Microchip Technology Announces Record Net Sales for Fourth

Microchip Technology Announces Record Net Sales for Fourth Quarter and Fiscal Year 2017


MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)


ASSETS

	March 31,
	2017		2016
	(Unaudited)
Cash and short-term investments	$	1,302,772	$	2,446,035
Accounts receivable, net	478,373		290,183
Inventories	417,202		306,815
Assets held for sale	6,459		—
Other current assets	100,234		53,680
Total current assets	2,305,040		3,096,713

Property, plant and equipment, net	683,338		609,396
Long-term investments	107,457		118,549
Other assets	4,582,741		1,713,225
Total assets	$	7,678,576	$	5,537,883


LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued liabilities	$	361,683	$	198,577
Deferred income on shipments to distributors	292,815		183,432
Current portion of long-term debt	49,952		—
Total current liabilities	704,450		382,009

Long-term debt	2,900,524		2,453,405
Long-term income tax payable	176,640		111,061
Long-term deferred tax liability	409,045		399,218
Other long-term liabilities	217,206		41,271

Stockholders' equity	3,270,711		2,150,919
Total liabilities and stockholders' equity	$	7,678,576	$	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				Twelve Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Net sales, as reported	$	902,666	$	557,647	$	3,407,807	$	2,173,334
Distributor revenue recognition adjustment	—		10,791		93,879		40,501
Non-GAAP net sales	$	902,666	$	568,438	$	3,501,686	$	2,213,835

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