Microchip Technology Announces Record Financial Results for

Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2022

For the quarter ended March 31, 2022

Record net sales of $1.844 billion, up 4.9% sequentially and up 25.7% from the year ago quarter. The midpoint of our guidance provided on February 3, 2022 was net sales of $1.819 billion.
On a GAAP basis: record gross margin of 66.2%; record operating income of $549.5 million and 29.8% of net sales; net income of $437.9 million; and EPS of $0.77 per diluted share. Our guidance provided on February 3, 2022 was for GAAP EPS of $0.66 to $0.68 per diluted share.
On a Non-GAAP basis: record gross margin of 66.6%; record operating income of $824.9 million and a record 44.7% of net sales; record net income of $764.6 million and record EPS of $1.35 per diluted share. Our guidance provided on February 3, 2022 was for Non-GAAP EPS of $1.22 to $1.28 per diluted share.
Record cash flow from operations of $747.7 million.
Paid down $205.9 million of debt in the March 2022 quarter. Cumulatively paid down $4.98 billion of debt over the last 15 quarters.
Record quarterly dividend declared of 27.6 cents per share, an increase of 9.1% sequentially and 33.7% from the year ago quarter.
Repurchased approximately $259.6 million, or 3.6 million shares, during the March 2022 quarter under our previously announced $4.0 billion stock buyback program.

For fiscal year 2022

Record net sales of $6.821 billion.
On a GAAP basis: record gross margins of 65.2%; record operating income of $1.850 billion; net income of $1.286 billion, adversely impacted by purchase accounting adjustments associated with our acquisitions and a $113.4 million loss on debt settlement associated with our debt refinancing activities; and EPS of $2.27 per diluted share.
On a Non-GAAP basis: record gross margins of 65.7%; record operating income of $2.965 billion and a record 43.5% of net sales; record net income of $2.611 billion and record EPS of $4.61 per diluted share.
Paid down $1.372 billion of total debt and returned $929.4 million to shareholders through dividends and share repurchases.

CHANDLER, Ariz., May 09, 2022 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2022, as summarized in the table below.

	Three Months Ended March 31, 2022⁽¹⁾				Twelve Months Ended March 31, 2022⁽¹⁾
Net sales	$1,844.2				$6,820.9
	GAAP	%	Non-GAAP⁽²⁾	%	GAAP	%	Non-GAAP⁽²⁾	%
Gross margin	$1,220.4	66.2%	$1,228.4	66.6%	$4,449.6	65.2%	$4,483.9	65.7%
Operating income	$549.5	29.8%	$824.9	44.7%	$1,849.6	27.1%	$2,965.3	43.5%
Other expense	$(70.3)		$(50.1)		$(367.1)		$(220.6)
Income tax provision	$41.3		$10.2		$197.0		$133.9
Net income	$437.9	23.7%	$764.6	41.5%	$1,285.5	18.8%	$2,610.8	38.3%
Net income per diluted share	$0.77		$1.35		$2.27		$4.61

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 Next Page »