Cirrus Logic, Inc 8-K, filed Nov 1, 2021

Cirrus Logic, Inc. (CRUS)

8-K 2021-11-01 For: 2021-11-01

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Added on April 08, 2026

About this 8-K

Cirrus Logic, Inc filed this 8-K on November 1, 2021.

Items reported

Item 2.02: Financial results
Item 5.02: Director or officer change, or executive pay
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Delaware		000-17795		77-0024818
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(IRS Employer Identification No.)

800 W. 6th Street, Austin, Texas		78701
(Address of Principal Executive Offices)		(Zip Code)

Title of each class		Trading Symbol		Name
Common stock, $0.001 par value		CRUS		The NASDAQ Stock Market LLC


	(d) Exhibits

	Exhibit	Description

	Exhibit 99.1	Cirrus Logic, Inc. press release dated November 1, 2021
	Exhibit 99.2	Cirrus Logic, Inc. press release dated November 1, 2021
	Exhibit 99.3	Cirrus Logic, Inc. shareholder letter dated November 1, 2021
	Exhibit 104	Cover Page Interactive Data File (formatted as Inline XBRL)

		CIRRUS LOGIC, INC.


Date: November 1, 2021	By:	/s/ Thurman K. Case
		Name: Thurman K. Case
		Title: Chief Financial Officer

Cirrus Logic, Inc 8-K, filed Nov 1, 2021

About this 8-K

Items reported

Cirrus Logic Reports Q2 FY22 Revenue of $465.9 Million

Contacts

Cirrus Logic Announces CFO Retirement

Contacts

Exhibit No.	Description

99.1	Registrant’s press release dated November 1, 2021
99.2	Registrant’s press release dated November 1, 2021
99.3	Cirrus Logic, Inc. shareholder letter November 1, 2021
104	Cover Page Interactive Data File (formatted as Inline XBRL)

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)

	Three Months Ended									Six Months Ended

	Sep. 25,			Jun. 26,			Sep. 26,			Sep. 25,			Sep. 26,
		2021			2021			2020			2021			2020
	Q2'22			Q1'22			Q2'21			Q2'22			Q2'21
Audio	$	300,775		$	217,355		$	279,905		$	518,130		$	486,354
High-Performance Mixed-Signal		165,111			59,898			67,420			225,009			103,544
Net sales		465,886			277,253			347,325			743,139			589,898
Cost of sales		230,442			137,307			167,115			367,749			282,216
Gross profit		235,444			139,946			180,210			375,390			307,682
Gross margin		50.5	%		50.5	%		51.9	%		50.5	%		52.2	%

Research and development		102,116			85,696			84,810			187,812			163,551
Selling, general and administrative		38,132			35,147			31,247			73,279			60,951
Restructuring costs		-			-			-			-			352
Total operating expenses		140,248			120,843			116,057			261,091			224,854

Income from operations		95,196			19,103			64,153			114,299			82,828

Interest income		35			761			1,378			796			2,954
Other income (expense)		1,859			(242	)		784			1,617			895
Income before income taxes		97,090			19,622			66,315			116,712			86,677
Provision for income taxes		11,994			2,413			6,829			14,407			8,982
Net income	$	85,096		$	17,209		$	59,486		$	102,305		$	77,695

Basic earnings per share:	$	1.48		$	0.30		$	1.02		$	1.78		$	1.33
Diluted earnings per share:	$	1.43		$	0.29		$	0.99		$	1.72		$	1.29

Weighted average number of shares:
Basic		57,364			57,582			58,191			57,473			58,252
Diluted		59,451			59,513			60,127			59,485			60,203

Prepared in accordance with Generally Accepted Accounting Principles

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)

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.



	Three Months Ended									Six Months Ended

	Sep. 25,			Jun. 26,			Sep. 26,			Sep. 25,			Sep. 26,
		2021			2021			2020			2021			2020
Net Income Reconciliation	Q2'22			Q1'22			Q2'21			Q2'22			Q2'21
GAAP Net Income	$	85,096		$	17,209		$	59,486		$	102,305		$	77,695
Amortization of acquisition intangibles		7,054			2,998			2,998			10,052			5,996
Stock-based compensation expense		16,551			14,984			15,476			31,535			28,782
Restructuring costs		-			-			-			-			352
Acquisition-related costs		5,834			-			-			5,834			-
Adjustment to income taxes		(6,045	)		(2,949	)		(2,293	)		(8,994	)		(5,275	)
Non-GAAP Net Income	$	108,490		$	32,242		$	75,667		$	140,732		$	107,550

Earnings Per Share Reconciliation
GAAP Diluted earnings per share	$	1.43		$	0.29		$	0.99		$	1.72		$	1.29
Effect of Amortization of acquisition intangibles		0.12			0.05			0.05			0.17			0.10
Effect of Stock-based compensation expense		0.28			0.25			0.26			0.53			0.48
Effect of Restructuring costs		-			-			-			-			0.01
Effect of Acquisition-related costs		0.09			-			-			0.09			-
Effect of Adjustment to income taxes		(0.10	)		(0.05	)		(0.04	)		(0.14	)		(0.09	)
Non-GAAP Diluted earnings per share	$	1.82		$	0.54		$	1.26		$	2.37		$	1.79

