Microchip Technology Announces Record Net Sales for Fourth Quarter and Fiscal Year 2017
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RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT |
| | Three Months ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2017 | | 2016 | | | 2017 | | | 2016 |
| Gross profit, as reported | $ | 532,826 | | | $ | 302,779 | | | $ | 1,757,196 | | | $ | 1,205,464 | |
| Distributor revenue recognition adjustment, net of product cost | — | | | 5,395 | | | | 50,323 | | | | 23,794 | |
| Share-based compensation expense | 3,248 | | | 1,927 | | | | 18,713 | | | | 8,252 | |
| Manufacturing excursion | (1,350 | ) | | 3,624 | | | | (550 | ) | | | 3,624 | |
| Acquisition-related restructuring and acquired inventory valuation costs | — | | | 18,197 | | | | 189,774 | | | | 45,646 | |
| Non-GAAP gross profit | $ | 534,724 | | | $ | 331,922 | | | $ | 2,015,456 | | | $ | 1,286,780 | |
| Non-GAAP gross profit percentage | 59.2 | % | | 58.4 | % | | | 57.6 | % | | | 58.1 | % |
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RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES |
| | Three Months ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2017 | | 2016 | | 2017 | | 2016 |
| Research and development expenses, as reported | $ | 127,182 | | | $ | 95,638 | | | $ | 545,293 | | | $ | 372,596 | |
| Share-based compensation expense | (9,232 | ) | | (8,399 | ) | | (46,801 | ) | | (32,022 | ) |
| Acquisition-related and other costs | (833 | ) | | — | | | (808 | ) | | — | |
| Non-GAAP research and development expenses | $ | 117,117 | | | $ | 87,239 | | | $ | 497,684 | | | $ | 340,574 | |
| Non-GAAP research and development expenses as a percentage of net sales | 13.0 | % | | 15.3 | % | | 14.2 | % | | 15.4 | % |
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