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2 0 1 5 a N N U a L R E P O 2015 ANNUAL REPORT Embedded Systems — Everything is Going Electronic INTERFACE AND GRAPHICAL DISPLAY Hardware 2D graphics accelerator (FM4 S6E2D Series MCU) CapSense® enabled buttons and rotary encoder (PSoC® 4200L) CapSense touchscreen control (PSoC 4100S) Stable power delivery (S6AP Series PMIC) NOR Flash memory for display images (FL128S/KL128S) LIQUID LEVEL DETECTION Fourth-generation CapSense (PSoC 4100S) DRUM VIBRATION ANALYSIS Programmable digital and analog (PSoC 4200M) MOTOR CONTROL Multi-function timers (S6E2H Series MCU) Programmable pulse generators (S6E2H Series MCU) Quadrature position/revolution counters (S6E2H Series MCU) INDUCTIVE DOOR LOCK Analog Coprocessor (PSoC) SAFETY FEATURES Voltage/Current hardware monitoring (PSoC 4200M) Water temperature sensor (PSoC 4200M) WATER PUMP CONTROL Programmable digital and analog (PSoC 4200M) Cypress BOM Opportunity: $15-$20 Who would have ever guessed that a washing machine would need eight PSoC programmable systems-on-chip and four microcontrollers? Along with our core automotive and industrial markets, home appliances—air conditioners, stoves, refrigerators, washing machines—is one of Cypress’s key target markets in which embedded systems have become a differentiating factor. This market is expected to grow from $3.1 billion in 2015 to $4.3 billion in 2019 at a CAGR of 8%*, representing a growth opportunity for Cypress. The new Cypress brand, “Embedded in Tomorrow,” underscores our longstanding commitment to enable our embedded customers to deliver generations of disruptive new products with world-class performance, reliability and time to market. *Source: IHS and Cypress CYPRESS USB TYPE-C: MAKING USB UNIVERSAL® The USB Type-C standard enables the transfer of power, display and data to PCs, smartphones and tablets and replaces multiple connectors with a single connector. Cypress leveraged its programmable PSoC® technology to get to market rst with its EZ-PD™ CCG1 USB Type-C solution. Cypress, the rst to enter the fast-growing Type-C market and the market leader, enables customers to build optimized Type-C products with its expanded Type-C portfolio, which includes CCG2, the smallest programmable Type-C solution; CCG3, the most integrated solution with authentication; and CCG4, the world’s rst two-port solution. The USB Type-C market is expected to grow from $15 million in 2015 to $436 million in 2020 at a CAGR of 96% according to Gartner, MRG and Cypress estimates. ETHERNET DISPLAYPORT USB USB POWER Today’s laptops use multiple ports for data, power, Every USB Type-C cable requires a controller chip inside displays, accessories and Ethernet, but a single USB to manage transmissions. Some cables need two chips— Type-C port can replace them all. one at each end. Cypress’s EZ-PD CCG2 controller, the world’s smallest programmable USB Type-C solution, ts into ultrathin 2.4-mm Type-C cable connectors. CYPRESS BLE SOLUTIONS: ENABLING THE INTERNET OF THINGS The Internet of Things (IoT) consists of everyday objects embedded with sensors, software and radios—which enable them to connect through smartphones and other networked devices. Every smartphone that shipped in 2015 had Bluetooth Low Energy (BLE) built in, annointing BLE as the leading technology for short-range, low-power IoT applications. More than 277 million BLE devices were shipped in 2015 according to IHS, which projects the BLE market to grow from $277 million in 2015 to $763 million in 2020 at a CAGR of 22%. Examples of applications that are using BLE to connect to the Internet of Things are shown below. BLUETOOTH LOW ENERGY-BASED IOT PRODUCTS Wearables Home Automation Smartphone Remote Controls Beacons Sensor Nodes 100 Million Units* 123 Million Units* Accessories 117 Million Units* 65 Million Units* 447 Million Units* *Source: IHS projections on units shipped for 2020 and Cypress estimates Cypress entered the Bluetooth market in 2014 with the world’s most-integrated and easy-to-use BLE system-on-chip (SoC), PSoC 4 BLE. Last year Cypress expanded its portfolio with fully certied BLE modules that streamline designs. Cypress is a one-stop-shop for BLE solutions with end-to-end expertise in silicon, radio software, module hardware and software. The company has combined its BLE modules with its power management integrated circuits (PMICs) in a solution for IoT beacons, which send information to smartphones over short ranges, for example, communicating product markdowns to shoppers in a department store. Cypress’s energy harvesting PMICs use heat, vibration or light for power, eliminating the need for batteries. The low-power Cypress beacon solution was named one of the 10 best technologies at the 2016 Consumer Electronics Show in Las Vegas. The IoT is expected to have 1.3 billion wireless sensor nodes by 2018 according to ON World Inc., opening new markets for