Microchip Technology Financials

$3.4 B

Revenue FY, 2017

$19.9 B

Mkt cap, 23-Feb-2018
Revenue growth (FY, 2016 - FY, 2017), %57%
Gross profit (FY, 2017)1.8 B
Gross profit margin (FY, 2017), %51.6%
EBIT (FY, 2017)275.8 M
Cash, 30-Sep-2017826.4 M
EV22.1 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.9 b2.1 b2.2 b3.4 b

Revenue growth, %

11%1%57%

Cost of goods sold

967.9 m1.7 b

Gross profit

1.2 b1.8 b

Gross profit Margin, %

55%52%

R&D expense

545.3 m

General and administrative expense

499.8 m

Operating expense total

1 b

EBIT

459 m425.9 m352.7 m275.8 m

EBIT margin, %

24%20%16%8%

Interest expense

104 m146.3 m

Interest income

24.4 m3.1 m

Pre tax profit

281.3 m89.8 m

Income tax expense

(42.6 m)(80.8 m)

Net Income

395.3 m365.3 m323.9 m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

492.7 m482.4 m528.9 m546.2 m528.7 m534 m541.4 m540.3 m799.4 m871.4 m834.4 m972.1 m1 b

Cost of goods sold

203.8 m199.7 m222.4 m238.8 m226.8 m224.9 m240.4 m247.6 m450.9 m460.7 m369.1 m387.7 m398 m

Gross profit

288.9 m282.7 m306.5 m307.5 m302 m309 m301 m292.7 m348.5 m410.6 m465.3 m584.4 m614.1 m

Gross profit Margin, %

59%59%58%56%57%58%56%54%44%47%56%60%61%

R&D expense

78.3 m76.3 m84.4 m88.8 m88.7 m84.7 m95.3 m97 m147.9 m137.8 m132.4 m130.5 m

General and administrative expense

69.4 m66.9 m69.3 m66.7 m66.8 m80.3 m76.3 m157.5 m120.1 m111 m114.3 m

Operating expense total

171.4 m165.8 m190.6 m206.1 m204 m187.7 m226 m173.3 m305.4 m257.9 m243.5 m244.8 m

EBIT

117.5 m116.9 m115.9 m101.3 m98 m121.3 m74.9 m76.1 m(59.1 m)62.8 m118.1 m221.6 m225.4 m

EBIT margin, %

24%24%22%19%19%23%14%14%(7%)7%14%23%22%

Interest expense

12.4 m12.5 m13.7 m14 m14.2 m24.1 m25.6 m27.5 m34.4 m35.1 m35.1 m49.5 m49.5 m

Interest income

4 m4.2 m4.7 m4.5 m4.9 m5.5 m6.4 m6.7 m819 k445 k501 k3.5 m4.6 m

Pre tax profit

111.2 m112.6 m107 m90.7 m86.2 m119.6 m54 m50.2 m(90.7 m)25.2 m83.5 m166.2 m186.2 m

Income tax expense

11.4 m7.2 m17.1 m(1.3 m)1.4 m(10.9 m)(10.9 m)(11.1 m)18.5 m(10.3 m)(23.8 m)(4.4 m)

Net Income

99.8 m105.4 m89.9 m92 m84.8 m130.5 m64.9 m61.2 m(113.4 m)33.9 m107.2 m170.6 m189.2 m

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

466.6 m607.8 m2.1 b908.7 m

Accounts Receivable

242.4 m273.9 m290.2 m478.4 m

Inventories

262.7 m279.5 m306.8 m417.2 m

Current Assets

2 b2.7 b3.1 b2.3 b

PP&E

532 m581.6 m609.4 m683.3 m

Goodwill

276.1 m571.3 m1 b2.3 b

Total Assets

4.1 b4.8 b5.6 b7.7 b

Accounts Payable

74.1 m86.9 m79.3 m149.2 m

Short-term debt

17.5 m50 m

Current Liabilities

336.1 m354 m382 m704.5 m

Long-term debt

2.9 b

Total Debt

3 b

Additional Paid-in Capital

1.2 b999.5 m1.4 b2.5 b

Retained Earnings

1.5 b1.5 b1.6 b1.5 b

Total Equity

2.1 b2.1 b2.2 b3.3 b

Debt to Equity Ratio

0.9 x

Debt to Assets Ratio

0.4 x

Financial Leverage

1.9 x2.3 x2.6 x2.4 x

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

344.2 m375.1 m617.8 m481.4 m456.3 m563.5 m539.1 m331.5 m600.5 m490 m663.9 m773 m826.4 m

