Cirrus Logic, Inc. (NASDAQ:CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter fiscal year 2024, which ended June 24, 2023, as well as the company's current business outlook.
"Cirrus Logic reported revenue for the June quarter towards the top end of guidance as we benefited from higher-than-expected unit volumes," said John Forsyth, Cirrus Logic president and chief executive officer. "During the quarter, we taped out our next-generation boosted amplifier, completed product validation on our first 22-nanometer smart codec, and began ramping production of our latest camera controller. We also made progress on product and end-market diversification as we gained momentum in laptops and began selectively refreshing certain core product lines that are expected to drive expansion outside of smartphones."
Reported Financial Results – First Quarter FY24
- Revenue of $317.0 million;
- GAAP and non-GAAP gross margin of 50.3 percent and 50.4 percent;
- GAAP operating expenses of $141.6 million and non-GAAP operating expenses of $113.8 million; and
- GAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.67.
A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.
Business Outlook – Second Quarter FY24
- Revenue is expected to range between $430 million and $490 million;
- GAAP gross margin is forecasted to be between 49 percent and 51 percent; and
- Combined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $22 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs and restructuring charges associated with our recently announced workforce reduction.
Cirrus Logic will host a live Q&A session at 6 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (647) 362-9199, or toll-free at (800) 770-2030 (Access Code: 95424).
Cirrus Logic to Present at Upcoming Conference
Cirrus Logic Chief Financial Officer Venk Nathamuni and Vice President of Mixed-Signal Products Carl Alberty will present at the KeyBanc Technology Leadership Forum in Vail, Colorado on August 7, 2023 at 2:30 p.m. MDT. A live webcast and replay of the presentation will be available on the company's investor relations website.
About Cirrus Logic, Inc.
Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.
Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, diluted share count, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statements about our ability to make progress with product and end-market diversification and refresh certain core product lines that are expected to drive expansion outside of smartphones; and our estimates for the second quarter fiscal year 2024 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock compensation expense, amortization of acquired intangibles and acquisition-related costs and restructuring charges associated with our recently announced workforce reduction. In some cases, forward-looking statements are identified by words such as "expect," "anticipate," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: our ability to develop and ramp new products in a timely manner, including our next-generation boosted amplifier, our first 22-nm smart codec, and latest camera controller; our ability to commercialize new research and development efforts into new markets outside of smartphones; and the level and timing of orders and shipments during the second quarter of fiscal year 2024, customer cancellations of orders, or the failure to place orders consistent with forecasts, along with the risk factors listed in our Form 10-K for the year ended March 25, 2023 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
