Cirrus Logic (CRUS) FY2018 results: revenue $1.5 billion, down 0.4% on the year
Cirrus Logic, Inc. (CRUS) reported revenue of $1.5 billion for fiscal 2018, the year ended 31 March 2018, down 0.4% on the year before. Net income was $162 million, down 38.0%, and diluted earnings per share $2.46. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2019.
Revenue
$1.5 billion
-0.4% on the year
FY2011FY2018
Operating margin
17.1%
20.6% a year earlier
FY2011FY2018
Net income
$162 million
-38.0% on the year
FY2011FY2018
Diluted EPS
$2.46
-37.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,532
1,539
1,169
-0.4%
Cost of revenue
771
781
614
-1.2%
Gross profit
761
758
555
+0.4%
Gross margin
49.6%
49.2%
47.5%
Research and development
366
304
269
+20.7%
Selling, general and administrative
132
127
117
+3.6%
Operating income
262
317
180
-17.2%
Operating margin
17.1%
20.6%
15.4%
Interest expense
1.2
3.6
3.3
-68.0%
Pre-tax income
265
315
176
-15.9%
Income tax
103
53.8
52.4
+91.5%
Effective tax rate
38.9%
17.1%
29.8%
Net income
162
261
124
-38.0%
Net margin
10.6%
17.0%
10.6%
Diluted EPS
$2.46
$3.92
$1.87
-37.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
319
370
149
-13.8%
Capital expenditure
55.2
41.8
41.6
+31.9%
Free cash flow
264
328
107
-19.6%
Free cash flow margin
17.2%
21.3%
9.2%
Cash from investing
-185
-69.9
20.2
Cash from financing
-250
-118
-76.9
Depreciation and amortisation
81.4
63.4
58.1
+28.3%
Share-based compensation
48.7
39.6
33.5
+23.1%
Buybacks
176
15.4
60.5
+1,038.5%
Diluted shares, weighted
66m
67m
66m
-0.9%
Shares outstanding at period end
62m
64m
63m
-3.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,162
1,152
859
+0.9%
Debt
0.0
60.0
160
Other liabilities
268
202
162
+33.0%
Total liabilities and equity
1,430
1,413
1,182
+1.2%
Fixed assets
191
168
163
+13.7%
Goodwill
289
287
288
+0.7%
Intangible assets
112
135
163
-17.5%
Investments
199
99.8
81.2
+99.3%
Cash and equivalents
236
351
169
-32.9%
Receivables
101
120
88.5
-16.0%
Inventory
206
168
142
+22.6%
Other assets
97.6
84.5
88.3
+15.5%
Total assets
1,430
1,413
1,182
+1.2%
10-K for the year ended 31 March 2018, filed 24 May 2019: the filing.