Cirrus Logic (CRUS) FY2022 results: revenue $1.8 billion, up 30.1% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $1.8 billion for fiscal 2022, the year ended 26 March 2022, up 30.1% on the year before. Net income was $326 million, up 50.2%, and diluted earnings per share $5.52. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2022.

Revenue

$1.8 billion

+30.1% on the year

FY2015FY2022

Operating margin

20.6%

17.3% a year earlier

FY2015FY2022

Net income

$326 million

+50.2% on the year

FY2015FY2022

Diluted EPS

$5.52

+52.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,781	1,369	1,281	+30.1%
Cost of revenue	858	662	607	+29.6%
Gross profit	924	707	674	+30.6%
Gross margin	51.8%	51.7%	52.6%
Research and development	406	343	348	+18.5%
Selling, general and administrative	151	127	131	+18.9%
Operating income	366	237	173	+54.5%
Operating margin	20.6%	17.3%	13.5%
Interest expense	0.9	1.1	1.1	-10.3%
Pre-tax income	369	245	181	+50.3%
Income tax	42.3	27.9	21.8	+51.6%
Effective tax rate	11.5%	11.4%	12.0%
Net income	326	217	159	+50.2%
Net margin	18.3%	15.9%	12.4%
Diluted EPS	$5.52	$3.62	$2.64	+52.5%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	125	349	296	-64.2%
Capital expenditure	26.1	18.3	15.7	+43.2%
Free cash flow	98.6	331	280	-70.2%
Free cash flow margin	5.5%	24.2%	21.9%
Cash from investing	-18.4	-77.7	-100
Cash from financing	-179	-121	-120
Depreciation and amortisation	62.1	47.1	68.2	+31.8%
Share-based compensation	66.4	56.8	53.8	+17.0%
Buybacks	168	110	120	+52.3%
Diluted shares, weighted	59m	60m	60m	-1.5%
Shares outstanding at period end	57m	58m	58m	-1.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,600	1,389	1,230	+15.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	163	128	129	+27.6%
Other liabilities	360	314	234	+14.9%
Total liabilities and equity	2,123	1,831	1,593	+16.0%
Fixed assets	157	155	158	+1.4%
Goodwill	436	288	287	+51.6%
Intangible assets	158	22.0	34.4	+617.8%
Investments	74.3	368	306	-79.8%
Cash and equivalents	370	442	292	-16.4%
Receivables	240	109	154	+121.0%
Inventory	138	173	147	-20.1%
Other assets	550	274	214	+100.9%
Total assets	2,123	1,831	1,593	+16.0%

10-K for the year ended 26 March 2022, filed 20 May 2022: the filing.