Microchip Technology (MCHP) FY2020 results: revenue $5.3 billion, down 1.4% on the year
Microchip Technology Inc. (MCHP) reported revenue of $5.3 billion for fiscal 2020, the year ended 31 March 2020, down 1.4% on the year before. Net income was $571 million, up 60.3%, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 22 May 2020.
Revenue
$5.3 billion
-1.4% on the year
FY2013FY2020
Operating margin
12.3%
13.4% a year earlier
FY2013FY2020
Net income
$571 million
+60.3% on the year
FY2013FY2020
Diluted EPS
$1.11
+57.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,274
5,350
3,981
-1.4%
Cost of revenue
2,032
2,418
1,560
-16.0%
Gross profit
3,242
2,931
2,421
+10.6%
Gross margin
61.5%
54.8%
60.8%
Research and development
878
826
529
+6.2%
Selling, general and administrative
677
683
452
-0.9%
Operating income
647
714
936
-9.4%
Operating margin
12.3%
13.4%
23.5%
Interest expense
497
503
199
-1.1%
Pre-tax income
150
204
737
-26.5%
Income tax
-420
-151
482
Effective tax rate
-279.4%
-74.0%
65.4%
Net income
571
356
255
+60.3%
Net margin
10.8%
6.7%
6.4%
Diluted EPS
$1.11
$0.71
$0.52
+57.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,544
1,675
1,420
-7.8%
Capital expenditure
67.6
229
207
-70.5%
Free cash flow
1,476
1,446
1,213
+2.1%
Free cash flow margin
28.0%
27.0%
30.5%
Cash from investing
-133
-6,811
-1,012
Cash from financing
-1,438
4,664
-415
Depreciation and amortisation
1,216
876
616
+38.7%
Share-based compensation
170
166
93.2
+2.3%
Buybacks
0.0
n/a
0.0
Dividends paid
350
344
338
+1.7%
Dividend per share
$0.73
$0.73
$0.72
+0.5%
Diluted shares, weighted
512m
500m
498m
+2.5%
Shares outstanding at period end
491m
475m
470m
+3.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,586
5,288
3,280
+5.6%
Debt
9,482
10,307
3,068
-8.0%
Operating lease liabilities
94.7
n/a
n/a
Other liabilities
2,264
2,756
1,909
-17.8%
Total liabilities and equity
17,426
18,350
8,257
-5.0%
Fixed assets
876
997
768
-12.1%
Goodwill
6,665
6,664
2,299
+0.0%
Intangible assets
5,702
6,686
1,662
-14.7%
Investments
2.0
2.3
1,295
-13.0%
Cash and equivalents
401
429
901
-6.4%
Receivables
934
881
564
+6.1%
Inventory
686
712
476
-3.7%
Other assets
2,160
1,981
292
+9.1%
Total assets
17,426
18,350
8,257
-5.0%
10-K for the year ended 31 March 2020, filed 22 May 2020: the filing.