Cypress Reports Fourth Quarter and Year End 2017 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — February 1, 2018 — Cypress Semiconductor Corporation (NASDAQ: CY), a leader in embedded solutions, today announced its fourth quarter and fiscal 2017 results with the following highlights:

  • Record fiscal 2017 revenue of $2.33 billion driven by automotive and IoT wireless business performance
  • Fourth quarter revenue was $597.5 million, a 12.7% year-over-year increase
  • Fourth quarter GAAP and non-GAAP margin were 44.6% and 45.4%, respectively, and represent a 650bps and 530bps increase year over year
  • Fourth quarter GAAP EPS and non-GAAP diluted EPS improved by 55% and 87% year over year, respectively
  • Fiscal 2017 cash from operations of $403.5 million increased 86% year over year.

“We had a record fiscal 2017 with strong business performance,” said Hassane El-Khoury, Cypress president and chief executive officer. “The Cypress 3.0 strategy we set in 2016 of focusing on the fast-growing automotive, industrial and consumer markets, fueled by the proliferation of IoT, contributed to strong revenue growth and earnings growing more than four times revenue in 2017. We have established Cypress as an embedded solutions leader for the IoT. This success was built on the strength of our unmatched IoT connectivity solutions, along with our broad portfolio of microcontrollers and high-performance memory solutions, in our target end-markets.”

Revenue and earnings for the fourth quarter and fiscal 2017 are shown below with comparable periods:

(In thousands, except per-share data)

   
GAAP NON-GAAP1
Q4 2017   Q3 2017 Q4 2017   Q3 2017
Revenue $ 597,547 $ 604,574 $ 597,547 $ 604,574
Margin 44.6 % 41.8 % 45.4 % 43.0 %
Pretax profit margin

(6.5)

%

2.6 % 17.9 % 16.9 %
Net income (loss) $

(35,998)

 

$ 11,033 $ 104,685 $ 98,980
Diluted EPS (loss) $

(0.10)

 

$ 0.03 $ 0.28 $ 0.27
 
GAAP NON-GAAP 1
FY 2017 FY 2016 2 FY 2017 FY 2016 2,3
Revenue $ 2,327,771 $ 1,923,108 $ 2,327,771 $ 1,941,858
Margin 41.0 % 35.6 % 42.2 % 39.0 %
Pretax profit margin

(3.5)

%

(35.6)

%

14.4 % 9.4 %
Net income (loss) $

(93,650)

 

$

(686,251)

 

$ 324,257 $ 170,471
Diluted EPS (loss) $

(0.28)

 

$

(2.15)

 

$ 0.89 $ 0.49
 
1.   See “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below.
2. 2016 includes results from the IoT business acquired from Broadcom on July 5, 2016.
3. Revenue for the twelve months ended 2016 includes $18.75 million of legacy Spansion non-GAAP licensing revenue.
 

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