Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high performance,
low-power ICs for audio and voice signal processing applications, today
posted on its website at http://investor.cirrus.com
the quarterly Shareholder Letter that contains the complete financial
results for the first quarter fiscal year 2019, which ended June 30,
2018, as well as the company’s current business outlook.
“We are pleased with our results in the June quarter as several
customers launched new smartphones and wireless headsets utilizing our
technology and customer engagements continued to be strong,” said Jason
Rhode, president and chief executive officer. “With a diversified
product portfolio that addresses a wide range of performance and cost
requirements, the company expects to capitalize on increasing demand for
innovative audio and voice solutions, as well as adjacent opportunities
including haptics, all of which we believe will contribute to the
company’s continued success.”
Reported Financial Results – First Quarter FY19
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – Second Quarter FY19
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer
questions related to its financial results and business outlook.
Participants may listen to the conference call on the Cirrus
Logic website. Participants who would like to submit a question to
be addressed during the call are requested to email investor.relations@cirrus.com.
A replay of the webcast can be accessed on the Cirrus Logic website
approximately two hours following its completion, or by calling (416)
621-4642, or toll-free at (800) 585-8367 (Access Code: 9589402).
Cirrus Logic, Inc.
Cirrus Logic is a leader in high performance, low-power ICs for audio
and voice signal processing applications. Cirrus Logic’s products span
the entire audio signal chain, from capture to playback, providing
innovative products for the world’s top smartphones, tablets, digital
headsets, wearables and emerging smart home applications. With
headquarters in Austin, Texas, Cirrus Logic is recognized globally for
its award-winning corporate culture. Check us out at www.cirrus.com.
Cirrus Logic and Cirrus are registered trademarks of Cirrus Logic, Inc.
All other company or product names noted herein may be trademarks of
their respective holders.
Use of non-GAAP Financial Information
To supplement Cirrus Logic’s financial statements presented on a GAAP
basis, Cirrus has provided non-GAAP financial information, including
non-GAAP net income, diluted earnings per share, diluted share count,
operating income, operating expenses, gross margin, tax expense and tax
expense impact on earnings per share. A reconciliation of the
adjustments to GAAP results is included in the tables below. Non-GAAP
financial information is not meant as a substitute for GAAP results, but
is included because management believes such information is useful to
our investors for informational and comparative purposes. In addition,
certain non-GAAP financial information is used internally by management
to evaluate and manage the company. The non-GAAP financial information
used by Cirrus Logic may differ from that used by other companies. These
non-GAAP measures should be considered in addition to, and not as a
substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set
forth in this news release contain forward-looking statements including
our statements about our future growth opportunities and expectations
with respect to our ability to capitalize on increasing demand
for innovative audio and voice solutions, as well as adjacent
opportunities including haptics, along with estimates for the second
quarter fiscal year 2019 revenue, gross margin, combined research and
development and selling, general and administrative expense levels,
share-based compensation expense and amortization of acquired
intangibles. In some cases, forward-looking statements are identified by
words such as “expect,” “anticipate,” “target,” “project,” “believe,”
“goals,” “opportunity,” “estimates,” “intend,” and variations of these
types of words and similar expressions. In addition, any
statements that refer to our plans, expectations, strategies or other
characterizations of future events or circumstances are forward-looking
statements. These forward-looking statements are based on our
current expectations, estimates and assumptions and are subject to
certain risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties include, but are not
limited to, the following: the level of orders and shipments during the
second quarter of fiscal year 2019, customer cancellations of orders, or
the failure to place orders consistent with forecasts, along with the
timing and success of new product ramps and the extent to which
customers adopt our new technologies and devices in new markets such as
haptics; and the risk factors listed in our Form 10-K for the year ended
March 31, 2018 and in our other filings with the Securities and Exchange
Commission, which are available at www.sec.gov.
The foregoing information concerning our business outlook represents our
outlook as of the date of this news release, and we undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new developments or otherwise.
Non-GAAP financial information is not meant as a substitute for GAAP
results, but is included because management believes such information is
useful to our investors for informational and comparative purposes. In
addition, certain non-GAAP financial information is used internally by
management to evaluate and manage the company. As a note, the non-GAAP
financial information used by Cirrus Logic may differ from that used by
other companies. These non-GAAP measures should be considered in
addition to, and not as a substitute for, the results prepared in
accordance with GAAP.
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