Company Announces $200 Million Share Repurchase Program
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 website at http://investor.cirrus.com
the quarterly Shareholder Letter that contains the complete financial
results for the third quarter fiscal year 2019, which ended Dec. 29,
2018, as well as the company’s current business outlook.
“Cirrus Logic reported revenue for the third quarter in line with our
revised expectations as we experienced the effects of the turbulent
macroeconomic environment and reduced demand for smartphones,” said
Jason Rhode, president and chief executive officer. “Despite these
challenges, we are encouraged to see continued broad-based interest for
low-latency, low-power signal processing across a wide range of product
categories. We are making considerable investments in technologies
addressing audio, voice and other adjacent applications that we believe
will fuel growth opportunities in the coming years.”
Reported Financial Results – Third Quarter FY19
-
Revenue of $324.3 million;
-
GAAP and non-GAAP gross margin of 50.3 percent and 50.4 percent,
respectively;
-
GAAP operating expenses of $118.9 million and non-GAAP operating
expenses of $100.3 million; and
-
GAAP earnings per share of $0.49 and non-GAAP earnings per share of
$0.91.
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – Fourth Quarter FY19
-
Revenue is expected to range between $200 million and $240 million;
-
GAAP gross margin is expected to be between 49 percent and 51 percent;
and
-
Combined GAAP R&D and SG&A expenses are expected to range between $119
million and $125 million, which includes approximately $12 million in
share-based compensation and $7 million in amortization of acquired
intangibles.
Share Repurchase Authorization
The company also announced that its Board of Directors recently
authorized the repurchase of up to an additional $200 million of the
company's common stock, in addition to the $50 million remaining from
the Board’s previous share repurchase authorization in January 2018. The
repurchases will be funded from working capital and anticipated cash
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. 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. EST 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: 9569708).
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.
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.
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 and
profit, operating expenses, gross margin and profit, tax expense 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
our statements about our future growth opportunities, along with
estimates for the fourth quarter fiscal year 2019 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 fourth quarter of fiscal year 2019, 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
31, 2018 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.
|
|
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
|
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 29,
|
|
|
Sep. 29,
|
|
|
Dec. 30,
|
|
|
|
Dec. 29,
|
|
|
Dec. 30,
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
|
|
Q3'19
|
|
|
Q2'19
|
|
|
Q3'18
|
|
|
|
Q3'19
|
|
|
Q3'18
|
Portable audio products
|
|
|
$
|
288,640
|
|
|
|
$
|
324,049
|
|
|
|
$
|
438,650
|
|
|
|
|
$
|
824,950
|
|
|
|
$
|
1,101,099
|
|
Non-portable audio and other products
|
|
|
|
35,655
|
|
|
|
|
42,256
|
|
|
|
|
44,091
|
|
|
|
|
|
120,133
|
|
|
|
|
127,914
|
|
Net sales
|
|
|
|
324,295
|
|
|
|
|
366,305
|
|
|
|
|
482,741
|
|
|
|
|
|
945,083
|
|
|
|
|
1,229,013
|
|
Cost of sales
|
|
|
|
161,115
|
|
|
|
|
181,186
|
|
|
|
|
247,653
|
|
|
|
|
|
472,225
|
|
|
|
|
620,927
|
|
Gross profit
|
|
|
|
163,180
|
|
|
|
|
185,119
|
|
|
|
|
235,088
