439.8)     (428.6)  
Tax adjustment in accordance with ASC 740-270 2 0.9     (4.9)  
Non-GAAP income tax provision $ 31.9     $ 96.9  
Non-GAAP income tax rate 8.5%     8.8%  

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