Cypress Reports Third Quarter 2019 Results and Provides Update on Regulatory Approvals

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

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

 

 

GAAP

 

Non-GAAP1

 

 

Nine Months Ended

 

Nine Months Ended

 

 

Q3 2019

 

Q3 2018

 

Q3 2019

 

Q3 2018

Revenue

 

$

1,645,746

 

 

$

1,879,366

 

 

$

1,645,746

 

 

$

1,879,366

 

Gross margin

 

37.5

%

 

37.6

%

 

47.1

%

 

46.4

%

Operating margin

 

5.5

%

 

8.6

%

 

21.1

%

 

22.3

%

Net income

 

$

19,668

 

 

$

87,478

 

 

$

315,138

 

 

$

377,984

 

Diluted EPS

 

$

0.05

 

 

$

0.23

 

 

$

0.82

 

 

$

1.01

 

1. See the "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" tables ("Non-GAAP Reconciliation Tables") included below.

REVENUE SUMMARY

(In thousands, except percentages)

(Unaudited)

 

 

Three Months Ended

Business Unit¹

September 29,
2019

 

June 30, 2019

 

September 30,
2018

 

Sequential
Change

 

Year-over-year
Change

MCD

$

410,748

 

 

$

354,225

 

 

$

413,413

 

 

16.0

%

 

(0.6

)%

MPD 2

163,773

 

 

177,996

 

 

259,622

 

 

(8.0

)%

 

(36.9

)%

Total

$

574,521

 

 

$

532,221

 

 

$

673,035

 

 

7.9

%

 

(14.6

)%

 

Three Months Ended

End Use

September 29, 2019

 

June 30, 2019

 

September 30, 2018

IoT

42.6

%

 

37.5

%

 

37.4

%

Automotive

36.5

%

 

38.0

%

 

31.0

%

Legacy

20.9

%

 

24.5

%

 

31.6

%

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 September 29, 2019 and June 30, 2019 reflect divestment of our NAND business to a newly formed joint venture, which was completed on April 1, 2019.

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