Microchip Technology Announces Record Net Sales for Fourth

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

RECONCILIATION OF GAAP INCOME TAX BENEFIT TO NON-GAAP INCOME TAX PROVISION
	Three Months ended						Twelve Months Ended
	March 31,						March 31,
	2017			2016			2017			2016
Income tax benefit, as reported	$	(65,106	)	$	(9,742	)	$	(80,805	)	$	(42,632	)
Income tax rate, as reported	(90.7		)%	(16.9		)%	(90.0		)%	(15.2		)%
Distributor revenue recognition adjustment	—			1,911			4,164			8,721
Share-based compensation expense	7,592			5,446			44,214			23,012
Manufacturing excursion	(495		)	1,324			(200		)	1,324
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs	8,465			2,018			37,095			34,799
Special charges and other, net	17,335			31			35,404			1,445
Loss on induced conversion and extinguishment of convertible debt	16,082			—			16,082			—
Non-cash other expense, net	7,198			5,692			21,215			19,426
Gain on equity securities and equity method investment	—			—			(172		)	(31		)
Impairment on available-for-sale investment	—			—			526			1,472
Non-recurring tax events	(476		)	12,300			9,859			24,706
Tax adjustment in accordance with ASC 740-270	34,901			—			—			—
Non-GAAP income tax provision	$	25,496		$	18,980		$	87,382		$	72,242
Non-GAAP income tax rate	8.4		%	11.0		%	8.5		%	11.0		%

RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS AND GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS TO NON-GAAP NET INCOME FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS
	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2017			2016			2017			2016
Net income from continuing operations, as reported	$	136,908		$	67,355		$	170,592		$	324,132
Distributor revenue recognition adjustment, net of tax effect	—			3,484			46,159			15,073
Share-based compensation expense, net of tax effect	14,474			11,871			83,941			48,408
Manufacturing excursion, net of tax effect	(855		)	2,300			(350		)	2,300
Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect	91,818			69,351			518,285			195,982
Special charges and other, net of tax effect	28,751			739			63,204			2,512
Loss on induced conversion and extinguishment of convertible debt, net of tax effect	27,797			—			27,797			—
Non-cash other expense, net of tax effect	12,443			10,228			36,670			33,579
Noncontrolling interests	—			—			—			(375		)
Gain on equity securities and equity method investment, net of tax effect	—			—			(296		)	(16,116		)
Impairment on available-for-sale investment, net of tax effect	—			—			907			2,523
Non-recurring tax events	476			(12,300		)	(9,859		)	(24,706		)
Tax adjustment in accordance with ASC 740-270	(34,901		)	—			—			—
Non-GAAP net income from continuing operations	$	276,911		$	153,028		$	937,050		$	583,312
Non-GAAP net income from continuing operations as a percentage of net sales	30.7		%	26.9		%	26.8		%	26.3		%
GAAP net income from continuing operations as a percentage of net sales	15.2		%	12.1		%	5.0		%	14.9		%
Diluted net income per common share from continuing operations attributable to Microchip Technology stockholders, as reported	$	0.57		$	0.31		$	0.73		$	1.49
Non-GAAP diluted net income per common share from continuing operations attributable to Microchip Technology stockholders	$	1.16		$	0.70		$	3.99		$	2.68
Diluted common shares outstanding, as reported	239,171			217,711			234,806			217,388
Diluted common shares outstanding Non-GAAP	239,171			217,711			234,806			217,260

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