Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021

 Three Months Ended Twelve Months Ended
 March 31, March 31,
 2021 2020 2021 2020
Research and development expenses, as reported$228.5  $221.8  $836.4  $877.8 
Share-based compensation expense(26.8) (19.9) (96.8) (82.9)
Acquisition-related(0.2)   (0.4) (0.1)
Non-GAAP research and development expenses$201.5  $201.9  $739.2  $794.8 
Non-GAAP research and development expenses as a percentage of net sales13.7% 15.2% 13.6% 15.1%
            

RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

  Three Months Ended   Twelve Months Ended
  March 31,   March 31,
  2021   2020   2021   2020
Selling, general and administrative expenses, as reported $ 165.1     $ 165.7     $ 610.3     $ 676.6  
Share-based compensation expense (20.4 )   (15.7 )   (74.9 )   (66.4 )
Acquisition-related (2.2 )   (10.9 )   (3.6 )   (35.7 )
Professional services associated with certain legal matters (0.4 )   (3.3 )   (9.5 )   (3.3 )
IT security remediation (0.1 )   (1.1 )   (1.5 )   (6.8 )
Non-GAAP selling, general and administrative expenses $ 142.0     $ 134.7     $ 520.8     $ 564.4  
Non-GAAP selling, general and administrative expenses as a percentage of net sales 9.7 %   10.2 %   9.6 %   10.7 %
                       

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