Cypress Reports Fourth Quarter and Year End 2019 Results

Year-to-date revenue and earnings are shown below with comparable periods:

(In thousands, except percentages and per-share data)

 

 

GAAP

 

NON-GAAP1

 

 

FY 2019

 

FY 2018

 

FY 2019

 

FY 2018

Revenue

 

$

2,205,314

 

 

$

2,483,840

 

 

$

2,205,314

 

 

$

2,483,840

 

Gross margin

 

37.6

%

 

37.5

%

 

47.1

%

 

46.8

%

Operating margin

 

5.6

%

 

6.6

%

 

21.1

%

 

22.8

%

Net income

 

$

40,428

 

 

$

354,592

 

 

$

423,531

 

 

$

508,975

 

Diluted EPS

 

$

0.11

 

 

$

0.95

 

 

$

1.09

 

 

$

1.36

 

1. See the “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below.

REVENUE SUMMARY

(In thousands, except percentages)

(Unaudited)

 

Three Months Ended

 

 

 

December 29,
2019

 

September 29,
2019

 

December 30,
2018

 

Sequential
Change

 

Year-over-year
Change

Business Unit 1

 

 

 

 

 

 

 

 

 

MCD

$

401,292

 

$

410,748

 

$

355,793

 

(2.3)%

 

12.8%

MPD 2

158,276

 

163,773

 

248,681

 

(3.4)%

 

(36.4)%

Total

$

559,568

 

$

574,521

 

$

604,474

 

(2.6)%

 

(7.4)%

 

Three Months Ended

 

December 29, 2019

 

September 29, 2019

 

December 30, 2018

End Use

 

 

 

 

 

IoT

40.0%

 

42.6%

 

31.5%

Automotive

39.3%

 

36.5%

 

35.5%

Legacy

20.7%

 

20.9%

 

33.0%

Total

100%

 

100%

 

100%

1. The Microcontroller and Connectivity Division ("MCD") includes microcontroller, wireless connectivity and USB products and the Memory Products Division ("MPD") includes RAM, Flash and AgigA Tech products.
2.

MPD revenue for the three months ended December 29, 2019 and September 29, 2019 reflect divestment of our NAND business to a newly formed joint venture, which was completed on April 1, 2019.


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