Microchip Technology (MCHP) FY2021 results: revenue $5.4 billion, up 3.1% on the year
Microchip Technology Inc. (MCHP) reported revenue of $5.4 billion for fiscal 2021, the year ended 31 March 2021, up 3.1% on the year before. Net income was $349 million, down 38.8%, and diluted earnings per share $0.65. The figures are the company's own, from the 10-K it filed with the SEC on 18 May 2021.
Revenue
$5.4 billion
+3.1% on the year
FY2014FY2021
Operating margin
18.4%
12.3% a year earlier
FY2014FY2021
Net income
$349 million
-38.8% on the year
FY2014FY2021
Diluted EPS
$0.65
-42.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
5,438
5,274
5,350
+3.1%
Cost of revenue
2,060
2,032
2,418
+1.4%
Gross profit
3,379
3,242
2,931
+4.2%
Gross margin
62.1%
61.5%
54.8%
Research and development
836
878
826
-4.7%
Selling, general and administrative
610
677
683
-9.8%
Operating income
998
647
714
+54.2%
Operating margin
18.4%
12.3%
13.4%
Interest expense
357
497
503
-28.2%
Pre-tax income
340
150
204
+125.7%
Income tax
-9.9
-420
-151
Effective tax rate
-2.9%
-279.4%
-74.0%
Net income
349
571
356
-38.8%
Net margin
6.4%
10.8%
6.7%
Diluted EPS
$0.65
$1.11
$0.71
-42.2%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,916
1,544
1,675
+24.1%
Capital expenditure
92.6
67.6
229
+37.0%
Free cash flow
1,824
1,476
1,446
+23.6%
Free cash flow margin
33.5%
28.0%
27.0%
Cash from investing
-173
-133
-6,811
Cash from financing
-1,864
-1,438
4,664
Depreciation and amortisation
1,153
1,216
876
-5.1%
Share-based compensation
198
170
166
+16.5%
Buybacks
0.0
0.0
n/a
Dividends paid
388
350
344
+10.9%
Dividend per share
$0.75
$0.73
$0.73
+2.0%
Diluted shares, weighted
541m
512m
500m
+5.6%
Shares outstanding at period end
547m
491m
475m
+11.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
5,337
5,586
5,288
-4.4%
Debt
8,904
9,482
10,307
-6.1%
Operating lease liabilities
125
94.7
n/a
+32.4%
Other liabilities
2,112
2,264
2,756
-6.7%
Total liabilities and equity
16,479
17,426
18,350
-5.4%
Fixed assets
855
876
997
-2.4%
Goodwill
6,671
6,665
6,664
+0.1%
Intangible assets
4,795
5,702
6,686
-15.9%
Investments
2.0
2.0
2.3
0.0%
Cash and equivalents
280
401
429
-30.2%
Receivables
998
934
881
+6.8%
Inventory
665
686
712
-3.0%
Other assets
2,214
2,160
1,981
+2.5%
Total assets
16,479
17,426
18,350
-5.4%
10-K for the year ended 31 March 2021, filed 18 May 2021: the filing.