Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2021
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
| | Three Months Ended |
| | June 30, |
| | 2020 | | 2019 |
| Operating expenses, as reported | $ | 580.0 | | | $ | 643.6 | |
| Share-based compensation expense | (36.0 | ) | | (35.8 | ) |
| Acquisition-related costs | (1.5 | ) | | (6.6 | ) |
| Professional services associated with certain legal matters | (3.5 | ) | | — | |
| IT security remediation | (1.0 | ) | | (3.0 | ) |
| Amortization of acquired intangible assets | (235.4 | ) | | (248.5 | ) |
| Special charges and other, net | (0.3 | ) | | (8.1 | ) |
| Non-GAAP operating expenses | $ | 302.3 | | | $ | 341.6 | |
| Non-GAAP operating expenses as a percentage of net sales | 23.1 | % | | 25.8 | % |
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
| | Three Months Ended |
| | June 30, |
| | 2020 | | 2019 |
| Operating income, as reported | $ | 218.3 | | | $ | 171.6 | |
| Share-based compensation expense | 42.4 | | | 40.7 | |
COVID-19 shelter-in-place restrictions on manufacturing activities
| 2.8 | | | — | |
| Acquisition-related costs | 1.5 | | | 6.6 | |
| Professional services associated with certain legal matters | 3.5 | | | — | |
| IT security remediation | 1.0 | | | 3.0 | |
| Amortization of acquired intangible assets | 235.4 | | | 248.5 | |
| Special charges and other, net | 0.3 | | | 8.1 | |
| Non-GAAP operating income | $ | 505.2 | | | $ | 478.5 | |
| Non-GAAP operating income as a percentage of net sales | 38.6 | % | | 36.2 | % |
