Microchip Technology Announces Record Non-GAAP Earnings Per Share For First Quarter Fiscal Year 2016

 

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(in thousands except per share amounts and percentages)

(Unaudited)



RECONCILIATION OF GAAP NET SALES TO NON-GAAP NET SALES




Three months ended


June 30,


2015


2014

Net sales, as reported

$

533,952



$

528,876


Distributor revenue recognition adjustment



2,469


Non-GAAP net sales

$

533,952



$

531,345




RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT




Three months ended


June 30,


2015


2014

Gross profit, as reported

$

309,017



$

306,519


Distributor revenue recognition adjustment, net of product cost



1,362


Share-based compensation expense

1,657



2,055


Acquisition-related restructuring and acquired inventory valuation costs

543



7,811


Non-GAAP gross profit

$

311,217



$

317,747


Non-GAAP gross profit percentage

58.3

%


59.8

%



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




Three months ended


June 30,


2015


2014

Research and development expenses, as reported

$

84,680



$

84,370


Share-based compensation expense

(7,098)



(6,309)


Non-GAAP research and development expenses

$

77,582



$

78,061


Non-GAAP research and development expenses as a percentage of net sales

14.5

%


14.7

%



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




Three months ended


June 30,


2015


2014

Selling, general and administrative expenses, as reported

$

66,849



$

69,255


Share-based compensation expense

(5,357)



(4,957)


Acquisition-related costs

(2,174)



(936)


Non-GAAP selling, general and administrative expenses

$

59,318



$

63,362


Non-GAAP selling, general and administrative expenses as a percentage of net sales

11.1

%


11.9

%



RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES




Three months ended


June 30,


2015


2014

Operating expenses, as reported

$

187,698



$

190,573


Share-based compensation expense

(12,455)



(11,266)


Acquisition-related costs

(2,174)



(936)


Amortization of acquired intangible assets

(34,612)



(36,644)


Special charges, net

(1,557)



(304)


Non-GAAP operating expenses

$

136,900



$

141,423


Non-GAAP operating expenses as a percentage of net sales

25.6

%


26.6

%



RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME




Three months ended


June 30,


2015


2014

Operating income, as reported

$

121,319



$

115,946


Distributor revenue recognition adjustment



1,362


Share-based compensation expense

14,112



13,321


Acquisition-related restructuring, acquired inventory valuation and other costs

2,717



8,747


Amortization of acquired intangible assets

34,612



36,644


Special charges, net

1,557



304


Non-GAAP operating income

$

174,317



$

176,324


Non-GAAP operating income as a percentage of net sales

32.6

%


33.2

%



RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET




Three months ended


June 30,


2015


2014

Other expense, net, as reported

$

(1,577)



$

(8,923)


Gain on equity securities and equity method investment

(16,064)




Non-cash other expense, net

11,812



2,365


Non-GAAP other expense, net

$

(5,829)



$

(6,558)


Non-GAAP other expense, net, as a percentage of net sales

(1.1)%



(1.2)%




RECONCILIATION OF GAAP INCOME TAX (BENEFIT) PROVISION TO NON-GAAP INCOME TAX PROVISION




Three months ended


June 30,


2015


2014

Income tax (benefit) provision, as reported

$

(10,895)



$

17,082


Income tax rate, as reported

(9.1)%



16.0

%

Distributor revenue recognition adjustment



375


Share-based compensation expense

3,532



1,420


Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs

3,038



2,696


Special charges, net

415



113


Non-cash other expense, net

4,388



879


Non-recurring tax events

18,723



(4,465)


Non-GAAP income tax provision

$

19,201



$

18,100


Non-GAAP income tax rate

11.4

%


10.7

%



RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO MICROCHIP TECHNOLOGY AND GAAP DILUTED NET INCOME PER COMMON SHARE ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS TO NON-GAAP NET INCOME ATTRIBUTABLE TO MICROCHIP TECHNOLOGY AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE ATTRIBUTABLE TO MICROCHIP TECHNOLOGY STOCKHOLDERS




Three months ended


June 30,


2015


2014

Net income attributable to Microchip Technology, as reported

$

130,667



$

89,909


Noncontrolling interests

(375)




Distributor revenue recognition adjustment, net of tax effect



987


Share-based compensation expense, net of tax effect

10,580



11,901


Acquisition-related restructuring, acquired inventory valuation costs, intangible asset amortization and other costs, net of tax effect

34,291



42,695


Special charges, net of tax effect

1,142



191


Gain on equity securities and equity method investment

(16,064)




Non-cash other expense, net of tax effect

7,424



1,486


Non-recurring tax events

(18,723)



4,465


Non-GAAP net income attributable to Microchip Technology

$

148,942



$

151,634


Non-GAAP net income attributable to Microchip Technology as a percentage of net sales

27.9

%


28.5

%





Diluted net income per common share attributable to Microchip Technology stockholders, as reported

$

0.60



$

0.40


Non-GAAP diluted net income per common share attributable to Microchip Technology stockholders

$

0.69



$

0.68


Diluted common shares outstanding, as reported

216,767



224,527


Diluted common shares outstanding Non-GAAP

216,253



223,889



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