2024 Q1 Form 10-Q Financial Statement

#000082705424000024 Filed on February 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $1.326B $1.766B
YoY Change -40.62% -18.6%
Cost Of Revenue $535.9M $645.7M
YoY Change -24.88% -7.55%
Gross Profit $789.9M $1.120B
YoY Change -48.01% -23.85%
Gross Profit Margin 59.58% 63.43%
Selling, General & Admin $161.8M $172.2M
YoY Change -20.49% -15.13%
% of Gross Profit 20.48% 15.38%
Research & Development $240.3M $266.0M
YoY Change -19.44% -5.81%
% of Gross Profit 30.42% 23.75%
Depreciation & Amortization $151.2M $47.10M
YoY Change -37.83% -14.83%
% of Gross Profit 19.14% 4.21%
Operating Expenses $553.3M $590.6M
YoY Change -17.32% -10.41%
Operating Profit $236.6M $529.4M
YoY Change -72.17% -34.77%
Interest Expense -$52.60M $49.20M
YoY Change 13.12% -6.82%
% of Operating Profit -22.23% 9.29%
Other Income/Expense, Net -$53.80M $2.100M
YoY Change -18033.33% -19.23%
Pretax Income $199.7M $484.3M
YoY Change -75.09% -36.46%
Income Tax $45.00M $65.10M
% Of Pretax Income 22.53% 13.44%
Net Earnings $154.7M $419.2M
YoY Change -74.39% -27.76%
Net Earnings / Revenue 11.67% 23.74%
Basic Earnings Per Share $0.78
Diluted Earnings Per Share $0.28 $0.77
COMMON SHARES
Basic Shares Outstanding 540.4M shares 541.0M shares
Diluted Shares Outstanding 546.5M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $319.7M $281.0M
YoY Change 36.62% -2.73%
Cash & Equivalents $319.7M $281.0M
Short-Term Investments
Other Short-Term Assets $233.6M $229.4M
YoY Change 13.9% 12.23%
Inventory $1.316B $1.311B
Prepaid Expenses
Receivables $1.144B $1.398B
Other Receivables $0.00 $13.50M
Total Short-Term Assets $3.013B $3.220B
YoY Change -1.83% 13.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.195B $1.208B
YoY Change 1.42% 8.49%
Goodwill $6.675B $6.675B
YoY Change 0.03% 0.03%
Intangibles $2.782B $2.937B
YoY Change -17.43% -17.16%
Long-Term Investments
YoY Change
Other Assets $11.67B $565.0M
YoY Change 2451.53% 76.4%
Total Long-Term Assets $12.86B $12.92B
YoY Change -3.31% -2.7%
TOTAL ASSETS
Total Short-Term Assets $3.013B $3.220B
Total Long-Term Assets $12.86B $12.92B
Total Assets $15.87B $16.14B
YoY Change -3.04% 0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.520B $242.2M
YoY Change 282.97% -31.74%
Accrued Expenses $1.307B $1.389B
YoY Change -1.25% 10.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $999.4M $1.662B
YoY Change -28.52%
Total Short-Term Liabilities $2.519B $3.293B
YoY Change -19.21% 104.41%
LONG-TERM LIABILITIES
Long-Term Debt $5.000B $4.033B
YoY Change -0.82% -38.78%
Other Long-Term Liabilities $1.667B $1.068B
YoY Change 75.82% 18.15%
Total Long-Term Liabilities $6.667B $5.102B
YoY Change 11.31% -31.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.519B $3.293B
Total Long-Term Liabilities $6.667B $5.102B
Total Liabilities $9.215B $8.395B
YoY Change 1.18% -7.79%
SHAREHOLDERS EQUITY
Retained Earnings $6.760B $6.847B
YoY Change 17.27% 27.84%
Common Stock $2.483B $2.446B
YoY Change 2.88% 2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.582B $2.209B
YoY Change 55.5% 56.88%
Treasury Stock Shares
Shareholders Equity $6.658B $7.080B
YoY Change
Total Liabilities & Shareholders Equity $15.87B $16.14B
YoY Change -3.04% 0.17%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $154.7M $419.2M
YoY Change -74.39% -27.76%
Depreciation, Depletion And Amortization $151.2M $47.10M
YoY Change -37.83% -14.83%
Cash From Operating Activities $430.0M $853.3M
YoY Change -39.39% -33.23%
INVESTING ACTIVITIES
Capital Expenditures $40.10M $59.50M
YoY Change -64.42% -57.89%
Acquisitions
YoY Change
Other Investing Activities -$31.10M -$26.70M
YoY Change -18.37% 17.11%
Cash From Investing Activities -$71.20M -$86.20M
YoY Change -52.79% -47.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.1M -742.7M
YoY Change -47.83% -34.26%
NET CHANGE
Cash From Operating Activities 430.0M 853.3M
Cash From Investing Activities -71.20M -86.20M
Cash From Financing Activities -320.1M -742.7M
Net Change In Cash 38.70M 24.40M
YoY Change -170.49% -253.46%
FREE CASH FLOW
Cash From Operating Activities $430.0M $853.3M
Capital Expenditures $40.10M $59.50M
Free Cash Flow $389.9M $793.8M
YoY Change -34.67% -30.16%

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CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
7200000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10400000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
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4600000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2047000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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1672200000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1950000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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us-gaap Debt Instrument Convertible If Converted Value In Excess Of Principal
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CY2023Q4 us-gaap Interest Expense Other
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CY2022Q4 us-gaap Interest Expense Other
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us-gaap Interest Expense Other
InterestExpenseOther
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CY2023Q4 us-gaap Interest Expense
