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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