Microchip Technology Announces Record Net Sales for Fourth

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

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
	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		%

RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
	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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