Cirrus Logic (CRUS) FY2021 results: revenue $1.4 billion, up 6.9% on the year
Cirrus Logic, Inc. (CRUS) reported revenue of $1.4 billion for fiscal 2021, the year ended 27 March 2021, up 6.9% on the year before. Net income was $217 million, up 36.3%, and diluted earnings per share $3.62. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2021.
Revenue
$1.4 billion
+6.9% on the year
FY2014FY2021
Operating margin
17.3%
13.5% a year earlier
FY2014FY2021
Net income
$217 million
+36.3% on the year
FY2014FY2021
Diluted EPS
$3.62
+37.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,369
1,281
1,186
+6.9%
Cost of revenue
662
607
588
+9.1%
Gross profit
707
674
597
+4.9%
Gross margin
51.7%
52.6%
50.4%
Research and development
343
348
375
-1.4%
Selling, general and administrative
127
131
127
-3.1%
Operating income
237
173
101
+36.7%
Operating margin
17.3%
13.5%
8.5%
Interest expense
1.1
1.1
1.1
0.0%
Pre-tax income
245
181
93.7
+35.3%
Income tax
27.9
21.8
3.8
+28.2%
Effective tax rate
11.4%
12.0%
4.0%
Net income
217
159
90.0
+36.3%
Net margin
15.9%
12.4%
7.6%
Diluted EPS
$3.62
$2.64
$1.46
+37.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
349
296
207
+18.0%
Capital expenditure
18.3
15.7
31.6
+16.6%
Free cash flow
331
280
175
+18.0%
Free cash flow margin
24.2%
21.9%
14.8%
Cash from investing
-77.7
-100
-54.7
Cash from financing
-121
-120
-171
Depreciation and amortisation
47.1
68.2
79.8
-31.0%
Share-based compensation
56.8
53.8
49.7
+5.6%
Buybacks
110
120
160
-8.3%
Diluted shares, weighted
60m
60m
62m
-0.7%
Shares outstanding at period end
58m
58m
59m
-1.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
1,389
1,230
1,140
+12.9%
Debt
0.0
0.0
0.0
Operating lease liabilities
128
129
n/a
-1.1%
Other liabilities
314
234
212
+34.3%
Total liabilities and equity
1,831
1,593
1,353
+14.9%
Fixed assets
155
158
186
-2.1%
Goodwill
288
287
286
+0.1%
Intangible assets
22.0
34.4
67.8
-36.0%
Investments
368
306
229
+20.6%
Cash and equivalents
442
292
216
+51.4%
Receivables
109
154
121
-29.4%
Inventory
173
147
165
+18.1%
Other assets
274
214
81.7
+27.5%
Total assets
1,831
1,593
1,353
+14.9%
10-K for the year ended 27 March 2021, filed 21 May 2021: the filing.