Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2020
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
| | Three Months Ended | | Twelve Months Ended |
| | March 31, | | March 31, |
| | 2020 | | 2019 | | 2020 | | 2019 |
| Operating expenses, as reported | $ | 653.2 | | | $ | 535.9 | | | $ | 2,595.0 | | | $ | 2,217.0 | |
| Share-based compensation expense | (35.6 | ) | | (35.1 | ) | | (149.3 | ) | | (134.3 | ) |
| Acquisition-related costs | (10.9 | ) | | (4.4 | ) | | (35.8 | ) | | (43.3 | ) |
| Professional services associated with certain legal matters | (3.3 | ) | | — | | | (3.3 | ) | | — | |
| IT security remediation | (1.1 | ) | | — | | | (6.8 | ) | | — | |
| Amortization of acquired intangible assets | (248.5 | ) | | (176.9 | ) | | (993.9 | ) | | (674.1 | ) |
| Special charges (income) and other, net | (17.2 | ) | | 23.3 | | | (46.7 | ) | | (33.7 | ) |
| Non-GAAP operating expenses | $ | 336.6 | | | $ | 342.8 | | | $ | 1,359.2 | | | $ | 1,331.6 | |
| Non-GAAP operating expenses as a percentage of net sales | 25.4 | % | | 25.8 | % | | 25.7 | % | | 24.9 | % |
