Microchip Technology Announces Record Financial Results for Second Quarter of Fiscal Year 2022

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in millions except per share amounts and percentages)
(unaudited)

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

 Three Months Ended September 30, Six Months Ended September 30,
 2021 2020 2021 2020
Gross profit, as reported$1,068.3  $807.9  $2,075.9  $1,606.2 
Share-based compensation expense9.1  6.0  17.9  12.4 
COVID-19 shelter-in-place restrictions on manufacturing activities      2.8 
Non-GAAP gross profit$1,077.4  $813.9  $2,093.8  $1,621.4 
Non-GAAP gross profit percentage65.3% 62.2% 65.0% 61.9%

RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES

 Three Months Ended September 30,   Six Months Ended September 30,
  2021   2020   2021   2020
Research and development expenses, as reported $ 246.2       $ 199.8       $ 484.6       $ 397.8    
Share-based compensation expense (26.1 )     (24.5 )     (52.7 )     (45.0 )  
Acquisition-related (0.2 )           (0.4 )        
Non-GAAP research and development expenses $ 219.9       $ 175.3       $ 431.5       $ 352.8    
Non-GAAP research and development expenses as a percentage of net sales 13.3   %   13.4   %   13.4   %   13.5   %

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