Cirrus logic reports q2 fy22 revenue of $465.9 million
Austin, texas--(business wire)--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 second quarter fiscal year 2022, which ended sept. 25, 2021, as well as the company’s current business outlook. “cirrus logic reported record revenue and eps for the september quarter and delivered solid year-over-year operating profit growth,” said john forsyth, cirrus logic president and chief executive officer. “during the quarter we made great progress on the company’s strategy to diversify beyond audio. in our high-performance mixed-signal product line, we brought our new power conversion and control ic to market, increased the attach rate of our camera controllers in smartphones and sampled new fast-charging products to our general market customers. this represents a significant expansion of cirrus logic’s technology and product mix, with our high-performance mixed-signal business delivering 30 percent of total revenue in the first half fiscal year 2022, up 117 percent year over year. we continue to be excited about the opportunities these new technologies offer for further growth and diversification in the future.” reported financial results – second quarter fy22 revenue of $465.9 million; gaap gross margin of 50.5 percent and non-gaap gross margin of 51.3 percent; gaap operating expenses of $140.2 million and non-gaap operating expenses of $114.5 million; and gaap earnings per share of $1.43 and non-gaap earnings per share of $1.82. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – third quarter fy22 revenue is expected to range between $490 million and $530 million; gaap gross margin is forecasted to be between 50 percent and 52 percent; and combined gaap r&d and sg&a expenses are anticipated to range between $141 million and $147 million, including approximately $19 million in stock-based compensation expense, $9 million in amortization of acquired intangibles and $3 million in acquisition-related costs. 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 investor@cirrus.com. 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: 3476036). cirrus logic, inc. cirrus logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. with headquarters in austin, texas, cirrus logic is recognized globally for its award-winning corporate culture. check us out at www.cirrus.com. cirrus logic, cirrus and the cirrus logic logo are registered trademarks of cirrus logic, inc. all other company or product names noted herein may be trademarks of their respective holders. use of non-gaap financial information to supplement cirrus logic's financial statements presented on a gaap basis, the company has provided non-gaap financial information, including non-gaap net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, and effective tax rate. a reconciliation of the adjustments to gaap results is included in the tables below. non-gaap financial information is not meant as a substitute for gaap results but is included because management believes such information is useful to our investors for informational and comparative purposes. in addition, certain non-gaap financial information is used internally by management to evaluate and manage the company. the non-gaap financial information used by cirrus logic may differ from that used by other companies. these non-gaap measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with gaap. safe harbor statement except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statements about our opportunities for further growth and diversification in the future, and our estimates for the third quarter fiscal year 2022 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock compensation expense and amortization of acquired intangibles. in some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. in addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. these forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially and readers should not place undue reliance on such statements. these risks and uncertainties include, but are not limited to, the following: the effects of the global covid-19 outbreak and the measures taken to limit the spread of covid-19, including any disruptions to our business that could result from measures to contain the outbreak that may be taken by governmental authorities in the jurisdictions in which we and our supply chain operate; the susceptibility of the markets we address to economic downturns, including as a result of the covid-19 outbreak and the actions taken to