$MCHP
Microchip Technology Inc

2020 Q3 Form 10-Q Financial Statement

#000082705420000278 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $1.310B $1.338B
YoY Change -2.12% -6.61%
Cost Of Revenue $501.6M $510.3M
YoY Change -1.7% -31.34%
Gross Profit $807.9M $827.5M
YoY Change -2.37% 20.05%
Gross Profit Margin 61.7% 61.86%
Selling, General & Admin $144.7M $172.3M
YoY Change -16.02% -2.43%
% of Gross Profit 17.91% 20.82%
Research & Development $199.8M $219.8M
YoY Change -9.1% -0.95%
% of Gross Profit 24.73% 26.56%
Depreciation & Amortization $39.00M $39.50M
YoY Change -1.27% -16.31%
% of Gross Profit 4.83% 4.77%
Operating Expenses $581.7M $643.9M
YoY Change -9.66% 9.77%
Operating Profit $226.2M $183.6M
YoY Change 23.2% 78.77%
Interest Expense $93.30M $129.6M
YoY Change -28.01% -6.49%
% of Operating Profit 41.25% 70.59%
Other Income/Expense, Net $700.0K -$1.400M
YoY Change -150.0% 600.0%
Pretax Income $88.80M $53.50M
YoY Change 65.98% -235.79%
Income Tax $15.20M -$55.40M
% Of Pretax Income 17.12% -103.55%
Net Earnings $73.60M $108.9M
YoY Change -32.42% 13.08%
Net Earnings / Revenue 5.62% 8.14%
Basic Earnings Per Share $0.14 $0.46
Diluted Earnings Per Share $0.14 $0.43
COMMON SHARES
Basic Shares Outstanding 512.0M shares 238.4M shares
Diluted Shares Outstanding 535.3M shares 255.3M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.0M $405.0M
YoY Change -8.64% -12.72%
Cash & Equivalents $368.3M $401.8M
Short-Term Investments $2.000M $3.000M
Other Short-Term Assets $186.7M $189.9M
YoY Change -1.69% -8.04%
Inventory $661.4M $734.2M
Prepaid Expenses
Receivables $903.7M $848.6M
Other Receivables $11.00M $8.000M
Total Short-Term Assets $2.122B $2.178B
YoY Change -2.56% 0.07%
LONG-TERM ASSETS
Property, Plant & Equipment $822.1M $937.0M
YoY Change -12.26% -10.92%
Goodwill $6.665B $6.665B
YoY Change 0.0% -1.81%
Intangibles $5.256B $6.187B
YoY Change -15.06% -9.36%
Long-Term Investments
YoY Change
Other Assets $271.2M $229.8M
YoY Change 18.02% 108.72%
Total Long-Term Assets $14.65B $15.68B
YoY Change -6.58% -4.91%
TOTAL ASSETS
Total Short-Term Assets $2.122B $2.178B
Total Long-Term Assets $14.65B $15.68B
Total Assets $16.77B $17.86B
YoY Change -6.09% -4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $216.9M $235.6M
YoY Change -7.94% -13.13%
Accrued Expenses $762.2M $800.5M
YoY Change -4.78% 66.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $996.1M $1.387B
YoY Change -28.2% 3.92%
Total Short-Term Liabilities $1.975B $2.423B
YoY Change -18.49% 16.06%
LONG-TERM LIABILITIES
Long-Term Debt $8.181B $8.415B
YoY Change -2.78% -11.89%
Other Long-Term Liabilities $424.7M $364.1M
YoY Change 16.64% 37.29%
Total Long-Term Liabilities $8.606B $8.779B
YoY Change -1.97% -10.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.975B $2.423B
Total Long-Term Liabilities $8.606B $8.779B
Total Liabilities $10.58B $11.20B
YoY Change -5.55% -5.89%
SHAREHOLDERS EQUITY
Retained Earnings $3.444B $3.197B
YoY Change 7.72% 1.19%
Common Stock $2.488B $2.732B
YoY Change -8.93% 2.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $467.0M $545.2M
YoY Change -14.34% -12.82%
Treasury Stock Shares 12.00M shares 14.50M shares
Shareholders Equity $5.444B $5.361B
YoY Change
Total Liabilities & Shareholders Equity $16.77B $17.86B
YoY Change -6.09% -4.33%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $73.60M $108.9M
YoY Change -32.42% 13.08%
Depreciation, Depletion And Amortization $39.00M $39.50M
YoY Change -1.27% -16.31%
Cash From Operating Activities $455.8M $396.0M
YoY Change 15.1% -18.77%
INVESTING ACTIVITIES
Capital Expenditures -$6.300M -$17.70M
YoY Change -64.41% -75.42%
Acquisitions
YoY Change
Other Investing Activities -$35.40M -$10.70M
YoY Change 230.84% -528.0%
Cash From Investing Activities -$41.70M -$28.40M
YoY Change 46.83% -59.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -424.0M -399.8M
YoY Change 6.05% -32.64%
NET CHANGE
Cash From Operating Activities 455.8M 396.0M
Cash From Investing Activities -41.70M -28.40M
Cash From Financing Activities -424.0M -399.8M
Net Change In Cash -9.900M -32.20M
YoY Change -69.25% -81.65%
FREE CASH FLOW
Cash From Operating Activities $455.8M $396.0M
Capital Expenditures -$6.300M -$17.70M
Free Cash Flow $462.1M $413.7M
YoY Change 11.7% -26.06%

Facts In Submission

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dei Document Fiscal Year Focus
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152800000 USD
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
151700000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
661400000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
685700000 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2994600000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2966100000 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2172500000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2090000000.0 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
822100000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
876100000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
39000000.0 USD
us-gaap Depreciation
Depreciation
80100000 USD
CY2019Q3 us-gaap Depreciation
Depreciation
39500000 USD
us-gaap Depreciation
Depreciation
85700000 USD
CY2020Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
159700000 USD
CY2020Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
137500000 USD
CY2020Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
16100000 USD
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
38000000.0 USD
CY2020Q3 mchp Sales Related Reserves
SalesRelatedReserves
343200000 USD
CY2020Q1 mchp Sales Related Reserves
SalesRelatedReserves
353000000.0 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
40200000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44500000 USD
CY2020Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
203000000.0 USD
CY2020Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
208800000 USD
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
762200000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
781800000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
72300000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
67000000.0 USD
CY2020Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
100000000 USD
us-gaap Income Tax Reconciliation Disposition Of Assets
IncomeTaxReconciliationDispositionOfAssets
-60900000 USD
us-gaap Effective Income Tax Rate Reconciliation Disposition Of Assets
EffectiveIncomeTaxRateReconciliationDispositionOfAssets
0.342
us-gaap Income Tax Reconciliation Tax Contingencies Domestic
IncomeTaxReconciliationTaxContingenciesDomestic
25200000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49700000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45300000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
92100000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
86000000.0 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10700000 USD
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9900000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
19800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
19000000.0 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
39000000.0 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
35400000 USD
CY2020Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
15000000.0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2020Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
12000000.0 shares
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
100000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
700000 USD
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.3680
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
95300000 USD

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