Significant Revenue Growth in FY17 Fueled by Demand for Portable
Audio Products
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:
|
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 25,
|
|
|
Dec. 24,
|
|
|
Mar. 26,
|
|
|
Mar. 25,
|
|
|
Mar. 26,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
Q4'17
|
|
|
Q3'17
|
|
|
Q4'16
|
|
|
Q4'17
|
|
|
Q4'16
|
Portable audio products
|
|
|
|
$
|
290,658
|
|
|
|
$
|
483,712
|
|
|
|
$
|
187,280
|
|
|
|
$
|
1,373,848
|
|
|
|
$
|
989,101
|
|
Non-portable audio and other products
|
|
|
|
|
37,206
|
|
|
|
|
39,317
|
|
|
|
|
44,719
|
|
|
|
|
165,092
|
|
|
|
|
180,150
|
|
Net sales
|
|
|
|
|
327,864
|
|
|
|
|
523,029
|
|
|
|
|
231,999
|
|
|
|
|
1,538,940
|
|
|
|
|
1,169,251
|
|
Cost of sales
|
|
|
|
|
163,585
|
|
|
|
|
267,877
|
|
|
|
|
116,745
|
|
|
|
|
781,125
|
|
|
|
|
614,411
|
|
Gross profit
|
|
|
|
|
164,279
|
|
|
|
|
255,152
|
|
|
|
|
115,254
|
|
|
|
|
757,815
|
|
|
|
|
554,840
|
|
Gross margin
|
|
|
|
|
50.1
|
%
|
|
|
|
48.8
|
%
|
|
|
|
49.7
|
%
|
|
|
|
49.2
|
%
|
|
|
|
47.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
77,972
|
|
|
|
|
76,079
|
|
|
|
|
65,834
|
|
|
|
|
303,658
|
|
|
|
|
269,217
|
|
Selling, general and administrative
|
|
|
|
|
31,752
|
|
|
|
|
32,884
|
|
|
|
|
27,228
|
|
|
|
|
127,265
|
|
|
|
|
117,082
|
|
Asset impairment
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
Patent agreement and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(11,670
|
)
|
Total operating expenses
|
|
|
|
|
119,566
|
|
|
|
|
108,963
|
|
|
|
|
93,062
|
|
|
|
|
440,765
|
|
|
|
|
374,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
44,713
|
|
|
|
|
146,189
|
|
|
|
|
22,192
|
|
|
|
|
317,050
|
|
|
|
|
180,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
|
|
|
118
|
|
|
|
|
(350
|
)
|
|
|
|
(709
|
)
|
|
|
|
(1,924
|
)
|
|
|
|
(2,861
|
)
|
Other income (expense), net
|
|
|
|
|
82
|
|
|
|
|
(47
|
)
|
|
|
|
(370
|
)
|
|
|
|
(79
|
)
|
|
|
|
(1,361
|
)
|
Income before income taxes
|
|
|
|
|
44,913
|
|
|
|
|
145,792
|
|
|
|
|
21,113
|
|
|
|
|
315,047
|
|
|
|
|
175,989
|
|
Provision for income taxes
|
|
|
|
|
9,855
|
|
|
|
|
23,751
|
|
|
|
|
7,101
|
|
|
|
|
53,838
|
|
|
|
|
52,359
|
|
Net income
|
|
|
|
$
|
35,058
|
|
|
|
$
|
122,041
|
|
|
|
$
|
14,012
|
|
|
|
$
|
261,209
|
|
|
|
$
|
123,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
$
|
0.55
|
|
|
|
$
|
1.91
|
|
|
|
$
|
0.22
|
|
|
|
$
|
4.12
|
|
|
|
$
|
1.96
|
|
Diluted earnings per share:
|
|
|
|
$
|
0.52
|
|
|
|
$
|
1.83
|
|
|
|
$
|
0.21
|
|
|
|
$
|
3.92
|
|
|
|
$
|
1.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
64,232
|
|
|
|
|
63,837
|
|
|
|
|
62,843
|
|
|
|
|
63,329
|
|
|
|
|
63,197
|
|
Diluted
|
|
|
|
|
67,062
|
|
|
|
|
66,748
|
|
|
|
|
65,398
|
|
|
|
|
66,561
|
|
|
|
|
65,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
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.
