Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021

First Quarter Fiscal Year 2022 Outlook:

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. We are not able to predict whether inventory at our distributors will increase or decrease during the quarter and are therefore providing a range of GAAP net sales guidance. In recent years, we have seen net inventory at our distributors increase or decrease by a significant amount in a single quarter.

  Microchip Consolidated Guidance
Net Sales$1.519 to $1.577 billion  
 GAAPNon-GAAP AdjustmentsNon-GAAP(1)
Gross Margin63.6% to 63.9%$8.3 to $9.3 million64.1% to 64.5%
Operating Expenses(2)40.8% to 41.7%$276.5 to $278.5 million23.1% to 23.5%
Operating Income21.8% to 23.2%$285.8 to $287.8 million40.6% to 41.4%
Other Expense, net$72.9 to $74.9 million$10.9 million$62 to $64 million
Income Tax Provision$47.9 to $65.3 million(3)$14.6 to $30.0 million$33.3 to $35.3 million(4)
Net Income$210.9 to $225.0 million$310.3 to $328.6 million$521.2 to $553.6 million
Diluted Common Shares OutstandingApproximately 282.7 to 283.3 million shares Approximately 282.7 to 283.3 million shares
Earnings per Diluted Share$0.75 to $0.79$1.10 to $1.16$1.85 to $1.95

(1)  See the "Use of Non-GAAP Financial Measures" section of this release for information regarding our non-GAAP guidance.
(2)  We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending June 30, 2021. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending June 30, 2021.

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