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Cirrus Logic Reports Q4 FY20 Revenue of $279.3 Million
Content Gains Contribute to Eight Percent Year Over Year Revenue Growth in FY20
AUSTIN, Texas--(BUSINESS WIRE)--May 4, 2020--Cirrus Logic, Inc. (Nasdaq: CRUS)today posted on its website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the fourth quarter and full fiscal year 2020, which ended March 28, 2020, as well as the company’s current business outlook.
“In FY20, we experienced strong demand for products shipping in smartphones and increased our penetration of tablets, truly wireless headsets and wearables,” said Jason Rhode, chief executive officer. “As the global community continues to confront the COVID-19 pandemic and the unknown economic consequences, Cirrus Logic’s priority is to ensure the safety and well-being of our employees, their families and our communities worldwide, while maintaining business continuity and continuing to provide outstanding support to our customers. With approximately $600 million in cash, no debt and outstanding relationships with the leaders in the markets we serve, Cirrus Logic is in a strong position to weather the storm and maximize our long-term growth opportunities.”
Reported Financial Results – Fourth Quarter FY20
- Revenue of $279.3 million;
- GAAP and non-GAAP gross margin of 52.4 percent;
- GAAP operating expenses of $136.2 million and non-GAAP operating expenses of $98.7 million;
- GAAP operating expense included $20.7 million in restructuring costs associated with exiting the MEMS product line, $13.8 million in stock-based compensation and $3 million in amortization of acquired intangibles;
- GAAP earnings per share of $0.17 and non-GAAP earnings per share of $0.68.
Reported Financial Results – Full Year FY20
- Revenue of $1.28 billion;
- GAAP and non-GAAP gross margin are 52.6 percent and 52.7, respectively;
- GAAP operating expenses of $500.7 million and non-GAAP operating expenses of $402.5 million;
- GAAP operating expense included $52.8 million in stock-based compensation, $23.4 million in amortization of acquired intangibles and $21.9 million in restructuring costs associated with exiting the MEMS product line;
- GAAP earnings per share of $2.64 and non-GAAP earnings per share of $3.99.
A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.
Business Outlook – First Quarter FY21
- Revenue is expected to range between $200 million and $250 million;
- GAAP gross margin to be between 51 percent and 53 percent; and
- Combined GAAP R&D and SG&A expenses to range between $111 million and $117 million, including approximately $14 million in stock-based compensation expense and $3 million in amortization of acquired intangibles.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email firstname.lastname@example.org. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (416) 621-4642, or toll-free at (800) 585-8367 (Access Code: 9199070).
The following information was filed by Cirrus Logic Inc (CRUS) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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