Microchip Technology Announces Record Financial Results for Second Quarter of Fiscal Year 2023
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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 |
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| | Three Months Ended September 30, | | Six Months Ended September 30, |
| | | 2022 | | | | 2021 | | | | 2022 | | | | 2021 | |
| Net income, as reported | $ | 546.2 | | | $ | 242.0 | | | $ | 1,053.4 | | | $ | 494.8 | |
| Share-based compensation expense | | 41.3 | | | | 55.7 | | | | 82.5 | | | | 112.3 | |
| Acquisition-related | | 0.9 | | | | 1.2 | | | | 1.7 | | | | 2.7 | |
| Professional services associated with certain legal matters | | 2.3 | | | | 1.7 | | | | 3.2 | | | | 3.8 | |
| Amortization of acquired intangible assets | | 167.5 | | | | 215.7 | | | | 335.1 | | | | 431.3 | |
| Special charges (income) and other, net | | 4.3 | | | | 10.2 | | | | (12.6 | ) | | | 20.7 | |
| Loss on settlement of debt | | 2.1 | | | | 85.2 | | | | 8.3 | | | | 85.5 | |
| Non-cash other expense, net | | — | | | | 10.1 | | | | 0.1 | | | | 21.0 | |
| Other non-GAAP tax adjustment | | 49.8 | | | | (16.1 | ) | | | 109.9 | | | | (7.6 | ) |
| Non-GAAP net income | $ | 814.4 | | | $ | 605.7 | | | $ | 1,581.6 | | | $ | 1,164.5 | |
| Non-GAAP net income as a percentage of net sales | | 39.3 | % | | | 36.7 | % | | | 39.2 | % | | | 36.2 | % |
| GAAP net income as a percentage of net sales | | 26.3 | % | | | 14.7 | % | | | 26.1 | % | | | 15.4 | % |
| Diluted net income per common share, as reported | $ | 0.98 | | | $ | 0.43 | | | $ | 1.88 | | | $ | 0.87 | |
| Non-GAAP diluted net income per common share | $ | 1.46 | | | $ | 1.07 | | | $ | 2.82 | | | $ | 2.06 | |
| Diluted common shares outstanding, as reported | | 558.3 | | | | 565.9 | | | | 559.9 | | | | 565.5 | |
| Diluted common shares outstanding non-GAAP | | 558.3 | | | | 565.9 | | | | 559.9 | | | | 565.5 | |
