Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2023
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
| | Three Months Ended March 31, | | Twelve Months Ended March 31, |
| | | 2023 | | | | 2022 | | | | 2023 | | | | 2022 | |
| Operating expenses, as reported | $ | 671.3 | | | $ | 670.9 | | | $ | 2,581.9 | | | $ | 2,600.0 | |
| Share-based compensation expense | | (37.8 | ) | | | (39.0 | ) | | | (143.2 | ) | | | (175.9 | ) |
| 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 expenses | $ | 461.7 | | | $ | 403.5 | | | $ | 1,765.3 | | | $ | 1,518.6 | |
| GAAP operating expenses as a percentage of net sales | | 30.1 | % | | | 36.4 | % | | | 30.6 | % | | | 38.1 | % |
| Non-GAAP operating expenses as a percentage of net sales | | 20.7 | % | | | 21.9 | % | | | 20.9 | % | | | 22.3 | % |
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