Microchip Technology Q3 FY25 Filing

TL;DR

MCHP filed its Q3 FY25 10-Q. Financials for Dec 31, 2024 quarter are in.

AI Summary

Microchip Technology Inc. reported its third quarter results for the fiscal year ending March 31, 2025, with the filing dated February 6, 2025. The company's fiscal year runs from April 1 to March 31. Key financial periods covered include the quarter ended December 31, 2024, and comparative periods from the previous fiscal year.

Why It Matters

This filing provides investors with the latest financial performance data for Microchip Technology, crucial for understanding its current operational health and future prospects in the semiconductor industry.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to cyclical demand, technological shifts, and global supply chain disruptions, posing inherent risks to Microchip Technology.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Earnings Per Share (Specific EPS figures are not detailed in the provided header information.)

Key Players & Entities

• MICROCHIP TECHNOLOGY INC (company) — Filer
• 0000827054 (company) — Central Index Key
• 20241231 (date) — Fiscal year end
• 20250206 (date) — Filing date
• 2355 W CHANDLER BLVD (location) — Business Address

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value MCHP NASDAQ Stock Market LLC
• $750.0 million — ed in May 2023 2025 Term Loan Facility $750.0 million term loan facility created pursuant to
• $2.75 billion — rm unsecured promissory notes, of up to $2.75 billion outstanding at any one time Convertibl

Filing Documents

• mchp-20241231.htm (10-Q) — 1813KB
• ex102q3fy25.htm (EX-10.2) — 61KB
• ex221q3fy25.htm (EX-22.1) — 6KB
• ex311q3fy25.htm (EX-31.1) — 10KB
• ex312q3fy25.htm (EX-31.2) — 10KB
• ex32q3fy25.htm (EX-32) — 8KB
• mchp-20241231_g1.jpg (GRAPHIC) — 32KB
• 0000827054-25-000019.txt ( ) — 8584KB
• mchp-20241231.xsd (EX-101.SCH) — 39KB
• mchp-20241231_cal.xml (EX-101.CAL) — 85KB
• mchp-20241231_def.xml (EX-101.DEF) — 279KB
• mchp-20241231_lab.xml (EX-101.LAB) — 594KB
• mchp-20241231_pre.xml (EX-101.PRE) — 443KB
• mchp-20241231_htm.xml (XML) — 1389KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – Dec ember 3 1 , 2024 and March 31, 2024 4 Condensed Consolidated Statements of Operations – Three and Nine Months Ended December 31 , 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive (Loss) Income – Three and Nine Months Ended December 3 1 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows – Nine Months Ended December 3 1 , 2024 and 2023 7 Condensed Consolidated Statements of Changes in Equity - Three and Nine Months Ended December 3 1 , 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 65

Signatures

Signatures 2 MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES Defined Terms (1) Term Definition 4.333% 2023 Notes 2023 Senior Unsecured Notes, matured on June 1, 2023 2.670% 2023 Notes 2023 Senior Unsecured Notes, matured on September 1, 2023 0.972% 2024 Notes 2024 Senior Unsecured Notes, matured on February 15, 2024 0.983% 2024 Notes 2024 Senior Unsecured Notes, matured on September 1, 2024 4.250% 2025 Notes 2025 Senior Unsecured Notes, maturing on September 1, 2025 4.900% 2028 Notes 2028 Senior Unsecured Notes, maturing on March 15, 2028 5.050% 2029 Notes 2029 Senior Unsecured Notes, maturing on March 15, 2029 5.050% 2030 Notes 2030 Senior Unsecured Notes, maturing on February 15, 2030 2015 Senior Convertible Debt 2015 Senior Convertible Debt, maturing on February 15, 2025 2017 Senior Convertible Debt 2017 Senior Convertible Debt, maturing on February 15, 2027 2020 Senior Convertible Debt 2020 Senior Convertible Debt, matured on November 15, 2024 2024 Senior Convertible Debt 2024 Senior Convertible Debt, maturing on June 1, 2030 2017 Junior Convertible Debt 2017 Junior Convertible Debt which was fully settled in May 2023 2025 Term Loan Facility $750.0 million term loan facility created pursuant to the amended Credit Agreement which was fully settled in December 2024 ASU Accounting Standards Update CEMs Client engagement managers CHIPS Act CHIPS and Science Act of 2022 Commercial Paper Short-term unsecured promissory notes, of up to $2.75 billion outstanding at any one time Convertible Debt 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, 2020 Senior Convertible Debt, 2024 Senior Convertible Debt, and 2017 Junior Convertible Debt prior to the May 2023 settlement Credit Agreement Amended and Restated Credit Agreement, dated as of December 16, 2021, among the Company, as borrower, the lenders from time to time party thereto, and J.P. Morgan Chase Bank, N.A., as administrative agent, as amended by the First Incremental Term Lo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

. Financial Statements

Item 1 . Financial Statements MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share amounts; unaudited) ASSETS December 31, March 31, 2024 2024 Cash and cash equivalents $ 586.0 $ 319.7 Accounts receivable, net 857.2 1,143.7 Inventories 1,356.3 1,316.0 Other current assets 196.3 233.6 Total current assets 2,995.8 3,013.0 Property, plant and equipment, net 1,152.1 1,194.6 Goodwill 6,684.8 6,675.4 Intangible assets, net 2,518.2 2,781.8 Long-term deferred tax assets 1,703.9 1,596.5 Other assets 577.4 611.9 Total assets $ 15,632.2 $ 15,873.2 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 195.9 $ 213.0 Accrued liabilities 1,134.4 1,307.0 Current portion of long-term debt — 999.4 Total current liabilities 1,330.3 2,519.4 Long-term debt 6,749.5 5,000.4 Long-term income tax payable 598.7 649.2 Long-term deferred tax liability 22.9 28.8 Other long-term liabilities 899.3 1,017.6 Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 5,000,000 shares; no shares issued or outstanding — — Common stock, $ 0.001 par value; authorized 900,000,000 shares; 577,905,582 shares issued and 537,763,588 shares outstanding at December 31, 2024; 577,806,659 shares issued and 536,663,691 shares outstanding at March 31, 2024 0.5 0.5 Additional paid-in capital 2,481.2 2,482.9 Common stock held in treasury: 40,141,994 shares at December 31, 2024; 41,142,968 shares at March 31, 2024 ( 2,629.6 ) ( 2,581.6 ) Accumulated other comprehensive loss ( 3.3 ) ( 3.5 ) Retained earnings 6,182.7 6,759.5 Total stockholders' equity 6,031.5 6,657.8 Total liabilities and stockholders' equity $ 15,632.2 $ 15,873.2 See accompanying notes to condensed consolidated financial statements 4 Table of Contents MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts; unaudited) Three Months E

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