MICROCHIP TECHNOLOGY INCORPORATED (Exact Name Of Registrant As Specified In Its Charter) |
Delaware | 0-21184 | 86-0629024 |
(State Or Other Jurisdiction Of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits | |
99.1 | Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2016 |
Dated: May 4, 2016 | Microchip Technology Incorporated (Registrant) |
By: /s/ J. Eric Bjornholt | |
J. Eric Bjornholt Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) |
99.1 | Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2016 |
EXHIBIT 99.1 NEWS RELEASE INVESTOR RELATIONS CONTACT: J. Eric Bjornholt -- CFO..... (480) 792-7804 |
• | For Fiscal Year 2016 |
◦ | Record Non-GAAP net sales of $2.214 billion. |
◦ | Record GAAP net sales of $2.173 billion. |
◦ | On a non-GAAP basis: gross margins of 58.1%; operating income of $685.4 million; net income of $583.3 million and record EPS of $2.68 per diluted share. |
◦ | On a GAAP basis: gross margins of 55.5%; operating income of $352.3 million; net income of $324.1 million; and EPS of $1.49 per diluted share. There was no First Call published estimate for GAAP EPS. |
• | For the quarter ended March 31, 2016 |
◦ | Record Non-GAAP net sales of $568.4 million. |
◦ | GAAP net sales of $557.6 million. |
◦ | On a non-GAAP basis: gross margins of 58.4%; record operating income of $178.4 million; record net income of $153.0 million and record EPS of 70 cents per diluted share. The midpoint of our original guidance provided on February 3, 2016 was EPS of 67 cents. |
◦ | On a GAAP basis: gross margins of 54.3%; operating income of $79.9 million; net income of $67.4 million; and EPS of 31 cents per diluted share. There was no First Call published estimate for GAAP EPS. |
• | Record quarterly dividend declared of 35.95 cents per share. |
• | Completed acquisition of Atmel Corporation on April 4, 2016. |
(in millions, except earnings per diluted share and percentages) | Three Months Ended March 31, 2016 | Year Ended March 31, 2016 | ||||||
GAAP | % of Net Sales | Non-GAAP1 | % of Net Sales | GAAP | % of Net Sales | Non-GAAP1 | % of Net Sales | |
Net Sales | $557.6 | $568.4 | $2,173.3 | $2,213.8 | ||||
Gross Margin | $302.8 | 54.3% | $331.9 | 58.4% | $1,205.5 | 55.5% | $1,286.8 | 58.1% |
Operating Income | $79.9 | 14.3% | $178.4 | 31.4% | $352.3 | 16.2% | $685.4 | 31.0% |
Other Expense | $(22.3) | $(6.4) | $(71.1) | $(29.7) | ||||
Income Tax (Benefit) Provision | $(9.7) | $19.0 | $(42.6) | $72.2 | ||||
Net Income | $67.4 | 12.1% | $153.0 | 26.9% | $324.1 | 14.9% | $583.3 | 26.3% |
Earnings per Diluted Share | 31 Cents | 70 Cents | $1.49 | $2.68 |
• | Microchip launched MPLAB® Xpress, a free cloud-based development platform that is now the fastest way to get started with PIC® MCUs. MPLAB Xpress allows users to get started in Microchip's ecosystem quickly and easily with no downloads or sign-in required. With this introduction, Microchip also launched the MPLAB Xpress Evaluation board. |
• | Expanding on Microchip's touch and gesture solutions, Microchip announced the industry's first development kit for integrated 2D Projected Capacitive Touch (PCAP) and 3D gestures on displays. Microchip's DV102014 device provides designers with access to Microchip's patented GestIC® technology to easily integrate 2D multi-touch and 3D hand gesture recognition into their displays. |
• | Microchip announced a new subscription option for its award-winning MPLAB XC PRO Compilers. This low-cost, no contract, renewable monthly subscription is now available for Microchip's compilers for $29.95 per month. |
• | Continuing to be a leader in LoRa® technology, Microchip launched its latest LoRa module designed for the North American Low-Power Wide-Area Networks (LPWA). The RN2903 wireless modem is FCC certified for use in the 915 MHz band. |
• | Designed for the rapidly growing LED lighting industry, Microchip now offers two Digitally Enhanced Power Analog (DEPA) controllers that are designed to enable intelligent, configurable, and accurate LED lighting. The MCP19116 and MCP19117 products allow users to carefully control LED light output levels without sacrificing color or light quality. |
