2. See the “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Reconciliation Tables”) included below.
BUSINESS REVIEW
+ Cypress announced key developments in its wireless connectivity solutions for the automotive and industrial markets during the quarter. Pioneer selected Cypress’ automotive-grade Wi-Fi® and Bluetooth® combo solution for its flagship in-dash infotainment receiver. The solution uses Cypress’ Real Simultaneous Dual Band (RSDB) technology to enable passengers to display and use their smartphone’s apps via Apple CarPlay™ or Android Auto™. Additionally, Cypress collaborated with Semtech on a two-chip LoRaWAN™-based module for smart city applications that uses Cypress’ PSoC® 6 microcontroller (MCU) with integrated Bluetooth Low Energy (BLE) and hardware-based security to deliver highly protected device-to-cloud connectivity.
+ Cypress continued to expand its high-performance, differentiated fail-safe storage offerings with the new Semper™ NOR Flash family — the world’s most advanced Flash solution for mission-critical automotive and industrial applications. The family has already won multiple major automotive platforms for next-generation instrument clusters and Advanced Driver Assistance Systems (ADAS).
+ Cypress also announced multiple key developments for its industry-leading USB-C solutions. The company’s EZ-PD™ USB-C controllers with Power Delivery (PD) have been selected for key reference designs for PCs and peripherals, with one qualified by Intel for use in Thunderbolt™ 3 host and peripheral designs, and one qualified by AMD for use with its “Raven Ridge” processors for notebook and desktop PCs. Cypress also continued to expand its portfolio with the industry’s first 7-port USB-C hub controller for notebook and tablet docking stations and monitor docks.
+ On July 19, 2018, Cypress paid a cash dividend of $39.4 million, or $0.11 per share, to holders of record of the Company’s common stock as of the close of business on June 28, 2018. The dividend was equivalent to a 2.8% annualized yield as of June 29, 2018.
| REVENUE SUMMARY | |||||||||||||||||||||||
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(In thousands, except percentages) |
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| Three Months Ended | |||||||||||||||||||||||
| Year-over- | |||||||||||||||||||||||
| Sequential | year | ||||||||||||||||||||||
| July 1, 2018 | April 1, 2018 | July 2, 2017 | Change | Change | |||||||||||||||||||
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Business Unit |
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| MCD | $ | 368,526 | $ | 336,710 | $ | 360,533 | 9.4 | % | 2.2 | % | |||||||||||||
| MPD | $ | 255,564 | $ | 245,531 | $ | 233,243 | 4.1 | % | 9.6 | % | |||||||||||||
| Total | $ | 624,090 | $ | 582,241 | $ | 593,776 | 7.2 | % | 5.1 | % | |||||||||||||
| Three Months Ended | ||||||||||||
| July 1, 2018 | April 1, 2018 | July 2, 2017 | ||||||||||
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End Market |
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| Industrial | 19.0 | % | 17.9 | % | 19.2 | % | ||||||
| Automotive | 30.8 | % | 34.3 | % | 30.8 | % | ||||||
| Consumer | 31.3 | % | 31.3 | % | 34.1 | % | ||||||
| Enterprise | 18.9 | % | 16.5 | % | 15.9 | % | ||||||
| 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. | ||
THIRD QUARTER 2018 FINANCIAL OUTLOOK