|
|
|
|
|
|
472,858
|
|
|
|
|
608,086
|
|
Gross margin
|
|
|
|
50.3
|
%
|
|
|
|
50.5
|
%
|
|
|
|
48.7
|
%
|
|
|
|
|
50.0
|
%
|
|
|
|
49.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
88,575
|
|
|
|
|
96,381
|
|
|
|
|
96,978
|
|
|
|
|
|
282,888
|
|
|
|
|
270,888
|
|
Selling, general and administrative
|
|
|
|
30,364
|
|
|
|
|
33,160
|
|
|
|
|
34,604
|
|
|
|
|
|
96,308
|
|
|
|
|
95,504
|
|
Total operating expenses
|
|
|
|
118,939
|
|
|
|
|
129,541
|
|
|
|
|
131,582
|
|
|
|
|
|
379,196
|
|
|
|
|
366,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
44,241
|
|
|
|
|
55,578
|
|
|
|
|
103,506
|
|
|
|
|
|
93,662
|
|
|
|
|
241,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
|
|
1,740
|
|
|
|
|
1,525
|
|
|
|
|
912
|
|
|
|
|
|
4,712
|
|
|
|
|
2,231
|
|
U.K. pension settlement
|
|
|
|
(13,768
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(13,768
|
)
|
|
|
|
-
|
|
Other income (expense), net
|
|
|
|
101
|
|
|
|
|
(378
|
)
|
|
|
|
322
|
|
|
|
|
|
(67
|
)
|
|
|
|
(813
|
)
|
Income before income taxes
|
|
|
|
32,314
|
|
|
|
|
56,725
|
|
|
|
|
104,740
|
|
|
|
|
|
84,539
|
|
|
|
|
243,112
|
|
Provision (benefit) for income taxes
|
|
|
|
2,381
|
|
|
|
|
(1,448
|
)
|
|
|
|
70,961
|
|
|
|
|
|
705
|
|
|
|
|
93,121
|
|
Net income
|
|
|
$
|
29,933
|
|
|
|
$
|
58,173
|
|
|
|
$
|
33,779
|
|
|
|
|
$
|
83,834
|
|
|
|
$
|
149,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
$
|
0.50
|
|
|
|
$
|
0.96
|
|
|
|
$
|
0.53
|
|
|
|
|
$
|
1.39
|
|
|
|
$
|
2.36
|
|
Diluted earnings per share:
|
|
|
$
|
0.49
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.52
|
|
|
|
|
$
|
1.35
|
|
|
|
$
|
2.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
59,511
|
|
|
|
|
60,472
|
|
|
|
|
63,453
|
|
|
|
|
|
60,482
|
|
|
|
|
63,655
|
|
Diluted
|
|
|
|
60,783
|
|
|
|
|
62,431
|
|
|
|
|
65,557
|
|
|
|
|
|
62,076
|
|
|
|
|
66,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 29,
|
|
|
Sep. 29,
|
|
|
Dec. 30,
|
|
|
|
Dec. 29,
|
|
|
Dec. 30,
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
Net Income Reconciliation
|
|
|
Q3'19
|
|
|
Q2'19
|
|
|
Q3'18
|
|
|
|
Q3'19
|
|
|
Q3'18
|
GAAP Net Income
|
|
|
$
|
29,933
|
|
|
|
$
|
58,173
|
|
|
|
$
|
33,779
|
|
|
|
|
$
|
83,834
|
|
|
|
$
|
149,991
|
|
Amortization of acquisition intangibles
|
|
|
|
7,630
|
|
|
|
|
12,867
|
|
|
|
|
11,600
|
|
|
|
|
|
33,763
|
|
|
|
|
34,800
|
|
Stock based compensation expense
|
|
|
|
11,181
|
|
|
|
|
13,131
|
|
|
|
|
12,512
|
|
|
|
|
|
37,106
|
|
|
|
|
36,207
|
|
U.K. pension settlement
|
|
|
|
13,768
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
13,768
|
|
|
|
|
-
|
|
Acquisition-related items
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(4,048
|
)
|
Adjustment to income taxes
|
|
|
|
(7,003
|
)
|
|
|
|
(17,054
|
)
|
|
|
|
46,273
|
|
|
|
|
|
(27,983
|
)
|
|
|
|
31,756
|
|
Non-GAAP Net Income
|
|
|
$
|
55,509
|
|
|
|
$
|
67,117
|
|
|
|
$
|
104,164
|
|
|
|
|
$
|
140,488
|
|
|
|
$
|
248,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted earnings per share
|
|
|
$
|
0.49
|
|
|
|
$
|
0.93
|
|
|
|
$
|
0.52
|
|
|
|
|
$
|
1.35
|
|
|
|
$
|
2.26
|
|
Effect of Amortization of acquisition intangibles
|
|
|
|
0.13
|
|
|
|
|
0.21
|
|
|
|
|
0.18
|
|
|
|
|
|
0.54
|
|
|
|
|
0.52
|
|
Effect of Stock based compensation expense
|
|
|
|
0.18
|
|
|
|
|
0.21
|
|
|
|
|
0.19
|
|
|
|
|
|
0.60
|
|
|
|
|
0.55
|
|
Effect of U.K. pension settlement
|
|
|
|
0.23
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
0.22
|
|
|
|
|
-
|
|
Effect of Acquisition-related items
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(0.06
|
)
|
Effect of Adjustment to income taxes
|
|
|
|
(0.12
|
)
|
|
|
|
(0.27
|
)
|
|
|
|
0.70
|
|
|
|
|
|
(0.45
|
)
|
|
|
|
0.48
|
|
Non-GAAP Diluted earnings per share
|
|
|
$
|