• | Microchip now offers the lowest profile 5A power module for telecom, industrial, and SSD applications. The MIC45404 product is an integrated switching power module designed specifically for height-constrained applications. |
• | Microchip continued to prove that MOST® technology is still a leading standard for automotive infotainment, announcing several new design wins for the technology. |
• | Expanding its computing parts offering, Microchip announced a feature-rich and flexible family of I/O controllers customized for industrial and embedded computing designers. The SCH322X family is a next-generation product family that features smaller packages and long product lifecycles to allow for more cost-effective applications. |
• | Measurement of lower-temperature, outdoor and industrial applications will now be more accurate with Microchip's MCP990X multi-channel temperature sensor family. This family of System Management Bus (SMBus) temp sensor ICs can be used for monitoring of up to four channels in cold, outdoor, and industrial low-temperature applications ranging from freezers to base stations to remote radio units. |
• | Microchip announced four additions to its line of Wi-Fi® solutions that will provide a complete solution for the 802.11b/g/n Wi-Fi 2.4 GHz Band. |
• | Microchip introduced the industry's first Serial Quad I/O™ Flash memory product with extended voltage and larger temperature range. These automotive-grade NOR Flash products (the SST26VF SQI product family) are available in densities of 16- , 32- and 64- megabits and operates at automotive grade 2 and 3. |
• | Microchip's MCP9600 Thermocouple-Conditioning Integrated Circuit was named a finalist for the Golden Mousetrap Awards in the category of "Electronic and Test - Analog/Power Management/Control." |
• | Microchip's MCP9600 product was recognized by Frost & Sullivan and given a new product innovation award. |
Microchip Consolidated Guidance - Non-GAAP1 | |
Net Sales | $799.1 million to $841.9 million |
Gross Margin2 | 54.8% to 55.2% |
Operating Expenses | 29.1% to 29.8% |
Operating Income | 25.0% to 26.1% |
Other Expense | $22.8 million |
Income Tax Expense | 8% to 9% |
Net Income | $160.7 million to $181.2 million |
Diluted Common Shares Outstanding3 | 230.3 million shares |
Earnings per Diluted Share3 | 70 cents to 79 cents |
• | Microchip's inventory days, excluding Atmel, at June 30, 2016 are expected to be about flat at the midpoint of our guidance. Our actual inventory level will depend on the inventory that our distributors decide to hold to support their customers, overall demand for our products and our production levels. Microchip needs to complete its purchase accounting analysis for Atmel before it can provide inventory guidance that includes Atmel. |
• | Capital expenditures, including Atmel, for the quarter ending June 30, 2016 are expected to be approximately $35 million. Capital expenditures for all of fiscal year 2017 are expected to be approximately $140 million. We are continuing to invest in the equipment needed to support the growth of our production capabilities for fast growing new products and technologies. |
• | We expect net cash generation during the June quarter of $140 million to $160 million prior to the dividend payment, changes in borrowing levels, and our acquisition-related activities. |