Operating Income Reconciliation
GAAP Operating Income	$	95,196		$	19,103		$	64,153		$	114,299		$	82,828
GAAP Operating Profit		20.4	%		6.9	%		18.5	%		15.4	%		14.0	%
Amortization of acquisition intangibles		7,054			2,998			2,998			10,052			5,996
Stock-based compensation expense - COGS		272			246			197			518			404
Stock-based compensation expense - R&D		10,496			9,612			9,235			20,108			17,888
Stock-based compensation expense - SG&A		5,783			5,126			6,044			10,909			10,490
Restructuring costs		-			-			-			-			352
Acquisition-related costs		5,834			-			-			5,834			-
Non-GAAP Operating Income	$	124,635		$	37,085		$	82,627		$	161,720		$	117,958
Non-GAAP Operating Profit		26.8	%		13.4	%		23.8	%		21.8	%		20.0	%

Operating Expense Reconciliation
GAAP Operating Expenses	$	140,248		$	120,843		$	116,057		$	261,091		$	224,854
Amortization of acquisition intangibles		(7,054	)		(2,998	)		(2,998	)		(10,052	)		(5,996	)
Stock-based compensation expense - R&D		(10,496	)		(9,612	)		(9,235	)		(20,108	)		(17,888	)
Stock-based compensation expense - SG&A		(5,783	)		(5,126	)		(6,044	)		(10,909	)		(10,490	)
Restructuring costs		-			-			-			-			(352	)
Acquisition-related costs		(2,373	)		-			-			(2,373	)		-
Non-GAAP Operating Expenses	$	114,542		$	103,107		$	97,780		$	217,649		$	190,128

Gross Margin/Profit Reconciliation
GAAP Gross Profit	$	235,444		$	139,946		$	180,210		$	375,390		$	307,682
GAAP Gross Margin		50.5	%		50.5	%		51.9	%		50.5	%		52.2	%
Acquisition-related costs		3,461			-			-			3,461			-
Stock-based compensation expense - COGS		272			246			197			518			404
Non-GAAP Gross Profit	$	239,177		$	140,192		$	180,407		$	379,369		$	308,086
Non-GAAP Gross Margin		51.3	%		50.6	%		51.9	%		51.0	%		52.2	%

Effective Tax Rate Reconciliation
GAAP Tax Expense	$	11,994		$	2,413		$	6,829		$	14,407		$	8,982
GAAP Effective Tax Rate		12.4	%		12.3	%		10.3	%		12.3	%		10.4	%
Adjustments to income taxes		6,045			2,949			2,293			8,994			5,275
Non-GAAP Tax Expense	$	18,039		$	5,362		$	9,122		$	23,401		$	14,257
Non-GAAP Effective Tax Rate		14.3	%		14.3	%		10.8	%		14.3	%		11.7	%

Tax Impact to EPS Reconciliation
GAAP Tax Expense	$	0.20		$	0.04		$	0.11		$	0.24		$	0.15
Adjustments to income taxes		0.10			0.05			0.04			0.14			0.09
Non-GAAP Tax Expense	$	0.30		$	0.09		$	0.15		$	0.38		$	0.24

CONSOLIDATED CONDENSED BALANCE SHEET
unaudited; in thousands

	Sep. 25,		Mar. 27,		Sep. 26,
	2021		2021		2020
ASSETS
Current assets
Cash and cash equivalents	$	386,741	$	442,164	$	247,536
Marketable securities		8,152		55,697		36,641
Accounts receivable, net		280,967		108,712		181,496
Inventories		188,360		173,263		209,050
Other current assets		84,836		62,683		34,508
Total current Assets		949,056		842,519		709,231

Long-term marketable securities		67,726		312,759		328,255
Right-of-use lease assets		129,298		133,548		137,045
Property and equipment, net		159,480		154,942		153,640
Intangibles, net		174,852		22,031		27,898
Goodwill		437,783		287,518		287,673
Deferred tax asset		10,073		9,977		7,899
Long-term prepaid wafers		195,000		-		-
Other assets		102,892		67,320		48,223
Total assets	$	2,226,160	$	1,830,614	$	1,699,864

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	386,699	$	102,744	$	99,105
Accrued salaries and benefits		54,919		54,849		41,707
Lease liability		14,359		14,573		13,994
Other accrued liabilities		44,404		41,444		23,237
Total current liabilities		500,381		213,610		178,043

Non-current lease liability		122,815		127,883		128,570
Non-current income taxes		79,727		64,020		66,503
Long-term acquisition-related liabilities		33,329		-		-
Other long-term liabilities		21,818		36,096		9,917

Stockholders' equity:
Capital stock		1,533,557		1,498,819		1,466,978
Accumulated deficit		(65,672)		(112,689)		(155,260)
Accumulated other comprehensive income		205		2,875		5,113
Total stockholders' equity		1,468,090		1,389,005		1,316,831
Total liabilities and stockholders' equity	$	2,226,160	$	1,830,614	$	1,699,864

Prepared in accordance with Generally Accepted Accounting Principles