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 25,
|
|
|
Dec. 24,
|
|
|
Mar. 26,
|
|
|
Mar. 25,
|
|
|
Mar. 26,
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
Net Income Reconciliation
|
|
|
|
Q4'17
|
|
|
Q3'17
|
|
|
Q4'16
|
|
|
Q4'17
|
|
|
Q4'16
|
GAAP Net Income
|
|
|
|
$
|
35,058
|
|
|
|
$
|
122,041
|
|
|
|
$
|
14,012
|
|
|
|
$
|
261,209
|
|
|
|
$
|
123,630
|
|
Amortization of acquisition intangibles
|
|
|
|
|
8,255
|
|
|
|
|
8,308
|
|
|
|
|
8,363
|
|
|
|
|
33,252
|
|
|
|
|
32,271
|
|
Stock based compensation expense
|
|
|
|
|
10,888
|
|
|
|
|
9,471
|
|
|
|
|
8,858
|
|
|
|
|
39,594
|
|
|
|
|
33,578
|
|
Patent agreement and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(11,670
|
)
|
Restructuring and other costs, net
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,667
|
)
|
|
|
|
-
|
|
|
|
|
(3,667
|
)
|
Acquisition-related items
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,566
|
)
|
|
|
|
-
|
|
Asset impairment
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
Adjustment to income taxes
|
|
|
|
|
(7,289
|
)
|
|
|
|
(15,094
|
)
|
|
|
|
(2,658
|
)
|
|
|
|
(41,480
|
)
|
|
|
|
(16,062
|
)
|
Non-GAAP Net Income
|
|
|
|
$
|
56,754
|
|
|
|
$
|
124,726
|
|
|
|
$
|
24,908
|
|
|
|
$
|
298,851
|
|
|
|
$
|
158,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted earnings per share
|
|
|
|
$
|
0.52
|
|
|
|
$
|
1.83
|
|
|
|
$
|
0.21
|
|
|
|
$
|
3.92
|
|
|
|
$
|
1.87
|
|
Effect of Amortization of acquisition intangibles
|
|
|
|
|
0.13
|
|
|
|
|
0.13
|
|
|
|
|
0.13
|
|
|
|
|
0.50
|
|
|
|
|
0.49
|
|
Effect of Stock based compensation expense
|
|
|
|
|
0.16
|
|
|
|
|
0.14
|
|
|
|
|
0.14
|
|
|
|
|
0.59
|
|
|
|
|
0.51
|
|
Effect of Patent agreement and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(0.18
|
)
|
Effect of Restructuring and other costs, net
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(0.06
|
)
|
|
|
|
-
|
|
|
|
|
(0.05
|
)
|
Effect of Acquisition-related items
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(0.05
|
)
|
|
|
|
-
|
|
Effect of Asset impairment
|
|
|
|
|
0.15
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.15
|
|
|
|
|
-
|
|
Effect of Adjustment to income taxes
|
|
|
|
|
(0.11
|
)
|
|
|
|
(0.23
|
)
|
|
|
|
(0.04
|
)
|
|
|
|
(0.62
|
)
|
|
|
|
(0.24
|
)
|
Non-GAAP Diluted earnings per share
|
|
|
|
$
|
0.85
|
|
|
|
$
|
1.87
|
|
|
|
$
|
0.38
|
|
|
|
$
|
4.49
|
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income
|
|
|
|
$
|
44,713
|
|
|
|
$
|
146,189
|
|
|
|
$
|
22,192
|
|
|
|
$
|
317,050
|
|
|
|
$
|
180,211
|
|
GAAP Operating Profit
|
|
|
|
|
14
|
%
|
|
|
|
28
|
%
|
|
|
|
10
|
%
|
|
|
|
21
|
%
|
|
|
|
15
|
%
|
Amortization of acquisition intangibles
|
|
|
|
|
8,255
|
|
|
|
|
8,308
|
|
|
|
|
8,363
|
|
|
|
|
33,252
|
|
|
|
|
32,271
|
|
Stock compensation expense - COGS
|
|
|
|
|
324
|
|
|
|
|
282
|
|
|
|
|
233
|
|
|
|
|
1,071
|
|
|
|
|
1,151
|
|
Stock compensation expense - R&D
|
|
|
|
|
5,987
|
|
|
|
|
5,078
|
|
|
|
|
4,996
|
|
|
|
|
21,186
|
|
|
|
|
17,173
|
