SPY391.55+4.05 1.05%
DIA319.61+4.22 1.34%
IXIC13,558.21+93.01 0.69%

Press Release: Microchip Technology Announces -4-

· 02/04/2021 15:50
Three Months Ended Nine Months Ended December 31, December 31, ------------------------ ---------------------------- 2020 2019 2020 2019 ----------- ----------- ------------- ------------- Net income, as reported $ 36.2 $311.1 $ 233.4 $ 470.7 Share-based compensation expense 51.2 43.5 143.3 129.5 COVID-19 shelter-in-place restrictions on manufacturing activities -- -- 2.8 -- Acquisition-related 1.0 10.2 1.6 24.9 Professional services associated with certain legal matters 4.3 -- 9.1 -- IT security remediation 0.1 0.7 1.4 5.7 Amortization of acquired intangible assets 231.6 248.7 699.9 745.4 Special charges and other, net 4.3 17.8 8.9 29.5 Loss on settlement of debt 142.1 -- 214.0 2.0 Non-cash otherThree Months Ended Nine Months Ended December 31, December 31, ---------------------------- ------------------------- 2020 2019 2020 2019 ----------- --------------- ----------- ------------ Income tax benefit, as reported $(19.4) $ (300.5) $(38.3) $(366.1) Income tax rate, as reported (115.5) % (2,834.9) % (19.6) % (350.0) % Other non-GAAP tax adjustment 39.1 322.3 105.6 434.1 ------ ---------- ------ ------- Non-GAAP income tax provision $ 19.7 $ 21.8 $ 67.3 $ 68.0 ===== ====== ===== ====== Non-GAAP income tax rate 4.2 % 6.0 % 5.1 % 6.0 %Three Months Ended Nine Months Ended December 31, December 31, -------------------------- -------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ ------------ Other expense, net, as reported $(228.8) $(120.6) $(495.0) $(381.8) Loss on settlement of debt 142.1 -- 214.0 2.0 Non-cash other expense, net 13.2 31.1 54.6 91.6 Gains on equity investments -- -- (0.2) (1.1) Non-GAAP other expense, net $ (73.5) $ (89.5) $(226.6) $(289.3) ====== ====== ====== ====== Non-GAAP other expense, net, as a percentage of net sales (5.4) % (7.0) % (5.7) % (7.3) %Three Months Ended Nine Months Ended December 31, December 31, ---------------------- -------------------------- 2020 2019 2020 2019 ---------- ---------- ------------ ------------ Operating income, as reported $245.6 $131.2 $ 690.1 $ 486.4 Share-based compensation expense 51.2 43.5 143.3 129.5 COVID-19 shelter-in-place restrictions on manufacturing activities -- -- 2.8 -- Acquisition-related 1.0 10.2 1.6 24.9 Professional services associated with certain legal matters 4.3 -- 9.1 -- IT security remediation 0.1 0.7 1.4 5.7 Amortization of acquired intangible assets 231.6 248.7 699.9 745.4 Special charges and other, net 4.3 17.8 8.9 29.5 ------ ------ -------- -------- Non-GAAP operating income $538.1 $452.1 $1,557.1 $1,421.4 ===== ===== ======= ======= Non-GAAP operating income as a percentage of net sales 39.8% 35.1% 39.2% 36.0%Three Months Ended Nine Months Ended December 31, December 31, ------------------------ ---------------------------- 2020 2019 2020 2019 ----------- ----------- ------------- ------------- Operating expenses, as reported $600.2 $654.3 $1,761.9 $1,941.8 Share-based compensation expense (44.8) (37.8) (124.5) (113.7) Acquisition-related (1.0) (10.2) (1.6) (24.9) Professional services associated with certain legal matters (4.3) -- (9.1) -- IT security remediation (0.1) (0.7) (1.4) (5.7) Amortization of acquired intangible assets (231.6) (248.7) (699.9) (745.4) Special charges and other, net (4.3) (17.8) (8.9) (29.5) ------ ------ -------- -------- Non-GAAP operating expenses $314.1 $339.1 $ 916.5 $1,022.6 ===== ===== ======= ======= Non-GAAP operating expenses as a percentage of net sales 23.2 % 26.4 % 23.1 % 25.9 %Three Months Ended Nine Months Ended December 31, December 31, ------------------------ ------------------------ 2020 2019 2020 2019 ----------- ----------- ----------- ----------- Selling, general and administrative expenses, as reported $154.2 $170.7 $445.2 $510.9 Share-based compensation expense (19.8) (16.6) (54.5) (50.7) Acquisition-related (0.8) (10.2) (1.4) (24.8) Professional services associated with certain legal matters (4.3) -- (9.1) -- IT security remediation (0.1) (0.7) (1.4) (5.7) ------ ------ ------ ------ Non-GAAP selling, general and administrative expenses $129.2 $143.2 $378.8 $429.7 ===== ===== ===== ===== Non-GAAP selling, general and administrative expenses as a percentage of net sales 9.6 % 11.1 % 9.5 % 10.9 %Three Months Ended Nine Months Ended December 31, December 31, ------------------------ ------------------------ 2020 2019 2020 2019 ----------- ----------- ----------- ----------- Research and development expenses, as reported $210.1 $217.1 $607.9 $656.0 Share-based compensation expense (25.0) (21.2) (70.0) (63.0) Acquisition-related (0.2) -- (0.2) (0.1) ------ ------ ------ ------ Non-GAAP research and development expenses $184.9 $195.9 $537.7 $592.9 ===== ===== ===== ===== Non-GAAP research and development expenses as a percentage of net sales 13.7 % 15.2 % 13.5 % 15.0 %Three Months Ended Nine Months Ended December 31, December 31, ---------------------- -------------------------- 2020 2019 2020 2019 ---------- ---------- ------------ ------------ Gross profit, as reported $845.8 $785.5 $2,452.0 $2,428.2 Share-based compensation expense 6.4 5.7 18.8 15.8 COVID-19 shelter-in-place restrictions on manufacturing activities -- -- 2.8 -- Non-GAAP gross profit $852.2 $791.2 $2,473.6 $2,444.0 ===== ===== ======= ======= Non-GAAP gross profit percentage 63.0% 61.5% 62.3% 61.9%

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES

RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION

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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February 04, 2021 15:50 ET (20:50 GMT)