Cirrus logic reports first quarter revenue of $393.6 million
Austin, texas--(business wire)--cirrus logic, inc. (nasdaq: crus) today posted on its website at investor.cirrus.com the quarterly shareholder letter that contains the complete financial results for the first quarter fiscal year 2023, which ended june 25, 2022, as well as the company’s current business outlook. “cirrus logic delivered record revenue for the june quarter, above the high end of guidance, as component shipments into smartphones exceeded expectations, and we continued to benefit from strong demand for flagship devices,” said john forsyth, cirrus logic president and chief executive officer. “we remain focused on delivering long-term growth through our investment in new technologies and high-performance mixed-signal products. with a compelling pipeline of low-power, low-latency signal processing components, we believe the company is well-positioned to drive content expansion opportunities in fy24 and beyond.” reported financial results – first quarter fy23 revenue of $393.6 million; gaap and non-gaap gross margin of 51.5 percent; gaap operating expenses of $148.4 million and non-gaap operating expenses of $119.5 million; and gaap earnings per share of $0.69 and non-gaap earnings per share of $1.12. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – second quarter fy23 revenue is expected to range between $450 million and $490 million; gaap gross margin is forecasted to be between 49 percent and 51 percent; and combined gaap r&d and sg&a expenses are anticipated to range between $154 million and $160 million, including approximately $20 million in stock-based compensation expense, $8 million in amortization of acquired intangibles, and $3 million in acquisition-related costs. share repurchase authorization the company also announced that its board of directors recently authorized the repurchase of up to an additional $500 million of the company's common stock, in addition to the $136.1 million remaining from the board’s previous share repurchase authorization in january 2021. the repurchases will be funded from working capital and anticipated cash flow from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. repurchases may also be affected through open market purchases, 10b5-1 plans, or other means. the share repurchase program is designed to comply with all applicable securities laws and may be suspended or discontinued at any time without notice. cirrus logic will host a live q&a session at 5 p.m. edt today to discuss its financial results and business outlook. participants may listen to the conference call on the investor relations website at 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 (647) 362-9199, or toll-free at (800) 770-2030 (access code: 9542479). 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. 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, effective tax rate, free cash flow, and free cash flow margin. 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 ability to deliver long-term growth through investment in new technologies and high-performance mixed-signal products, drive content expansion opportunities in fy24 and beyond, and our estimates for the second quarter fiscal year 2023 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock compensation expense, amortization of acquired intangibles and acquisition-related costs. 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; 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; recent significant increases in inflation in the u.s. and overseas; the level and timing of orders and shipments during the second quarter of fiscal year 2023, 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 26, 2022 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: 2022 2022 2021 $ 254,496 $ 327,099 $ 217,355 139,143 162,873 59,898 393,639 489,972 277,253 191,005 231,243 137,307 202,634 258,729 139,946 51.5 % 52.8 % 50.5 % 109,716 111,394 85,696 38,642 39,470 35,147 148,358 150,864 120,843 54,276 107,865 19,103 305 (103 ) 761 506 180 (242 ) 55,087 107,942 19,622 15,380 11,528 2,413 $ 39,707 $ 96,414 $ 17,209 $ 0.71 $ 1.69 $ 0.30 $ 0.69 $ 1.64 $ 0.29 56,277 56,993 57,582 57,804 58,625 59,513 2022 2022 2021 $ 39,707 $ 96,414 $ 17,209 7,835 7,882 2,998 18,138 17,024 14,984 3,164 3,164 - (4,300 ) (6,778 ) (2,949 ) $ 64,544 $ 117,706 $ 32,242 $ 0.69 $ 1.64 $ 0.29 0.14 0.14 0.05 0.31 0.29 0.25 0.05 0.05 - (0.07 ) (0.11 ) (0.05 ) $ 1.12 $ 2.01 $ 0.54 $ 54,276 $ 107,865 $ 19,103 13.8 % 22.0 % 6.9 % 7,835 7,882 2,998 277 261 246 12,592 11,786 9,612 5,269 4,977 5,126 3,164 3,164 - $ 83,413 $ 135,935 $ 37,085 21.2 % 27.7 % 13.4 % $ 148,358 $ 150,864 $ 120,843 (7,835 ) (7,882 ) (2,998 ) (12,592 ) (11,786 ) (9,612 ) (5,269 ) (4,977 ) (5,126 ) (3,164 ) (3,164 ) - $ 119,498 $ 123,055 $ 103,107 $ 202,634 $ 258,729 $ 139,946 51.5 % 52.8 % 50.5 % 277 261 246 $ 202,911 $ 258,990 $ 140,192 51.5 % 52.9 % 50.6 % $ 15,380 $ 11,528 $ 2,413 27.9 % 10.7 % 12.3 % 4,300 6,778 2,949 $ 19,680 $ 18,306 $ 5,362 23.4 % 13.5 % 14.3 % $ 0.27 $ 0.20 $ 0.04 0.07 0.11 0.05 $ 0.34 $ 0.31 $ 0.09 2022 2022 2021 $ 379,335 $ 369,814 $ 385,127 18,397 10,601 60,503 206,272 240,264 136,534 174,370 138,436 192,722 82,634 80,900 64,458 861,008 840,015 839,344 55,965 63,749 311,643 168,680 171,003 131,446 157,165 157,077 158,451 149,984 158,145 18,429 435,936 435,791 287,518 16,928 11,068 19,482 195,000 195,000 - 65,236 91,552 47,693 $ 2,105,902 $ 2,123,400 $ 1,814,006 $ 121,451 $ 115,417 $ 95,232 41,026 65,261 37,220 13,988 14,680 14,662 30,964 30,964 - 45,167 38,461 39,387 252,596 264,783 186,501 159,344 163,162 126,442 73,735 73,383 64,245 11,856 8,692 - 9,184 13,563 30,087 1,596,684 1,578,427 1,514,549 5,894 23,435 (109,754 ) (3,391 ) (2,045 ) 1,936 1,599,187 1,599,817 1,406,731 $ 2,105,902 $ 2,123,400 $ 1,814,006 2022 2021 $ 39,707 $ 17,209 16,515 11,898 18,138 14,985 (5,860 ) (9,270 ) 292 - 99 108 33,992 (27,822 ) (35,934 ) (19,459 ) 549 (6,457 ) (20,327 ) (21,740 ) 24,030 13,752 3,164 - 74,365 (26,796 ) 4,694 49,158 (5,186 ) (53,969 ) (6,776 ) (10,835 ) (448 ) (1,068 ) (7,716 ) (16,714 ) 120 746 (866 ) (1,772 ) (56,382 ) (12,501 ) (57,128 ) (13,527 ) 9,521 (57,037 ) 369,814 442,164 $ 379,335 $ 385,127 twelve months ended 2022 2022 2022 2021 2021 $ 225,914 $ 74,365 $ 258,231 $ (135,855 ) $ 29,173 (25,331 ) (7,224 ) (8,456 ) (3,724 ) (5,927 ) $ 200,583 $ 67,141 $ 249,775 $ (139,579 ) $ 23,246 12 % 19 % 53 % -25 % 6 % 11 % 17 % 51 % -25 % 5 %
