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    Cirrus Logic Reports Fiscal Third Quarter Revenue of $555.7 Million

    2/4/25 4:00:00 PM ET
    $CRUS
    Semiconductors
    Technology
    Get the next $CRUS alert in real time by email

    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 third quarter of fiscal year 2025, which ended December 28, 2024, as well as the company's current business outlook.

    "Cirrus Logic delivered revenue significantly above the top end of our guidance range in the December quarter as shipments into smartphones exceeded our expectations," said John Forsyth, Cirrus Logic president and chief executive officer. "During the quarter, we experienced strong demand for our smartphone audio components, including our latest-generation custom boosted amplifier and first 22-nanometer smart codec. Additionally, we gained momentum in our laptop business as we were featured as part of the Intel Arrow Lake reference design, began sampling our latest amplifier and codec specifically designed for laptops, and expanded our breadth of content across a variety of devices. With a compelling roadmap of products and a proven track record of execution, we believe Cirrus Logic is well-positioned to grow long-term shareholder value."

    Reported Financial Results – Third Quarter FY25

    • Revenue of $555.7 million;
    • GAAP and non-GAAP gross margin of 53.6 percent;
    • GAAP operating expenses of $152.0 million and non-GAAP operating expenses of $129.2 million; and
    • GAAP earnings per share of $2.11 and non-GAAP earnings per share of $2.51.

    A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.

    Business Outlook – Fourth Quarter FY25

    • Revenue is expected to range between $350 million and $410 million;
    • GAAP gross margin is forecasted to be between 51 percent and 53 percent; and
    • Combined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $119 million and $125 million.

    Cirrus Logic will host a live Q&A session at 5 p.m. EST 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 (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424).

    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, 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 statement about our belief that we are well-positioned to grow long-term shareholder value; and our estimates for the fourth quarter fiscal year 2025 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. 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: the level and timing of orders and shipments during the fourth quarter of fiscal year 2025, 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 30, 2024 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

     

    Nine Months Ended

     

    Dec. 28,

     

    Sep. 28,

     

    Dec. 30,

     

    Dec. 28,

     

    Dec. 30,

     

     

    2024

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    Q3'25

     

    Q2'25

     

    Q3'24

     

    Q3'25

     

    Q3'24

    Audio

    $

    346,272

     

     

    $

    316,588

     

     

    $

    378,597

     

     

    $

    881,830

     

     

    $

    857,258

     

    High-Performance Mixed-Signal

     

    209,466

     

     

     

    225,269

     

     

     

    240,387

     

     

     

    589,791

     

     

     

    559,805

     

    Net sales

     

    555,738

     

     

     

    541,857

     

     

     

    618,984

     

     

     

    1,471,621

     

     

     

    1,417,063

     

    Cost of sales

     

    257,951

     

     

     

    259,267

     

     

     

    301,520

     

     

     

    702,319

     

     

     

    693,616

     

    Gross profit

     

    297,787

     

     

     

    282,590

     

     

     

    317,464

     

     

     

    769,302

     

     

     

    723,447

     

    Gross margin

     

    53.6

    %

     

     

    52.2

    %

     

     

    51.3

    %

     

     

    52.3

    %

     

     

    51.1

    %

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    112,976

     

     

     

    112,925

     

     

     

    112,672

     

     

     

    331,264

     

     

     

    323,092

     

    Selling, general and administrative

     

    39,042

     

     

     

    37,813

     

     

     

    37,604

     

     

     

    113,625

     

     

     

    107,306

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    (360

    )

     

     

    —

     

     

     

    1,959

     

    Total operating expenses

     

    152,018

     

     

     

    150,738

     

     

     

    149,916

     

     

     

    444,889

     

     

     

    432,357

     

     

     

     

     

     

     

     

     

     

     

    Income from operations

     

    145,769

     

     

     

    131,852

     

     

     

    167,548

     

     

     

    324,413

     

     

     

    291,090

     

     

     

     

     

     

     

     

     

     

     

    Interest income

     

    8,146

     

     

     

    8,134

     

     

     

    4,889

     

     

     

    24,482

     

     

     

    13,218

     

    Other income (expense)

     

    (214

    )

     

     

    19

     

     

     

    (337

    )

     

     

    1,414

     

     

     

    (30

    )