Accounts Receivable

230.5 m224.3 m286.7 m287.5 m242.6 m277 m281.1 m248 m435.5 m451 m475.1 m529 m545.4 m

Inventories

275.1 m274.6 m264.5 m275.7 m276.1 m303.7 m363.8 m319.5 m518.4 m424.7 m419.6 m426.8 m456.9 m

Current Assets

1.8 b2 b2.5 b2 b1.8 b2.3 b2.8 b1.6 b1.7 b1.5 b1.7 b2.3 b2.4 b

PP&E

518.2 m520.6 m569.9 m585.1 m577.1 m595.2 m631.6 m622.8 m732.8 m717 m698.7 m694 m

Goodwill

268.6 m276 m409.9 m558 m565.3 m571.7 m1 b1 b2.4 b2.4 b2.4 b2.3 b2.3 b

Total Assets

4 b4 b4.5 b4.6 b4.6 b4.9 b5.8 b5.4 b7.4 b7.1 b7.1 b7.9 b8.1 b

Accounts Payable

77.8 m62.8 m79.9 m94.4 m76.9 m93.7 m72.4 m69.1 m137.6 m131.6 m135.2 m171.9 m182.6 m

Short-term debt

8.4 m14.2 m17.5 m17.5 m17.5 m11.3 m6 m

Current Liabilities

338.9 m316.4 m359.7 m385.5 m353.1 m372.3 m371.8 m343.9 m573.3 m578.8 m651.6 m736.4 m734.2 m

Long-term debt

3 b3 b

Total Debt

8.4 m14.2 m17.5 m17.5 m17.5 m3 b3 b

Additional Paid-in Capital

1.3 b1.3 b1.2 b1.2 b1.3 b1 b1.4 b1.4 b1.9 b1.9 b1.9 b2.6 b2.6 b

Retained Earnings

1.4 b1.4 b1.5 b1.5 b1.5 b1.6 b1.6 b1.6 b1.4 b1.4 b1.4 b1.6 b1.7 b

Total Equity

2 b2.1 b2.2 b2.3 b2.3 b2.1 b2.1 b2.1 b2.5 b2.5 b2.6 b3.4 b3.5 b

Financial Leverage

2 x1.9 x2.1 x2 x2 x2.3 x2.7 x2.6 x2.9 x2.8 x2.8 x2.3 x2.3 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

395.3 m365.3 m323.9 m

Depreciation and Amortization

189.1 m278.3 m283.2 m469.2 m

Accounts Receivable

(13 m)(16 m)(2.2 m)(46.8 m)

Inventories

Accounts Payable

Cash From Operating Activities

676.6 m721.2 m744.5 m1.1 b

Cash From Investing Activities

(503.3 m)(678.3 m)800.4 m(2.8 b)

Long-term Borrowings

(350 m)

Cash From Financing Activities

(235 m)98.5 m(59.9 m)595.5 m

Free Cash Flow

789.6 m870.7 m842.4 m984.1 m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Net Income

99.8 m105.4 m89.9 m92 m84.8 m130.5 m64.9 m61.2 m(113.4 m)33.9 m107.2 m189.2 m

Accounts Receivable

286.7 m287.5 m242.6 m277 m281.1 m248 m435.5 m451 m475.1 m545.4 m

Inventories

264.5 m275.7 m276.1 m303.7 m363.8 m319.5 m518.4 m424.7 m419.6 m456.9 m

Accounts Payable

79.9 m94.4 m76.9 m93.7 m72.4 m69.1 m137.6 m131.6 m135.2 m182.6 m

Ratios

USDY, 2017

EV/EBIT

80.2 x

Revenue/Employee

282.1 k

Financial Leverage

2.3 x
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Operating Metrics

Microchip Technology's Backlog was reported to be $1.6b in FY, 2017.
FY, 2015FY, 2016FY, 2017

Backlog

$765 m$1.21 b$1.62 b
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