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MICROCHIP MICROCHIP TECHNOLOGY ANNOUNCES RECORD FINANCIAL RESULTS FOR FIRST QUARTER OF FISCAL YEAR 2022 Record net sales of $ 1.569 billion , up 7.0 % sequentially and up 19.8 % from the year ago quarter . The midpoint of our guidance provided on May 6 , 2021 was net sales of $ 1.548 billion . On a GAAP basis : record gross margin of 64.2 % ; record operating income of $ 368.8 million ; net income of $ 252.8 million ; and EPS of $ 0.89 per diluted share . Our guidance provided on May 6 , 2021 was for GAAP EPS of $ 0.75 to $ 0.79 per diluted share . On a Non - GAAP basis : record gross margin of 64.8 % ; record operating income of $ 655.1 million and a record 41.7 % of net sales ; record net income of $ 558.8 million and record EPS of $ 1.98 per diluted share . Our guidance provided on May 6 , 2021 was for Non - GAAP EPS of $ 1.85 to $ 1.95 per diluted share . EXHIBIT 99.1 INVESTOR RELATIONS CONTACT : J. Eric Bjornholt -- CFO ..... ( 480 ) 792-7804 Record microcontroller and analog revenue . Record cash flow from operations of $ 629.9 million . Paid down $ 388.0 million of debt in the June 2021 quarter . Cumulatively paid down $ 3.99 billion of debt over the last 12 quarters . Net sales NEWS RELEASE Record quarterly dividend declared of 43.7 cents per share , an increase of 5.8 % sequentially and 18.75 % from a year ago quarter . Gross margin Operating income Other expense Income tax provision CHANDLER , Arizona - August 3 , 2021 - ( NASDAQ : MCHP ) - Microchip Technology Incorporated , a leading provider of smart , connected and secure embedded control solutions , today reported results for the three months ended June 30 , 2021 as summarized in the following table : Net income Net income per diluted share ( ¹ ) In millions , except per share amounts and percentages of net sales . ( 2 ) See the " Use of Non - GAAP Financial Measures " section of this release . more $ 1,569.4 GAAP $ 1,007.6 $ 368.8 $ ( 71.8 ) $ 44.2 $ 252.8 $ 0.89 Three Months Ended June 30 , 2021 ( ¹ ) % 64.2 % 23.5 % 16.1 % Non - GAAP ( 2 ) $ 1,016.4 $ 655.1 $ ( 60.6 ) $ 35.7 $ 558.8 $ 1.98 Microchip Technology Incorporated 2355 West Chandler Blvd. Chandler , AZ 85224-6199 Main Office 480.792 7200 % 64.8 % 41.7 % 35.6 %