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.
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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 | ||||||||
