Microchip Technology Announces Outstanding Financial Results for Third Quarter Fiscal Year 2017



MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
    
ASSETS
    
 December 31, March 31,
 2016 2016
 (Unaudited)  
Cash and short-term investments$669,643  $2,446,035 
Accounts receivable, net475,093  290,183 
Inventories419,618  306,815 
Assets held for sale5,757   
Other current assets106,639  53,680 
Total current assets1,676,750  3,096,713 
    
Property, plant and equipment, net698,704  609,396 
Long-term investments30,007  118,549 
Other assets4,739,120  1,713,225 
Total assets$7,144,581  $5,537,883 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
Accounts payable and accrued liabilities$357,294  $198,577 
Deferred income on shipments to distributors294,259  183,432 
Total current liabilities651,553  382,009 
    
Long-term line of credit1,675,423  1,043,156 
Senior convertible debentures1,250,178  1,216,313 
Junior convertible debentures198,393  193,936 
Long-term income tax payable266,763  111,061 
Long-term deferred tax liability386,824  399,218 
Other long-term liabilities148,549  41,271 
    
Stockholders' equity2,566,898  2,150,919 
Total liabilities and stockholders' equity$7,144,581  $5,537,883 



MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in thousands except per share amounts and percentages)
(unaudited)
 
RECONCILIATION OF GAAP NET SALES TO NON-GAAP NET SALES
 
 Three Months ended Nine Months Ended
 December 31, December 31,
 2016 2015 2016 2015
Net sales, as reported$834,366  $ 540,344     $ 2,505,141     $ 1,615,687  
Distributor revenue recognition adjustment 46,821     11,669     93,879     29,710  
Non-GAAP net sales $ 881,187     $ 552,013     $ 2,599,020     $ 1,645,397  

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