Cirrus logic reports fourth quarter revenue of $490.0 million and full fiscal year 2022 revenue of $1.78 billion
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 fourth quarter and full fiscal year 2022, which ended march 26, 2022, as well as the company’s current business outlook. “we delivered strong financial results in fy22 as revenue increased 30 percent year over year driven by high-performance mixed-signal content gains,” said john forsyth, cirrus logic president and chief executive officer. “in fy22, the company successfully executed several key strategic initiatives and increased product diversification through significant growth in our high-performance mixed-signal business. going forward, we expect to continue leveraging our expertise in data conversion and signal processing to capitalize on exciting opportunities in new applications and markets.” reported financial results – fourth quarter fy22 revenue of $490.0 million; gaap gross margin of 52.8 percent and non-gaap gross margin of 52.9 percent; gaap operating expenses of $150.9 million and non-gaap operating expenses of $123.1 million; and gaap earnings per share of $1.64 and non-gaap earnings per share of $2.01. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. reported financial results – full year fy22 revenue of $1.78 billion; gaap gross margin of 51.8 percent and non-gaap gross margin of 52.1 percent; gaap operating expenses of $557.3 million and non-gaap operating expenses of $456.2 million; and gaap earnings per share of $5.52 and non-gaap earnings per share of $6.90. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – first quarter fy23 revenue is expected to range between $350 million and $390 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 $147 million and $153 million, including approximately $19 million in stock-based compensation expense, $8 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 discuss its financial results and business outlook. participants may listen to the conference call on the investor relations website at investor.cirrus.com. participants who have questions that they would like addressed 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: 8385942). 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, and free cash flow. 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 continue to leverage our expertise in data conversion and signal processing to capitalize on exciting opportunities in new applications and markets and our estimates for the first 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; 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; our ability to attract, hire, and retain qualified personnel to support the development, marketing, and sales of our products; the level of orders and shipments during the first 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 27, 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: 2022 2021 2021 2022 2021 $ 327,099 $ 341,897 $ 235,821 $ 1,187,126 $ 1,104,060 162,873 206,452 57,716 594,334 265,170 489,972 548,349 293,537 1,781,460 1,369,230 231,243 258,827 145,418 857,819 661,929 258,729 289,522 148,119 923,641 707,301 52.8 % 52.8 % 50.5 % 51.8 % 51.7 % 111,394 107,101 89,773 406,307 342,759 39,470 38,247 33,642 150,996 127,008 - - - - 352 150,864 145,348 123,415 557,303 470,119 107,865 144,174 24,704 366,338 237,182 (103 ) (78 ) 1,064 615 5,224 180 (87 ) 2,152 1,710 2,840 107,942 144,009 27,920 368,663 245,246 11,528 16,373 2,639 42,308 27,902 $ 96,414 $ 127,636 $ 25,281 $ 326,355 $ 217,344 $ 1.69 $ 2.23 $ 0.44 $ 5.70 $ 3.74 $ 1.64 $ 2.16 $ 0.42 $ 5.52 $ 3.62 56,993 57,178 57,899 57,278 58,106 58,625 59,031 59,922 59,143 60,060 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) 2022 2021 2021 2022 2021 $ 96,414 $ 127,636 $ 25,281 $ 326,355 $ 217,344 7,882 9,083 2,998 27,017 11,992 17,024 17,833 14,693 66,392 56,762 - - - - 352 3,164 3,155 - 12,153 - (6,778 ) (7,903 ) (3,251 ) (23,675 ) (11,423 ) $ 117,706 $ 149,804 $ 39,721 $ 408,242 $ 275,027 $ 1.64 $ 2.16 $ 0.42 $ 5.52 $ 3.62 0.14 0.16 0.05 0.46 0.20 0.29 0.30 0.24 1.12 0.94 - - - - 0.01 0.05 0.05 - 0.20 - (0.11 ) (0.13 ) (0.05 ) (0.40 ) (0.19 ) $ 2.01 $ 2.54 $ 0.66 $ 6.90 $ 4.58 $ 107,865 $ 144,174 $ 24,704 $ 366,338 $ 237,182 22.0 % 26.3 % 8.4 % 20.6 % 17.3 % 7,882 9,083 2,998 27,017 11,992 261 245 260 1,024 900 11,786 12,260 10,069 44,154 37,483 4,977 5,328 4,364 21,214 18,379 - - - - 352 3,164 3,155 - 12,153 - $ 135,935 $ 174,245 $ 42,395 $ 471,900 $ 306,288 27.7 % 31.8 % 14.4 % 26.5 % 22.4 % $ 150,864 $ 145,348 $ 123,415 $ 557,303 $ 470,119 (7,882 ) (9,083 ) (2,998 ) (27,017 ) (11,992 ) (11,786 ) (12,260 ) (10,069 ) (44,154 ) (37,483 ) (4,977 ) (5,328 ) (4,364 ) (21,214 ) (18,379 ) - - - - (352 ) (3,164 ) (3,155 ) - (8,692 ) - $ 123,055 $ 115,522 $ 105,984 $ 456,226 $ 401,913 $ 258,729 $ 289,522 $ 148,119 $ 923,641 $ 707,301 52.8 % 52.8 % 50.5 % 51.8 % 51.7 % - - - 3,461 - 261 245 260 1,024 900 $ 258,990 $ 289,767 $ 148,379 $ 928,126 $ 708,201 52.9 % 52.8 % 50.5 % 52.1 % 51.7 % $ 11,528 $ 16,373 $ 2,639 $ 42,308 $ 27,902 10.7 % 11.4 % 9.5 % 11.5 % 11.4 % 6,778 7,903 3,251 23,675 11,423 $ 18,306 $ 24,276 $ 5,890 $ 65,983 $ 39,325 13.5 % 13.9 % 12.9 % 13.9 % 12.5 % $ 0.20 $ 0.28 $ 0.04 $ 0.72 $ 0.46 0.11 0.13 0.05 0.40 0.19 $ 0.31 $ 0.41 $ 0.09 $ 1.12 $ 0.65 2022 2021 2021 $ 369,814 $ 195,121 $ 442,164 10,601 3,719 55,697 240,264 326,131 108,712 138,436 148,525 173,263 80,900 90,025 62,683 840,015 763,521 842,519 63,749 72,118 312,759 171,003 173,054 133,548 157,077 157,186 154,942 158,145 165,581 22,031 435,791 437,783 287,518 11,068 7,203 9,977 195,000 195,000 - 91,552 96,671 67,320 $ 2,123,400 $ 2,068,117 $ 1,830,614 $ 115,417 $ 110,250 $ 102,744 65,261 43,044 54,849 14,680 14,653 14,573 30,964 30,964 - 38,461 40,603 41,444 264,783 239,514 213,610 163,162 164,896 127,883 73,383 77,683 64,020 8,692 5,528 - 13,563 17,749 36,096 1,578,427 1,556,746 1,498,819 23,435 6,416 (112,689 ) (2,045 ) (415 ) 2,875 1,599,817 1,562,747 1,389,005 $ 2,123,400 $ 2,068,117 $ 1,830,614 2022 2022 $ 96,414 $ 326,355 16,905 62,061 17,024 66,392 (6,759 ) (15,002 ) 115 642 88 370 85,868 (124,826 ) 10,089 42,502 - (195,000 ) 8,576 (92,584 ) 27,711 14,991 (963 ) (804 ) 3,163 39,656 258,231 124,753 4,963 371,545 (5,307 ) (83,023 ) (8,048 ) (26,139 ) (408 ) (3,871 ) - (276,884 ) (8,800 ) (18,372 ) - (1,718 ) 4,658 13,220 (4,397 ) (22,732 ) (74,999 ) (167,501 ) (74,738 ) (178,731 ) 174,693 (72,350 ) 195,121 442,164 $ 369,814 $ 369,814 $ 258,231 $ 124,753 (8,048 ) (26,139 ) (408 ) (3,871 ) $ 249,775 $ 94,743