Summary Financial Data Follows:
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS |
|||||||||||
(in thousands, except per share data; unaudited) |
|||||||||||
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
Jun. 24, |
|
Mar. 25, |
|
Jun. 25, |
||||||
|
2023 |
|
2023 |
|
2022 |
||||||
|
Q1'24 |
|
Q4'23 |
|
Q1'23 |
||||||
Audio |
$ |
195,806 |
|
|
$ |
232,402 |
|
|
$ |
254,496 |
|
High-Performance Mixed-Signal |
|
121,210 |
|
|
|
140,420 |
|
|
|
139,143 |
|
Net sales |
|
317,016 |
|
|
|
372,822 |
|
|
|
393,639 |
|
Cost of sales |
|
157,629 |
|
|
|
186,468 |
|
|
|
191,005 |
|
Gross profit |
|
159,387 |
|
|
|
186,354 |
|
|
|
202,634 |
|
Gross margin |
|
50.3 |
% |
|
|
50.0 |
% |
|
|
51.5 |
% |
|
|
|
|
|
|
||||||
Research and development |
|
106,215 |
|
|
|
115,162 |
|
|
|
109,716 |
|
Selling, general and administrative |
|
35,379 |
|
|
|
37,642 |
|
|
|
38,642 |
|
Lease impairments and restructuring |
|
— |
|
|
|
10,632 |
|
|
|
— |
|
Intangibles impairment |
|
— |
|
|
|
85,760 |
|
|
|
— |
|
Total operating expenses |
|
141,594 |
|
|
|
249,196 |
|
|
|
148,358 |
|
|
|
|
|
|
|
||||||
Income (loss) from operations |
|
17,793 |
|
|
|
(62,842 |
) |
|
|
54,276 |
|
|
|
|
|
|
|
||||||
Interest income (expense) |
|
4,600 |
|
|
|
4,720 |
|
|
|
305 |
|
Other income (expense) |
|
377 |
|
|
|
(464 |
) |
|
|
506 |
|
Income (loss) before income taxes |
|
22,770 |
|
|
|
(58,586 |
) |
|
|
55,087 |
|
Provision for income taxes |
|
7,170 |
|
|
|
(4,917 |
) |
|
|
15,380 |
|
Net income (loss) |
$ |
15,600 |
|
|
$ |
(53,669 |
) |
|
$ |
39,707 |
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share |
$ |
0.28 |
|
|
$ |
(0.97 |
) |
|
$ |
0.71 |
|
Diluted earnings (loss) per share: |
$ |
0.28 |
|
|
$ |
(0.97 |
) |
|
$ |
0.69 |
|
|
|
|
|
|
|
||||||
Weighted average number of shares: |
|
|
|
|
|
||||||
Basic |
|
54,862 |
|
|
|
55,219 |
|
|
|
56,277 |
|
Diluted |
|
56,631 |
|
|
|
55,219 |
|
|
|
57,804 |
|
|
|
|
|
|
|
||||||
Prepared in accordance with Generally Accepted Accounting Principles |
|||||||||||
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION |
|||||||||||
(in thousands, except per share data; unaudited) |
|||||||||||
(not prepared in accordance with GAAP) |
|||||||||||
|
|
|
|
|
|
||||||
Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. |
|||||||||||
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
Jun. 24, |
|
Mar. 25, |
|
Jun. 25, |
||||||
|
2023 |
|
2023 |
|
2022 |
||||||
Net Income (Loss) Reconciliation |
Q1'24 |
|
Q4'23 |
|
Q1'23 |
||||||
GAAP Net Income (Loss) |
$ |
15,600 |
|
|
$ |
(53,669 |
) |
|
$ |
39,707 |
|
Amortization of acquisition intangibles |
|
2,170 |
|
|
|
7,657 |
|
|
|
7,835 |
|
Stock-based compensation expense |
|
22,715 |
|
|
|
22,533 |
|
|
|
18,138 |
|
Lease impairments and restructuring |
|
— |
|
|
|
10,632 |
|
|
|
— |
|
Intangibles impairment |
|
— |
|
|
|
85,760 |
|
|
|
— |
|
Acquisition-related costs |
|
3,166 |
|
|
|
3,166 |
|
|
|
3,164 |
|
Adjustment to income taxes |
|
(5,628 |
) |
|
|
(23,461 |
) |
|
|
(4,300 |
) |
Non-GAAP Net Income |
$ |
38,023 |
|
|
$ |
52,618 |
|
|
$ |
64,544 |
|
|
|
|
|
|
|
||||||
Earnings (Loss) Per Share Reconciliation |
|
|
|
|
|
||||||
GAAP Diluted earnings (loss) per share |
$ |
0.28 |
|
|
$ |
(0.97 |
) |
|
$ |