1 | Use of Non-GAAP Financial Measures: Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, expenses related to our acquisition activities (including intangible asset amortization, inventory valuation costs, severance costs, and legal and other general and administrative expenses associated with acquisitions), preclusion of revenue recognition under GAAP for inventory in the distribution channel on the acquisition dates of our acquisitions, revenue recognition changes related to Micrel and ISSC distributors, a loss on the retirement of convertible debentures, non-cash interest expense on our convertible debentures, gains on equity securities, the related income tax implications of these items and non-recurring tax events. Our non-GAAP net sales outlook for the June 2016 quarter reflects accounting for revenue for both Atmel and Micrel distributors on a sell-through basis. Net sales from Atmel's sell-through distributors that the distributors owned as of the acquisition date is not recognized for GAAP purposes. We believe that our disclosure of non-GAAP net sales provides investors with useful information regarding the actual end market demand for our products. |
2 | Generally, gross margin fluctuates over time, driven primarily by the mix of microcontrollers, mixed-signal products, analog products and memory products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels. |
3 | Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the actual exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading "Supplemental Financial Information"), repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2016 quarter of $49 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter). |
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts) (Unaudited) | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net sales | $ | 557,647 | $ | 543,207 | $ | 2,173,334 | $ | 2,147,036 | ||||||||
Cost of sales | 254,868 | 229,575 | 967,870 | 917,472 | ||||||||||||
Gross profit | 302,779 | 313,632 | 1,205,464 | 1,229,564 | ||||||||||||
Research and development | 95,638 | 87,662 | 372,596 | 349,543 | ||||||||||||
Selling, general and administrative | 78,293 | 67,778 | 301,670 | 274,815 | ||||||||||||
Amortization of acquired intangible assets | 48,132 | 47,087 | 174,896 | 176,746 | ||||||||||||
Special charges, net | 770 | 758 | 3,957 | 2,840 | ||||||||||||
Operating expenses | 222,833 | 203,285 | 853,119 | 803,944 | ||||||||||||
Operating income | 79,946 | 110,347 | 352,345 | 425,620 | ||||||||||||
Losses on equity method investments | (56 | ) | (188 | ) | (345 | ) | (317 | ) | ||||||||
Other expense, net | (22,277 | ) | (48,138 | ) | (70,707 | ) | (79,396 | ) | ||||||||
Income before income taxes | 57,613 | 62,021 | 281,293 | 345,907 | ||||||||||||
Income tax benefit | (9,742 | ) | (36,559 | ) | (42,632 | ) | (19,418 | ) | ||||||||
Net income | 67,355 | 98,580 | 323,925 | 365,325 | ||||||||||||
Less: Net loss attributable to noncontrolling interests | — | 822 | 207 | 3,684 | ||||||||||||
Net income attributable to Microchip Technology | $ | 67,355 | $ | 99,402 | $ | 324,132 | $ | 369,009 | ||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $ | 0.33 | $ | 0.49 | $ | 1.59 | $ | 1.84 | ||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $ | 0.31 | $ | 0.45 | $ | 1.49 | $ | 1.65 | ||||||||
Basic common shares outstanding | 203,736 | 201,730 | 203,384 | 200,937 | ||||||||||||
Diluted common shares outstanding | 217,711 | 220,947 | 217,388 | 223,561 | ||||||||||||
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
ASSETS | |||||||
March 31, | March 31, | ||||||
2016 | 2015 | ||||||
(Unaudited) | |||||||
Cash and short-term investments | $ | 2,446,035 | $ | 1,958,869 | |||
Accounts receivable, net | 290,183 | 273,937 | |||||
Inventories | 306,815 | 279,456 | |||||
Deferred tax assets | — | 71,045 | |||||
Assets held for sale | — | 13,989 | |||||
Other current assets | 53,680 | 67,321 | |||||
Total current assets | 3,096,713 | 2,664,617 | |||||
Property, plant & equipment, net | 609,396 | 581,572 | |||||
Long-term investments | 118,549 | 383,326 | |||||
Other assets | 1,742,857 | 1,151,198 | |||||
Total assets | $ | 5,567,515 | $ | 4,780,713 | |||
LIABILITIES AND EQUITY | |||||||
Accounts payable and other accrued liabilities | $ | 198,577 | $ | 187,844 | |||
Deferred income on shipments to distributors | 183,432 | 166,128 | |||||
Total current liabilities | 382,009 | 353,972 | |||||
Long-term line of credit | 1,052,000 | 461,952 | |||||
Senior convertible debentures | 1,234,733 | 1,174,036 | |||||
Junior convertible debentures | 196,304 | 190,870 | |||||
