Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017
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RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES |
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| | Three Months ended | | Nine Months Ended |
| | December 31, | | December 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| Operating expenses, as reported | $ | 347,185 | | | $ | 216,586 | | | $ | 1,102,640 | | | $ | 630,286 | |
| Share-based compensation expense | (18,652 | ) | | (14,695 | ) | | (90,624 | ) | | (47,778 | ) |
| Acquisition-related and other costs | (4,167 | ) | | (1,461 | ) | | (21,967 | ) | | (4,698 | ) |
| Amortization of acquired intangible assets | (82,791 | ) | | (48,312 | ) | | (243,356 | ) | | (126,764 | ) |
| Special charges (income) and other, net | (20,944 | ) | | 5,018 | | | (52,522 | ) | | (3,187 | ) |
| Non-GAAP operating expenses | $ | 220,631 | | | $ | 157,136 | | | $ | 694,171 | | | $ | 447,859 | |
| Non-GAAP operating expenses as a percentage of net sales | 25.0 | % | | 28.5 | % | | 26.7 | % | | 27.2 | % |
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RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME |
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| | Three Months ended | | Nine Months Ended |
| | December 31, | | December 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| Operating income, as reported | $ | 118,074 | | | $ | 76,132 | | | $ | 121,730 | | | $ | 272,399 | |
| Distributor revenue recognition adjustment | 25,985 | | | 6,936 | | | 50,323 | | | 18,399 | |
| Share-based compensation expense | 22,120 | | | 16,965 | | | 106,089 | | | 54,103 | |
| Manufacturing excursion | — | | | — | | | 800 | | | — | |
| Acquisition-related restructuring, acquired inventory valuation and other costs | 19,175 | | | 19,278 | | | 211,741 | | | 32,147 | |
| Amortization of acquired intangible assets | 82,791 | | | 48,312 | | | 243,356 | | | 126,764 | |
| Special charges (income) and other, net | 20,944 | | | (5,018 | ) | | 52,522 | | | 3,187 | |
| Non-GAAP operating income | $ | 289,089 | | | $ | 162,605 | | | $ | 786,561 | | | $ | 506,999 | |
| Non-GAAP operating income as a percentage of net sales | 32.8 | % | | 29.5 | % | | 30.3 | % | | 30.8 | % |