|
Stock compensation expense - SG&A
|
|
|
|
|
4,577
|
|
|
|
|
4,111
|
|
|
|
|
3,629
|
|
|
|
|
17,337
|
|
|
|
|
15,254
|
|
Patent agreement and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(11,670
|
)
|
Restructuring and other costs, net
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,667
|
)
|
|
|
|
-
|
|
|
|
|
(3,667
|
)
|
Acquisition-related items
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,566
|
)
|
|
|
|
-
|
|
Asset impairment
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9,842
|
|
|
|
|
-
|
|
Non-GAAP Operating Income
|
|
|
|
$
|
73,698
|
|
|
|
$
|
163,968
|
|
|
|
$
|
35,746
|
|
|
|
$
|
396,172
|
|
|
|
$
|
230,723
|
|
Non-GAAP Operating Profit
|
|
|
|
|
22
|
%
|
|
|
|
31
|
%
|
|
|
|
15
|
%
|
|
|
|
26
|
%
|
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
|
|
$
|
119,566
|
|
|
|
$
|
108,963
|
|
|
|
$
|
93,062
|
|
|
|
$
|
440,765
|
|
|
|
$
|
374,629
|
|
Amortization of acquisition intangibles
|
|
|
|
|
(8,255
|
)
|
|
|
|
(8,308
|
)
|
|
|
|
(8,363
|
)
|
|
|
|
(33,252
|
)
|
|
|
|
(32,271
|
)
|
Stock compensation expense - R&D
|
|
|
|
|
(5,987
|
)
|
|
|
|
(5,078
|
)
|
|
|
|
(4,996
|
)
|
|
|
|
(21,186
|
)
|
|
|
|
(17,173
|
)
|
Stock compensation expense - SG&A
|
|
|
|
|
(4,577
|
)
|
|
|
|
(4,111
|
)
|
|
|
|
(3,629
|
)
|
|
|
|
(17,337
|
)
|
|
|
|
(15,254
|
)
|
Patent agreement and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
11,670
|
|
Restructuring and other costs, net
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,667
|
|
|
|
|
-
|
|
|
|
|
3,667
|
|
Acquisition-related items
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,566
|
|
|
|
|
-
|
|
Asset impairment
|
|
|
|
|
(9,842
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(9,842
|
)
|
|
|
|
-
|
|
Non-GAAP Operating Expenses
|
|
|
|
$
|
90,905
|
|
|
|
$
|
91,466
|
|
|
|
$
|
79,741
|
|
|
|
$
|
362,714
|
|
|
|
$
|
325,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin/Profit Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
|
$
|
164,279
|
|
|
|
$
|
255,152
|
|
|
|
$
|
115,254
|
|
|
|
$
|
757,815
|
|
|
|
$
|
554,840
|
|
GAAP Gross Margin
|
|
|
|
|
50.1
|
%
|
|
|
|
48.8
|
%
|
|
|
|
49.7
|
%
|
|
|
|
49.2
|
%
|
|
|
|
47.5
|
%
|
Acquisition-related items
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Stock compensation expense - COGS
|
|
|
|
|
324
|
|
|
|
|
282
|
|
|
|
|
233
|
|
|
|
|
1,071
|
|
|
|
|
1,151
|
|
Non-GAAP Gross Profit
|
|
|
|
$
|
164,603
|
|
|
|
$
|
255,434
|
|
|
|
$
|
115,487
|
|
|
|
$
|
758,886
|
|
|
|
$
|
555,991
|
|
Non-GAAP Gross Margin
|
|
|
|
|
50.2
|
%
|
|
|
|
48.8
|
%
|
|
|
|
49.8
|
%
|
|
|
|
49.3
|
%
|
|
|
|
47.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Tax Expense
|
|
|
|
$
|
9,855
|
|
|
|
$
|
23,751
|
|
|
|
$
|
7,101
|
|
|
|
$
|
53,838
|
|
|
|
$
|
52,359
|
|
GAAP Effective Tax Rate
|
|
|
|
|
21.9
|
%
|
|
|
|
16.3
|
%
|
|
|
|
33.6
|
%
|
|
|
|
17.1
|
%
|
|
|
|
29.8
|
%
|
Adjustments to income taxes
|
|
|
|
|
7,289
|
|
|
|
|
15,094
|
|
|
|
|
2,658
|
|
|
|
|
41,480
|
|
|
|
|
16,062
|
|