InterestExpense
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CY2022Q4 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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557300000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q4 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2022Q4 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Number Of Reporting Units
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AccountsReceivableGrossCurrent
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CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
188600000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
192600000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
799600000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
809800000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
322900000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
322500000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1311100000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3987600000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3829100000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2779300000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2651200000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1208300000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Depreciation
Depreciation
47100000 usd
us-gaap Depreciation
Depreciation
144600000 usd
CY2022Q4 us-gaap Depreciation
Depreciation
55300000 usd
us-gaap Depreciation
Depreciation
190600000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
161100000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
193500000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
65100000 usd
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
106200000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
203200000 usd
CY2023Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
121400000 usd
CY2023Q4 mchp Sales Related Reserves
SalesRelatedReserves
677300000 usd
CY2023Q1 mchp Sales Related Reserves
SalesRelatedReserves
536100000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
32200000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
31500000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
250000000.0 usd
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
334800000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1388900000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1323500000 usd
CY2023Q4 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
309800000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
332600000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
233900000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
197900000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
170300000 usd
CY2023Q4 mchp Purchase Obligation To Be Paid Year After Year Four
PurchaseObligationToBePaidYearAfterYearFour
197000000.0 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
1441500000 usd
CY2023Q4 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
150000000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1903
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44800000 usd
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44000000.0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
134700000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
126500000 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9400000 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9400000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
28400000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
27000000.0 usd
CY2023Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
35400000 usd
CY2022Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
34600000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
106300000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
99500000 usd
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
4000000000 usd
CY2023Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1400000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
7400000 shares
CY2023Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
115000000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
598500000 usd
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2030000000.00 usd
CY2023Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
37400000 shares
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.439
CY2023Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
237400000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0000827054-24-000024.txt Edgar Link pending
0000827054-24-000024-xbrl.zip Edgar Link pending
ex311q3fy24.htm Edgar Link pending
ex312q3fy24.htm Edgar Link pending
ex32q3fy24.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mchp-20231231.htm Edgar Link pending
mchp-20231231.xsd Edgar Link pending
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MetaLinks.json Edgar Link pending
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mchp-20231231_cal.xml Edgar Link unprocessable
mchp-20231231_def.xml Edgar Link unprocessable
mchp-20231231_lab.xml Edgar Link unprocessable
mchp-20231231_pre.xml Edgar Link unprocessable
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