Cirrus logic reports q1 fy21 revenue of $242.6 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 first quarter fiscal year 2021, which ended june 27, 2020, as well as the company’s current business outlook. “we are pleased with our results in the june quarter as we experienced robust demand for certain products shipping in tablets and smartphones,” said jason rhode, chief executive officer. “despite the continuing challenges and adverse economic effects associated with covid-19, design activity and new product development efforts were encouraging during the quarter. the company remains focused on leveraging our strong customer relationships and mixed-signal processing expertise to broaden our penetration in audio, voice and other mixed-signal domains and position the company for growth in the coming years.” reported financial results – first quarter fy21 revenue of $242.6 million; gaap and non-gaap gross margin of 52.6 percent; gaap operating expenses of $108.8 million and non-gaap operating expenses of $92.4 million; gaap earnings per share of $0.30 and non-gaap earnings per share of $0.53. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – second quarter fy21 revenue is expected to range between $290 million and $330 million; gaap gross margin to be between 51 percent and 53 percent; and combined gaap r&d and sg&a expenses to range between $114 million and $120 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. 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.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: 1899640). 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 broadening our penetration in audio, voice, and other domains, and positioning the company for growth in the coming years, along with estimates for the second 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 second 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: jun. 27, mar. 28, jun. 29, 2020 2020 2019 $ 210,661 $ 249,731 $ 202,938 31,912 29,560 35,315 242,573 279,291 238,253 115,101 133,056 115,759 127,472 146,235 122,494 52.6 % 52.4 % 51.4 % 78,741 81,865 88,830 29,704 32,464 29,520 352 21,925 - 108,797 136,254 118,350 18,675 9,981 4,144 1,576 2,474 2,285 111 (106 ) (378 ) 20,362 12,349 6,051 2,153 2,191 1,433 $ 18,209 $ 10,158 $ 4,618 $ 0.31 $ 0.17 $ 0.08 $ 0.30 $ 0.17 $ 0.08 58,313 58,527 58,540 60,280 60,683 60,258 prepared in accordance with generally accepted accounting principles reconciliation between gaap and non-gaap financial information (unaudited, in thousands, except per share data) (not prepared in accordance with gaap) 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. as a note, 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. three months ended 2020 2020 2019 $ 18,209 $ 10,158 $ 4,618 2,998 3,000 7,228 13,306 14,052 11,786 352 20,602 - (2,982 ) (6,320 ) (2,803 ) $ 31,883 $ 41,492 $ 20,829 $ 0.30 $ 0.17 $ 0.08 0.05 0.05 0.12 0.22 0.23 0.20 0.01 0.34 - (0.05 ) (0.11 ) (0.05 ) $ 0.53 $ 0.68 $ 0.35 $ 18,675 $ 9,981 $ 4,144 7.7 % 3.6 % 1.7 % 2,998 3,000 7,228 207 213 241 8,653 9,446 7,240 4,446 4,393 4,305 352 20,602 - $ 35,331 $ 47,635 $ 23,158 14.6 % 17.1 % 9.7 % $ 108,797 $ 136,254 $ 118,350 (2,998 ) (3,000 ) (7,228 ) (8,653 ) (9,446 ) (7,240 ) (4,446 ) (4,393 ) (4,305 ) (352 ) (20,724 ) - $ 92,348 $ 98,691 $ 99,577 $ 127,472 $ 146,235 $ 122,494 52.6 % 52.4 % 51.4 % 207 213 241 - (122 ) - $ 127,679 $ 146,326 $ 122,735 52.6 % 52.4 % 51.5 % $ 2,153 $ 2,191 $ 1,433 10.6 % 17.7 % 23.7 % 2,982 6,320 2,803 $ 5,135 $ 8,511 $ 4,236 13.9 % 17.0 % 16.9 % $ 0.04 $ 0.04 $ 0.02 0.05 0.11 0.05 $ 0.09 $ 0.15 $ 0.07 2020 2020 2019 $ 285,922 $ 292,119 $ 198,077 29,943 22,008 52,350 136,539 153,998 111,497 199,332 146,725 146,317 38,231 35,346 55,834 689,967 650,196 564,075 290,186 283,573 205,079 139,492 141,274 146,035 154,286 158,244 182,042 31,185 34,430 62,496 287,399 287,088 286,370 6,970 10,052 9,394 44,554 27,820 14,625 $ 1,644,039 $ 1,592,677 $ 1,470,116 $ 95,523 $ 78,412 $ 60,408 28,768 42,439 23,416 13,887 13,580 14,517 24,866 24,206 32,865 163,044 158,637 131,206 129,627 129,312 137,180 69,130 71,143 79,484 9,949 3,806 4,996 1,451,297 1,434,929 1,375,777 (184,049 ) (201,681 ) (258,899 ) 5,041 (3,469 ) 372 1,272,289 1,229,779 1,117,250 $ 1,644,039 $ 1,592,677 $ 1,470,116
