Microchip Technology : Schedule of Outstanding Debt and Leverage Metrics as of March 31 2025.05082025
MCHP
Published on 05/08/2025 at 20:08
‌Coupon
Interest
Balance at
Rate
Maturity
3/31/2025
Revolving Credit Facility Commercial Paper
$ -
175.0
4.250% 2025 Notes
4.250%
9/1/2025
1,200.0
4.900% 2028 Notes
4.900%
3/15/2028
1,000.0
5.050% 2029 Notes
5.050%
3/15/2029
1,000.0
5.050% 2030 Notes
5.050%
2/15/2030
1,000.0
Total Senior Indebtedness
4,375.0
Senior Subordinated Convertible Debt - Principal Outstanding
2027 Senior Convertible Debt
1.625%
2/15/2027
38.0
2030 Senior Convertible Debt
0.750%
6/1/2030
1,250.0
Total Convertible Debt
1,288.0
Total Gross Debt 1
$ 5,663.0
Cash and Short-term Investments
$ 771.7
Total Gross Debt Less Cash and Short-term Investments
$ 4,891.3
Credit Agreement Leverage Metrics 2
Total Leverage Ratio
4.2350
Net Leverage Ratio
3.6579
Notes
- Refer to Note 5 Debt of our Form 10-K for the fiscal year ended March 31, 2024 filed with the SEC on May 23, 2024 (the "Form 10-K")
and our Form 10-Q as previously filed with the SEC for further information on our indebtedness.
- The following leverage metrics are based on the definitions in our Amended and Restated Credit Agreement dated December 16, 2021, as amended by the Second Amended and Restated Credit Agreement, dated as of March 25, 2025, based on last twelve month adjusted EBITDA (as defined in the Credit Agreement) and including the adjusted EBITDA of acquired companies divided into:
for the Total Leverage Ratio, Gross Debt; and
for the Net Leverage Ratio, Gross Debt less Cash and Short-term Investments.
Refer to page 2 of this document for the calculation of adjusted EBITDA and our disclosures related to the use of this Non-GAAP measure.
The following calculation of adjusted EBITDA is based on the definition contained in our Credit Agreement.
Reconciliation of GAAP net (loss) income to adjusted EBITDA
6/30/2024
9/30/2024
12/31/2024
3/31/2025
Net (loss) income attributable to common stockholders
$ 129.3
$ 78.4
$ (53.6)
$ (156.8)
Additions:
Dividends on preferred stock
-
-
-
2.2
Interest expense
61.8
59.1
68.7
69.6
Income tax provision
32.5
13.1
7.5
(13.7)
Depreciation
43.0
41.2
40.4
41.2
Amortization
145.7
146.4
146.4
145.8
Special (income) charges and other, net as reflected on the Consolidated
2.6
1.5
3.5
71.6
Professional services associated with certain legal matters
0.5
0.2
0.4
1.4
Share-based compensation expenses
44.0
46.3
49.4
40.7
Other adjustments
1.3
2.1
3.9
-
Other manufacturing adjustments
-
-
-
-
Cybersecurity incident expenses
-
21.4
-
-
Other (income) loss as reflected on the Consolidated Statements of Operations
(1.7)
(2.0)
9.7
(0.3)
Subtractions:
Interest Income
(2.8)
(2.0)
(1.7)
(2.7)
Loss on settlement of debt
-
-
0.3
1.4
Consolidated adjusted EBITDA
$ 456.2
$ 405.7
$ 274.9
$ 200.4
Adjusted EBITDA for the twelve months ended March 31, 2025
$ 1,337.2
For the three months ended:
Statements of Operations
Disclosure Regarding adjusted EBITDA as a Non-GAAP Financial Measure: Adjusted EBITDA is a non-GAAP financial measure and the above calculation of adjusted EBITDA is based on the definition in our Credit Agreement. In the above table, adjusted EBITDA is reconciled to Net Income as determined in accordance with GAAP. Our calculation of adjusted EBITDA might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with the use of adjusted EBITDA, including that it excludes financial information that some may consider important in evaluating our performance. We compensate for this by presenting such information on both a GAAP and non-GAAP basis and providing a reconciliation of the GAAP and non-GAAP results.
Disclaimer
Microchip Technology Incorporated published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 22:32 UTC.