Microchip Technology (MCHP) FY2014 results: revenue $1.9 billion, up 22.1% on the year
Microchip Technology Inc. (MCHP) reported revenue of $1.9 billion for fiscal 2014, the year ended 31 March 2014, up 22.1% on the year before. Net income was $395 million, up 210.3%, and diluted earnings per share $0.91. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2014.
Revenue
$1.9 billion
+22.1% on the year
FY2008FY2014
Operating margin
23.8%
11.3% a year earlier
FY2008FY2014
Net income
$395 million
+210.3% on the year
FY2008FY2014
Diluted EPS
$0.91
+193.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,931
1,582
1,383
+22.1%
Cost of revenue
802
743
591
+8.0%
Gross profit
1,129
838
799
+34.6%
Gross margin
58.4%
53.0%
57.8%
Research and development
305
255
183
+19.8%
Selling, general and administrative
267
261
208
+2.2%
Operating income
459
179
397
+157.0%
Operating margin
23.8%
11.3%
28.7%
Interest expense
48.7
40.9
34.3
+19.1%
Pre-tax income
432
152
380
+184.1%
Income tax
37.1
24.8
43.0
+49.6%
Effective tax rate
8.6%
16.3%
11.3%
Net income
395
127
337
+210.3%
Net margin
20.5%
8.1%
24.3%
Diluted EPS
$0.91
$0.31
$0.82
+193.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
677
459
412
+47.3%
Capital expenditure
9.1
4.7
5.8
+91.7%
Free cash flow
667
455
406
+46.8%
Free cash flow margin
34.6%
28.7%
29.4%
Cash from investing
-503
-950
-272
Cash from financing
-235
382
-208
Depreciation and amortisation
189
204
99.4
-7.3%
Share-based compensation
53.8
52.1
38.3
+3.3%
Buybacks
0.0
n/a
n/a
Dividends paid
281
274
266
+2.7%
Dividend per share
$0.71
$0.70
$0.69
+0.8%
Diluted shares, weighted
435m
412m
407m
+5.8%
Shares outstanding at period end
400m
393m
386m
+1.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,135
1,933
1,991
+10.4%
Non-controlling interest
0.0
n/a
n/a
Debt
1,021
983
355
+3.8%
Other liabilities
911
935
738
-2.5%
Total liabilities and equity
4,068
3,851
3,084
+5.6%
Fixed assets
532
515
517
+3.4%
Goodwill
276
271
93.5
+1.8%
Intangible assets
445
530
90.4
-16.0%
Investments
1,677
1,308
1,152
+28.2%
Cash and equivalents
467
528
636
-11.7%
Receivables
242
230
170
+5.4%
Inventory
263
242
217
+8.4%
Other assets
165
227
208
-27.1%
Total assets
4,068
3,851
3,084
+5.6%
10-K for the year ended 31 March 2014, filed 30 May 2014: the filing.