Cypress. FELLOW SHAREHOLDERS: * INTRODUCTION who to retain in the company was delegated to the senior managers who ran the Integration Teams. If I used one phrase to describe 2015, it would be the “Year of Challenge.” On March 13, two companies took As shown in Figure 1, the original integration plan on an extraordinary challenge: “Merge quickly with called for reducing the headcount of the company from another company that does not make anything that you 8,116 to 7,068 by the end of the second quarter of make, or use any process or methodology by which 2016. We achieved that result three quarters early, at you make things, and does so in places that you are which time it became clear to everyone that we could not located. Nonetheless, find a way to cut $160 million reduce our headcount further, while remaining fully in cost to create a new company that functions as a staffed to achieve our mission. There will be one more leader—No. 3 to be exact, in automotive memories and major headcount reduction in mid-2016, when we stop microcontrollers—without losing any business or running two IT systems in parallel. customers.” HEADCOUNT REDUCTION To a great extent, we met that challenge. And EMPLOYEES meanwhile, we brought out 40 new products, and 8,500 reached out to our Top-20 customers with a 81168116 PLAN/ACTUAL substantive, new Key Accounts Program. 8,000 7808 7777 We merged our two companies on a merit-only basis, 7556 7,500 a decision that resulted in a nearly 50-50 Cypress- 7283 7181 7119 Spansion mix of both managers and employees. 7067 7098 7068 7,000 Today, I doubt that an external observer could sit 6833 through one of our meetings and predict which employee came from what company. 6,500 The two companies are integrated, functional, efficient 6,000 and making progress on our automotive market oppor- JAN’15JAN'15 Q115Q115 Q215Q215 Q315Q315 Q415Q415 Q116Q116 Q216Q216 tunity, arguably the best big-revenue opportunity Figure 1. Our original merger plan was to reduce the combined available in the semiconductor industry today. headcount of the company from 8,116 to 7,068 over an 18-month period. In retrospect, that plan was conservative. We have already THE MERGER reduced our headcount to 6,833, a level at which we are properly staffed, including full R&D funding. There will be one more signif- When 8,116 people, spread out over 72 sites around icant headcount reduction this year, when we move to a single IT the world, must be merged into a single company in system. (This Shareholder Letter is designed so the reader can go through only the figures and captions and understand a months, it cannot be done well with central decision majority of its content.) making. Our merger process was to delegate integration decision making to 23 Integration Teams. After that, we will keep our headcount approximately constant, using a business process we call the “Requi- At the executive-staff level, the jobs for sales, manufac- sition Auction.” In this process, employees who resign turing and HR went to legacy-Spansion EVPs, while voluntarily are not automatically replaced. The “requi- the jobs for marketing, finance, business unit, R&D and sitions” to replace them are instead routed through the quality went to legacy-Cypress EVPs. The new executive staff, which hires from a prioritized list of key executive staff then guided the Integration Teams. The employees (some of the requisitions from turnover are EVPs and I did create a 21-page set of “Guiding reserved to hire new college graduates and some are Principles” that clearly stated the high-level objectives never filled as a cost-saving measure). Replacements we were trying to achieve in the merger (e.g., “Quality are hired only if they make it into the key-hire list. In employees will report directly to a Quality EVP, who will many cases, an employee who resigns is never report to the President”). After that, the task of choosing replaced, allowing the company to hire a new employee for a critical job. * This report is designed so the reader can go through only the figures and captions and understand a majority of its content. 1 To improve efficiency, we also shut down small sites After our Integration Teams began to work on the (excluding sales offices) that lacked a critical mass of details of the $135 million plan, we discovered new employees. During 2015, we shut down 26 such sites. synergy opportunities and committed to a more aggressive $160 million target. Our headcount reduction is often a result of making a decision not to do something; for example, our dives- Our actual synergy results, also shown in Figure 2, titure of the TrueTouch business unit in the third quarter totaled $138 million by year-end 2015. In our March reduced our headcount by 90 people. 2016 Analyst Day meeting, we raised our total synergy plan to $180 million, equivalent to $0.47 in annual EPS.
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