Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
| | Three Months Ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Operating income, as reported | $ | 308.0 | | | $ | 160.7 | | | $ | 998.1 | | | $ | 647.1 | |
| Share-based compensation expense | 55.0 | | | 40.7 | | | 198.3 | | | 170.2 | |
| COVID-19 shelter-in-place restrictions on manufacturing activities | — | | | 3.3 | | | 2.8 | | | 3.3 | |
| Manufacturing excursion | 5.8 | | | — | | | 5.8 | | | — | |
| 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 income | $ | 596.9 | | | $ | 485.7 | | | $ | 2,154.0 | | | $ | 1,907.1 | |
| Non-GAAP operating income as a percentage of net sales | 40.7 | % | | 36.6 | % | | 39.6 | % | | 36.2 | % |
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