Non-GAAP Tax Expense
|
|
|
|
$
|
17,144
|
|
|
|
$
|
38,845
|
|
|
|
$
|
9,759
|
|
|
|
$
|
95,318
|
|
|
|
$
|
68,421
|
|
Non-GAAP Effective Tax Rate
|
|
|
|
|
23.2
|
%
|
|
|
|
23.7
|
%
|
|
|
|
28.2
|
%
|
|
|
|
24.2
|
%
|
|
|
|
30.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Impact to EPS Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Tax Expense
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.81
|
|
|
|
$
|
0.79
|
|
Adjustments to income taxes
|
|
|
|
|
0.11
|
|
|
|
|
0.23
|
|
|
|
|
0.04
|
|
|
|
|
0.62
|
|
|
|
|
0.24
|
|
Non-GAAP Tax Expense
|
|
|
|
$
|
0.26
|
|
|
|
$
|
0.59
|
|
|
|
$
|
0.15
|
|
|
|
$
|
1.43
|
|
|
|
$
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED BALANCE SHEET
|
unaudited; in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 25,
|
|
|
Dec. 24,
|
|
|
Mar. 26,
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
351,166
|
|
|
|
$
|
310,375
|
|
|
|
$
|
168,793
|
|
Marketable securities
|
|
|
|
|
99,813
|
|
|
|
|
72,342
|
|
|
|
|
60,582
|
|
Accounts receivable, net
|
|
|
|
|
119,974
|
|
|
|
|
246,630
|
|
|
|
|
88,532
|
|
Inventories
|
|
|
|
|
167,895
|
|
|
|
|
154,128
|
|
|
|
|
142,015
|
|
Other current assets
|
|
|
|
|
37,080
|
|
|
|
|
41,747
|
|
|
|
|
46,207
|
|
Total current Assets
|
|
|
|
|
775,928
|
|
|
|
|
825,222
|
|
|
|
|
506,129
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
168,139
|
|
|
|
|
167,933
|
|
|
|
|
162,656
|
|
Intangibles, net
|
|
|
|
|
135,188
|
|
|
|
|
144,005
|
|
|
|
|
162,832
|
|
Goodwill
|
|
|
|
|
286,767
|
|
|
|
|
287,518
|
|
|
|
|
287,518
|
|
Deferred tax asset
|
|
|
|
|
32,841
|
|
|
|
|
34,737
|
|
|
|
|
25,772
|
|
Other assets
|
|
|
|
|
14,607
|
|
|
|
|
13,990
|
|
|
|
|
16,345
|
|
Total assets
|
|
|
|
$
|
1,413,470
|
|
|
|
$
|
1,473,405
|
|
|
|
$
|
1,181,883
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
73,811
|
|
|
|
$
|
154,930
|
|
|
|
$
|
71,619
|
|
Accrued salaries and benefits
|
|
|
|
|
40,190
|
|
|
|
|
33,122
|
|
|
|
|
21,239
|
|
Other accrued liabilities
|
|
|
|
|
30,074
|
|
|
|
|
24,687
|
|
|
|
|
35,266
|
|
Total current liabilities
|
|
|
|
|
144,075
|
|
|
|
|
212,739
|
|
|
|
|
128,124
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
60,000
|
|
|
|
|
100,000
|
|
|
|
|
160,439
|
|
Other long-term liabilities
|
|
|
|
|
57,703
|
|
|
|
|
56,631
|
|
|
|
|
33,837
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
|
|
1,259,279
|
|
|
|
|
1,247,191
|
|
|
|
|
1,203,496
|
|
Accumulated deficit
|
|
|
|
|
(107,014
|
)
|
|
|
|
(141,027
|
)
|
|
|
|
(344,345
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
(573
|
)
|
|
|
|
(2,129
|
)
|
|
|
|
332
|
|
Total stockholders' equity
|
|
|
|
|
1,151,692
|
|
|
|
|
1,104,035
|
|
|
|
|
859,483
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
1,413,470
|
|
|
|
$
|
1,473,405
|
|
|
|
$
|
1,181,883
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepared in accordance with Generally Accepted Accounting
Principles
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170503006576/en/
Source: Cirrus Logic, Inc.