Cirrus Logic (CRUS) FY2023 results: revenue $1.9 billion, up 6.5% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $1.9 billion for fiscal 2023, the year ended 25 March 2023, up 6.5% on the year before. Net income was $177 million, down 45.9%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 19 May 2023.

Revenue

$1.9 billion

+6.5% on the year

FY2016FY2023

Operating margin

13.1%

20.6% a year earlier

FY2016FY2023

Net income

$177 million

-45.9% on the year

FY2016FY2023

Diluted EPS

$3.09

-44.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,898	1,781	1,369	+6.5%
Cost of revenue	941	858	662	+9.7%
Gross profit	957	924	707	+3.6%
Gross margin	50.4%	51.8%	51.7%
Research and development	458	406	343	+12.8%
Selling, general and administrative	153	151	127	+1.4%
Operating income	249	366	237	-32.0%
Operating margin	13.1%	20.6%	17.3%
Interest expense	0.9	0.9	1.1	-5.3%
Pre-tax income	255	369	245	-30.9%
Income tax	78.0	42.3	27.9	+84.4%
Effective tax rate	30.6%	11.5%	11.4%
Net income	177	326	217	-45.9%
Net margin	9.3%	18.3%	15.9%
Diluted EPS	$3.09	$5.52	$3.62	-44.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	340	125	349	+172.2%
Capital expenditure	35.1	26.1	18.3	+34.2%
Free cash flow	304	98.6	331	+208.8%
Free cash flow margin	16.0%	5.5%	24.2%
Cash from investing	-33.3	-18.4	-77.7
Cash from financing	-230	-179	-121
Depreciation and amortisation	71.2	62.1	47.1	+14.7%
Share-based compensation	81.6	66.4	56.8	+23.0%
Buybacks	191	168	110	+14.3%
Diluted shares, weighted	57m	59m	60m	-3.2%
Shares outstanding at period end	55m	57m	58m	-2.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,658	1,600	1,389	+3.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	123	163	128	-24.8%
Other liabilities	283	360	314	-21.5%
Total liabilities and equity	2,064	2,123	1,831	-2.8%
Fixed assets	163	157	155	+3.8%
Goodwill	436	436	288	+0.0%
Intangible assets	38.9	158	22.0	-75.4%
Investments	n/a	74.3	368
Securities held for sale or to maturity	71.5	n/a	n/a
Cash and equivalents	446	370	442	+20.5%
Receivables	150	240	109	-37.4%
Inventory	233	138	173	+68.6%
Other assets	525	550	274	-4.5%
Total assets	2,064	2,123	1,831	-2.8%

10-K for the year ended 25 March 2023, filed 19 May 2023: the filing.