Microchip Technology Announces Record Net Sales for Fourth Quarter and Fiscal Year 2017


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 expense3,248  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 percentage59.2% 58.4%  57.6%  58.1%
              


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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