Microchip Technology (MCHP) FY2018 results: revenue $4.0 billion, up 16.8% on the year
Microchip Technology Inc. (MCHP) reported revenue of $4.0 billion for fiscal 2018, the year ended 31 March 2018, up 16.8% on the year before. Net income was $255 million, up 55.1%, and diluted earnings per share $0.52. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2019.
Revenue
$4.0 billion
+16.8% on the year
FY2011FY2018
Operating margin
23.5%
8.1% a year earlier
FY2011FY2018
Net income
$255 million
+55.1% on the year
FY2011FY2018
Diluted EPS
$0.52
+45.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,981
3,408
2,173
+16.8%
Cost of revenue
1,560
1,651
968
-5.5%
Gross profit
2,421
1,757
1,205
+37.8%
Gross margin
60.8%
51.6%
55.5%
Research and development
529
545
373
-2.9%
Selling, general and administrative
452
500
302
-9.5%
Operating income
936
276
352
+239.5%
Operating margin
23.5%
8.1%
16.2%
Interest expense
199
146
104
+36.0%
Pre-tax income
737
89.8
281
+721.2%
Income tax
482
-80.8
-42.6
Effective tax rate
65.4%
-90.0%
-15.2%
Net income
255
165
324
+55.1%
Net margin
6.4%
4.8%
14.9%
Diluted EPS
$0.52
$0.35
$0.74
+45.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,420
1,069
744
+32.8%
Capital expenditure
207
10.2
7.1
+1,923.9%
Free cash flow
1,213
1,059
737
+14.6%
Free cash flow margin
30.5%
31.1%
33.9%
Cash from investing
-1,012
-2,838
800
Cash from financing
-415
595
-59.9
Depreciation and amortisation
616
469
283
+31.3%
Share-based compensation
93.2
128
71.4
-27.3%
Buybacks
0.0
0.0
364
Dividends paid
338
315
291
+7.0%
Dividend per share
$0.72
$0.72
$0.72
+0.6%
Diluted shares, weighted
498m
470m
435m
+6.0%
Shares outstanding at period end
470m
458m
408m
+2.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,280
3,271
-3.4
+0.3%
Non-controlling interest
n/a
0.0
0.0
Debt
3,068
2,950
2,453
+4.0%
Other liabilities
1,909
1,466
3,088
+30.3%
Total liabilities and equity
8,257
7,687
5,538
+7.4%
Fixed assets
768
683
609
+12.4%
Goodwill
2,299
2,299
1,013
-0.0%
Intangible assets
1,662
2,148
606
-22.6%
Investments
1,295
502
472
+158.3%
Cash and equivalents
901
909
2,093
-0.8%
Receivables
564
478
290
+17.8%
Inventory
476
417
307
+14.1%
Other assets
292
251
148
+16.4%
Total assets
8,257
7,687
5,538
+7.4%
10-K for the year ended 31 March 2018, filed 30 May 2019: the filing.