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CYPRESS SEMICONDUCTOR CORP /DE/

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2019 10-K, filed Feb 21, 2020. Its latest SEC filing is a 15-12B from Apr 27, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells microcontrollers, connectivity solutions and memory products to equipment makers and their suppliers for automotive, industrial and consumer applications.

How Did They Make Money?

Customers mainly pay for Cypress semiconductor products when delivered; it also earns money from intellectual-property licenses and royalties, engineering services and back-end manufacturing.

FY2019 revenue

Who Were Their Customers?

Cypress sells through distributors and manufacturing representative firms, while its sales force also sells directly to original equipment makers and their suppliers.

Customers above 10% of revenue, FY2019
of revenue from two customers (16%, 10%)
FY2018: 32% from two customers

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2019 and turned 20 cents into free cash flow.

Operating income, FY2019
6% of revenue
▼ −25% vs FY2018 ($164.4M, 7%)
Net income, FY2019
2% of revenue
▼ −89% vs FY2018 ($354.6M, 14%)
Free cash flow, FY2019
20% of revenue
▲ +9% vs FY2018 ($402.8M, 16%)

How Were They Changing?

Since the FY2019 annual report
  • Apr 16, 2020 Infineon completed its acquisition of Cypress Cypress stockholders received $23.85 in cash for each share.
  • Apr 7, 2020 China granted antitrust clearance for Infineon's acquisition Cypress expected the merger to close on or about April 16, 2020.
  • Mar 10, 2020 U.S. security review cleared the merger Approval from China's market regulator was still required.

Grew. Revenue grew 37% in 3 years, from $1.6B in FY2015 to $2.2B in FY2019, about 11% a year.

NAND flash exit The older report listed NAND flash memories in Memory Products; the later report says Cypress transferred the NAND business to a joint venture with SK hynix system ic.

Who Did They Compete With?

Competes with Adesto, Broadcom, Everspin Technologies, Fujitsu, GigaDevice Semiconductor, GSI Technology, Integrated Silicon Solution, Macronix, Marvell, MediaTek, Microchip Technology, Micron Technology, Nordic Semiconductor, NXP Semiconductors, Qualcomm, Realtek, Renesas, Richtek, Semtech, and Silicon Laboratories

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