Cypress Reports First Quarter 2017 Results

BUSINESS REVIEW

+ At the Embedded World trade show in March, Cypress introduced key additions to its Internet of Things (IoT) solutions portfolio. Cypress' new PSoC® 6 microcontroller (MCU) architecture delivers the industry's lowest power and most flexible solution, with integrated security features required for next-generation, battery-powered, secure IoT devices. Cypress' two new wireless solutions offer advanced coexistence and robust connectivity combining 802.11ac high-performance Wi-Fi®, Bluetooth® and Bluetooth Low Energy (BLE) for IoT applications.

+ Continental selected Cypress' Traveo™ II automotive MCUs for its next-generation body electronics platform, marking the Company's entrance into a new segment in the automotive market.

+ GAAP and non-GAAP margins for the first quarter of 2017 were 37.4% and 39.3%, respectively, above the midpoint of guidance and in line with the Company's margin-enhancing initiatives.

+ Cypress paid a dividend of $36.2 million, or $0.11 per share, to holders of record of the Company's common stock as of the close of business on March 30, 2017. The dividend was equivalent to a 3.2% annualized yield as of March 31, 2017.

REVENUE SUMMARY

(In thousands, except percentages)

(Unaudited)



Three Months Ended


(GAAP)


(Non-GAAP)2


April 2,

2017


January 1,
2017


Sequential
Change


April 2,

2017


January 1,
2017


Sequential
Change

Business Unit












MCD1

$

317,901



$

294,893



8%



$

317,901



$

294,893



8%


MPD

213,973



235,279



(9)%



213,973



235,279



(9)%


Total

$

531,874



$

530,172



0%



$

531,874



$

530,172



0%














Geographic












China & ROW

55%



57%



(4)%



55%



57

%


(4)%


Americas

11%



11%



0%



11%



11

%


0%


Europe

13%



11%



18%



13%



11

%


18%


Japan

21%



21%



0%



21%



21

%


0%


Total

100%



100%



0%



100%



100

%


0%














Channel












Distribution

71%



74%



(4)%



71%



74

%


(4)%


Direct

29%



26%



12%



29%



26

%


12%


Total

100%



100%



0%



100%



100

%


0%




1.

Historical results of MCD include Deca Technologies.

2.

See Non-GAAP Results tables included below.


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