Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2019


RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

 Three Months Ended Nine Months Ended
 December 31, December 31,
 2018 2017 2018 2017
Gross profit, as reported$779.6  $607.1  $2,110.9  $1,805.6 
Impact of changes in distributor inventory levels23.8    83.3   
Share-based compensation expense3.4  3.5  10.9  10.6 
Manufacturing excursion      (0.6) 
Acquisition-related costs    0.2   
Excess capacity charges to normalize acquired inventory levels    2.3   
Acquired inventory valuation costs74.3    363.9   
Non-GAAP gross profit$881.1  $610.6  $2,571.5  $1,815.6 
Non-GAAP gross profit percentage62.2%  61.4%  62.0%  61.0% 


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

 Three Months Ended Nine Months Ended
 December 31, December 31,
 2018 2017 2018 2017
Research and development expenses, as reported$217.7  $131.6  $611.6  $395.7 
Share-based compensation expense(19.4)  (10.9)  (53.2)  (31.8) 
Acquisition-related costs(0.3)  (0.1)  (1.5)   
Non-GAAP research and development expenses$198.0  $120.6  $556.9  $363.9 
Non-GAAP research and development expenses as a percentage of net sales14.0%  12.1%  13.4%  12.2% 


RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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