Microchip Technology (MCHP) FY2016 results: revenue $2.2 billion, up 1.2% on the year
Microchip Technology Inc. (MCHP) reported revenue of $2.2 billion for fiscal 2016, the year ended 31 March 2016, up 1.2% on the year before. Net income was $324 million, down 12.2%, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2016.
Revenue
$2.2 billion
+1.2% on the year
FY2009FY2016
Operating margin
16.2%
19.8% a year earlier
FY2009FY2016
Net income
$324 million
-12.2% on the year
FY2009FY2016
Diluted EPS
$0.74
-9.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,173
2,147
1,931
+1.2%
Cost of revenue
968
917
802
+5.5%
Gross profit
1,205
1,230
1,129
-2.0%
Gross margin
55.5%
57.3%
58.4%
Research and development
373
350
305
+6.6%
Selling, general and administrative
302
275
267
+9.8%
Operating income
352
426
459
-17.2%
Operating margin
16.2%
19.8%
23.8%
Interest expense
104
62.0
48.7
+67.7%
Pre-tax income
281
346
432
-18.7%
Income tax
-42.6
-19.4
37.1
Effective tax rate
-15.2%
-5.6%
8.6%
Net income
324
369
395
-12.2%
Net margin
14.9%
17.2%
20.5%
Diluted EPS
$0.74
$0.82
$0.91
-9.7%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
744
721
677
+3.2%
Capital expenditure
7.1
6.7
9.1
+6.6%
Free cash flow
737
715
667
+3.2%
Free cash flow margin
33.9%
33.3%
34.6%
Cash from investing
800
-678
-503
Cash from financing
-59.9
98.5
-235
Depreciation and amortisation
283
278
189
+1.8%
Share-based compensation
71.4
58.6
53.8
+21.9%
Buybacks
364
0.0
0.0
Dividends paid
291
286
281
+1.6%
Dividend per share
$0.72
$0.71
$0.71
+0.6%
Diluted shares, weighted
435m
447m
435m
-2.8%
Shares outstanding at period end
408m
404m
400m
+1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
-3.4
11.1
2,135
Non-controlling interest
0.0
16.4
0.0
Debt
2,453
1,827
1,021
+34.3%
Other liabilities
3,088
2,926
911
+5.5%
Total liabilities and equity
5,538
4,781
4,068
+15.8%
Fixed assets
609
582
532
+4.8%
Goodwill
1,013
571
276
+77.3%
Intangible assets
606
504
445
+20.2%
Investments
472
1,734
1,677
-72.8%
Cash and equivalents
2,093
608
467
+244.3%
Receivables
290
274
242
+5.9%
Inventory
307
279
263
+9.8%
Other assets
148
228
165
-35.1%
Total assets
5,538
4,781
4,068
+15.8%
10-K for the year ended 31 March 2016, filed 24 May 2016: the filing.