Cirrus logic reports q4 revenue of $327.9 million and $1.5 billion
for fy17
Austin, texas--(business wire)--cirrus logic, inc. (nasdaq: crus), a leader in high performance, low-power ics for audio and voice signal processing applications, today posted on its investor relations website at http://investor.cirrus.com the quarterly shareholder letter that contains the complete financial results for the fourth quarter and full fiscal year 2017, which ended mar. 25, 2017, as well as the company’s current business outlook. “we are extremely pleased with cirrus logic’s fy17 financial performance as we delivered outstanding revenue, operating profit and earnings per share growth,” said jason rhode, president and chief executive officer. “with a growing product line spanning the complete audio signal chain, cirrus logic expects to leverage our solid customer relationships and engineering execution to capitalize on our rapidly expanding growth opportunities.” reported financial results – fourth quarter fy17 revenue of $327.9 million; gaap gross margin of 50.1 percent and non-gaap gross margin of 50.2 percent; gaap operating expenses of $119.6 million and non-gaap operating expenses of $90.9 million; and gaap diluted earnings per share of $0.52 and non-gaap diluted earnings per share of $0.85. reported financial results – full year fy17 revenue of $1.5 billion; gaap gross margin of 49.2 percent and non-gaap gross margin of 49.3 percent; gaap operating expenses of $440.8 million and non-gaap operating expenses of $362.7 million; and gaap diluted earnings per share of $3.92 and non-gaap diluted earnings per share of $4.49. a reconciliation of the non-gaap charges is included in the tables accompanying this press release. business outlook – first quarter fy18 revenue is expected to range between $300 million and $340 million; gaap gross margin is expected to be between 48 percent and 50 percent; and combined gaap r&d and sg&a expenses are expected to range between $118 million and $124 million, which includes approximately $11 million in share-based compensation and $10 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: 2452447). cirrus logic, inc. cirrus logic is a leader in high performance, low-power ics for audio and voice signal processing applications. cirrus logic’s products span the entire audio signal chain, from capture to playback, providing innovative products for the world’s top smartphones, tablets, digital headsets, wearables and emerging smart home applications. with headquarters in austin, texas, cirrus logic is recognized globally for its award-winning corporate culture. check us out at www.cirrus.com. use of non-gaap financial information to supplement cirrus logic's financial statements presented on a gaap basis, cirrus has provided non-gaap financial information, including non-gaap net income, diluted earnings per share, operating income, operating expenses, gross margins, tax expenses and tax expense impact on earnings per share. 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 statements about our future ability to leverage our solid customer relationships and engineering execution to capitalize on our rapidly expanding growth opportunities, and our estimates of first quarter fiscal year 2018 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based 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. these risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the first quarter of fiscal year 2018, customer cancellations of orders, or the failure to place orders consistent with forecasts, along with the timing and success of new product ramps; and the risk factors listed in our form 10-k for the year ended march 26, 2016, as amended, 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 undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise. cirrus logic and cirrus are registered trademarks of cirrus logic, inc. all other company or product names noted herein may be trademarks of their respective holders. summary financial data follows: three months ended twelve months ended 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. 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