0.91
|
|
|
|
$
|
1.08
|
|
|
|
$
|
1.59
|
|
|
|
|
$
|
2.26
|
|
|
|
$
|
3.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income
|
|
|
$
|
44,241
|
|
|
|
$
|
55,578
|
|
|
|
$
|
103,506
|
|
|
|
|
$
|
93,662
|
|
|
|
$
|
241,694
|
|
GAAP Operating Profit
|
|
|
|
14
|
%
|
|
|
|
15
|
%
|
|
|
|
21
|
%
|
|
|
|
|
10
|
%
|
|
|
|
20
|
%
|
Amortization of acquisition intangibles
|
|
|
|
7,630
|
|
|
|
|
12,867
|
|
|
|
|
11,600
|
|
|
|
|
|
33,763
|
|
|
|
|
34,800
|
|
Stock compensation expense - COGS
|
|
|
|
220
|
|
|
|
|
170
|
|
|
|
|
386
|
|
|
|
|
|
589
|
|
|
|
|
1,052
|
|
Stock compensation expense - R&D
|
|
|
|
6,761
|
|
|
|
|
6,834
|
|
|
|
|
6,995
|
|
|
|
|
|
20,845
|
|
|
|
|
19,289
|
|
Stock compensation expense - SG&A
|
|
|
|
4,200
|
|
|
|
|
6,127
|
|
|
|
|
5,131
|
|
|
|
|
|
15,672
|
|
|
|
|
15,866
|
|
Acquisition-related items
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(4,048
|
)
|
Non-GAAP Operating Income
|
|
|
$
|
63,052
|
|
|
|
$
|
81,576
|
|
|
|
$
|
127,618
|
|
|
|
|
$
|
164,531
|
|
|
|
$
|
308,653
|
|
Non-GAAP Operating Profit
|
|
|
|
19
|
%
|
|
|
|
22
|
%
|
|
|
|
26
|
%
|
|
|
|
|
17
|
%
|
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
|
$
|
118,939
|
|
|
|
$
|
129,541
|
|
|
|
$
|
131,582
|
|
|
|
|
$
|
379,196
|
|
|
|
$
|
366,392
|
|
Amortization of acquisition intangibles
|
|
|
|
(7,630
|
)
|
|
|
|
(12,867
|
)
|
|
|
|
(11,600
|
)
|
|
|
|
|
(33,763
|
)
|
|
|
|
(34,800
|
)
|
Stock compensation expense - R&D
|
|
|
|
(6,761
|
)
|
|
|
|
(6,834
|
)
|
|
|
|
(6,995
|
)
|
|
|
|
|
(20,845
|
)
|
|
|
|
(19,289
|
)
|
Stock compensation expense - SG&A
|
|
|
|
(4,200
|
)
|
|
|
|
(6,127
|
)
|
|
|
|
(5,131
|
)
|
|
|
|
|
(15,672
|
)
|
|
|
|
(15,866
|
)
|
Acquisition-related items
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
4,048
|
|
Non-GAAP Operating Expenses
|
|
|
$
|
100,348
|
|
|
|
$
|
103,713
|
|
|
|
$
|
107,856
|
|
|
|
|
$
|
308,916
|
|
|
|
$
|
300,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin/Profit Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
$
|
163,180
|
|
|
|
$
|
185,119
|
|
|
|
$
|
235,088
|
|
|
|
|
$
|
472,858
|
|
|
|
$
|
608,086
|
|
GAAP Gross Margin
|
|
|
|
50.3
|
%
|
|
|
|
50.5
|
%
|
|
|
|
48.7
|
%
|
|
|
|
|
50.0
|
%
|
|
|
|
49.5
|
%
|
Stock compensation expense - COGS
|
|
|
|
220
|
|
|
|
|
170
|
|
|
|
|
386
|
|
|
|
|
|
589
|
|
|
|
|
1,052
|
|
Non-GAAP Gross Profit
|
|
|
$
|
163,400
|
|
|
|
$
|
185,289
|
|
|
|
$
|
235,474
|
|
|
|
|
$
|
473,447
|
|
|
|
$
|
609,138
|
|
Non-GAAP Gross Margin
|
|
|
|
50.4
|
%
|
|
|
|
50.6
|
%
|
|
|
|
48.8
|
%
|
|
|
|
|
50.1
|
%
|
|
|
|
49.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Tax Expense (Benefit)
|
|
|
$
|
2,381
|
|
|
|
$
|
(1,448
|
)
|
|
|
$
|
70,961
|
|
|
|
|
$
|
705
|
|
|
|
$
|
93,121
|
|
GAAP Effective Tax Rate
|
|
|
|
7.4
|
%
|
|
|
|
-2.6
|
%
|
|
|
|
67.7
|
%
|
|
|
|
|
0.8
|
%
|
|
|
|
38.3
|
%
|
Adjustments to income taxes
|
|
|
|
7,003
|
|
|
|
|
17,054
|
|
|
|
|
(46,273
|
)
|
|
|
|
|
27,983
|
|
|
|
|
(31,756
|
)
|
Non-GAAP Tax Expense
|
|
|
$
|
9,384
|
|
|
|
$
|
15,606
|
|
|
|
$
|
24,688
|
|
|
|
|
$
|
28,688
|
|
|
|
$
|
61,365
|
|
Non-GAAP Effective Tax Rate
|
|
|
|
14.5
|
%
|
|
|
|
18.9
|
%
|
|
|
|
19.2
|
%
|
|
|
|
|
17.0
|
%
|
|
|
|
19.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Impact to EPS Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Tax Expense (Benefit)
|
|
|
$
|
0.04
|
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
1.08
|
|
|
|
|
$
|
0.01
|
|
|
|
$
|
1.40
|
|
Adjustments to income taxes
|
|
|
|
0.12
|
|
|
|
|
0.27
|
|
|
|
|
(0.70
|
)
|
|
|
|
|
0.45
|
|
|
|
|
(0.48
|
)
|
Non-GAAP Tax Expense
|
|
|
$
|
0.16
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.38
|
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIRRUS LOGIC, INC.
