Cirrus Logic (CRUS) FY2019 results: revenue $1.2 billion, down 22.6% on the year
Cirrus Logic, Inc. (CRUS) reported revenue of $1.2 billion for fiscal 2019, the year ended 30 March 2019, down 22.6% on the year before. Net income was $90 million, down 44.4%, and diluted earnings per share $1.46. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2019.
Revenue
$1.2 billion
-22.6% on the year
FY2012FY2019
Operating margin
8.5%
17.1% a year earlier
FY2012FY2019
Net income
$90 million
-44.4% on the year
FY2012FY2019
Diluted EPS
$1.46
-40.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,186
1,532
1,539
-22.6%
Cost of revenue
588
771
781
-23.8%
Gross profit
597
761
758
-21.5%
Gross margin
50.4%
49.6%
49.2%
Research and development
375
366
304
+2.4%
Selling, general and administrative
127
132
127
-4.0%
Operating income
101
262
317
-61.6%
Operating margin
8.5%
17.1%
20.6%
Interest expense
1.1
1.2
3.6
-8.3%
Pre-tax income
93.7
265
315
-64.6%
Income tax
3.8
103
53.8
-96.4%
Effective tax rate
4.0%
38.9%
17.1%
Net income
90.0
162
261
-44.4%
Net margin
7.6%
10.6%
17.0%
Diluted EPS
$1.46
$2.46
$3.92
-40.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
207
319
370
-35.1%
Capital expenditure
31.6
55.2
41.8
-42.7%
Free cash flow
175
264
328
-33.6%
Free cash flow margin
14.8%
17.2%
21.3%
Cash from investing
-54.7
-185
-69.9
Cash from financing
-171
-250
-118
Depreciation and amortisation
79.8
81.4
63.4
-1.9%
Share-based compensation
49.7
48.7
39.6
+1.9%
Buybacks
160
176
15.4
-9.0%
Diluted shares, weighted
62m
66m
67m
-6.6%
Shares outstanding at period end
59m
62m
64m
-4.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,140
1,162
1,152
-1.8%
Debt
0.0
0.0
60.0
Other liabilities
212
268
202
-20.9%
Total liabilities and equity
1,353
1,430
1,413
-5.4%
Fixed assets
186
191
168
-2.6%
Goodwill
286
289
287
-0.9%
Intangible assets
67.8
112
135
-39.2%
Investments
229
199
99.8
+15.2%
Cash and equivalents
216
236
351
-8.2%
Receivables
121
101
120
+19.7%
Inventory
165
206
168
-19.9%
Other assets
81.7
97.6
84.5
-16.4%
Total assets
1,353
1,430
1,413
-5.4%
10-K for the year ended 30 March 2019, filed 24 May 2019: the filing.