For the quarter ended
- 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 onFebruary 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 onFebruary 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 onFebruary 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 theMarch 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 theMarch 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.
Three Months Ended | Twelve Months Ended | |||||||||||
Net sales | ||||||||||||
GAAP | % | Non-GAAP(2) | % | GAAP | % | Non-GAAP(2) | % | |||||
Gross margin | 66.2% | 66.6% | 65.2% | 65.7% | ||||||||
Operating income | 29.8% | 44.7% | 27.1% | 43.5% | ||||||||
Other expense | ||||||||||||
Income tax provision | ||||||||||||
Net income | 23.7% | 41.5% | 18.8% | 38.3% | ||||||||
Net income per diluted share |
(1) In millions, except per share amounts and percentages of net sales.
(2) See the "Use of Non-GAAP Financial Measures" section of this release.
Net sales for the fourth quarter of fiscal 2022 were a record
GAAP net income for the fourth quarter of fiscal 2022 was
Non-GAAP net income for the fourth quarter of fiscal 2022 was a record at
Net sales for the fiscal year ended
GAAP net income for the fiscal year ended
Non-GAAP net income for the fiscal year ended
Microchip announced today that its Board of Directors declared a record quarterly cash dividend on its common stock of
"We delivered yet another quarter of strong growth and profitability during the March quarter and closed out a record fiscal year 2022 with outstanding revenue growth of 25.7% compared to the prior year's fourth fiscal quarter. Our March quarter results came in near the high end of our guidance range, and we achieved new records across key operating non-GAAP metrics," said
Microchip's Highlights for the Quarter Ended
- Announced the industry’s first automotive-qualified Gen 4 PCIe® switches that enable the autonomous driving ecosystem. Switchtec™ Gen 4 PCIe switches provide low-latency, low-power and high-performance connectivity required for Advanced Driver Assistance System (ADAS) designs.
- Introduced the industry’s highest-performance 16-Channel PCIe® Gen 5 Enterprise NVMe® SSD Controller. Microchip’s Flashtec® NVMe 4016 controller enables unparalleled performance and a rich "cloud-ready" feature set including industry-leading security features needed for high-reliability, high-performance Solid-State Drives (SSDs) in data centers.
- Unveiled industry-leading 3.3 kV Silicon Carbide (SiC) power devices enabling new levels of efficiency and reliability in high-voltage power electronics. 3.3 kV SiC MOSFETs and Schottky Barrier Diodes (SBDs) extend designers’ options for power in transportation, energy and industrial systems.
- Introduced the industry’s only family of standard non-hybrid space-grade power converters including a 28 Volt (V)-input radiation-tolerant options. Microchip’s alternatives to inflexible hybrid-style converters improve design flexibility while reducing system size, cost and development time in aerospace and defense applications.
- Announced through subsidiary Silicon Storage Technology® (SST) that customer WITINMEN introduced a System on Chip (SoC) that utilizes SST’s analog embedded SuperFlash® memBrain™ memory technology to solve speech processing challenges that demand neural processing at edge nodes.
- Released new In-Circuit Emulator (ICE) development tool to boost productivity with feature-rich programming and debugging of code for MCUs. Microchip’s MPLAB® ICE 4 is a full emulation, programming and debugging system featuring wireless connectivity, power debugging and real-time code profiling using trace.
- Unveiled a new family of Time Sensitive Networking (TSN) Ethernet switches that provides the industry’s first turnkey solution for industrial automation networks. Microchip’s LAN9668x family of Ethernet switches enables single network architecture and, combined with the new LAN8814 PHYs, reduces system cost and risk for designers while speeding time to market.
- Announced enablement of Qi® 1.3 wireless charging with authentication by releasing a new secure storage subsystem and key provisioning system now mandated by the
Wireless Power Consortium (WPC) Qi 1.3 wireless charging standard.
First Quarter Fiscal Year 2023 Outlook:
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
Microchip Consolidated Guidance | |||
GAAP | Non-GAAP Adjustments | Non-GAAP(1) | |
Gross Margin | 66.4% to 66.8% | 66.8% to 67.2% | |
Operating Expenses(2) | 32.6% to 33.2% | 21.6% to 22.0% | |
Operating Income | 33.2% to 34.2% | 44.8% to 45.6% | |
Other Expense, net | ( | ||
Income Tax Provision | |||
Net Income | |||
Diluted Common Shares Outstanding | Approximately 562.8 to 563.8 million shares | Approximately 562.8 to 563.8 million shares | |
Earnings per Diluted Share |
(1) See the "Use of Non-GAAP Financial Measures" section of this release for information regarding our non-GAAP guidance.
