Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2023
RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
| | Three Months Ended March 31, | | Twelve Months Ended March 31, |
| | | 2023 | | | | 2022 | | | | 2023 | | | | 2022 | |
| Selling, general and administrative expenses, as reported | $ | 203.5 | | | $ | 187.2 | | | $ | 797.7 | | | $ | 718.9 | |
| Share-based compensation expense | | (15.8 | ) | | | (17.2 | ) | | | (60.1 | ) | | | (78.0 | ) |
| Acquisition-related | | (0.6 | ) | | | (0.8 | ) | | | (2.0 | ) | | | (4.1 | ) |
| Professional services associated with certain legal matters | | (1.5 | ) | | | (2.8 | ) | | | (4.7 | ) | | | (8.4 | ) |
| IT security remediation | | — | | | | — | | | | — | | | | (0.2 | ) |
| Non-GAAP selling, general and administrative expenses | $ | 185.6 | | | $ | 166.4 | | | $ | 730.9 | | | $ | 628.2 | |
| GAAP selling, general and administrative expenses as a percentage of net sales | | 9.1 | % | | | 10.2 | % | | | 9.5 | % | | | 10.5 | % |
| Non-GAAP selling, general and administrative expenses as a percentage of net sales | | 8.3 | % | | | 9.0 | % | | | 8.7 | % | | | 9.2 | % |
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