Microchip Technology Announces Record Financial Results For First Quarter of Fiscal Year 2024
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 June 30, |
| | | 2023 | | | | 2022 | |
| Net income, as reported | $ | 666.4 | | | $ | 507.2 | |
| Share-based compensation expense | | 44.5 | | | | 41.2 | |
| Other adjustments | | (0.9 | ) | | | 0.8 | |
| Professional services associated with certain legal matters | | 0.5 | | | | 0.9 | |
| Amortization of acquired intangible assets | | 151.5 | | | | 167.6 | |
| Special charges (income) and other, net | | 1.7 | | | | (16.9 | ) |
| Loss on settlement of debt | | 9.1 | | | | 6.2 | |
| Non-cash other expense, net | | — | | | | 0.1 | |
| Other non-GAAP tax adjustment | | 32.5 | | | | 60.1 | |
| Non-GAAP net income | $ | 905.3 | | | $ | 767.2 | |
| GAAP net income as a percentage of net sales | | 29.1 | % | | | 25.8 | % |
| Non-GAAP net income as a percentage of net sales | | 39.6 | % | | | 39.1 | % |
| Diluted net income per common share, as reported | $ | 1.21 | | | $ | 0.90 | |
| Non-GAAP diluted net income per common share | $ | 1.64 | | | $ | 1.37 | |
| Diluted common shares outstanding, as reported | | 551.4 | | | | 561.5 | |
| Diluted common shares outstanding non-GAAP | | 551.4 | | | | 561.5 | |
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