Microchip Technology Announces Outstanding Financial Results for

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

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

	Three Months ended						Nine Months Ended
	December 31,						December 31,
	2016			2015			2016			2015
Operating expenses, as reported	$	347,185		$	216,586		$	1,102,640		$	630,286
Share-based compensation expense	(18,652		)	(14,695		)	(90,624		)	(47,778		)
Acquisition-related and other costs	(4,167		)	(1,461		)	(21,967		)	(4,698		)
Amortization of acquired intangible assets	(82,791		)	(48,312		)	(243,356		)	(126,764		)
Special charges (income) and other, net	(20,944		)	5,018			(52,522		)	(3,187		)
Non-GAAP operating expenses	$	220,631		$	157,136		$	694,171		$	447,859
Non-GAAP operating expenses as a percentage of net sales	25.0		%	28.5		%	26.7		%	27.2		%

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

	Three Months ended						Nine Months Ended
	December 31,						December 31,
	2016			2015			2016			2015
Operating income, as reported	$	118,074		$	76,132		$	121,730		$	272,399
Distributor revenue recognition adjustment	25,985			6,936			50,323			18,399
Share-based compensation expense	22,120			16,965			106,089			54,103
Manufacturing excursion	—			—			800			—
Acquisition-related restructuring, acquired inventory valuation and other costs	19,175			19,278			211,741			32,147
Amortization of acquired intangible assets	82,791			48,312			243,356			126,764
Special charges (income) and other, net	20,944			(5,018		)	52,522			3,187
Non-GAAP operating income	$	289,089		$	162,605		$	786,561		$	506,999
Non-GAAP operating income as a percentage of net sales	32.8		%	29.5		%	30.3		%	30.8		%

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