Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2023
RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
| | Three Months Ended March 31, | | Twelve Months Ended March 31, |
| | | 2023 | | | | 2022 | | | | 2023 | | | | 2022 | |
| Research and development expenses, as reported | $ | 298.3 | | | $ | 259.1 | | | $ | 1,118.3 | | | $ | 989.1 | |
| Share-based compensation expense | | (22.0 | ) | | | (21.8 | ) | | | (83.1 | ) | | | (97.9 | ) |
| Acquisition-related | | (0.2 | ) | | | (0.2 | ) | | | (0.8 | ) | | | (0.8 | ) |
| Non-GAAP research and development expenses | $ | 276.1 | | | $ | 237.1 | | | $ | 1,034.4 | | | $ | 890.4 | |
| GAAP research and development expenses as a percentage of net sales | | 13.4 | % | | | 14.0 | % | | | 13.3 | % | | | 14.5 | % |
| Non-GAAP research and development expenses as a percentage of net sales | | 12.4 | % | | | 12.9 | % | | | 12.3 | % | | | 13.1 | % |
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