Microchip Technology Announces Record Net Sales for Fourth Quarter and Fiscal Year 2017
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
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| | Three Months ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2017 | | 2016 | | 2017 | | 2016 |
| Operating income, as reported | $ | 154,087 | | | $ | 79,946 | | | $ | 275,817 | | | $ | 352,345 | |
| Distributor revenue recognition adjustment | — | | | 5,395 | | | 50,323 | | | 23,794 | |
| Share-based compensation expense | 22,066 | | | 17,317 | | | 128,155 | | | 71,420 | |
| Manufacturing excursion | (1,350 | ) | | 3,624 | | | (550 | ) | | 3,624 | |
| Acquisition-related restructuring, acquired inventory valuation and other costs | 5,972 | | | 23,237 | | | 217,713 | | | 55,384 | |
| Amortization of acquired intangible assets | 94,311 | | | 48,132 | | | 337,667 | | | 174,896 | |
| Special charges and other, net | 46,086 | | | 770 | | | 98,608 | | | 3,957 | |
| Non-GAAP operating income | $ | 321,172 | | | $ | 178,421 | | | $ | 1,107,733 | | | $ | 685,420 | |
| Non-GAAP operating income as a percentage of net sales | 35.6 | % | | 31.4 | % | | 31.6 | % | | 31.0 | % |
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RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
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| | Three Months ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2017 | | 2016 | | 2017 | | 2016 |
| Other expense, net, as reported | $ | (82,230 | ) | | $ | (22,277 | ) | | $ | (185,808 | ) | | $ | (70,707 | ) |
| Loss on induced conversion and extinguishment of convertible debt | 43,879 | | | — | | | 43,879 | | | — | |
| Non-cash other expense, net | 19,641 | | | 15,920 | | | 57,885 | | | 53,005 | |
| Gain on equity securities and equity method investment | — | | | — | | | (468 | ) | | (16,147 | ) |
| Impairment on available-for-sale investment | — | | | — | | | 1,433 | | | 3,995 | |
| Other expenses on acquisition restructuring | — | | | — | | | — | | | 501 | |
| Non-GAAP other expense, net | $ | (18,710 | ) | | $ | (6,357 | ) | | $ | (83,079 | ) | | $ | (29,353 | ) |
| Non-GAAP other expense, net, as a percentage of net sales | (2.1 | )% | | (1.1 | )% | | (2.4 | )% | | (1.3 | )% |
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