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AUSTIN, Texas--(BUSINESS WIRE)--Cirrus Logic, Inc. (Nasdaq: CRUS) today posted on its website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the third quarter fiscal year 2021, which ended Dec. 26, 2020, as well as the companys current business outlook. Cirrus Logic delivered revenue above the high end of guidance in the December quarter, as we experienced strong demand for products shipping in recently introduced smartphones, said John Forsyth, chief executive officer. We are delighted with our customer engagement and design-in activity during the quarter, and remain focused on developing a roadmap of innovative products that will enable the company to capitalize on growing demand for audio and high-performance mixed-signal solutions. Given the strength of the current smartphone market cycle, and the new product introductions in the pipeline, we are excited about the outlook for the company. Reported Financial Results Third Quarter FY21 A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release. Business Outlook Fourth Quarter FY21 Share Repurchase Authorization The company also announced that its Board of Directors recently authorized the repurchase of up to an additional $350 million of the company's common stock, in addition to the $55 million remaining from the Boards previous share repurchase authorization in January 2019. The repurchases will be funded from working capital and anticipated cash from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. The share repurchase program is designed to comply with all applicable securities laws and may be suspended or discontinued at any time without notice. Cirrus Logic will host a live Q&A session at 5 p.m. EST 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@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: 5791509). Cirrus Logic, Inc. Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the worlds top mobile and consumer 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, Cirrus and the Cirrus Logic logo 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, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, and effective tax rate. 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 the companys ability to develop a robust pipeline of innovative products that will enable us to capitalize on growing demand for audio and high-performance mixed-signal solutions in the markets we serve, along with estimates for the fourth quarter fiscal year 2021 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock 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 and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the effects of the global COVID-19 outbreak and the measures taken to limit the spread of COVID-19, including any disruptions to our business that could result from measures to contain the outbreak that may be taken by governmental authorities in the jurisdictions in which we and our supply chain operate; the susceptibility of the markets we address to economic downturns, including as a result of the COVID-19 outbreak and the actions taken to mitigate the spread of COVID-19; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., the effect of the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Huawei Technologies Co., Ltd. and certain of its affiliates on the Bureaus Entity List), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; recent increased industry-wide capacity constraints that may impact our ability to meet current customer demand, which could cause an unanticipated decline in our sales and damage our existing customer relationships and our ability to establish new customer relationships; the potential for increased prices due to