Microchip Technology Financials

3.4 B

Revenue FY, 2017

22.3 B

Mkt cap, 13-Nov-2017
Revenue growth (FY, 2016 - FY, 2017), %57%
Gross profit (FY, 2017)1.8 B
Gross profit margin (FY, 2017), %52%
EBIT (FY, 2017)275.8 M
Cash, 30-Sep-2017826.4 M
EV24.5 B

Market Value

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)

          Cash From Operating Activities

          676.6 m721.2 m744.5 m1.1 b

          Capital Expenditures

          (113.1 m)(149.5 m)(97.9 m)(75.3 m)

          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, 2017Q1, 2018Q2, 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

              88.7 x

              Revenue/Employee

              291.4 k

              Financial Leverage

              2.3 x

              Operating Metrics

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

              Backlog

              $765 m$1.21 b$1.62 b