Cirrus logic reports q2 fy21 revenue of $347.3 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 2021, which ended sept. 26, 2020, as well as the company’s current business outlook. “cirrus logic delivered revenue above the high end of guidance in the september quarter. we experienced solid sales across the breadth of our product portfolio, with particularly strong demand for components shipping in smartphones,” said jason rhode, chief executive officer. “during the quarter, we were pleased to have expanded the number of smartphones, tablets and wearables that are utilizing our technology. the company also reached several meaningful development milestones that we believe will fuel product diversification and growth opportunities in the coming years.” the company also announced today that the board of directors has appointed current president john forsyth, 47, as president and chief executive officer effective jan. 1, 2021, at which time jason rhode will transition into his new role as executive fellow. “john’s strong leadership and strategic vision make him the right choice to lead cirrus logic into what we believe is a very bright future,” said jason rhode, chief executive officer. in addition, the company announced that david tupman will become chair of the board of directors, effective the same date, succeeding al schuele ahead of his retirement prior to the next annual meeting of stockholders. for more information on the ceo and board leadership transition plans, please visit http://investor.cirrus.com/. reported financial results – second quarter fy21 revenue of $347.3 million; gaap and non-gaap gross margin of 51.9 percent; gaap operating expenses of $116.1 million and non-gaap operating expenses of $97.8 million; gaap earnings per share of $0.99 and non-gaap earnings per share of $1.26. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – third quarter fy21 revenue is expected to range between $440 million and $480 million; gaap gross margin to be between 50 percent and 52 percent; and combined gaap r&d and sg&a expenses to range between $121 million and $127 million, including approximately $15 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. est 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.relations@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: 9088457). 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 the company’s product diversification and growth opportunities in the coming years and our ability to lead the company into what we believe is a very bright future, along with estimates for the third quarter fiscal year 2021 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; the level of orders and shipments during the third quarter of fiscal year 2021, 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, 2020 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: 2020 2020 2019 2020 2019 $ 312,911 $ 210,661 $ 349,379 $ 523,572 $ 552,317 34,414 31,912 39,533 66,326 74,848 347,325 242,573 388,912 589,898 627,165 167,115 115,101 180,979 282,216 296,738 180,210 127,472 207,933 307,682 330,427 51.9 % 52.6 % 53.5 % 52.2 % 52.7 % 84,810 78,741 88,239 163,551 177,069 31,247 29,704 33,018 60,951 62,538 - 352 - 352 - 116,057 108,797 121,257 224,854 239,607 64,153 18,675 86,676 82,828 90,820 1,378 1,576 2,250 2,954 4,535 784 111 (568 ) 895 (946 ) 66,315 20,362 88,358 86,677 94,409 6,829 2,153 12,148 8,982 13,581 $ 59,486 $ 18,209 $ 76,210 $ 77,695 $ 80,828 $ 1.02 $ 0.31 $ 1.31 $ 1.33 $ 1.39 $ 0.99 $ 0.30 $ 1.27 $ 1.29 $ 1.34 58,191 58,313 58,011 58,252 58,276 60,127 60,280 60,213 60,203 60,260 sep. 26, jun. 27, sep. 28, sep. 26, sep. 28, 2020 2020 2019 2020 2019 $ 59,486 $ 18,209 $ 76,210 $ 77,695 $ 80,828 2,998 2,998 6,722 5,996 13,950 15,476 13,306 13,759 28,782 25,545 - 352 - 352 - (2,293 ) (2,982 ) (3,417 ) (5,275 ) (6,220 ) $ 75,667 $ 31,883 $ 93,274 $ 107,550 $ 114,103 $ 0.99 $ 0.30 $ 1.27 $ 1.29 $ 1.34 0.05 0.05 0.11 0.10 0.23 0.26 0.22 0.23 0.48 0.42 - 0.01 - 0.01 - (0.04 ) (0.05 ) (0.06 ) (0.09 ) (0.10 ) $ 1.26 $ 0.53 $ 1.55 $ 1.79 $ 1.89 $ 64,153 $ 18,675 $ 86,676 $ 82,828 $ 90,820 18.5 % 7.7 % 22.3 % 14.0 % 14.5 % 2,998 2,998 6,722 5,996 13,950 197 207 254 404 495 9,235 8,653 7,830 17,888 15,070 6,044 4,446 5,675 10,490 9,980 - 352 - 352 - $ 82,627 $ 35,331 $ 107,157 $ 117,958 $ 130,315 23.8 % 14.6 % 27.6 % 20.0 % 20.8 % $ 116,057 $ 108,797 $ 121,257 $ 224,854 $ 239,607 (2,998 ) (2,998 ) (6,722 ) (5,996 ) (13,950 ) (9,235 ) (8,653 ) (7,830 ) (17,888 ) (15,070 ) (6,044 ) (4,446 ) (5,675 ) (10,490 ) (9,980 ) - (352 ) - (352 ) - $ 97,780 $ 92,348 $ 101,030 $ 190,128 $ 200,607 $ 180,210 $ 127,472 $ 207,933 $ 307,682 $ 330,427 51.9 % 52.6 % 53.5 % 52.2 % 52.7 % 197 207 254 404 495 $ 180,407 $ 127,679 $ 208,187 $ 308,086 $ 330,922 51.9 % 52.6 % 53.5 % 52.2 % 52.8 % $ 6,829 $ 2,153 $ 12,148 $ 8,982 $ 13,581 10.3 % 10.6 % 13.7 % 10.4 % 14.4 % 2,293 2,982 3,417 5,275 6,220 $ 9,122 $ 5,135 $ 15,565 $ 14,257 $ 19,801 10.8 % 13.9 % 14.3 % 11.7 % 14.8 % $ 0.11 $ 0.04 $ 0.20 $ 0.15 $ 0.23 0.04 0.05 0.06 0.09 0.10 $ 0.15 $ 0.09 $ 0.26 $ 0.24 $ 0.33 2020 2020 2019 $ 247,536 $ 292,119 $ 221,937 36,641 22,008 22,563 181,496 153,998 217,962 209,050 146,725 144,829 34,508 35,346 44,729 709,231 650,196 652,020 328,255 283,573 238,741 137,045 141,274 142,834 153,640 158,244 178,420 27,898 34,430 54,780 287,673 287,088 285,321 7,899 10,052 9,026 48,223 27,820 22,489 $ 1,699,864 $ 1,592,677 $ 1,583,631 $ 99,105 $ 78,412 $ 109,374 41,707 42,439 34,870 13,994 13,580 13,751 23,237 24,206 34,801 178,043 158,637 192,796 128,570 129,312 133,105 66,503 71,143 76,847 9,917 3,806 2,258 1,466,978 1,434,929 1,392,650 (155,260 ) (201,681 ) (213,274 ) 5,113 (3,469 ) (751 ) 1,316,831 1,229,779 1,178,625 $ 1,699,864 $ 1,592,677 $ 1,583,631