(2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending
(3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
(4) Represents the expected cash tax rate for fiscal 2023, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
- Microchip's inventory days in the
June 2022 quarter are expected to be in the range of 128 to 134 days, compared to 125 days onMarch 31, 2022 . Our actual inventory level will depend on the inventory that our distributors decide to hold to support their customers, overall demand for our products, and our production levels. - Capital expenditures for the quarter ending
June 30, 2022 are expected to be between$120 million and$140 million . Capital expenditures for all of fiscal 2023 are expected to be between$450 million and$550 million . We continue to add capital equipment to maintain, grow and operate our internal manufacturing capabilities to support the expected growth of our business.
Under the GAAP revenue recognition standard, which we adopted on
Use of Non-GAAP Financial Measures: Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, manufacturing excursion, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our
We are required to estimate the cost of certain forms of share-based compensation, including employee stock options, restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.
We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.
Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.
Generally, gross margin fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.
Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading "Supplemental Financial Information"), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net sales | $ | 1,844.2 | $ | 1,467.1 | $ | 6,820.9 | $ | 5,438.4 | |||||||
Cost of sales | 623.8 | 540.3 | 2,371.3 | 2,059.6 | |||||||||||
Gross profit | 1,220.4 | 926.8 | 4,449.6 | 3,378.8 | |||||||||||
Research and development | 259.1 | 228.5 | 989.1 | 836.4 | |||||||||||
Selling, general and administrative | 187.2 | 165.1 | 718.9 | 610.3 | |||||||||||
Amortization of acquired intangible assets | 215.5 | 232.4 | 862.5 | 932.3 | |||||||||||
Special charges (income) and other, net | 9.1 | (7.2 | ) | 29.5 | 1.7 | ||||||||||
Operating expenses | 670.9 | 618.8 | 2,600.0 | 2,380.7 | |||||||||||
Operating income | 549.5 | 308.0 | 1,849.6 | 998.1 | |||||||||||
Other expense, net | (70.3 | ) | (163.6 | ) | (367.1 | ) | (658.6 | ) | |||||||
Income before income taxes | 479.2 | 144.4 | 1,482.5 | 339.5 | |||||||||||
Income tax provision (benefit) | 41.3 | 28.4 | 197.0 | (9.9 | ) | ||||||||||
Net income | $ | 437.9 | $ | 116.0 | $ | 1,285.5 | $ | 349.4 | |||||||
Basic net income per common share | $ | 0.79 | $ | 0.21 | $ | 2.33 | $ | 0.67 | |||||||
Diluted net income per common share | $ | 0.77 | $ | 0.21 | $ | 2.27 | $ | 0.65 | |||||||
Basic common shares outstanding | 555.5 | 542.5 | 552.3 | 519.2 | |||||||||||
Diluted common shares outstanding | 565.1 | 563.0 | 565.9 | 541.2 |
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
ASSETS | |||||
2022 | 2021 | ||||
(Unaudited) | |||||
Cash and short-term investments | $ | 319.4 | $ | 282.0 | |
Accounts receivable, net | 1,072.6 | 997.7 | |||
Inventories | 854.4 | 665.0 | |||
Other current assets | 206.2 | 200.5 | |||
Total current assets | 2,452.6 | 2,145.2 | |||
Property, plant and equipment, net | 967.9 | 854.7 | |||
Other assets | 12,779.0 | 13,478.9 | |||
Total assets | $ | 16,199.5 | $ | 16,478.8 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Accounts payable and accrued liabilities | $ | 1,399.0 | $ | 1,086.7 | |
Current portion of long-term debt | — | 1,322.9 | |||
Total current liabilities | 1,399.0 | 2,409.6 | |||
Long-term debt | 7,687.4 | 7,581.2 | |||
Long-term income tax payable | 704.6 | 689.9 | |||
Long-term deferred tax liability | 39.8 | 43.9 | |||
Other long-term liabilities | 473.9 | 417.1 | |||
Stockholders' equity | 5,894.8 | 5,337.1 | |||
Total liabilities and stockholders' equity | $ | 16,199.5 | $ | 16,478.8 |
MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in millions, except per share amounts and percentages)
(unaudited)
