Cirrus logic reports q4 fy21 revenue of $293.5 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 fourth quarter and full fiscal year 2021, which ended march 27, 2021, as well as the company’s current business outlook. “in fy21 the company delivered solid revenue, operating profit and eps growth, driven by both content gains and higher unit volumes,” said john forsyth, chief executive officer. “in the past year we increased the penetration of our audio solutions in smartphones, expanded the range of end products containing our audio and haptic components and made significant progress diversifying our mixed-signal product portfolio with key product launches in new areas. while supply constraints had some impact on our q4 revenue results and q1 outlook, we have a really exciting pipeline of new components ramping this year, and expect revenue growth to accelerate in fy22.” reported financial results – fourth quarter fy21 revenue of $293.5 million; gaap and non-gaap gross margin of 50.5 percent; gaap operating expenses of $123.4 million and non-gaap operating expenses of $106.0 million; and gaap earnings per share of $0.42 and non-gaap earnings per share of $0.66. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. reported financial results – full year fy21 revenue of $1.37 billion; gaap and non-gaap gross margin of 51.7 percent; gaap operating expenses of $470.1 million and non-gaap operating expenses of $401.9 million; and gaap earnings per share of $3.62 and non-gaap earnings per share of $4.58. a reconciliation of gaap to non-gaap financial information is included in the tables accompanying this press release. business outlook – first quarter fy22 revenue is expected to range between $240 million and $280 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 $120 million and $126 million, including approximately $15 million in stock-based compensation expense and $3 million in amortization of acquired intangibles. beginning this quarter, we are adjusting how we report product line revenue to better represent our business and strategic focus. sales will be designated in two categories: audio and high-performance mixed-signal. while we continue to see new opportunities in audio, we believe our investment in high-performance mixed-signal technologies will drive product diversification and fuel exciting avenues of growth in the coming years. additional details relating to these product lines are provided in the q4 fy21 shareholder letter. prior periods in the statement of operations below have been retrospectively adjusted to reflect revenue in these new product lines. 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@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: 5783516). 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 expectations of accelerating revenue growth in fy22, our ability to ramp new components this year, and our opportunities to drive product diversification and growth in the coming years, along with estimates for the first quarter fiscal year 2022 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; 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; the level of orders and shipments during the first quarter of fiscal year 2022, 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: 2021 2020 2020 2021 2020 $ 235,821 $ 381,885 $ 238,330 $ 1,104,060 $ 1,109,958 57,716 103,910 40,961 265,170 171,166 293,537 485,795 279,291 1,369,230 1,281,124 145,418 234,295 133,056 661,929 606,957 148,119 251,500 146,235 707,301 674,167 50.5% 51.8% 52.4% 51.7% 52.6% 89,773 89,435 81,865 342,759 347,647 33,642 32,415 32,464 127,008 131,115 - - 21,925 352 21,925 123,415 121,850 136,254 470,119 500,687 24,704 129,650 9,981 237,182 173,480 1,064 1,206 2,474 5,224 9,401 2,152 (207 ) (106 ) 2,840 (1,615 ) 27,920 130,649 12,349 245,246 181,266 2,639 16,281 2,191 27,902 21,768 $ 25,281 $ 114,368 $ 10,158 $ 217,344 $ 159,498 $ 0.44 $ 1.97 $ 0.17 $ 3.74 $ 2.74 $ 0.42 $ 1.91 $ 0.17 $ 3.62 $ 2.64 57,899 58,024 58,527 58,106 58,317 59,922 59,963 60,683 60,060 60,462 reconciliation between gaap and non-gaap financial information unaudited, in thousands, except per share data) (not prepared in accordance with gaap) 2021 2020 2020 2021 2020 $ 25,281 $ 114,368 $ 10,158 $ 217,344 $ 159,498 2,998 2,998 3,000 11,992 23,420 14,693 13,287 14,052 56,762 53,757 - - 20,602 352 21,925 (3,251 ) (2,897 ) (6,320 ) (11,423 ) (17,411 ) $ 39,721 $ 127,756 $ 41,492 $ 275,027 $ 241,189 $ 0.42 $ 1.91 $ 0.17 $ 3.62 $ 2.64 0.05 0.05 0.05 0.20 0.39 0.24 0.22 0.23 0.94 0.89 - - 0.34 0.01 0.36 (0.05 ) (0.05 ) (0.11 ) (0.19 ) (0.29 ) $ 0.66 $ 2.13 $ 0.68 $ 4.58 $ 3.99 $ 24,704 $ 129,650 $ 9,981 $ 237,182 $ 173,480 8.4% 26.7% 3.6% 17.3% 13.5% 2,998 2,998 3,000 11,992 23,420 260 236 213 900 908 10,069 9,526 9,446 37,483 33,859 4,364 3,525 4,393 18,379 18,990 - - 20,602 352 21,925 $ 42,395 $ 145,935 $ 47,635 $ 306,288 $ 272,582 14.4% 30.0% 17.1% 22.4% 21.3% $ 123,415 $ 121,850 $ 136,254 $ 470,119 $ 500,687 (2,998 ) (2,998 ) (3,000 ) (11,992 ) (23,420 ) (10,069 ) (9,526 ) (9,446 ) (37,483 ) (33,859 ) (4,364 ) (3,525 ) (4,393 ) (18,379 ) (18,990 ) - - (20,724 ) (352 ) (21,925 ) $ 105,984 $ 105,801 $ 98,691 $ 401,913 $ 402,493 $ 148,119 $ 251,500 $ 146,235 $ 707,301 $ 674,167 50.5% 51.8% 52.4% 51.7% 52.6% 260 236 213 900 908 - - (122 ) - - $ 148,379 $ 251,736 $ 146,326 $ 708,201 $ 675,075 50.5% 51.8% 52.4% 51.7% 52.7% $ 2,639 $ 16,281 $ 2,191 $ 27,902 $ 21,768 9.5% 12.5% 17.7% 11.4% 12.0% 3,251 2,897 6,320 11,423 17,411 $ 5,890 $ 19,178 $ 8,511 $ 39,325 $ 39,179 12.9% 13.1% 17.0% 12.5% 14.0% $ 0.04 $ 0.27 $ 0.04 $ 0.46 $ 0.36 0.05 0.05 0.11 0.19 0.29 $ 0.09 $ 0.32 $ 0.15 $ 0.65 $ 0.65 2021 2020 2020 $ 442,164 $ 327,294 $ 292,119 55,697 43,289 22,008 108,712 244,803 153,998 173,263 142,689 146,725 62,683 45,469 35,346 842,519 803,544 650,196 312,759 326,491 283,573 133,548 135,719 141,274 154,942 154,312 158,244 22,031 24,322 34,430 287,518 287,518 287,088 9,977 7,277 10,052 67,320 86,446 27,820 $ 1,830,614 $ 1,825,629 $ 1,592,677 $ 102,744 $ 90,814 $ 78,412 54,849 39,367 42,439 14,573 14,539 13,580 41,444 40,135 24,206 213,610 184,855 158,637 127,883 129,583 129,312 64,020 70,866 71,143 36,096 39,968 3,806 1,498,819 1,483,567 1,434,929 (112,689 ) (88,238 ) (201,681 ) 2,875 5,028 (3,469 ) 1,389,005 1,400,357 1,229,779 $ 1,830,614 $ 1,825,629 $ 1,592,677