    Income before income taxes

     

    153,701

     

     

     

    140,005

     

     

     

    172,100

     

     

     

    350,309

     

     

     

    304,278

     

    Provision for income taxes

     

    37,696

     

     

     

    37,865

     

     

     

    33,377

     

     

     

    90,069

     

     

     

    74,548

     

    Net income

    $

    116,005

     

     

    $

    102,140

     

     

    $

    138,723

     

     

    $

    260,240

     

     

    $

    229,730

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    2.19

     

     

    $

    1.92

     

     

    $

    2.57

     

     

    $

    4.89

     

     

    $

    4.22

     

    Diluted earnings per share:

    $

    2.11

     

     

    $

    1.83

     

     

    $

    2.50

     

     

    $

    4.69

     

     

    $

    4.09

     

     

     

     

     

     

     

     

     

     

     

    Weighted average number of shares:

     

     

     

     

     

     

     

     

     

    Basic

     

    53,081

     

     

     

    53,275

     

     

     

    54,016

     

     

     

    53,263

     

     

     

    54,449

     

    Diluted

     

    55,076

     

     

     

    55,800

     

     

     

    55,592

     

     

     

    55,529

     

     

     

    56,160

     

     

     

     

     

     

     

     

     

     

     

    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

     

    Nine Months Ended

     

     

    Dec. 28,

     

    Sep. 28,

     

    Dec. 30,

     

    Dec. 28,

     

    Dec. 30,

     

     

     

    2024

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    Net Income Reconciliation

    Q3'25

     

    Q2'25

     

    Q3'24

     

    Q3'25

     

    Q3'24

     

    GAAP Net Income

    $

    116,005

     

     

    $

    102,140

     

     

    $

    138,723

     

     

    $

    260,240

     

     

    $

    229,730

     

     

    Amortization of acquisition intangibles

     

    1,647

     

     

     

    1,864

     

     

     

    1,972

     

     

     

    5,483

     

     

     

    6,312

     

     

    Stock-based compensation expense

     

    20,823

     

     

     

    22,447

     

     

     

    23,067

     

     

     

    64,655

     

     

     

    67,113

     

     

    Lease impairment

     

    661

     

     

     

    —

     

     

     

    —

     

     

     

    1,680

     

     

     

    —

     

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    (360

    )

     

     

    —

     

     

     

    1,959

     

     

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,105

     

     

    Adjustment to income taxes

     

    (827

    )

     

     

    (1,162

    )

     

     

    (2,769

    )

     

     

    (6,094

    )

     

     

    (9,001

    )

     

    Non-GAAP Net Income

    $

    138,309

     

     

    $

    125,289

     

     

    $

    160,633

     

     

    $

    325,964

     

     

    $

    300,218

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings Per Share Reconciliation

     

     

     

     

     

     

     

     

     

     

    GAAP Diluted earnings per share

    $

    2.11

     

     

    $

    1.83

     

     

    $

    2.50

     

     

    $

    4.69

     

     

    $

    4.09

     

     

    Effect of Amortization of acquisition intangibles

     

    0.03

     

     

     

    0.04

     

     

     

    0.04

     

     

     

    0.10

     

     

     

    0.11

     

     

    Effect of Stock-based compensation expense

     

    0.38

     

     

     

    0.40

     

     

     

    0.41

     

     

     

    1.16

     

     

     

    1.20

     

     

    Effect of Lease impairment

     

    0.01

     

     

     

    —

     

     

     

    —

     

     

     

    0.03

     

     

     

    —

     

     

    Effect of Restructuring costs

     

    —

     

     

     

    —

     

     

     

    (0.01

    )

     

     

    —

     

     

     

    0.04

     

     

    Effect of Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.07

     

     

    Effect of Adjustment to income taxes

     

    (0.02

    )

     

     

    (0.02

    )

     

     

    (0.05

    )

     

     

    (0.11

    )

     

     

    (0.16

    )

     

    Non-GAAP Diluted earnings per share

    $

    2.51

     

     

    $

    2.25

     

     

    $

    2.89

     

     

    $

    5.87

     

     

    $

    5.35

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income Reconciliation

     

     

     

     

     

     

     

     

     

     

    GAAP Operating Income

    $

    145,769

     

     

    $

    131,852

     

     

    $

    167,548

     

