Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2022
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
| | Three Months Ended March 31, | | Twelve Months Ended March 31, |
| | | 2022 | | | | 2021 | | | | 2022 | | | | 2021 | |
| Operating expenses, as reported | $ | 670.9 | | | $ | 618.8 | | | $ | 2,600.0 | | | $ | 2,380.7 | |
| Share-based compensation expense | | (39.0 | ) | | | (47.2 | ) | | | (175.9 | ) | | | (171.7 | ) |
| Acquisition-related | | (1.0 | ) | | | (2.4 | ) | | | (4.9 | ) | | | (4.1 | ) |
| Professional services associated with certain legal matters | | (2.8 | ) | | | (0.4 | ) | | | (8.4 | ) | | | (9.5 | ) |
| IT security remediation | | — | | | | (0.1 | ) | | | (0.2 | ) | | | (1.5 | ) |
| Amortization of acquired intangible assets | | (215.5 | ) | | | (232.4 | ) | | | (862.5 | ) | | | (932.3 | ) |
| Special income (charges) and other, net | | (9.1 | ) | | | 7.2 | | | | (29.5 | ) | | | (1.7 | ) |
| Non-GAAP operating expenses | $ | 403.5 | | | $ | 343.5 | | | $ | 1,518.6 | | | $ | 1,259.9 | |
| Non-GAAP operating expenses as a percentage of net sales | | 21.9 | % | | | 23.4 | % | | | 22.2 | % | | | 23.2 | % |