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Gross profit, as reported | $ | 1,220.4 | $ | 926.8 | $ | 4,449.6 | $ | 3,378.8 | |||||||
Share-based compensation expense | 8.0 | 7.8 | 34.3 | 26.6 | |||||||||||
COVID-19 shelter-in-place restrictions on manufacturing activities | — | — | — | 2.8 | |||||||||||
Manufacturing excursion | — | 5.8 | — | 5.8 | |||||||||||
Non-GAAP gross profit | $ | 1,228.4 | $ | 940.4 | $ | 4,483.9 | $ | 3,414.0 | |||||||
Non-GAAP gross profit percentage | 66.6 | % | 64.1 | % | 65.7 | % | 62.8 | % |
RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Research and development expenses, as reported | $ | 259.1 | $ | 228.5 | $ | 989.1 | $ | 836.4 | |||||||
Share-based compensation expense | (21.8 | ) | (26.8 | ) | (97.9 | ) | (96.8 | ) | |||||||
Acquisition-related | (0.2 | ) | (0.2 | ) | (0.8 | ) | (0.4 | ) | |||||||
Non-GAAP research and development expenses | $ | 237.1 | $ | 201.5 | $ | 890.4 | $ | 739.2 | |||||||
Non-GAAP research and development expenses as a percentage of net sales | 12.9 | % | 13.7 | % | 13.1 | % | 13.6 | % |
RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Selling, general and administrative expenses, as reported | $ | 187.2 | $ | 165.1 | $ | 718.9 | $ | 610.3 | |||||||
Share-based compensation expense | (17.2 | ) | (20.4 | ) | (78.0 | ) | (74.9 | ) | |||||||
Acquisition-related | (0.8 | ) | (2.2 | ) | (4.1 | ) | (3.7 | ) | |||||||
Professional services associated with certain legal matters | (2.8 | ) | (0.4 | ) | (8.4 | ) | (9.5 | ) | |||||||
IT security remediation | — | (0.1 | ) | (0.2 | ) | (1.5 | ) | ||||||||
Non-GAAP selling, general and administrative expenses | $ | 166.4 | $ | 142.0 | $ | 628.2 | $ | 520.7 | |||||||
Non-GAAP selling, general and administrative expenses as a percentage of net sales | 9.0 | % | 9.7 | % | 9.2 | % | 9.6 | % |
RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Operating expenses, as reported | $ | 670.9 | $ | 618.8 | $ | 2,600.0 | $ | 2,380.7 | |||||||
Share-based compensation expense | (39.0 | ) | (47.2 | ) | (175.9 | ) | (171.7 | ) | |||||||
Acquisition-related | (1.0 | ) | (2.4 | ) | (4.9 | ) | (4.1 | ) | |||||||
Professional services associated with certain legal matters | (2.8 | ) | (0.4 | ) | (8.4 | ) | (9.5 | ) | |||||||
IT security remediation | — | (0.1 | ) | (0.2 | ) | (1.5 | ) | ||||||||
Amortization of acquired intangible assets | (215.5 | ) | (232.4 | ) | (862.5 | ) | (932.3 | ) | |||||||
Special income (charges) and other, net | (9.1 | ) | 7.2 | (29.5 | ) | (1.7 | ) | ||||||||
Non-GAAP operating expenses | $ | 403.5 | $ | 343.5 | $ | 1,518.6 | $ | 1,259.9 | |||||||
Non-GAAP operating expenses as a percentage of net sales | 21.9 | % | 23.4 | % | 22.2 | % | 23.2 | % |
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Operating income, as reported | $ | 549.5 | $ | 308.0 | $ | 1,849.6 | $ | 998.1 | |||||||
Share-based compensation expense | 47.0 | 55.0 | 210.2 | 198.3 | |||||||||||
COVID-19 shelter-in-place restrictions on manufacturing activities | — | — | — | 2.8 | |||||||||||
Manufacturing excursion | — | 5.8 | — | 5.8 | |||||||||||
Acquisition-related | 1.0 | 2.4 | 4.9 | 4.1 | |||||||||||
Professional services associated with certain legal matters | 2.8 | 0.4 | 8.4 | 9.5 | |||||||||||
IT security remediation | — | 0.1 | 0.2 | 1.5 | |||||||||||
Amortization of acquired intangible assets | 215.5 | 232.4 | 862.5 | 932.3 | |||||||||||
Special charges (income) and other, net | 9.1 | (7.2 | ) | 29.5 | 1.7 | ||||||||||
Non-GAAP operating income | $ | 824.9 | $ | 596.9 | $ | 2,965.3 | $ | 2,154.1 | |||||||
Non-GAAP operating income as a percentage of net sales | 44.7 | % | 40.7 | % | 43.5 | % | 39.6 | % |
RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Other expense, net, as reported | $ | (70.3 | ) | $ | (163.6 | ) | $ | (367.1 | ) | $ | (658.6 | ) | |||
Loss on settlement of debt | 11.8 | 85.6 | 113.4 | 299.6 | |||||||||||
Non-cash other expense, net | 8.4 | 12.0 | 38.6 | 66.6 | |||||||||||
Gains on equity investments | — | — | (5.5 | ) | (0.2 | ) | |||||||||
Non-GAAP other expense, net | $ | (50.1 | ) | $ | (66.0 | ) | $ | (220.6 | ) | $ | (292.6 | ) | |||
