Cirrus Logic (CRUS) FY2020 results: revenue $1.3 billion, up 8.1% on the year
Cirrus Logic, Inc. (CRUS) reported revenue of $1.3 billion for fiscal 2020, the year ended 28 March 2020, up 8.1% on the year before. Net income was $159 million, up 77.2%, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2020.
Revenue
$1.3 billion
+8.1% on the year
FY2013FY2020
Operating margin
13.5%
8.5% a year earlier
FY2013FY2020
Net income
$159 million
+77.2% on the year
FY2013FY2020
Diluted EPS
$2.64
+80.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,281
1,186
1,532
+8.1%
Cost of revenue
607
588
771
+3.2%
Gross profit
674
597
761
+12.8%
Gross margin
52.6%
50.4%
49.6%
Research and development
348
375
366
-7.3%
Selling, general and administrative
131
127
132
+3.6%
Operating income
173
101
262
+72.2%
Operating margin
13.5%
8.5%
17.1%
Interest expense
1.1
1.1
1.2
0.0%
Pre-tax income
181
93.7
265
+93.4%
Income tax
21.8
3.8
103
+480.0%
Effective tax rate
12.0%
4.0%
38.9%
Net income
159
90.0
162
+77.2%
Net margin
12.4%
7.6%
10.6%
Diluted EPS
$2.64
$1.46
$2.46
+80.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
296
207
319
+43.1%
Capital expenditure
15.7
31.6
55.2
-50.5%
Free cash flow
280
175
264
+60.0%
Free cash flow margin
21.9%
14.8%
17.2%
Cash from investing
-100
-54.7
-185
Cash from financing
-120
-171
-250
Depreciation and amortisation
68.2
79.8
81.4
-14.5%
Share-based compensation
53.8
49.7
48.7
+8.2%
Buybacks
120
160
176
-25.0%
Diluted shares, weighted
60m
62m
66m
-1.8%
Shares outstanding at period end
58m
59m
62m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,230
1,140
1,162
+7.9%
Debt
0.0
0.0
0.0
Operating lease liabilities
129
n/a
n/a
Other liabilities
234
212
268
+10.0%
Total liabilities and equity
1,593
1,353
1,430
+17.7%
Fixed assets
158
186
191
-15.0%
Goodwill
287
286
289
+0.3%
Intangible assets
34.4
67.8
112
-49.3%
Investments
306
229
199
+33.4%
Cash and equivalents
292
216
236
+35.1%
Receivables
154
121
101
+27.6%
Inventory
147
165
206
-10.9%
Other assets
214
81.7
97.6
+162.7%
Total assets
1,593
1,353
1,430
+17.7%
10-K for the year ended 28 March 2020, filed 20 May 2020: the filing.