Technology

MICROCHIP TECHNOLOGY ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER OF FISCAL YEAR 2024 CHANDLER, Arizona – February 1, 2024 – (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months ended December 31, 2023, as summarized in the table below. •Net sales of $1.766 billion, down 21.7% sequentially and down 18.6% from the year ago quarter. Our preliminary net sales results provided on January 8, 2024 was for net sales to be down 22% sequentially. •On a GAAP basis: gross profit of 63.4%; operating income of $529.4 million and 30.0% of net sales; net income of $419.2 million; and EPS of $0.77 per diluted share. Our guidance provided on November 2, 2023 was for GAAP EPS of $0.68 to $0.76 per diluted share. •On a Non-GAAP basis: gross profit of 63.8%; operating income of $728.1 million and 41.2% of net sales;

Microchip’s Highlights for the Quarter Ended December 31, 2023 •Introduced the industry’s most complete solution for 800G active electrical cables (AECs) used for generative AI networks. Our new META-DX2C 800G retimer is supported by a complete hardware and software reference design with key Microchip components.   •Released our latest TrustAnchor security IC to meet and exceed heightened automotive secure authentication requirements. Available as a CryptoAuthentication™ or CryptoAutomotive™ secure IC, the new TA101 device focuses on larger key sizes and enhanced cybersecurity requirements.   •Expanded and announced Microchip’s Detroit Automotive Technology Center as the destination for automotive clients. The 24,000-square-foot facility includes new high-voltage and E-Mobility labs, as well as technical training rooms for automotive clients to develop and optimize designs. •Showcased expanded RISC-V-based solutions, partnerships and system design tools at the 2023 RISC-V Summit including BeagleBoard hardware and system on module (SoM) products, as well as AI/ML solutions and an

Microchip Technology (NASDAQ:MCHP) ‘s Fourth Quarter Fiscal Year 2024 Outlook: The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. Microchip Consolidated Guidance Net Sales $1.225 to $1.425 billion   GAAP Non-GAAP Adjustments Non-GAAP(1) Gross Profit 58.5% to 61.1% $5.9 to $6.9 million 59.0% to 61.6 % Operating Expenses(2) 41.1% to 46.9 % $198.7 to $202.7 million 26.9% to 30.7% Operating Income 11.6% to 20.0% $204.6 to $209.6 million 28.3% to 34.7% Other Expense, net $55.3 to $57.7 million ($0.2) to $0.2 million $55.5 to $57.5 million Income Tax Provision $17.4 to $52.3 million(3) $8.9 to $23.4 million $40.8 to $61.2 million(4) Net Income $69.4 to $174.9 million $181.0 to $200.9 million $250.4 to $375.8 million Diluted Common Shares Outstanding Approximately 545.5 to 546.5 million shares Approximately 545.5 to 546.5 million shares Earnings per Diluted Share $0.13 to $0.32 $0.33 to $0.36