Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016
Net sales	2,169,200)	2,073,200)	1,963,600)	1,844,200)	1,757,500)	1,649,800)	1,569,400)	1,467,100)	1,352,100)	1,309,500)	1,309,700)	1,326,400)	1,287,400)	1,337,800)	1,322,600)	1,329,800)	1,374,700)	1,432,500)	1,212,500)	1,002,315)	994,205)	1,012,139)	972,141)	902,666)	834,366)	871,364)	799,411)
Cost of sales	(698,400)	(675,300)	(653,700)	(623,800)	(604,200)	(581,500)	(561,800)	(540,300)	(506,300)	(501,600)	(511,400)	(512,500)	(501,900)	(510,300)	(507,400)	(509,400)	(595,100)	(743,200)	(570,500)	(387,207)	(387,146)	(398,045)	(387,702)	(369,840)	(369,107)	(460,743)	(450,921)
Gross profit	1,470,800)	1,397,900)	1,309,900)	1,220,400)	1,153,300)	1,068,300)	1,007,600)	926,800)	845,800)	807,900)	798,300)	813,900)	785,500)	827,500)	815,200)	820,400)	779,600)	689,300)	642,000)	615,108)	607,059)	614,094)	584,439)	532,826)	465,259)	410,621)	348,490)
Research and development	(282,400)	(268,600)	(269,000)	(259,100)	(245,400)	(246,200)	(238,400)	(228,500)	(210,100)	(199,800)	(198,000)	(221,800)	(217,100)	(219,800)	(219,100)	(214,800)	(217,700)	(221,900)	(171,900)	(133,644)	(131,555)	(133,621)	(130,480)	(127,182)	(132,433)	(137,795)	(147,883)
Selling, general and administrative	(202,900)	(202,400)	(188,900)	(187,200)	(177,500)	(179,900)	(174,300)	(165,100)	(154,200)	(144,700)	(146,300)	(165,700)	(170,700)	(172,300)	(167,900)	(167,500)	(174,800)	(176,600)	(164,000)	(114,480)	(109,059)	(114,289)	(114,272)	(111,160)	(111,017)	(120,129)	(157,505)
Amortization of acquired intangible assets	(167,400)	(167,500)	(167,600)	(215,500)	(215,700)	(215,700)	(215,600)	(232,400)	(231,600)	(232,900)	(235,400)	(248,500)	(248,700)	(248,200)	(248,500)	(176,800)	(193,700)	(169,900)	(133,700)	(122,739)	(121,003)	(120,913)	(120,845)	(94,311)	(82,791)	(80,394)	(80,171)
Special income (charges) and other, net	(6,500)	(4,300)	16,900)	(9,100)	300)	(10,200)	(10,500)	7,200)	(4,300)	(4,300)	(300)	(17,200)	(17,800)	(3,600)	(8,100)	23,300)	1,300)	(18,200)	(40,100)	(188)	(196)	(19,872)	2,756)	(46,086)	(20,944)	(9,543)	(22,035)
Operating expenses	(659,200)	(642,800)	(608,600)	(670,900)	(638,300)	(652,000)	(638,800)	(618,800)	(600,200)	(581,700)	(580,000)	(653,200)	(654,300)	(643,900)	(643,600)	(535,800)	(584,900)	(586,600)	(509,700)	(371,051)	(361,813)	(388,695)	(362,841)	(378,739)	(347,185)	(347,861)	(407,594)
Operating income (loss)	811,600)	755,100)	701,300)	549,500)	515,000)	416,300)	368,800)	308,000)	245,600)	226,200)	218,300)	160,700)	131,200)	183,600)	171,600)	284,600)	194,700)	102,700)	132,300)	244,057)	245,246)	225,399)	221,598)	154,087)	118,074)	62,760)	(59,104)
Losses on equity method investments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	100)	(100)	(100)	(100)	(33)	(56)	(56)	(55)	(55)	(55)	(56)	(56)
Interest income	800)	200)	100)	—)	100)	100)	300)	900)	200)	300)	300)	500)	600)	1,000)	700)	800)	700)	900)	5,700)	7,559)	6,306)	4,609)	3,526)	1,314)	501)	445)	819)
Interest expense	(52,800)	(53,300)	(50,300)	(57,800)	(62,100)	(64,800)	(72,300)	(78,000)	(86,500)	(93,300)	(99,100)	(115,400)	(119,700)	(129,600)	(132,600)	(136,300)	(137,600)	(138,600)	(90,400)	(50,307)	(49,744)	(49,459)	(49,490)	(41,661)	(35,143)	(35,126)	(34,416)
Loss on settlement of debt	—)	(2,100)	(6,200)	(11,800)	(16,100)	(85,200)	(300)	(85,600)	(142,100)	(45,100)	(26,800)	(3,400)	—)	(100)	(1,900)	(8,300)	(200)	(4,100)	—)	(34)	(2,140)	—)	(13,826)	(43,879)	—)	—)	—)
Other income (expense)	(52,000)	(55,200)	(56,400)	(69,600)	(78,100)	(149,900)	(72,300)	(162,700)	(228,400)	(138,100)	(125,600)	(118,300)	(119,100)	(128,700)	(133,800)	(143,800)	(137,100)	(141,800)	(84,700)	(42,782)	(45,578)	(44,850)	(59,790)	(84,226)	(34,642)	(34,681)	(33,597)
Other income (loss), net	2,600)	(800)	1,700)	(700)	4,600)	(1,600)	500)	(900)	(400)	700)	(3,200)	3,400)	(1,500)	(1,400)	2,700)	10,300)	(2,500)	(200)	(9,800)	(13,033)	(2,962)	5,743)	4,452)	1,996)	121)	(2,789)	2,010)
Income (loss) before income taxes	762,200)	699,100)	646,600)	479,200)	441,500)	264,800)	297,000)	144,400)	16,800)	88,800)	89,500)	45,800)	10,600)	53,500)	40,500)	151,200)	55,000)	(39,400)	37,700)	188,209)	196,650)	186,236)	166,205)	71,802)	83,498)	25,234)	(90,747)
Income tax (provision) benefit	(181,900)	(152,900)	(139,400)	(41,300)	(88,700)	(22,800)	(44,200)	(28,400)	19,400)	(15,200)	34,100)	54,100)	300,500)	55,400)	10,200)	23,500)	(5,800)	135,700)	(2,000)	(41,466)	(447,736)	2,920)	4,382)	65,106)	23,837)	10,340)	(18,478)
Net income (loss) from continuing operations	580,300)	546,200)	507,200)	437,900)	352,800)	242,000)	252,800)	116,000)	36,200)	73,600)	123,600)	99,900)	311,100)	108,900)	50,700)	174,700)	49,200)	96,300)	35,700)	146,743)	(251,086)	189,156)	170,587)	136,908)	107,335)	35,574)	(109,225)
Net loss from discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(160)	(1,655)	(4,138)
Net income (loss)	580,300)	546,200)	507,200)	437,900)	352,800)	242,000)	252,800)	116,000)	36,200)	73,600)	123,600)	99,900)	311,100)	108,900)	50,700)	174,700)	49,200)	96,300)	35,700)	146,743)	(251,086)	189,156)	170,587)	136,908)	107,175)	33,919)	(113,363)