0.69 |
|
Effect of Amortization of acquisition intangibles |
|
0.04 |
|
|
|
0.14 |
|
|
|
0.14 |
|
Effect of Stock-based compensation expense |
|
0.40 |
|
|
|
0.40 |
|
|
|
0.31 |
|
Effect of Lease impairments and restructuring |
|
— |
|
|
|
0.19 |
|
|
|
— |
|
Effect of Intangibles impairment |
|
— |
|
|
|
1.51 |
|
|
|
— |
|
Effect of Acquisition-related costs |
|
0.05 |
|
|
|
0.06 |
|
|
|
0.05 |
|
Effect of Adjustment to income taxes |
|
(0.10 |
) |
|
|
(0.41 |
) |
|
|
(0.07 |
) |
Non-GAAP Diluted earnings per share |
$ |
0.67 |
|
|
$ |
0.92 |
|
|
$ |
1.12 |
|
|
|
|
|
|
|
||||||
Diluted Shares Reconciliation |
|
|
|
|
|
||||||
GAAP Diluted shares |
|
56,631 |
|
|
|
55,219 |
|
|
|
57,804 |
|
Effect of weighted dilutive shares |
|
— |
|
|
|
1,821 |
|
|
|
— |
|
Non-GAAP Diluted shares |
|
56,631 |
|
|
|
57,040 |
|
|
|
57,804 |
|
|
|
|
|
|
|
||||||
Operating Income (Loss) Reconciliation |
|
|
|
|
|
||||||
GAAP Operating Income (Loss) |
$ |
17,793 |
|
|
$ |
(62,842 |
) |
|
$ |
54,276 |
|
GAAP Operating Profit (Loss) |
|
5.6 |
% |
|
|
(16.9 |
)% |
|
|
13.8 |
% |
Amortization of acquisition intangibles |
|
2,170 |
|
|
|
7,657 |
|
|
|
7,835 |
|
Stock-based compensation expense - COGS |
|
285 |
|
|
|
372 |
|
|
|
277 |
|
Stock-based compensation expense - R&D |
|
15,952 |
|
|
|
15,782 |
|
|
|
12,592 |
|
Stock-based compensation expense - SG&A |
|
6,478 |
|
|
|
6,379 |
|
|
|
5,269 |
|
Lease impairments and restructuring |
|
— |
|
|
|
10,632 |
|
|
|
— |
|
Intangibles impairment |
|
— |
|
|
|
85,760 |
|
|
|
— |
|
Acquisition-related costs |
|
3,166 |
|
|
|
3,166 |
|
|
|
3,164 |
|
Non-GAAP Operating Income |
$ |
45,844 |
|
|
$ |
66,906 |
|
|
$ |
83,413 |
|
Non-GAAP Operating Profit |
|
14.5 |
% |
|
|
17.9 |
% |
|
|
21.2 |
% |
|
|
|
|
|
|
||||||
Operating Expense Reconciliation |
|
|
|
|
|
||||||
GAAP Operating Expenses |
$ |
141,594 |
|
|
$ |
249,196 |
|
|
$ |
148,358 |
|
Amortization of acquisition intangibles |
|
(2,170 |
) |
|
|
(7,657 |
) |
|
|
(7,835 |
) |
Stock-based compensation expense - R&D |
|
(15,952 |
) |
|
|
(15,782 |
) |
|
|
(12,592 |
) |
Stock-based compensation expense - SG&A |
|
(6,478 |
) |
|
|
(6,379 |
) |
|
|
(5,269 |
) |
Lease impairments and restructuring |
|
— |
|
|
|
(10,632 |
) |
|
|
— |
|
Intangibles impairment |
|
— |
|
|
|
(85,760 |
) |
|
|
— |
|
Acquisition-related costs |
|
(3,166 |
) |
|
|
(3,166 |
) |
|
|
(3,164 |
) |
Non-GAAP Operating Expenses |
$ |
113,828 |
|
|
$ |
119,820 |
|
|
$ |
119,498 |
|
|
|
|
|
|
|
||||||
Gross Margin/Profit Reconciliation |
|
|
|
|
|
||||||
GAAP Gross Profit |
$ |
159,387 |
|
|
$ |
186,354 |
|
|
$ |
202,634 |
|
GAAP Gross Margin |
|
50.3 |
% |
|
|
50.0 |
% |
|
|
51.5 |
% |
Stock-based compensation expense - COGS |
|
285 |
|
|
|
372 |
|
|
|
277 |
|
Non-GAAP Gross Profit |
$ |
159,672 |
|
|
$ |
186,726 |
|
|
$ |
202,911 |
|
Non-GAAP Gross Margin |
|
50.4 |
% |
|
|
50.1 |
% |
|
|
51.5 |
% |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
Jun. 24, |
|
Mar. 25, |
|
Jun. 25, |
||||||
|
2023 |
|
2023 |
|
2022 |
||||||
Effective Tax Rate Reconciliation |
Q1'24 |
|
Q4'23 |
|
Q1'23 |
||||||
GAAP Tax Expense (Benefit) |
$ |
7,170 |
|
|
$ |
(4,917 |
) |
|
$ |
15,380 |
|
GAAP Effective Tax Rate |
|
31.5 |
% |
|
|
8.4 |
% |
|
|
27.9 |
% |
Adjustments to income taxes |
|
5,628 |
|
|
|
23,461 |
|
|
|
4,300 |
|
Non-GAAP Tax Expense |
$ |
12,798 |
|
|
$ |
18,544 |
|
|
$ |
19,680 |
|
Non-GAAP Effective Tax Rate |
