Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2019



MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
    
    
ASSETS
    
 March 31,
 2019 2018
 (Unaudited)  
Cash and short-term investments$430.9  $2,196.6 
Accounts receivable, net880.6  563.7 
Inventories711.7  476.2 
Other current assets191.6  119.8 
Total current assets2,214.8  3,356.3 
    
Property, plant and equipment, net996.7  767.9 
Other assets15,133.5  4,133.0 
Total assets$18,345.0  $8,257.2 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY
    
Accounts payable and accrued liabilities$1,013.7  $373.7 
Deferred income on shipments to distributors  333.8 
Current portion of long-term debt1,360.8  1,309.9 
Total current liabilities2,374.5  2,017.4 
    
Long-term debt8,946.2  1,758.4 
Long-term income tax payable751.2  754.9 
Long-term deferred tax liability706.1  205.8 
Other long-term liabilities279.5  240.9 
    
Stockholders' equity5,287.5  3,279.8 
Total liabilities and stockholders' equity$18,345.0  $8,257.2 


MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in millions 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,
 2019 2018 2019 2018
Net sales, as reported$1,329.8  $1,002.3  $5,349.5  $3,980.8  
Impact of changes in distributor inventory levels         126.3      
Non-GAAP net sales $ 1,329.8     $ 1,002.3     $ 5,475.8     $ 3,980.8  

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