Net Sales: Net sales exhibited consistent growth over the observed periods, increasing from approximately $799 million in mid-2016 to around $2.17 billion by the end of 2022. The trend indicates a steady upward trajectory with occasional quarterly fluctuations but no significant declines, reflecting expanding revenues over time.
Cost of Sales: The cost of sales showed a general upward trend in absolute terms, rising from about $451 million in mid-2016 to nearly $698 million by late 2022. There were notable increases coinciding with jumps in sales, especially around 2018 and beyond, suggesting scaling operational expenses linked to higher sales volumes.
Gross Profit: Gross profit increased steadily from approximately $348 million in mid-2016 to about $1.47 billion at the end of 2022. The gross margin appeared to improve overall, with gross profit growing at a higher pace relative to cost of sales, indicating enhanced profitability at the gross level despite rising costs.
Research and Development (R&D) Expenses: R&D expenditures fluctuated somewhat but generally increased over time, rising from roughly $148 million in mid-2016 to about $282 million by late 2022. Peaks occurred around late 2018 and continued at higher levels through the subsequent periods, reflecting sustained or growing investment in innovation and product development.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses showed variability across quarters, with an initial range around $110-160 million, escalating to over $200 million toward the end of the timeline. The expenses surged markedly from 2018 onwards, suggesting increasing costs related to sales, marketing, and administrative functions accompanying company growth.
Amortization of Acquired Intangible Assets: Amortization costs were stable at around $80 million in the early periods but increased significantly from 2017, reaching peaks above $240 million later, before slightly declining to around $167 million by the end of 2022. This pattern indicates ongoing acquisition integration and the associated intangible asset amortization.
Special Income (Charges) and Other, Net: These figures showed considerable volatility, with periodic gains and losses including some sizeable positive spikes around 2018-2019. The variability suggests the presence of non-recurring or unusual items affecting net results in several quarters.
Operating Expenses: Operating expenses, encompassing R&D, SG&A, and amortization, escalated overall from approximately $408 million in mid-2016 to about $659 million by late 2022. Despite the cost increases, operating expenses did not outpace gross profit growth, supporting improved operating income over time.
Operating Income (Loss): Operating income trends were positive, with a movement from a loss of about $59 million in mid-2016 to a substantial gain exceeding $810 million by the end of 2022. There was some volatility with intermittent quarters of weaker performance, but the long-term direction was upward, indicating improved operational efficiency and profitability.
Interest Income and Expense: Interest income was modest and relatively stable, fluctuating between $200 thousand and around $7.5 million. Interest expense was significantly higher, with decreasing amounts from roughly $50 million in early periods to near $53 million in 2022, reflecting consistent debt servicing costs with a slight downward trend.
Other Income (Expense), Net: Other income and expense categories displayed substantial fluctuations, including large negative values indicating expenses in several quarters, especially beyond 2017. These items contributed to earnings volatility but did not dominate the overall profitability trends.
Income Before Income Taxes: Income before taxes showed a rising pattern from a loss of $91 million in mid-2016 to positive amounts exceeding $760 million by late 2022. This reflects recovery from early losses to steady profitability driven by growing revenues and controlled expenses.
Income Tax Provision: Income tax provisions varied widely, with some quarters showing negative values (tax benefits), especially around 2017 to 2020, while others showed substantial tax expenses. The volatility may relate to changes in profitability, tax planning, or one-time tax items during the periods.
Net Income from Continuing Operations: Net income from continuing operations progressed from a loss of about $109 million in mid-2016 to strong positive results, culminating near $580 million by the end of 2022. The trajectory indicates significant improvement in core business profitability over time.
Net Income (Loss): The overall net income mirrored net income from continuing operations due to minimal discontinued operations losses. After initial losses and volatility, the company achieved considerable net income growth, consistent with underlying operating and pre-tax income improvements.

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Microchip Technology Inc. (NASDAQ:MCHP)

Income Statement Quarterly Data

Income Statement
Quarterly Data