May 6, 2024 for the quarter ended March 31, 2024

• Net sales of $1.326 billion, down 24.9% sequentially and down 40.6% from the year ago quarter. Our guidance
  provided on February 1, 2024 was for net sales to be down 25% sequentially.
• On a GAAP basis: gross profit of 59.6%; operating income of $253.5 million and 19.1% of net sales; net income
  of $154.7 million; and EPS of $0.28 per diluted share. Our guidance provided on February 1, 2024 was for
  GAAP EPS of $0.13 to $0.32 per diluted share.
• On a Non-GAAP basis: gross profit of 60.3%; operating income of $436.0 million and 32.9% of net sales; net
  income of $310.3 million and EPS of $0.57 per diluted share. Our guidance provided on February 1, 2024 was
  for Non-GAAP EPS of $0.46 to $0.68 per diluted share.
• Returned a record $629.9 million to shareholders in the March quarter through dividends of $242.5 million
  and the repurchase of $387.4 million, or 4.5 million shares of our common stock, at an average price of $85.38
  per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased
  $2.354 billion, or 30.4 million shares, over the last ten quarters.
• Record quarterly dividend declared today for the June quarter of 45.2 cents per share, an increase of 18.0%
  from the year ago quarter.
  For fiscal year 2024
• Net sales of $7.634 billion decreased 9.5% over the prior year.
• On a GAAP basis: gross profit of 65.4%; operating income of $2.571 billion; net income of $1.907 billion,
  adversely impacted by purchase accounting adjustments associated with our previous acquisitions and a $12.2
  million loss on debt settlement associated with our debt refinancing activities; and EPS of $3.48 per diluted
  share.
• On a Non-GAAP basis: gross profit of 65.8%; operating income of $3.349 billion and 43.9% of net sales; net
  income of $2.698 billion and EPS of $4.92 per diluted share.
• Paid down $447.4 million of total debt and returned $1.89 billion to shareholders through dividends and share repurchases.
  

Capital expenditures for the quarter ending June 30, 2024 are expected to be between $60 million and $70 million. Capital
expenditures for all of fiscal 2025 are expected to be about $175 million. We are selectively adding capital equipment to
maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business.
Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes
from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the
end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and
supply chain operations, including our distributor relationships, towards the goal of having our products available at the
time and location the end customer desires.
Microchip Technology Reports
Fourth Quarter and Fiscal 2024
Financial Results
Page 7

• – more – –
  Use of Non-GAAP Financial Measures: Our non-GAAP adjustments, where applicable, include the effect of share-based
  compensation, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset
  amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated
  with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition),
  professional services associated with certain legal matters, and losses on the settlement of debt. For the fourth quarters of
  fiscal 2024 and fiscal 2023, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year,
  excluding transition tax payments under the Tax Cuts and Jobs Act.
  We are required to estimate the cost of certain forms of share-based compensation, including employee stock options,
  restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income
  statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is
  affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to
  predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses,
  unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its
  internal operating forecasts and models.
  We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and nonGAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which
  exclude the items noted above, as applicable, to permit additional analysis of our performance.
  Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our
  historical financial performance and comparability between periods. Many of our investors have requested that we disclose
  this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and
  other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP
  measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP
  results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might
  not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for
  amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures,
  including that they exclude financial information that some may consider important in evaluating our performance.
  Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and
  providing reconciliations of the GAAP and non-GAAP results.
  Microchip Technology Reports
  Fourth Quarter and Fiscal 2024
  Financial Results
  Page 8
• – more – –
  Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in
  manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves;
  pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses
  fluctuate over time, primarily due to net sales and profit levels.
  Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise
  of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures
  (additional information regarding our share count is available in the investor relations section of our website under the
  heading “Supplemental Financial Information”), and repurchases or issuances of shares of our common stock. The diluted
  common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June
  2024 quarter between $85 and $95 per share (however, we make no prediction as to what our actual share price will be for
  such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter)

Cautionary Statement:
The statements in this release relating to our resilient operating model and rapid adjustment to the adverse business
environment, that we remain committed to our capital return program, that we are tracking towards achieving our goal of
returning 100% of adjusted free cash flow to shareholders by the current fiscal year-end, that we believe we are under
shipping to end market demand, as customers and channel partners continued to reduce inventory, our austerity measures,
including taking actions to reduce factory utilization, that will persist into the June quarter, that our commitment to
maintaining our competitive edge and positioning ourselves for future revenue growth remains steadfast, that we continue to
focus on innovation, that these initiatives aim to expand our product portfolio and reinforce our leadership across the diverse
end markets we serve, helping to ensure that we are well-prepared to capitalize on opportunities when market conditions
improve, our commitment to operational efficiency and disciplined execution, continuing to work on optimizing our capital
structure, that remain committed to further enhancing our capital structure in fiscal 2025 as additional portions of our
outstanding debt mature, that we see early signs of demand stabilization but are experiencing low business visibility due to
our short lead times and the continued macro uncertainty, that we anticipate June quarter net sales between $1.22 billion and
$1.26 billion, our belief that the June 2024 quarter marks the bottom of the cycle for Microchip and that our business will
return to sequential revenue growth in the September 2024 quarter, that we believe our solutions remain the engine of
innovation for our target markets, and our focus on Total System Solutions and key megatrends continues to drive strong
design win momentum, that we remain committed to executing our Microchip 3.0 strategic imperatives, which we believe will
deliver sustained growth and provide substantial shareholder value our first quarter fiscal 2025 guidance for net sales and
GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax provision, net
income, diluted common shares outstanding, earnings per diluted share, capital expenditures for the June 2024 quarter and
for all of fiscal 2025, selectively adding capital equipment to maintain, grow and operate our internal manufacturing
capabilities to support the expected growth of our business, our belief that non-GAAP measures are useful to investors and
our assumed average stock price in the June 2024 quarter are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could
Microchip Technology Reports
Fourth Quarter and Fiscal 2024
Financial Results
Page 16

• – more – –
  cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness
  in the U.S. and world economies (including China) due to changes in interest rates, high inflation or the impact of the COVID19 pandemic (including lock-downs in China), actions taken or which may be taken by the Biden administration or the U.S.
  Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military
  conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the
  products of our customers and our ability to meet any increases in market demand or customer requests to reschedule or
  cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to
  effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our
  industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand
  existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and
  future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017),
  foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively
  manage and expand our production levels to meet any increases in market demand or any customer requests to reschedule or
  cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of
  orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply
  assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our
  supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers,
  our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market
  demand; our ability to successfully integrate the operations and employees, retain key employees and customers and
  otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or
  strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our
  acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any
  current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price
  and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing
  of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters
  (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health
  concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United
  States or internationally.
  For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can
  obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or
  the SEC’s website (www.sec.gov) or from commercial document retrieval services.
  Microchip Technology Reports
  Fourth Quarter and Fiscal 2024
  Financial Results
  Page 17
• – end – –
  Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as
  of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking
  statements to reflect events, circumstances or new information after this May 6, 2024 press release, or to reflect the
  occurrence of unanticipated events.
  About Microchip:
  Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easyto-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk
  while lowering total system cost and time to market. Our solutions serve approximately 123,000 customers across the
  industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in
  Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more
  information, visit the Microchip website at www.microchip.com.