Cirrus Logic reports record FY23 revenue $1.90B; Q4 loss on impairments; HPMS product canceled; Q1 guide weak

CIRRUS LOGIC, INC.

2023-FY EPS reported $3.09 revenue$1,897,617,000

Record FY23 revenue $1.90B (+7% YoY); GAAP EPS $3.09, non-GAAP $6.42.
Q4 rev $372.8M, GAAP loss $(0.97) from $85.8M intangibles impairment and $10.6M lease/restructuring; non-GAAP EPS $0.92.
HPMS revenue 38% of total (vs 12% in FY19); planned new HPMS product for fall canceled, removed from internal model.
Q1 FY24 revenue guidance $260-320M (midpoint ~$290M, -22% QoQ, -26% YoY); gross margin 49-51%.
Inventory rose to $233.5M from $152.4M; one customer ~83% of FY23 revenue; $501M buyback authorization remaining.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CIRRUS LOGIC, INC. reported Q1 FY2024 outlook results: revenue $260 million to $320 million. Guidance initiated.

Period: Q1 FY2024 outlook
Revenue: $260 million to $320 million
Guidance: initiated
Result: guidance update

Exact text from the filing

Revenue is expected to range between $260 million and $320 million; • GAAP gross margin is forecasted to be between 49 percent and 51 percent; and • Combined GAAP R&D and SG&A expenses are anticipated to range between $142 million and $148 million, including approximately $23 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CIRRUS LOGIC, INC. reported Fiscal Year 2023 (ended March 25, 2023) results: revenue $1.90 billion, EPS GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42.

Period: Fiscal Year 2023 (ended March 25, 2023)
Revenue: $1.90 billion
EPS: GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42
Result: reported results

Exact text from the filing

Revenue of $1.90 billion; • GAAP and non-GAAP gross margin of 50.4 percent and 50.5 percent; • GAAP operating expenses of $707.9 million and non-GAAP operating expenses of $486.4 million; and • GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CIRRUS LOGIC, INC. reported Q4 FY2023 (quarter ended March 25, 2023) results: revenue $372.8 million, EPS GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92.

Period: Q4 FY2023 (quarter ended March 25, 2023)
Revenue: $372.8 million
EPS: GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92
Result: reported results

Exact text from the filing

Revenue of $372.8 million; • GAAP and non-GAAP gross margin of 50.0 percent and 50.1 percent; • GAAP operating expenses of $249.2 million and non-GAAP operating expenses of $119.8 million; and • GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92.

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Source: SEC EDGAR

accession 0000772406-23-000016

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