|
25.2 |
% |
|
|
26.1 |
% |
|
|
23.4 |
% |
|
|
|
|
|
|
||||||
Tax Impact to EPS Reconciliation |
|
|
|
|
|
||||||
GAAP Tax Expense (Benefit) |
$ |
0.13 |
|
|
$ |
(0.09 |
) |
|
$ |
0.27 |
|
Adjustments to income taxes |
|
0.10 |
|
|
|
0.41 |
|
|
|
0.07 |
|
Non-GAAP Tax Expense |
$ |
0.23 |
|
|
$ |
0.32 |
|
|
$ |
0.34 |
|
CONSOLIDATED CONDENSED BALANCE SHEET |
||||||||||||
(in thousands; unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Jun. 24, |
|
Mar. 25, |
|
Jun. 25, |
||||||
|
|
2023 |
|
2023 |
|
2022 |
||||||
ASSETS |
|
|
|
|
|
|
||||||
Current assets |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
352,346 |
|
|
$ |
445,784 |
|
|
$ |
379,335 |
|
Marketable securities |
|
|
35,765 |
|
|
|
34,978 |
|
|
|
18,397 |
|
Accounts receivable, net |
|
|
186,033 |
|
|
|
150,473 |
|
|
|
206,272 |
|
Inventories |
|
|
300,956 |
|
|
|
233,450 |
|
|
|
174,370 |
|
Prepaid wafers |
|
|
84,739 |
|
|
|
60,638 |
|
|
|
— |
|
Other current assets |
|
|
88,829 |
|
|
|
92,533 |
|
|
|
82,634 |
|
Total current Assets |
|
|
1,048,668 |
|
|
|
1,017,856 |
|
|
|
861,008 |
|
|
|
|
|
|
|
|
||||||
Long-term marketable securities |
|
|
38,029 |
|
|
|
36,509 |
|
|
|
55,965 |
|
Right-of-use lease assets |
|
|
125,538 |
|
|
|
128,145 |
|
|
|
168,680 |
|
Property and equipment, net |
|
|
167,238 |
|
|
|
162,972 |
|
|
|
157,165 |
|
Intangibles, net |
|
|
36,447 |
|
|
|
38,876 |
|
|
|
149,984 |
|
Goodwill |
|
|
435,936 |
|
|
|
435,936 |
|
|
|
435,936 |
|
Deferred tax asset |
|
|
44,991 |
|
|
|
35,580 |
|
|
|
16,928 |
|
Long-term prepaid wafers |
|
|
110,262 |
|
|
|
134,363 |
|
|
|
195,000 |
|
Other assets |
|
|
49,483 |
|
|
|
73,729 |
|
|
|
65,236 |
|
Total assets |
|
$ |
2,056,592 |
|
|
$ |
2,063,966 |
|
|
$ |
2,105,902 |
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||||||
Current liabilities |
|
|
|
|
|
|
||||||
Accounts payable |
|
$ |
75,941 |
|
|
$ |
81,462 |
|
|
$ |
121,451 |
|
Accrued salaries and benefits |
|
|
36,465 |
|
|
|
50,606 |
|
|
|
41,026 |
|
Lease liability |
|
|
19,903 |
|
|
|
18,442 |
|
|
|
13,988 |
|
Acquisition-related liabilities |
|
|
24,527 |
|
|
|
21,361 |
|
|
|
30,964 |
|
Other accrued liabilities |
|
|
46,018 |
|
|
|
44,469 |
|
|
|
45,167 |
|
Total current liabilities |
|
|
202,854 |
|
|
|
216,340 |
|
|
|
252,596 |
|
|
|
|
|
|
|
|
||||||
Non-current lease liability |
|
|
125,071 |
|
|
|
122,631 |
|
|
|
159,344 |
|
Non-current income taxes |
|
|
59,587 |
|
|
|
59,013 |
|
|
|
73,735 |
|
Long-term acquisition-related liabilities |
|
|
— |
|
|
|
— |
|
|
|
11,856 |
|
Other long-term liabilities |
|
|
12,286 |
|
|
|
7,700 |
|
|
|
9,184 |
|
Total long-term liabilities |
|
|
196,944 |
|
|
|
189,344 |
|
|
|
254,119 |
|
|
|
|
|
|
|
|
||||||
Stockholders' equity: |
|
|
|
|
|
|
||||||
Capital stock |
|
|
1,693,420 |
|
|
|
1,670,141 |
|
|
|
1,596,684 |
|
Accumulated earnings (deficit) |
|
|
(33,621 |
) |
|
|
(9,320 |
) |
|
|
5,894 |
|
Accumulated other comprehensive loss |
|
|
(3,005 |
) |
|
|
(2,539 |
) |
|
|
(3,391 |
) |
Total stockholders' equity |
|
|
1,656,794 |
|
|
|
1,658,282 |
|
|
|
1,599,187 |
|
Total liabilities and stockholders' equity |
|
$ |
2,056,592 |
|
|
$ |
2,063,966 |
|
|
$ |
2,105,902 |
|
|
|
|
|
|
|
|
||||||
Prepared in accordance with Generally Accepted Accounting Principles |
||||||||||||
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS |
||||||||
(in thousands; unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
