Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017


RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
 
 Three Months ended Nine Months Ended
 December 31, December 31,
 2016 2015 2016 2015
Gross profit, as reported$465,259  $292,718  $1,224,370  $902,685 
Distributor revenue recognition adjustment, net of product cost25,985  6,936  50,323  18,399 
Share-based compensation expense3,468  2,270  15,465  6,325 
Manufacturing excursion    800   
Acquisition-related restructuring and acquired inventory valuation costs15,008  17,817  189,774  27,449 
Non-GAAP gross profit$509,720  $319,741  $1,480,732  $954,858 
Non-GAAP gross profit percentage57.8% 57.9% 57.0% 58.0%


RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
 
 Three Months ended Nine Months Ended
 December 31, December 31,
 2016 2015 2016 2015
Research and development expenses, as reported$132,433  $97,022  $418,111  $276,958 
Share-based compensation expense(9,881) (7,855) (37,569) (23,623)
Acquisition-related and other costs(723)   25   
Non-GAAP research and development expenses$121,829  $89,167  $380,567  $253,335 
Non-GAAP research and development expenses as a percentage of net sales13.8% 16.2% 14.6% 15.4%


RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
 
 Three Months ended Nine Months Ended
 December 31, December 31,
 2016  2015   2016   2015
Selling, general and administrative expenses, as reported $ 111,017     $ 76,270     $ 388,651     $ 223,377  
Share-based compensation expense (8,771 )   (6,840 )   (53,055 )   (24,155 )
Acquisition-related and other costs (3,444 )   (1,461 )   (21,992 )   (4,698 )
Non-GAAP selling, general and administrative expenses $ 98,802     $ 67,969     $ 313,604     $ 194,524  
Non-GAAP selling, general and administrative expenses as a percentage of net sales 11.2 %   12.3 %   12.1 %   11.8 %

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