Press release
Cirrus Logic Reports Q4 FY20 Revenue of $279.3 Million
Content Gains Contribute to Eight Percent Year Over Year Revenue Growth in FY20 AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS) today
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nContent Gains Contribute to Eight Percent Year Over Year Revenue Growth in FY20\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCirrus 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 2020, which ended March 28, 2020, as well as the company’s current business outlook.\n\n\n“In FY20, we experienced strong demand for products shipping in smartphones and increased our penetration of tablets, truly wireless headsets and wearables,” said Jason Rhode, chief executive officer. “As the global community continues to confront the COVID-19 pandemic and the unknown economic consequences, Cirrus Logic’s priority is to ensure the safety and well-being of our employees, their families and our communities worldwide, while maintaining business continuity and continuing to provide outstanding support to our customers. With approximately $600 million in cash, no debt and outstanding relationships with the leaders in the markets we serve, Cirrus Logic is in a strong position to weather the storm and maximize our long-term growth opportunities.”\n\n\nReported Financial Results – Fourth Quarter FY20\n\n\n\nRevenue of $279.3 million;\n\n\nGAAP and non-GAAP gross margin of 52.4 percent;\n\n\nGAAP operating expenses of $136.2 million and non-GAAP operating expenses of $98.7 million;\n\n\nGAAP operating expense included $20.7 million in restructuring costs associated with exiting the MEMS product line, $13.8 million in stock-based compensation and $3 million in amortization of acquired intangibles;\n\n\nGAAP earnings per share of $0.17 and non-GAAP earnings per share of $0.68.\n\n\n\nReported Financial Results – Full Year FY20\n\n\n\nRevenue of $1.28 billion;\n\n\nGAAP and non-GAAP gross margin are 52.6 percent and 52.7, respectively;\n\n\nGAAP operating expenses of $500.7 million and non-GAAP operating expenses of $402.5 million;\n\n\nGAAP operating expense included $52.8 million in stock-based compensation, $23.4 million in amortization of acquired intangibles and $21.9 million in restructuring costs associated with exiting the MEMS product line;\n\n\nGAAP earnings per share of $2.64 and non-GAAP earnings per share of $3.99.\n\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in ...