|
|
|
||||
|
|
Jun. 24, |
|
Jun. 25, |
||||
|
|
2023 |
|
2022 |
||||
|
|
Q1'24 |
|
Q1'23 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
15,600 |
|
|
$ |
39,707 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
11,941 |
|
|
|
16,515 |
|
Stock-based compensation expense |
|
|
22,715 |
|
|
|
18,138 |
|
Deferred income taxes |
|
|
(9,411 |
) |
|
|
(5,860 |
) |
Loss on retirement or write-off of long-lived assets |
|
|
6 |
|
|
|
292 |
|
Other non-cash charges |
|
|
1,334 |
|
|
|
99 |
|
Net change in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
(35,560 |
) |
|
|
33,992 |
|
Inventories |
|
|
(67,506 |
) |
|
|
(35,934 |
) |
Other assets |
|
|
8,101 |
|
|
|
549 |
|
Accounts payable and other accrued liabilities |
|
|
(10,278 |
) |
|
|
(20,327 |
) |
Income taxes payable |
|
|
20,079 |
|
|
|
24,030 |
|
Acquisition-related liabilities |
|
|
3,166 |
|
|
|
3,164 |
|
Net cash provided by (used in) operating activities |
|
|
(39,813 |
) |
|
|
74,365 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Maturities and sales of available-for-sale marketable securities |
|
|
11,048 |
|
|
|
4,694 |
|
Purchases of available-for-sale marketable securities |
|
|
(13,372 |
) |
|
|
(5,186 |
) |
Purchases of property, equipment and software |
|
|
(12,310 |
) |
|
|
(6,776 |
) |
Investments in technology |
|
|
— |
|
|
|
(448 |
) |
Net cash used in investing activities |
|
|
(14,634 |
) |
|
|
(7,716 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Issuance of common stock, net of shares withheld for taxes |
|
|
560 |
|
|
|
120 |
|
Repurchase of stock to satisfy employee tax withholding obligations |
|
|
(1,047 |
) |
|
|
(866 |
) |
Repurchase and retirement of common stock |
|
|
(38,504 |
) |
|
|
(56,382 |
) |
Net cash used in financing activities |
|
|
(38,991 |
) |
|
|
(57,128 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
(93,438 |
) |
|
|
9,521 |
|
Cash and cash equivalents at beginning of period |
|
|
445,784 |
|
|
|
369,814 |
|
Cash and cash equivalents at end of period |
|
$ |
352,346 |
|
|
$ |
379,335 |
|
|
|
|
|
|
||||
Prepared in accordance with Generally Accepted Accounting Principles |
||||||||
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION |
||||||||||||||||||||
(in thousands; unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Twelve Months Ended |
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Jun. 24, |
|
Jun. 24, |
|
Mar. 25, |
|
Dec. 24, |
|
Sep. 24, |
||||||||||
|
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
||||||||||
|
|
Q1'24 |
|
Q1'24 |
|
Q4'23 |
|
Q3'23 |
|
Q2'23 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities (GAAP) |
|
$ |
225,390 |
|
|
$ |
(39,813 |
) |
|
$ |
48,266 |
|
|
$ |
180,948 |
|
|
$ |
35,989 |
|
Capital expenditures |
|
|
(41,800 |
) |
|
|
(12,310 |
) |
|
|
(11,635 |
) |
|
|
(7,608 |
) |
|
|
(10,247 |
) |
Free Cash Flow (Non-GAAP) |
|
$ |
183,590 |
|
|
$ |
(52,123 |
) |
|
$ |
36,631 |
|
|
$ |
173,340 |
|
|
$ |
25,742 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow from Operations as a Percentage of Revenue (GAAP) |
|
|
12 |
% |
|
|
(13 |
)% |
|
|
13 |
% |
|
|
31 |
% |
|
|
7 |
% |
Capital Expenditures as a Percentage of Revenue (GAAP) |
|
|
2 |
% |
|
|
4 |
% |
|
|
3 |
% |
|
|
1 |
% |
|
|
2 |
% |
Free Cash Flow Margin (Non-GAAP) |
|
|
10 |
% |
|
|
(16 |
)% |
|
|
10 |
% |
|
|
29 |
% |
|
|
5 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803298638/en/