Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017
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RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT |
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| | Three Months ended | | Nine Months Ended |
| | December 31, | | December 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| Gross profit, as reported | $ | 465,259 | | | $ | 292,718 | | | $ | 1,224,370 | | | $ | 902,685 | |
| Distributor revenue recognition adjustment, net of product cost | 25,985 | | | 6,936 | | | 50,323 | | | 18,399 | |
| Share-based compensation expense | 3,468 | | | 2,270 | | | 15,465 | | | 6,325 | |
| Manufacturing excursion | — | | | — | | | 800 | | | — | |
| Acquisition-related restructuring and acquired inventory valuation costs | 15,008 | | | 17,817 | | | 189,774 | | | 27,449 | |
| Non-GAAP gross profit | $ | 509,720 | | | $ | 319,741 | | | $ | 1,480,732 | | | $ | 954,858 | |
| Non-GAAP gross profit percentage | 57.8 | % | | 57.9 | % | | 57.0 | % | | 58.0 | % |
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RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES |
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| | Three Months ended | | Nine Months Ended |
| | December 31, | | December 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| Research and development expenses, as reported | $ | 132,433 | | | $ | 97,022 | | | $ | 418,111 | | | $ | 276,958 | |
| Share-based compensation expense | (9,881 | ) | | (7,855 | ) | | (37,569 | ) | | (23,623 | ) |
| Acquisition-related and other costs | (723 | ) | | — | | | 25 | | | — | |
| Non-GAAP research and development expenses | $ | 121,829 | | | $ | 89,167 | | | $ | 380,567 | | | $ | 253,335 | |
| Non-GAAP research and development expenses as a percentage of net sales | 13.8 | % | | 16.2 | % | | 14.6 | % | | 15.4 | % |
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RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
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| | Three Months ended | | Nine Months Ended |
| | December 31, | | December 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| Selling, general and administrative expenses, as reported | $ | 111,017 | | | $ | 76,270 | | | $ | 388,651 | | | $ | 223,377 | |
| Share-based compensation expense | (8,771 | ) | | (6,840 | ) | | (53,055 | ) | | (24,155 | ) |
| Acquisition-related and other costs | (3,444 | ) | | (1,461 | ) | | (21,992 | ) | | (4,698 | ) |
| Non-GAAP selling, general and administrative expenses | $ | 98,802 | | | $ | 67,969 | | | $ | 313,604 | | | $ | 194,524 | |
| Non-GAAP selling, general and administrative expenses as a percentage of net sales | 11.2 | % | | 12.3 | % | | 12.1 | % | | 11.8 | % |
