Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2021

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
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,
 2020 2019
Gross profit, as reported$798.3  $815.2 
Share-based compensation expense6.4  4.9 
COVID-19 shelter-in-place restrictions on manufacturing activities2.8   
Non-GAAP gross profit$807.5  $820.1 
Non-GAAP gross profit percentage61.7% 62.0%

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

 Three Months Ended
 June 30,
 2020 2019
Research and development expenses, as reported$198.0  $219.1 
Share-based compensation expense(20.5) (19.5)
Acquisition-related costs  (0.1)
Non-GAAP research and development expenses$177.5  $199.5 
Non-GAAP research and development expenses as a percentage of net sales13.6% 15.1%

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

 Three Months Ended
 June 30,
 2020 2019
Selling, general and administrative expenses, as reported$146.3  $ 167.9  
Share-based compensation expense (15.5 )   (16.3 )
Acquisition-related costs (1.5 )   (6.5 )
Professional services associated with certain legal matters (3.5 )    
IT security remediation (1.0 )   (3.0 )
Non-GAAP selling, general and administrative expenses $ 124.8     $ 142.1  
Non-GAAP selling, general and administrative expenses as a percentage of net sales 9.5 %   10.7 %

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