capacity constraints in our supply chain, which, if we are unable to increase our selling price to our customers, could result in lower revenues and margins that could adversely affect our financial results; the level of orders and shipments during the fourth quarter of fiscal year 2021, customer cancellations of orders, or the failure to place orders consistent with forecasts, along with the risk factors listed in our Form 10-K for the year ended March 28, 2020 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 expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise. Summary financial data follows: 2020 2020 2019 2020 2019 $ 450,305 $ 312,911 $ 344,870 $ 973,877 $ 897,187 35,490 34,414 29,798 101,816 104,646 485,795 347,325 374,668 1,075,693 1,001,833 234,295 167,115 177,163 516,511 473,901 251,500 180,210 197,505 559,182 527,932 51.8 % 51.9 % 52.7 % 52.0 % 52.7 % 89,435 84,810 88,713 252,986 265,782 32,415 31,247 36,113 93,366 98,651 - - - 352 - 121,850 116,057 124,826 346,704 364,433 129,650 64,153 72,679 212,478 163,499 1,206 1,378 2,392 4,160 6,927 (207 ) 784 (563 ) 688 (1,509 ) 130,649 66,315 74,508 217,326 168,917 16,281 6,829 5,996 25,263 19,577 $ 114,368 $ 59,486 $ 68,512 $ 192,063 $ 149,340 $ 1.97 $ 1.02 $ 1.18 $ 3.30 $ 2.56 $ 1.91 $ 0.99 $ 1.13 $ 3.20 $ 2.47 58,024 58,191 58,188 58,176 58,247 59,963 60,127 60,492 60,101 60,395 (unaudited, in thousands, except per share data) (not prepared in accordance with GAAP) 2020 2020 2019 2020 2019 $ 114,368 $ 59,486 $ 68,512 $ 192,063 $ 149,340 2,998 2,998 6,470 8,994 20,420 13,287 15,476 14,160 42,069 39,705 - - 1,323 352 1,323 (2,897 ) (2,293 ) (4,871 ) (8,172 ) (11,091 ) $ 127,756 $ 75,667 $ 85,594 $ 235,306 $ 199,697 $ 1.91 $ 0.99 $ 1.13 $ 3.20 $ 2.47 0.05 0.05 0.11 0.15 0.34 0.22 0.26 0.23 0.70 0.66 - - 0.02 0.01 0.02 (0.05 ) (0.04 ) (0.08 ) (0.14 ) (0.18 ) $ 2.13 $ 1.26 $ 1.41 $ 3.92 $ 3.31 $ 129,650 $ 64,153 $ 72,679 $ 212,478 $ 163,499 26.7 % 18.5 % 19.4 % 19.8 % 16.3 % 2,998 2,998 6,470 8,994 20,420 236 197 200 640 695 9,526 9,235 9,343 27,414 24,413 3,525 6,044 4,617 14,015 14,597 - - 1,323 352 1,323 $ 145,935 $ 82,627 $ 94,632 $ 263,893 $ 224,947 30.0 % 23.8 % 25.3 % 24.5 % 22.5 % $ 121,850 $ 116,057 $ 124,826 $ 346,704 $ 364,433 (2,998 ) (2,998 ) (6,470 ) (8,994 ) (20,420 ) (9,526 ) (9,235 ) (9,343 ) (27,414 ) (24,413 ) (3,525 ) (6,044 ) (4,617 ) (14,015 ) (14,597 ) - - (1,201 ) (352 ) (1,201 ) $ 105,801 $ 97,780 $ 103,195 $ 295,929 $ 303,802 $ 251,500 $ 180,210 $ 197,505 $ 559,182 $ 527,932 51.8 % 51.9 % 52.7 % 52.0 % 52.7 % 236 197 200 640 695 - - 122 - 122 $ 251,736 $ 180,407 $ 197,827 $ 559,822 $ 528,749 51.8 % 51.9 % 52.8 % 52.0 % 52.8 % $ 16,281 $ 6,829 $ 5,996 $ 25,263 $ 19,577 12.5 % 10.3 % 8.0 % 11.6 % 11.6 % 2,897 2,293 4,871 8,172 11,091 $ 19,178 $ 9,122 $ 10,867 $ 33,435 $ 30,668 13.1 % 10.8 % 11.3 % 12.4 % 13.3 % $ 0.27 $ 0.11 $ 0.10 $ 0.42 $ 0.32 0.05 0.04 0.08 0.14 0.18 $ 0.32 $ 0.15 $ 0.18 $ 0.56 $ 0.50 2020 2020 2019 $ 327,294 $ 292,119 $ 342,301 43,289 22,008 13,098 244,803 153,998 175,937 142,689 146,725 137,920 45,469 35,346 45,345 803,544 650,196 714,601 326,491 283,573 250,162 135,719 141,274 141,348 154,312 158,244 174,390 24,322 34,430 47,133 287,518 287,088 285,904 7,277 10,052 9,183 86,446 27,820 24,819 $ 1,825,629 $ 1,592,677 $ 1,647,540 $ 90,814 $ 78,412 $ 98,835 39,367 42,439 34,228 14,539 13,580 13,863 40,135 24,206 31,385 184,855 158,637 178,311 129,583 129,312 133,993 70,866 71,143 72,422 39,968 3,806 2,934 1,483,567 1,434,929 1,417,646 (88,238 ) (201,681 ) (157,869 ) 5,028 (3,469 ) 103 1,400,357 1,229,779 1,259,880 $ 1,825,629 $ 1,592,677 $ 1,647,540

Answer: Cirrus Logic Reports Q3 FY21 Revenue of $485.8 Million Smartphone Demand Fueled 30 Percent Year-Over-Year Revenue Growth