mitigate the spread of covid-19; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., the effect of the u.s. bureau of industry and security of the u.s. department of commerce placing huawei technologies co., ltd. and certain of its affiliates on the bureau’s entity list), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; recent increased industry-wide capacity constraints that may impact our ability to meet current customer demand, which could cause an unanticipated decline in our sales and damage our existing customer relationships and our ability to establish new customer relationships; the potential for increased prices due to capacity constraints in our supply chain, which, if we are unable to increase our selling price to our customers, could result in lower revenues and margins that could adversely affect our financial results; the level of orders and shipments during the third quarter of fiscal year 2022, customer cancellations of orders, or the failure to place orders consistent with forecasts, along with the risk factors listed in our form 10-k for the year ended march 28, 2021 and in our other filings with the securities and exchange commission, which are available at www.sec.gov. the foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise. summary financial data follows: three months ended six months ended sep. 25, jun. 26, sep. 26, sep. 25, sep. 26, 2021 2021 2020 2021 2020 q2'22 q1'22 q2'21 q2'22 q2'21 $ 300,775 $ 217,355 $ 279,905 $ 518,130 $ 486,354 165,111 59,898 67,420 225,009 103,544 465,886 277,253 347,325 743,139 589,898 230,442 137,307 167,115 367,749 282,216 235,444 139,946 180,210 375,390 307,682 50.5 % 50.5 % 51.9 % 50.5 % 52.2 % 102,116 85,696 84,810 187,812 163,551 38,132 35,147 31,247 73,279 60,951 - - - - 352 140,248 120,843 116,057 261,091 224,854 95,196 19,103 64,153 114,299 82,828 35 761 1,378 796 2,954 1,859 (242 ) 784 1,617 895 97,090 19,622 66,315 116,712 86,677 11,994 2,413 6,829 14,407 8,982 $ 85,096 $ 17,209 $ 59,486 $ 102,305 $ 77,695 $ 1.48 $ 0.30 $ 1.02 $ 1.78 $ 1.33 $ 1.43 $ 0.29 $ 0.99 $ 1.72 $ 1.29 57,364 57,582 58,191 57,473 58,252 59,451 59,513 60,127 59,485 60,203 prepared in accordance with generally accepted accounting principles three months ended six months ended sep. 25, jun. 26, sep. 26, sep. 25, sep. 26, 2021 2021 2020 2021 2020 $ 85,096 $ 17,209 $ 59,486 $ 102,305 $ 77,695 7,054 2,998 2,998 10,052 5,996 16,551 14,984 15,476 31,535 28,782 - - - - 352 5,834 - - 5,834 - (6,045 ) (2,949 ) (2,293 ) (8,994 ) (5,275 ) $ 108,490 $ 32,242 $ 75,667 $ 140,732 $ 107,550 $ 1.43 $ 0.29 $ 0.99 $ 1.72 $ 1.29 0.12 0.05 0.05 0.17 0.10 0.28 0.25 0.26 0.53 0.48 - - - - 0.01 0.09 - - 0.09 - (0.10 ) (0.05 ) (0.04 ) (0.14 ) (0.09 ) $ 1.82 $ 0.54 $ 1.26 $ 2.37 $ 1.79 $ 95,196 $ 19,103 $ 64,153 $ 114,299 $ 82,828 20.4 % 6.9 % 18.5 % 15.4 % 14.0 % 7,054 2,998 2,998 10,052 5,996 272 246 197 518 404 10,496 9,612 9,235 20,108 17,888 5,783 5,126 6,044 10,909 10,490 - - - - 352 5,834 - - 5,834 - $ 124,635 $ 37,085 $ 82,627 $ 161,720 $ 117,958 26.8 % 13.4 % 23.8 % 21.8 % 20.0 % $ 140,248 $ 120,843 $ 116,057 $ 261,091 $ 224,854 (7,054 ) (2,998 ) (2,998 ) (10,052 ) (5,996 ) (10,496 ) (9,612 ) (9,235 ) (20,108 ) (17,888 ) (5,783 ) (5,126 ) (6,044 ) (10,909 ) (10,490 ) - - - - (352 ) (2,373 ) - - (2,373 ) - $ 114,542 $ 103,107 $ 97,780 $ 217,649 $ 190,128 $ 235,444 $ 139,946 $ 180,210 $ 375,390 $ 307,682 50.5 % 50.5 % 51.9 % 50.5 % 52.2 % 3,461 - - 3,461 - 272 246 197 518 404 $ 239,177 $ 140,192 $ 180,407 $ 379,369 $ 308,086 51.3 % 50.6 % 51.9 % 51.0 % 52.2 % $ 11,994 $ 2,413 $ 6,829 $ 14,407 $ 8,982 12.4 % 12.3 % 10.3 % 12.3 % 10.4 % 6,045 2,949 2,293 8,994 5,275 $ 18,039 $ 5,362 $ 9,122 $ 23,401 $ 14,257 14.3 % 14.3 % 10.8 % 14.3 % 11.7 % $ 0.20 $ 0.04 $ 0.11 $ 0.24 $ 0.15 0.10 0.05 0.04 0.14 0.09 $ 0.30 $ 0.09 $ 0.15 $ 0.38 $ 0.24 sep. 25, mar. 27, sep. 26, 2021 2021 2020 $ 386,741 $ 442,164 $ 247,536 8,152 55,697 36,641 280,967 108,712 181,496 188,360 173,263 209,050 84,836 62,683 34,508 949,056 842,519 709,231 67,726 312,759 328,255 129,298 133,548 137,045 159,480 154,942 153,640 174,852 22,031 27,898 437,783 287,518 287,673 10,073 9,977 7,899 195,000 - - 102,892 67,320 48,223 $ 2,226,160 $ 1,830,614 $ 1,699,864 $ 386,699 $ 102,744 $ 99,105 54,919 54,849 41,707 14,359 14,573 13,994 44,404 41,444 23,237 500,381 213,610 178,043 122,815 127,883 128,570 79,727 64,020 66,503 33,329 - - 21,818 36,096 9,917 1,533,557 1,498,819 1,466,978 (65,672) (112,689) (155,260) 205 2,875 5,113 1,468,090 1,389,005 1,316,831 $ 2,226,160 $ 1,830,614 $ 1,699,864
