Microchip Technology Financials

$994.2 M

Revenue Q3, 2018

$20.1 B

Mkt cap, 20-Apr-2018
Gross profit (Q3, 2018)607.1 M
Gross profit margin (Q3, 2018), %61.1%
Net income (Q3, 2018)(251.1 M)
EBIT (Q3, 2018)245.2 M
Cash, 31-Dec-2017672.1 M
EV22.4 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

802.5 m917.5 m967.9 m1.7 b

Gross profit

1.1 b1.2 b1.2 b1.8 b

Gross profit Margin, %

58%57%55%52%

R&D expense

305 m349.5 m372.6 m545.3 m

General and administrative expense

267.3 m274.8 m301.7 m499.8 m

Operating expense total

669.9 m803.9 m853.1 m1.5 b

EBIT

458.9 m425.6 m352.3 m275.8 m

EBIT margin, %

24%20%16%8%

Interest expense

48.7 m62 m104 m146.3 m

Interest income

16.5 m19.5 m24.4 m3.1 m

Pre tax profit

432.4 m345.9 m281.3 m89.8 m

Income tax expense

37.1 m(19.4 m)(42.6 m)(80.8 m)

Net Income

395.3 m365.3 m323.9 m164.6 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

Prepaid Expenses

31.8 m34.7 m42 m41.4 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

631.4 m462 m2.5 b2.9 b

Non-Current Liabilities

37.6 m43.3 m41.3 m217.2 m

Total Debt

17.5 m462 m2.5 b3 b

Total Liabilities

373.6 m397.3 m423.3 m921.7 m

Common Stock

200 k202 k204 k229 k

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 x0.2 x1.1 x0.9 x

Debt to Assets Ratio

0 x0.1 x0.4 x0.4 x

Financial Leverage

1.9 x2.3 x2.6 x2.4 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

617.8 m481.4 m456.3 m563.5 m539.1 m331.5 m600.5 m490 m663.9 m773 m826.4 m672.1 m

Accounts Receivable

286.7 m287.5 m242.6 m277 m281.1 m248 m435.5 m451 m475.1 m529 m545.4 m553.1 m

Prepaid Expenses

35.1 m33.9 m38.6 m36.5 m51.8 m60.8 m51.3 m43.8 m44.4 m60.1 m

Inventories

264.5 m275.7 m276.1 m303.7 m363.8 m319.5 m518.4 m424.7 m419.6 m426.8 m456.9 m487.1 m

Current Assets

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

PP&E

569.9 m585.1 m577.1 m595.2 m631.6 m622.8 m732.8 m717 m698.7 m694 m722.8 m754.8 m

Goodwill

409.9 m558 m565.3 m571.7 m1 b1 b2.4 b2.4 b2.4 b2.3 b2.3 b2.3 b

Total Assets

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

Accounts Payable

79.9 m94.4 m76.9 m93.7 m72.4 m69.1 m137.6 m131.6 m135.2 m171.9 m182.6 m162.7 m

Short-term debt

17.5 m17.5 m17.5 m11.3 m6 m

Current Liabilities

359.7 m385.5 m353.1 m372.3 m371.8 m343.9 m573.3 m578.8 m651.6 m736.4 m734.2 m756.8 m

Long-term debt

961.5 m947.1 m962.8 m497 m1.3 b1 b1.9 b1.7 b1.7 b3 b3 b3 b

Non-Current Liabilities

39.1 m40.4 m44.2 m48.7 m41 m41.1 m157.1 m161.2 m148.5 m220.5 m240.5 m238.7 m

Total Debt

17.5 m964.6 m980.3 m497 m1.3 b1 b1.9 b1.7 b1.7 b3 b3 b3 b

Total Liabilities

398.8 m425.8 m397.3 m421 m412.8 m385 m730.4 m740 m800.1 m957 m974.6 m995.5 m

Common Stock

200 k201 k201 k202 k203 k203 k215 k216 k216 k233 k234 k234 k

Additional Paid-in Capital

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

Retained Earnings

1.5 b1.5 b1.5 b1.6 b1.6 b1.6 b1.4 b1.4 b1.4 b1.6 b1.7 b1.3 b

Total Equity

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

Debt to Equity Ratio

0 x0.4 x0.4 x0.2 x0.6 x0.5 x0.8 x0.7 x0.7 x0.9 x0.9 x1 x

Debt to Assets Ratio

0 x0.2 x0.2 x0.1 x0.2 x0.2 x0.3 x0.2 x0.2 x0.4 x0.4 x0.4 x

Financial Leverage

2.1 x2 x2 x2.3 x2.7 x2.6 x2.9 x2.8 x2.8 x2.3 x2.3 x2.6 x

Cash Flow

Annual

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

Net Income

395.3 m365.3 m323.9 m164.6 m

Depreciation and Amortization

189.1 m278.3 m283.2 m469.2 m

Accounts Receivable

(12.5 m)(15.9 m)(2.2 m)(46.8 m)

