Microchip Technology Inc

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Description

Microchip had a mixed quarter with below-par revenues and on-par earnings. The company reported net sales of $2.254 billion, reflecting a sequential decrease of 1.5%. Their non-GAAP performance showcased a gross margin of 68.1%, operating expenses at 20%, and a significant operating income of 48.1%. Cash flow from operating activities reached $616.2 million, including $87.5 million in long-term supply assurance receipts. In the quarter, the company also issued a $750 million Term Loan A, retired $1 billion in maturing bonds, and issued $1 billion in commercial paper. The line of credit had $39 million in borrowings at the end of September. Capital expenditures for the quarter totaled $74.4 million, and the expected range for fiscal year 2024 is between $300 million and $325 million. This adjustment considers the challenging economic environment and Microchip’s team anticipates enhanced production control from its capital investments during industry-wide constraints. Apart from these financial highlights, the company announced the launch of the PIC18-Q20 family of microcontrollers, the pioneering solution in integrating I3C technology.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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