Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Microchip Technology Inc., consolidated income statement

US$ in thousands

12 months ended:	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Net sales	6,820,900)	5,438,400)	5,274,200)	5,349,500)	3,980,800)	3,407,807)
Cost of sales	(2,371,300)	(2,059,600)	(2,032,100)	(2,418,200)	(1,560,100)	(1,650,611)
Gross profit	4,449,600)	3,378,800)	3,242,100)	2,931,300)	2,420,700)	1,757,196)
Research and development	(989,100)	(836,400)	(877,800)	(826,300)	(529,300)	(545,293)
Selling, general and administrative	(718,900)	(610,300)	(676,600)	(682,900)	(452,100)	(499,811)
Amortization of acquired intangible assets	(862,500)	(932,300)	(993,900)	(674,100)	(485,500)	(337,667)
Employee separation costs	(600)	1,300)	(6,000)	(65,300)	(1,200)	(39,183)
Gain on sale of assets	7,900)	5,800)	1,500)	—)	4,400)	—)
Impairment charges	—)	—)	(700)	(3,600)	—)	(12,579)
Contract exit costs	(5,000)	1,600)	(5,200)	4,700)	(700)	(44,040)
Wafer fabrication restructuring	(21,100)	(15,000)	(18,000)	—)	—)	—)
Other	300)	(100)	(2,600)	300)	—)	(2,806)
Restructuring	(18,500)	(6,400)	(31,000)	(63,900)	2,500)	(98,608)
Legal contingencies	(12,500)	(200)	(15,700)	30,200)	—)	—)
Contingent consideration revaluation	1,500)	4,900)	—)	—)	—)	—)
Non-restructuring contract exit costs and other	—)	—)	—)	—)	(20,000)	—)
Special charges and other, net	(29,500)	(1,700)	(46,700)	(33,700)	(17,500)	(98,608)
Operating expenses	(2,600,000)	(2,380,700)	(2,595,000)	(2,217,000)	(1,484,400)	(1,481,379)
Operating income	1,849,600)	998,100)	647,100)	714,300)	936,300)	275,817)
Losses on equity method investments	—)	—)	—)	(200)	(200)	(222)
Interest income	500)	1,700)	2,800)	8,100)	22,000)	3,079)
Interest expense	(257,000)	(356,900)	(497,300)	(502,900)	(199,000)	(146,346)
Loss on settlement of debt	(113,400)	(299,600)	(5,400)	(12,600)	(16,000)	(43,879)
Other income (expense)	(369,900)	(654,800)	(499,900)	(507,400)	(193,000)	(187,146)
Other income (loss), net	2,800)	(3,800)	3,200)	(2,200)	(5,800)	1,338)
Income before income taxes	1,482,500)	339,500)	150,400)	204,500)	737,300)	89,787)
Income tax (provision) benefit	(197,000)	9,900)	420,200)	151,400)	(481,900)	80,805)
Net income from continuing operations	1,285,500)	349,400)	570,600)	355,900)	255,400)	170,592)
Net loss from discontinued operations	—)	—)	—)	—)	—)	(5,953)
Net income	1,285,500)	349,400)	570,600)	355,900)	255,400)	164,639)

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Microchip Technology Inc. net sales increased from 2020 to 2021 and from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Microchip Technology Inc. operating income increased from 2020 to 2021 and from 2021 to 2022.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Microchip Technology Inc. income before income taxes increased from 2020 to 2021 and from 2021 to 2022.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Microchip Technology Inc. net income decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Microchip Technology Inc. (NASDAQ:MCHP)

Income Statement