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


RECONCILIATION OF GAAP NET INCOME (LOSS) AND GAAP DILUTED NET INCOME (LOSS) PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE

 Three and Nine Months Ended
 December 31, 2018
Net income, as reported$49.2  $181.2 
Impact of changes in distributor inventory levels23.8  83.3 
Share-based compensation expense39.4  110.2 
Acquisition-related costs5.4  39.3 
Excess capacity charges to normalize acquired inventory levels  2.3 
Acquired inventory valuation costs74.3  363.9 
Amortization of acquired intangible assets193.7  497.2 
Special (income) charges and other, net(1.3)  57.0 
Loss on settlement of debt0.2  4.3 
Non-cash other expense29.2  94.6 
Losses on available-for-sale investments0.6  6.7 
Other non-GAAP tax adjustment 1(8.9)  (173.9) 
Non-GAAP net income$405.6  $1,266.1 
Non-GAAP net income as a percentage of net sales28.6%  30.5% 
GAAP net income as a percentage of net sales3.6%  4.5% 
Diluted net income per common share, as reported$0.20  $0.73 
Non-GAAP diluted net income per common share$1.66  $5.07 
Diluted common shares outstanding, as reported244.6  249.5 
Diluted common shares outstanding non-GAAP244.6  249.5 


 Three and Nine Months Ended
 December 31, 2017
Net (loss) income, as reported$(251.1)  $108.7 
Share-based compensation expense, net of tax effect 217.4  48.2 
Manufacturing excursion, net of tax effect 2  (0.4) 
Acquisition-related costs, net of tax effect 21.1  3.2 
Amortization of acquired intangible assets, net of tax effect 2112.9  335.0 
Special charges and other, net of tax effect 20.2  11.3 
Loss on settlement of debt, net of tax effect 22.0  10.8 
Non-cash other expense, net of tax effect 219.8  54.0 
Non-recurring tax events 2439.8  428.6 
Tax adjustment in accordance with ASC 740-270 2(0.9)  4.9 
Non-GAAP net income$341.2  $1,004.3 
Non-GAAP net income as a percentage of net sales 34.3%     33.7%  
GAAP net (loss) income as a percentage of net sales (25.3)%     3.6%  
Diluted net (loss) income per common share, as reported $ (1.07)     $ 0.44  
Non-GAAP diluted net income per common share $ 1.36     $ 4.05  
Diluted common shares outstanding, as reported 234.1     248.0  
Diluted common shares outstanding non-GAAP 250.8     248.0  

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