Microchip Technology (MCHP) FY2019 results: revenue $5.3 billion, up 34.4% on the year
Microchip Technology Inc. (MCHP) reported revenue of $5.3 billion for fiscal 2019, the year ended 31 March 2019, up 34.4% on the year before. Net income was $356 million, up 39.4%, and diluted earnings per share $0.71. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2019.
Revenue
$5.3 billion
+34.4% on the year
FY2012FY2019
Operating margin
13.4%
23.5% a year earlier
FY2012FY2019
Net income
$356 million
+39.4% on the year
FY2012FY2019
Diluted EPS
$0.71
+37.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,350
3,981
3,408
+34.4%
Cost of revenue
2,418
1,560
1,651
+55.0%
Gross profit
2,931
2,421
1,757
+21.1%
Gross margin
54.8%
60.8%
51.6%
Research and development
826
529
545
+56.1%
Selling, general and administrative
683
452
500
+51.1%
Operating income
714
936
276
-23.7%
Operating margin
13.4%
23.5%
8.1%
Interest expense
503
199
146
+152.7%
Pre-tax income
204
737
89.8
-72.3%
Income tax
-151
482
-80.8
Effective tax rate
-74.0%
65.4%
-90.0%
Net income
356
255
165
+39.4%
Net margin
6.7%
6.4%
4.8%
Diluted EPS
$0.71
$0.52
$0.35
+37.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,675
1,420
1,069
+18.0%
Capital expenditure
229
207
10.2
+10.7%
Free cash flow
1,446
1,213
1,059
+19.2%
Free cash flow margin
27.0%
30.5%
31.1%
Cash from investing
-6,811
-1,012
-2,838
Cash from financing
4,664
-415
595
Depreciation and amortisation
876
616
469
+42.3%
Share-based compensation
166
93.2
128
+78.5%
Buybacks
n/a
0.0
0.0
Dividends paid
344
338
315
+2.0%
Dividend per share
$0.73
$0.72
$0.72
+0.6%
Diluted shares, weighted
500m
498m
470m
+0.4%
Shares outstanding at period end
475m
470m
458m
+1.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,288
3,280
3,271
+61.2%
Non-controlling interest
n/a
n/a
0.0
Debt
10,307
3,068
2,950
+235.9%
Other liabilities
2,756
1,909
1,466
+44.3%
Total liabilities and equity
18,350
8,257
7,687
+122.2%
Fixed assets
997
768
683
+29.8%
Goodwill
6,664
2,299
2,299
+189.9%
Intangible assets
6,686
1,662
2,148
+302.3%
Investments
2.3
1,295
502
-99.8%
Cash and equivalents
429
901
909
-52.4%
Receivables
881
564
478
+56.2%
Inventory
712
476
417
+49.5%
Other assets
1,981
292
251
+578.8%
Total assets
18,350
8,257
7,687
+122.2%
10-K for the year ended 31 March 2019, filed 30 May 2019: the filing.