Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2019

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2019 2018 2019 2018
Gross profit, as reported$820.5  $615.1  $2,931.3  $2,420.7 
Impact of changes in distributor inventory levels    83.4   
Share-based compensation expense4.0  3.3  14.9  13.8 
Manufacturing excursion      (0.6)
Acquisition-related costs0.6    0.9   
Excess capacity charges to normalize acquired inventory levels    2.3   
Acquired inventory valuation costs1.8    365.7   
Non-GAAP gross profit$826.9  $618.4  $3,398.5  $2,433.9 
Non-GAAP gross profit percentage62.2% 61.7% 62.1% 61.1%

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

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2019 2018 2019 2018
Research and development expenses, as reported$214.8  $133.5  $826.3  $529.3 
Share-based compensation expense(18.8) (10.7) (72.0) (42.5)
Acquisition-related costs(0.1)   (1.5)  
Non-GAAP research and development expenses$195.9  $122.8  $752.8  $486.8 
Non-GAAP research and development expenses as a percentage of net sales 14.7 %   12.3 %   13.7 %   12.2 %

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