Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2023
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
| | Three Months Ended March 31, | | Twelve Months Ended March 31, |
| | | 2023 | | | | 2022 | | | | 2023 | | | | 2022 | |
| Operating income, as reported | $ | 848.0 | | | $ | 549.5 | | | $ | 3,116.0 | | | $ | 1,849.6 | |
| Share-based compensation expense | | 43.9 | | | | 47.0 | | | | 170.4 | | | | 210.2 | |
| Acquisition-related | | 0.8 | | | | 1.0 | | | | 2.8 | | | | 4.9 | |
| Professional services associated with certain legal matters | | 1.5 | | | | 2.8 | | | | 4.7 | | | | 8.4 | |
| IT security remediation | | — | | | | — | | | | — | | | | 0.2 | |
| Amortization of acquired intangible assets | | 167.4 | | | | 215.5 | | | | 669.9 | | | | 862.5 | |
| Special charges (income) and other, net | | 2.1 | | | | 9.1 | | | | (4.0 | ) | | | 29.5 | |
| Non-GAAP operating income | $ | 1,063.7 | | | $ | 824.9 | | | $ | 3,959.8 | | | $ | 2,965.3 | |
| GAAP operating income as a percentage of net sales | | 38.0 | % | | | 29.8 | % | | | 36.9 | % | | | 27.1 | % |
| Non-GAAP operating income as a percentage of net sales | | 47.6 | % | | | 44.7 | % | | | 46.9 | % | | | 43.5 | % |
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