Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2020

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2020 2019 2020 2019
Operating income, as reported$160.7  $284.6  $647.1  $714.3 
Share-based compensation expense40.7  39.1  170.2  149.2 
COVID-19 shelter-in-place restrictions on manufacturing activities

3.3    3.3   
Acquisition-related costs10.9  5.0  35.8  44.1 
Professional services associated with certain legal matters3.3    3.3   
IT security remediation1.1    6.8   
Excess capacity charges to normalize acquired inventory levels      2.3 
Acquired inventory valuation costs  1.8    365.7 
Amortization of acquired intangible assets248.5  176.9  993.9  674.1 
Special charges (income) and other, net17.2  (23.3 )   46.7     33.7  
Non-GAAP operating income $ 485.7     $ 484.1     $ 1,907.1     $ 1,983.4  
Non-GAAP operating income as a percentage of net sales 36.6 %   36.4 %   36.2 %   37.1 %

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