Long-term income tax payable | 111,061 | 114,336 | |||||
Long-term deferred tax liability | 399,218 | 381,192 | |||||
Other long-term liabilities | 41,271 | 43,329 | |||||
Microchip Technology stockholders' equity | 2,150,919 | 2,044,654 | |||||
Noncontrolling interests | — | 16,372 | |||||
Total equity | 2,150,919 | 2,061,026 | |||||
Total liabilities and equity | $ | 5,567,515 | $ | 4,780,713 |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales, as reported | $ | 557,647 | $ | 543,207 | $ | 2,173,334 | $ | 2,147,036 | |||||||
Distributor revenue recognition adjustment | 10,791 | 3,983 | 40,501 | 13,570 | |||||||||||
Non-GAAP net sales | $ | 568,438 | $ | 547,190 | $ | 2,213,835 | $ | 2,160,606 |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross profit, as reported | $ | 302,779 | $ | 313,632 | $ | 1,205,464 | $ | 1,229,564 | |||||||
Distributor revenue recognition adjustment, net of product cost | 5,395 | 1,792 | 23,794 | 6,357 | |||||||||||
Share-based compensation expense | 1,927 | 2,025 | 8,252 | 9,010 | |||||||||||
Manufacturing excursion | 3,624 | — | 3,624 | — | |||||||||||
Acquisition-related restructuring and acquired inventory valuation costs | 18,197 | 1,511 | 45,646 | 26,203 | |||||||||||
Non-GAAP gross profit | $ | 331,922 | $ | 318,960 | $ | 1,286,780 | $ | 1,271,134 | |||||||
Non-GAAP gross profit percentage | 58.4 | % | 58.3 | % | 58.1 | % | 58.8 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Research and development expenses, as reported | $ | 95,638 | $ | 87,662 | $ | 372,596 | $ | 349,543 | |||||||
Share-based compensation expense | (8,399 | ) | (7,519 | ) | (32,022 | ) | (28,164 | ) | |||||||
Non-GAAP research and development expenses | $ | 87,239 | $ | 80,143 | $ | 340,574 | $ | 321,379 | |||||||
Non-GAAP research and development expenses as a percentage of net sales | 15.3 | % | 14.6 | % | 15.4 | % | 14.9 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Selling, general and administrative expenses, as reported | $ | 78,293 | $ | 67,778 | $ | 301,670 | $ | 274,815 | |||||||
Share-based compensation expense | (6,991 | ) | (5,639 | ) | (31,146 | ) | (21,422 | ) | |||||||
Acquisition-related costs | (5,040 | ) | (741 | ) | (9,738 | ) | (4,001 | ) | |||||||
Non-GAAP selling, general and administrative expenses | $ | 66,262 | $ | 61,398 | $ | 260,786 | $ | 249,392 | |||||||
Non-GAAP selling, general and administrative expenses as a percentage of net sales | 11.7 | % | 11.2 | % | 11.8 | % | 11.5 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating expenses, as reported | $ | 222,833 | $ | 203,285 | $ | 853,119 | $ | 803,944 | |||||||
Share-based compensation expense | (15,390 | ) | (13,158 | ) | (63,168 | ) | (49,586 | ) | |||||||
Acquisition-related costs | (5,040 | ) | (741 | ) | (9,738 | ) | (4,001 | ) | |||||||
Amortization of acquired intangible assets | (48,132 | ) | (47,087 | ) | (174,896 | ) | (176,746 | ) | |||||||
Special charges, net | (770 | ) | (758 | ) | (3,957 | ) | (2,840 | ) | |||||||
Non-GAAP operating expenses | $ | 153,501 | $ | 141,541 | $ | 601,360 | $ | 570,771 | |||||||
Non-GAAP operating expenses as a percentage of net sales | 27.0 | % | 25.9 | % | 27.2 | % | 26.4 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating income, as reported | $ | 79,946 | $ | 110,347 | $ | 352,345 | $ | 425,620 | |||||||
Distributor revenue recognition adjustment | 5,395 | 1,792 | 23,794 | 6,357 | |||||||||||
Share-based compensation expense | 17,317 | 15,183 | 71,420 | 58,596 | |||||||||||
Manufacturing excursion | 3,624 | — | 3,624 | — | |||||||||||
Acquisition-related restructuring, acquired inventory valuation and other costs | 23,237 | 2,252 | 55,384 | 30,204 | |||||||||||
Amortization of acquired intangible assets | 48,132 | 47,087 | 174,896 | 176,746 | |||||||||||
Special charges, net | 770 | 758 | 3,957 | 2,840 | |||||||||||
Non-GAAP operating income | $ | 178,421 | $ | 177,419 | $ | 685,420 | $ | 700,363 | |||||||
