$MCHP
Microchip Technology Inc

2021 Q3 Form 10-Q Financial Statement

#000082705421000280 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $1.650B $1.310B
YoY Change 25.99% -2.12%
Cost Of Revenue $581.5M $501.6M
YoY Change 15.93% -1.7%
Gross Profit $1.068B $807.9M
YoY Change 32.23% -2.37%
Gross Profit Margin 64.75% 61.7%
Selling, General & Admin $179.9M $144.7M
YoY Change 24.33% -16.02%
% of Gross Profit 16.84% 17.91%
Research & Development $246.2M $199.8M
YoY Change 23.22% -9.1%
% of Gross Profit 23.05% 24.73%
Depreciation & Amortization $43.70M $39.00M
YoY Change 12.05% -1.27%
% of Gross Profit 4.09% 4.83%
Operating Expenses $652.0M $581.7M
YoY Change 12.09% -9.66%
Operating Profit $416.3M $226.2M
YoY Change 84.04% 23.2%
Interest Expense $64.80M $93.30M
YoY Change -30.55% -28.01%
% of Operating Profit 15.57% 41.25%
Other Income/Expense, Net -$1.600M $700.0K
YoY Change -328.57% -150.0%
Pretax Income $264.8M $88.80M
YoY Change 198.2% 65.98%
Income Tax $22.80M $15.20M
% Of Pretax Income 8.61% 17.12%
Net Earnings $242.0M $73.60M
YoY Change 228.8% -32.42%
Net Earnings / Revenue 14.67% 5.62%
Basic Earnings Per Share $0.44 $0.14
Diluted Earnings Per Share $0.43 $0.14
COMMON SHARES
Basic Shares Outstanding 551.3M shares 512.0M shares
Diluted Shares Outstanding 565.9M shares 535.3M shares

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.3M $370.0M
YoY Change -31.0% -8.64%
Cash & Equivalents $253.3M $368.3M
Short-Term Investments $2.000M $2.000M
Other Short-Term Assets $194.6M $186.7M
YoY Change 4.23% -1.69%
Inventory $713.6M $661.4M
Prepaid Expenses
Receivables $985.6M $903.7M
Other Receivables $11.90M $11.00M
Total Short-Term Assets $2.149B $2.122B
YoY Change 1.27% -2.56%
LONG-TERM ASSETS
Property, Plant & Equipment $923.7M $822.1M
YoY Change 12.36% -12.26%
Goodwill $6.674B $6.665B
YoY Change 0.13% 0.0%
Intangibles $4.480B $5.256B
YoY Change -14.76% -15.06%
Long-Term Investments
YoY Change
Other Assets $250.2M $271.2M
YoY Change -7.74% 18.02%
Total Long-Term Assets $14.07B $14.65B
YoY Change -3.98% -6.58%
TOTAL ASSETS
Total Short-Term Assets $2.149B $2.122B
Total Long-Term Assets $14.07B $14.65B
Total Assets $16.22B $16.77B
YoY Change -3.31% -6.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $302.6M $216.9M
YoY Change 39.51% -7.94%
Accrued Expenses $819.2M $762.2M
YoY Change 7.48% -4.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $996.1M
YoY Change -100.0% -28.2%
Total Short-Term Liabilities $1.122B $1.975B
YoY Change -43.21% -18.49%
LONG-TERM LIABILITIES
Long-Term Debt $8.201B $8.181B
YoY Change 0.23% -2.78%
Other Long-Term Liabilities $483.9M $424.7M
YoY Change 13.94% 16.64%
Total Long-Term Liabilities $8.685B $8.606B
YoY Change 0.91% -1.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.122B $1.975B
Total Long-Term Liabilities $8.685B $8.606B
Total Liabilities $9.806B $10.58B
YoY Change -7.32% -5.55%
SHAREHOLDERS EQUITY
Retained Earnings $3.654B $3.444B
YoY Change 6.1% 7.72%
Common Stock $2.471B $2.488B
YoY Change -0.66% -8.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $397.9M $467.0M
YoY Change -14.8% -14.34%
Treasury Stock Shares 19.60M shares 12.00M shares
Shareholders Equity $5.703B $5.444B
YoY Change
Total Liabilities & Shareholders Equity $16.22B $16.77B
YoY Change -3.31% -6.09%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $242.0M $73.60M
YoY Change 228.8% -32.42%
Depreciation, Depletion And Amortization $43.70M $39.00M
YoY Change 12.05% -1.27%
Cash From Operating Activities $611.7M $455.8M
YoY Change 34.2% 15.1%
INVESTING ACTIVITIES
Capital Expenditures -$78.50M -$6.300M
YoY Change 1146.03% -64.41%
Acquisitions
YoY Change
Other Investing Activities -$17.50M -$35.40M
YoY Change -50.56% 230.84%
Cash From Investing Activities -$96.00M -$41.70M
YoY Change 130.22% 46.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -540.1M -424.0M
YoY Change 27.38% 6.05%
NET CHANGE
Cash From Operating Activities 611.7M 455.8M
Cash From Investing Activities -96.00M -41.70M
Cash From Financing Activities -540.1M -424.0M
Net Change In Cash -24.40M -9.900M
YoY Change 146.46% -69.25%
FREE CASH FLOW
Cash From Operating Activities $611.7M $455.8M
Capital Expenditures -$78.50M -$6.300M
Free Cash Flow $690.2M $462.1M
YoY Change 49.36% 11.7%

Facts In Submission

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138100000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
115700000 USD
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
421700000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
412800000 USD
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
153800000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
136500000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
713600000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
665000000.0 USD
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3247300000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3096700000 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2323600000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2242000000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
923700000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
854700000 USD
CY2021Q3 us-gaap Depreciation
Depreciation
43700000 USD
us-gaap Depreciation
Depreciation
84900000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
39000000 USD
us-gaap Depreciation
Depreciation
80100000 USD
CY2021Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
205300000 USD
CY2021Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
166700000 USD
CY2021Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
47200000 USD
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
43400000 USD
CY2021Q3 mchp Sales Related Reserves
SalesRelatedReserves
295600000 USD
CY2021Q1 mchp Sales Related Reserves
SalesRelatedReserves
350700000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
34800000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
39800000 USD
CY2021Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
236300000 USD
CY2021Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
193700000 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
819200000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
794300000 USD
CY2021Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
100000000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
55700000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49700000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
112300000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
92100000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
11800000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10700000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
23800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
19800000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
43900000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
39000000.0 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
88500000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
72300000 USD
CY2021Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
30000000 shares
CY2021Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
19600000 shares
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2185
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
121200000 USD

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