Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017
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RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS AND GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS TO NON-GAAP NET INCOME FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS | | | | | Three Months Ended | | Nine Months Ended | | | December 31, | | December 31, | | | 2016 | | 2015 | | 2016 | | 2015 | | Net income from continuing operations, as reported | $ | 107,335 | | | $ | 61,211 | | | $ | 33,684 | | | $ | 256,777 | | | Distributor revenue recognition adjustment, net of tax effect | 26,005 | | | 4,380 | | | 46,159 | | | 11,589 | | | Share-based compensation expense, net of tax effect | 14,744 | | | 11,505 | | | 69,467 | | | 36,537 | | | Manufacturing excursion, net of tax effect | — | | | — | | | 505 | | | — | | | Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect | 93,278 | | | 55,294 | | | 426,467 | | | 126,631 | | | Special charges (income) and other, net of tax effect | 12,387 | | | (4,817 | ) | | 34,453 | | | 1,773 | | | Noncontrolling interests | — | | | — | | | — | | | (375 | ) | | Gain on equity securities and equity method investment, net of tax effect | — | | | (52 | ) | | (296 | ) | | (16,116 | ) | | Impairment on available-for-sale investment, net of tax effect | 907 | | | 2,523 | | | 907 | | | 2,523 | | | Non-cash other expense, net of tax effect | 8,257 | | | 8,091 | | | 24,227 | | | 23,351 | | | Non-recurring tax events | (7,524 | ) | | 301 | | | (10,335 | ) | | (12,406 | ) | | Tax adjustment in accordance with ASC 740-270 | (8,841 | ) | | — | | | 34,901 | | | — | | | Non-GAAP net income from continuing operations | $ | 246,548 | | | $ | 138,436 | | | $ | 660,139 | | | $ | 430,284 | | | Non-GAAP net income from continuing operations as a percentage of net sales | 28.0 | % | | 25.1 | % | | 25.4 | % | | 26.2 | % | | Diluted net income per common share from continuing operations attributable to Microchip Technology stockholders, as reported | $ | 0.46 | | | $ | 0.28 | | | $ | 0.14 | | | $ | 1.18 | | | Non-GAAP diluted net income per common share from continuing operations attributable to Microchip Technology stockholders | $ | 1.05 | | | $ | 0.64 | | | $ | 2.83 | | | $ | 1.98 | | | Diluted common shares outstanding, as reported | 235,424 | | | 217,975 | | | 233,351 | | | 217,280 | | | Diluted common shares outstanding Non-GAAP | 235,424 | | | 217,975 | | | 233,351 | | | 217,109 | | | | | | | | | | | | | | |
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