Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2022
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 March 31, | | Twelve Months Ended March 31, |
| | | 2022 | | | | 2021 | | | | 2022 | | | | 2021 | |
| Net income, as reported | $ | 437.9 | | | $ | 116.0 | | | $ | 1,285.5 | | | $ | 349.4 | |
| Share-based compensation expense | | 47.0 | | | | 55.0 | | | | 210.2 | | | | 198.3 | |
| COVID-19 shelter-in-place restrictions on manufacturing activities | | — | | | | — | | | | — | | | | 2.8 | |
| Manufacturing excursion | | — | | | | 5.8 | | | | — | | | | 5.8 | |
| Acquisition-related | | 1.0 | | | | 2.4 | | | | 4.9 | | | | 4.1 | |
| Professional services associated with certain legal matters | | 2.8 | | | | 0.4 | | | | 8.4 | | | | 9.5 | |
| IT security remediation | | — | | | | 0.1 | | | | 0.2 | | | | 1.5 | |
| Amortization of acquired intangible assets | | 215.5 | | | | 232.4 | | | | 862.5 | | | | 932.3 | |
| Special charges (income) and other, net | | 9.1 | | | | (7.2 | ) | | | 29.5 | | | | 1.7 | |
| Loss on settlement of debt | | 11.8 | | | | 85.6 | | | | 113.4 | | | | 299.6 | |
| Non-cash other expense, net | | 8.4 | | | | 12.0 | | | | 38.6 | | | | 66.6 | |
| Gains on equity investments | | — | | | | — | | | | (5.5 | ) | | | (0.2 | ) |
| Other non-GAAP tax adjustment | | 31.1 | | | | 18.9 | | | | 63.1 | | | | (86.7 | ) |
| Non-GAAP net income | $ | 764.6 | | | $ | 521.4 | | | $ | 2,610.8 | | | $ | 1,784.7 | |
| Non-GAAP net income as a percentage of net sales | | 41.5 | % | | | 35.5 | % | | | 38.3 | % | | | 32.8 | % |
| GAAP net income as a percentage of net sales | | 23.7 | % | | | 7.9 | % | | | 18.8 | % | | | 6.4 | % |
| Diluted net income per common share, as reported | $ | 0.77 | | | $ | 0.21 | | | $ | 2.27 | | | $ | 0.65 | |
| Non-GAAP diluted net income per common share | $ | 1.35 | | | $ | 0.93 | | | $ | 4.61 | | | $ | 3.30 | |
| Diluted common shares outstanding, as reported | | 565.1 | | | | 563.0 | | | | 565.9 | | | | 541.2 | |
| Diluted common shares outstanding non-GAAP | | 565.1 | | | | 563.0 | | | | 565.9 | | | | 541.2 | |