Non-GAAP operating income as a percentage of net sales | 31.4 | % | 32.4 | % | 31.0 | % | 32.4 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Other expense, net, as reported | $ | (22,277 | ) | $ | (48,138 | ) | $ | (70,707 | ) | $ | (79,396 | ) | |||
Loss on retirement of convertible debentures | — | 50,631 | — | 50,631 | |||||||||||
Gain on equity securities and equity method investment | — | (18,469 | ) | (16,147 | ) | (18,469 | ) | ||||||||
Non-cash other expense, net | 15,920 | 6,854 | 53,005 | 14,165 | |||||||||||
Impairment on available-for-sale investment | — | — | 3,995 | — | |||||||||||
Other expenses on acquisition restructuring | — | — | 501 | — | |||||||||||
Non-GAAP other expense, net | $ | (6,357 | ) | $ | (9,122 | ) | $ | (29,353 | ) | $ | (33,069 | ) | |||
Non-GAAP other expense, net, as a percentage of net sales | (1.1 | )% | (1.7 | )% | (1.3 | )% | (1.5 | )% |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income tax benefit, as reported | $ | (9,742 | ) | $ | (36,559 | ) | $ | (42,632 | ) | $ | (19,418 | ) | |||
Income tax rate, as reported | (16.9 | )% | (58.9 | )% | (15.2 | )% | (5.6 | )% | |||||||
Distributor revenue recognition adjustment | 1,911 | 251 | 8,721 | 1,074 | |||||||||||
Share-based compensation expense | 5,446 | 3,755 | 23,012 | 10,640 | |||||||||||
Manufacturing excursion | 1,324 | — | 1,324 | — | |||||||||||
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs | 2,018 | 3,365 | 34,799 | 18,061 | |||||||||||
Special charges, net | 31 | 239 | 1,445 | 962 | |||||||||||
Loss on retirement of convertible debentures | — | 18,809 | — | 18,809 | |||||||||||
Non-cash other expense, net | 5,692 | 2,546 | 19,426 | 5,262 | |||||||||||
Gain on equity securities and equity method investment | — | — | (31 | ) | — | ||||||||||
Impairment on available-for-sale investment | — | — | 1,472 | — | |||||||||||
Non-recurring tax events | 12,300 | 26,735 | 24,706 | 36,718 | |||||||||||
Non-GAAP income tax provision | $ | 18,980 | $ | 19,141 | $ | 72,242 | $ | 72,108 | |||||||
Non-GAAP income tax rate | 11.0 | % | 11.4 | % | 11.0 | % | 10.8 | % |
Three months ended | Twelve months ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income attributable to Microchip Technology, as reported | $ | 67,355 | $ | 99,402 | $ | 324,132 | $ | 369,009 | |||||||
Noncontrolling interests | — | (995 | ) | (375 | ) | (4,618 | ) | ||||||||
Distributor revenue recognition adjustment, net of tax effect | 3,484 | 1,541 | 15,073 | 5,283 | |||||||||||
Share-based compensation expense, net of tax effect | 11,871 | 11,428 | 48,408 | 47,956 | |||||||||||
Manufacturing excursion, net of tax effect | 2,300 | — | 2,300 | — | |||||||||||
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect | 69,351 | 45,974 | 195,982 | 188,889 | |||||||||||
Special charges, net of tax effect | 739 | 519 | 2,512 | 1,878 | |||||||||||
Loss on retirement of convertible debentures, net of tax effect | — | 31,822 | — | 31,822 | |||||||||||
Non-cash other expense, net of tax effect | 10,228 | 4,308 | 33,579 | 8,903 | |||||||||||
Gain on equity securities and equity method investment, net of tax effect | — | (18,469 | ) | (16,116 | ) | (18,469 | ) | ||||||||
Impairment on available-for-sale investment, net of tax effect | — | — | 2,523 | — | |||||||||||
Non-recurring tax events | (12,300 | ) | (26,735 | ) | (24,706 | ) | (36,718 | ) | |||||||
Non-GAAP net income attributable to Microchip Technology | $ | 153,028 | $ | 148,795 | $ | 583,312 | $ | 593,935 | |||||||
Non-GAAP net income attributable to Microchip Technology as a percentage of net sales | 26.9 | % | 27.2 | % | 26.3 | % | 27.5 | % | |||||||
Diluted net income per common share attributable to Microchip Technology stockholders, as reported | $ | 0.31 | $ | 0.45 | $ | 1.49 | $ | 1.65 | |||||||
Non-GAAP diluted net income per common share attributable to Microchip Technology stockholders | $ | 0.70 | $ | 0.68 | $ | 2.68 | $ | 2.66 | |||||||
Diluted common shares outstanding, as reported | 217,711 | 220,947 | 217,388 | 223,561 | |||||||||||
Diluted common shares outstanding Non-GAAP | 217,711 | 220,420 | 217,260 | 223,017 |