Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
| | Three Months Ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Operating expenses, as reported | $ | 618.8 | | | $ | 653.2 | | | $ | 2,380.7 | | | $ | 2,595.0 | |
| Share-based compensation expense | (47.2 | ) | | (35.6 | ) | | (171.7 | ) | | (149.3 | ) |
| Acquisition-related | (2.4 | ) | | (10.9 | ) | | (4.0 | ) | | (35.8 | ) |
| Professional services associated with certain legal matters | (0.4 | ) | | (3.3 | ) | | (9.5 | ) | | (3.3 | ) |
| IT security remediation | (0.1 | ) | | (1.1 | ) | | (1.5 | ) | | (6.8 | ) |
| Amortization of acquired intangible assets | (232.4 | ) | | (248.5 | ) | | (932.3 | ) | | (993.9 | ) |
| Special (income) charges and other, net | 7.2 | | | (17.2 | ) | | (1.7 | ) | | (46.7 | ) |
| Non-GAAP operating expenses | $ | 343.5 | | | $ | 336.6 | | | $ | 1,260.0 | | | $ | 1,359.2 | |
| Non-GAAP operating expenses as a percentage of net sales | 23.4 | % | | 25.4 | % | | 23.2 | % | | 25.7 | % |
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