(in millions except per share amounts and percentages)
(unaudited)
The non-GAAP results for the three and twelve months ended March 31, 2019 in the following reconciliation tables have been adjusted from previously reported amounts. The percentages are now calculated based on GAAP net sales whereas the previously reported percentages were calculated based on non-GAAP net sales, which included the impact of changes in distributor inventory levels (sell-through). Please refer to our prior year earnings releases for the previously reported non-GAAP figures.
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| March 31, | March 31, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Gross profit, as reported | $ | 813.9 | $ | 820.5 | $ | 3,242.1 | $ | 2,931.3 | |||||||
| Share-based compensation expense | 5.1 | 4.0 | 20.9 | 14.9 | |||||||||||
| COVID-19 shelter-in-place restrictions on manufacturing activities | 3.3 | — | 3.3 | — | |||||||||||
| Acquisition-related costs | — | 0.6 | — | 0.8 | |||||||||||
| Excess capacity charges to normalize acquired inventory levels | — | — | — | 2.3 | |||||||||||
| Acquired inventory valuation costs | — | 1.8 | — | 365.7 | |||||||||||
| Non-GAAP gross profit | $ | 822.3 | $ | 826.9 | $ | 3,266.3 | $ | 3,315.0 | |||||||
| Non-GAAP gross profit percentage | 62.0 | % | 62.2 | % | 61.9 | % | 62.0 | % | |||||||