|
CONSOLIDATED CONDENSED BALANCE SHEET
|
unaudited; in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 29,
|
|
|
Mar. 31,
|
|
|
Dec. 30,
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
219,319
|
|
|
|
$
|
235,604
|
|
|
|
$
|
226,640
|
|
Marketable securities
|
|
|
|
59,793
|
|
|
|
|
26,397
|
|
|
|
|
12,822
|
|
Accounts receivable, net
|
|
|
|
142,135
|
|
|
|
|
100,801
|
|
|
|
|
217,619
|
|
Inventories
|
|
|
|
167,879
|
|
|
|
|
205,760
|
|
|
|
|
192,967
|
|
Other current assets
|
|
|
|
51,151
|
|
|
|
|
45,112
|
|
|
|
|
29,445
|
|
Total current Assets
|
|
|
|
640,277
|
|
|
|
|
613,674
|
|
|
|
|
679,493
|
|
|
|
|
|
|
|
|
|
|
|
Long-term marketable securities
|
|
|
|
165,063
|
|
|
|
|
172,499
|
|
|
|
|
173,717
|
|
Property and equipment, net
|
|
|
|
191,324
|
|
|
|
|
191,154
|
|
|
|
|
187,143
|
|
Intangibles, net
|
|
|
|
76,389
|
|
|
|
|
111,547
|
|
|
|
|
126,183
|
|
Goodwill
|
|
|
|
286,678
|
|
|
|
|
288,718
|
|
|
|
|
288,481
|
|
Deferred tax asset
|
|
|
|
13,131
|
|
|
|
|
14,716
|
|
|
|
|
16,467
|
|
Other assets
|
|
|
|
24,003
|
|
|
|
|
37,809
|
|
|
|
|
21,841
|
|
Total assets
|
|
|
$
|
1,396,865
|
|
|
|
$
|
1,430,117
|
|
|
|
$
|
1,493,325
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
108,022
|
|
|
|
$
|
69,850
|
|
|
|
$
|
116,274
|
|
Accrued salaries and benefits
|
|
|
|
23,566
|
|
|
|
|
35,721
|
|
|
|
|
29,543
|
|
Other accrued liabilities
|
|
|
|
38,175
|
|
|
|
|
34,638
|
|
|
|
|
29,903
|
|
Total current liabilities
|
|
|
|
169,763
|
|
|
|
|
140,209
|
|
|
|
|
175,720
|
|
|
|
|
|
|
|
|
|
|
|
Non-current income taxes
|
|
|
|
78,532
|
|
|
|
|
92,753
|
|
|
|
|
54,652
|
|
Other long-term liabilities
|
|
|
|
18,769
|
|
|
|
|
35,427
|
|
|
|
|
51,587
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
|
1,349,941
|
|
|
|
|
1,312,434
|
|
|
|
|
1,301,800
|
|
Accumulated deficit
|
|
|
|
(217,871
|
)
|
|
|
|
(139,345
|
)
|
|
|
|
(92,402
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
|
(2,269
|
)
|
|
|
|
(11,361
|
)
|
|
|
|
1,968
|
|
Total stockholders' equity
|
|
|
|
1,129,801
|
|
|
|
|
1,161,728
|
|
|
|
|
1,211,366
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
1,396,865
|
|
|
|
$
|
1,430,117
|
|
|
|
$
|
1,493,325
|
|
|
|
|
|
|
|
|
|
|
|
Prepared in accordance with Generally Accepted Accounting
Principles
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190130005590/en/
Thurman K. Case
Chief Financial Officer
Cirrus Logic, Inc.
(512)
851-4125
Investor.Relations@cirrus.com
Source: Cirrus Logic, Inc.