Inventories

(18.5 m)25.5 m48.2 m223.7 m

Accounts Payable

(11.6 m)(34 m)(20.8 m)(16.1 m)

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)

Short-term Borrowings

(1.1 b)(1.7 b)(1.6 b)(2.8 b)

Long-term Borrowings

(454 k)(1.5 b)(676 k)(437 m)

Dividends Paid

(281.2 m)(286.5 m)(291.1 m)(315.4 m)

Cash From Financing Activities

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

Net Change in Cash

(61.7 m)141.2 m1.5 b(1.2 b)

Free Cash Flow

563.5 m571.7 m646.6 m984.1 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

89.9 m181.9 m266.7 m130.5 m195.4 m256.6 m(113.4 m)(79.4 m)27.7 m170.6 m359.7 m108.7 m

Depreciation and Amortization

61 m131.8 m205.1 m60.4 m131.5 m207.7 m113.1 m226 m340.9 m151.8 m304.4 m459 m

Accounts Receivable

(37.2 m)(29.4 m)15.4 m(3.1 m)5.2 m40 m(9.9 m)(25.4 m)(43.6 m)(50.6 m)(67 m)(74.8 m)

Inventories

25 m32.1 m28.7 m(23.9 m)(4.6 m)34.8 m121.1 m216 m220.7 m(9.9 m)(40.1 m)(70.2 m)

Accounts Payable

(4.4 m)(15.8 m)(39 m)16.2 m(31.4 m)(44.4 m)(18 m)22 m(22.3 m)36.3 m25.8 m41.8 m

Cash From Operating Activities

165.8 m357.8 m542.7 m181.5 m331.4 m541.9 m224 m446.1 m736.9 m345 m695.1 m1.1 b

Cash From Investing Activities

(272.4 m)(520.2 m)(676.8 m)(187.2 m)(727.9 m)(781.8 m)(2.3 b)(2.3 b)(2.4 b)(391.3 m)(592 m)(961.6 m)

Short-term Borrowings

(170 m)(308.5 m)(427.9 m)(110 m)(190 m)(571 m)(602 m)(951.5 m)(1.1 b)(60 m)(113 m)(187 m)

Long-term Borrowings

(4.5 m)9 m(13.6 m)(166 k)(334 k)(504 k)(195 k)(391 k)(587 k)(195 k)(15.6 m)(74 m)

Dividends Paid

(71.2 m)(142.6 m)(214.4 m)(72.3 m)(145 m)(217.9 m)(77.2 m)(154.9 m)(232.8 m)(82.9 m)(167.4 m)(252.4 m)

Cash From Financing Activities

257.8 m177.4 m124 m(38.6 m)327.7 m(36.5 m)580 m267.8 m185.8 m(89.4 m)(185.4 m)(335.1 m)

Net Change in Cash

151.2 m14.8 m(10.3 m)(44.3 m)(68.7 m)(276.4 m)(1.5 b)(1.6 b)(1.4 b)(135.6 m)(82.3 m)(236.6 m)

Free Cash Flow

121.2 m274.5 m422.7 m147.9 m267.9 m460.5 m205.5 m409.4 m684.6 m322.9 m613.1 m911.7 m

Ratios

USDY, 2017

EV/EBIT

91.4 x

EV/CFO

21.2 x

EV/FCF

24.6 x

Revenue/Employee

78.6 k

Debt/Equity

1 x

Debt/Assets

0.4 x

Financial Leverage

2.6 x
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Operating Metrics

Microchip Technology's Customers was reported to be 115 k in Feb, 2018. Microchip Technology's Backlog was reported to be $1.6b in FY, 2017.
FY, 2015FY, 2016FY, 2017Jun, 2017Sep, 2017Dec, 2017Feb, 2018

Backlog

$765 m$1.21 b$1.62 b

Microcontrollers Shipped

15 b17 b19 b

Microcontrollers Offered

1.30 k1.40 k2.80 k

Development Tools Shipped

1.80 b2 m2.20 m

Customers

91 k93 k115 k115 k

Book-to-bill Ratio

111%111%105%100%109%
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