Microchip Technology Announces Record Financial Results for First Quarter of Fiscal Year 2022

RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in millions except per share amounts and percentages)
(unaudited)

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

 Three Months Ended
 June 30,
 2021 2020
Gross profit, as reported$1,007.6  $798.3 
Share-based compensation expense8.8  6.4 
COVID-19 shelter-in-place restrictions on manufacturing activities  2.8 
Non-GAAP gross profit$1,016.4  $807.5 
Non-GAAP gross profit percentage64.8% 61.7%
      

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

 Three Months Ended
 June 30,
 2021 2020
Research and development expenses, as reported$238.4  $198.0 
Share-based compensation expense(26.6) (20.5)
Acquisition-related(0.2)  
Non-GAAP research and development expenses$211.6  $177.5 
Non-GAAP research and development expenses as a percentage of net sales13.5% 13.6%
         

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