Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2025
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
| | Three Months Ended June 30, |
| | 2024 | | 2023 |
| Gross profit, as reported | $ | 736.9 | | | $ | 1,558.4 | |
| Share-based compensation expense | | 6.6 | | | | 6.8 | |
| Non-GAAP gross profit | $ | 743.5 | | | $ | 1,565.2 | |
| GAAP gross profit percentage | | 59.4 | % | | | 68.1 | % |
| Non-GAAP gross profit percentage | | 59.9 | % | | | 68.4 | % |
RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
| | Three Months Ended June 30, |
| | 2024 | | 2023 |
| Research and development expenses, as reported | $ | 241.7 | | | $ | 298.5 | |
| Share-based compensation expense | | (23.3 | ) | | | (22.9 | ) |
| Other adjustments | | — | | | | (0.2 | ) |
| Non-GAAP research and development expenses | $ | 218.4 | | | $ | 275.4 | |
| GAAP research and development expenses as a percentage of net sales | | 19.5 | % | | | 13.0 | % |
| Non-GAAP research and development expenses as a percentage of net sales | | 17.6 | % | | | 12.0 | % |