Non-GAAP other expense, net, as a percentage of net sales | (2.7 | )% | (4.5 | )% | (3.2 | )% | (5.4 | )% |
RECONCILIATION OF GAAP INCOME TAX PROVISION (BENEFIT) TO NON-GAAP INCOME TAX PROVISION
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Income tax provision (benefit) as reported | $ | 41.3 | $ | 28.4 | $ | 197.0 | $ | (9.9 | ) | ||||||
Income tax rate, as reported | 8.6 | % | 19.7 | % | 13.3 | % | (2.9 | )% | |||||||
Other non-GAAP tax adjustment | (31.1 | ) | (18.9 | ) | (63.1 | ) | 86.7 | ||||||||
Non-GAAP income tax provision | $ | 10.2 | $ | 9.5 | $ | 133.9 | $ | 76.8 | |||||||
Non-GAAP income tax rate | 1.3 | % | 1.8 | % | 4.9 | % | 4.1 | % |
RECONCILIATION OF GAAP NET INCOME AND GAAP DILUTED NET INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income, as reported | $ | 437.9 | $ | 116.0 | $ | 1,285.5 | $ | 349.4 | |||||||
Share-based compensation expense | 47.0 | 55.0 | 210.2 | 198.3 | |||||||||||
COVID-19 shelter-in-place restrictions on manufacturing activities | — | — | — | 2.8 | |||||||||||
Manufacturing excursion | — | 5.8 | — | 5.8 | |||||||||||
Acquisition-related | 1.0 | 2.4 | 4.9 | 4.1 | |||||||||||
Professional services associated with certain legal matters | 2.8 | 0.4 | 8.4 | 9.5 | |||||||||||
IT security remediation | — | 0.1 | 0.2 | 1.5 | |||||||||||
Amortization of acquired intangible assets | 215.5 | 232.4 | 862.5 | 932.3 | |||||||||||
Special charges (income) and other, net | 9.1 | (7.2 | ) | 29.5 | 1.7 | ||||||||||
Loss on settlement of debt | 11.8 | 85.6 | 113.4 | 299.6 | |||||||||||
Non-cash other expense, net | 8.4 | 12.0 | 38.6 | 66.6 | |||||||||||
Gains on equity investments | — | — | (5.5 | ) | (0.2 | ) | |||||||||
Other non-GAAP tax adjustment | 31.1 | 18.9 | 63.1 | (86.7 | ) | ||||||||||
Non-GAAP net income | $ | 764.6 | $ | 521.4 | $ | 2,610.8 | $ | 1,784.7 | |||||||
Non-GAAP net income as a percentage of net sales | 41.5 | % | 35.5 | % | 38.3 | % | 32.8 | % | |||||||
GAAP net income as a percentage of net sales | 23.7 | % | 7.9 | % | 18.8 | % | 6.4 | % | |||||||
Diluted net income per common share, as reported | $ | 0.77 | $ | 0.21 | $ | 2.27 | $ | 0.65 | |||||||
Non-GAAP diluted net income per common share | $ | 1.35 | $ | 0.93 | $ | 4.61 | $ | 3.30 | |||||||
Diluted common shares outstanding, as reported | 565.1 | 563.0 | 565.9 | 541.2 | |||||||||||
Diluted common shares outstanding non-GAAP | 565.1 | 563.0 | 565.9 | 541.2 |
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW
Three Months Ended | Twelve Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
GAAP cash flow from operations, as reported | $ | 747.7 | $ | 449.2 | $ | 2,842.7 | $ | 1,916.5 | |||||||
Capital expenditures | (114.6 | ) | (55.4 | ) | (370.1 | ) | (92.6 | ) | |||||||
Free cash flow | $ | 633.1 | $ | 393.8 | $ | 2,472.6 | $ | 1,823.9 | |||||||
Free cash flow as a percentage of net sales | 34.3 | % | 26.8 | % | 36.3 | % | 33.5 | % |
Microchip will host a conference call today,
A telephonic replay of the conference call will be available at approximately
Cautionary Statement:
The statements in this release relating to the resilience of our model and the strength of our team as we continue to navigate through a challenging supply environment, our belief that our focus on operational excellence positions us well to achieve our long-term non-GAAP gross margin target of 68%, non-GAAP operating margin target of 45%, and free cash flow target of 38% through industry cycles, that our Preferred Supply Program continues to be greater than 50% of our aggregate backlog and more than 100% of our backlog in the most constrained capacity areas, our unsupported backlog continuing to climb and our lead times remaining stretched, that we expect to remain supply-constrained throughout 2022 and into 2023, our more active capital return strategy, our programmatic stock buyback program, that we are targeting
For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-
Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this
About Microchip:
Note: The Microchip name and logo, MPLAB, SST, and SuperFlash are registered trademarks of
INVESTOR RELATIONS CONTACT:
(480) 792-7804
Source:
2022 GlobeNewswire, Inc., source