     

    $

    324,413

     

     

    $

    291,090

     

     

    GAAP Operating Profit

     

    26.2

    %

     

     

    24.3

    %

     

     

    27.1

    %

     

     

    22.0

    %

     

     

    20.5

    %

     

    Amortization of acquisition intangibles

     

    1,647

     

     

     

    1,864

     

     

     

    1,972

     

     

     

    5,483

     

     

     

    6,312

     

     

    Stock-based compensation expense - COGS

     

    351

     

     

     

    355

     

     

     

    395

     

     

     

    972

     

     

     

    1,041

     

     

    Stock-based compensation expense - R&D

     

    14,498

     

     

     

    15,844

     

     

     

    16,771

     

     

     

    46,105

     

     

     

    48,195

     

     

    Stock-based compensation expense - SG&A

     

    5,974

     

     

     

    6,248

     

     

     

    5,901

     

     

     

    17,578

     

     

     

    17,877

     

     

    Lease impairment

     

    661

     

     

     

    —

     

     

     

    —

     

     

     

    1,680

     

     

     

    —

     

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    (360

    )

     

     

    —

     

     

     

    1,959

     

     

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,105

     

     

    Non-GAAP Operating Income

    $

    168,900

     

     

    $

    156,163

     

     

    $

    192,227

     

     

    $

    396,231

     

     

    $

    370,579

     

     

    Non-GAAP Operating Profit

     

    30.4

    %

     

     

    28.8

    %

     

     

    31.1

    %

     

     

    26.9

    %

     

     

    26.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Expense Reconciliation

     

     

     

     

     

     

     

     

     

     

    GAAP Operating Expenses

    $

    152,018

     

     

    $

    150,738

     

     

    $

    149,916

     

     

    $

    444,889

     

     

    $

    432,357

     

     

    Amortization of acquisition intangibles

     

    (1,647

    )

     

     

    (1,864

    )

     

     

    (1,972

    )

     

     

    (5,483

    )

     

     

    (6,312

    )

     

    Stock-based compensation expense - R&D

     

    (14,498

    )

     

     

    (15,844

    )

     

     

    (16,771

    )

     

     

    (46,105

    )

     

     

    (48,195

    )

     

    Stock-based compensation expense - SG&A

     

    (5,974

    )

     

     

    (6,248

    )

     

     

    (5,901

    )

     

     

    (17,578

    )

     

     

    (17,877

    )

     

    Lease impairment

     

    661

     

     

     

    —

     

     

     

    —

     

     

     

    1,680

     

     

     

    —

     

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    360

     

     

     

    —

     

     

     

    (1,959

    )

     

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,105

    )

     

    Non-GAAP Operating Expenses

    $

    129,238

     

     

    $

    126,782

     

     

    $

    125,632

     

     

    $

    374,043

     

     

    $

    353,909

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Margin/Profit Reconciliation

     

     

     

     

     

     

     

     

     

     

    GAAP Gross Profit

    $

    297,787

     

     

    $

    282,590

     

     

    $

    317,464

     

     

    $

    769,302

     

     

    $

    723,447

     

     

    GAAP Gross Margin

     

    53.6

    %

     

     

    52.2

    %

     

     

    51.3

    %

     

     

    52.3

    %

     

     

    51.1

    %

     

    Stock-based compensation expense - COGS

     

    351

     

     

     

    355

     

     

     

    395

     

     

     

    972

     

     

     

    1,041

     

     

    Non-GAAP Gross Profit

    $

    298,138

     

     

    $

    282,945

     

     

    $

    317,859

     

     

    $

    770,274

     

     

    $

    724,488

     

     

    Non-GAAP Gross Margin

     

    53.6

    %

     

     

    52.2

    %

     

     

    51.4

    %

     

     

    52.3

    %

     

     

    51.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

     

    Dec. 28,

     

    Sep. 28,

     

    Dec. 30,

     

    Dec. 28,

     

    Dec. 30,

     

     

     

    2024

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    Effective Tax Rate Reconciliation

    Q3'25

     

    Q2'25

     

    Q3'24

     

    Q3'25

     

    Q3'24

     

    GAAP Tax Expense

    $

    37,696

     

     

    $

    37,865

     

     

    $

    33,377

     

     

    $

    90,069

     

     

    $

    74,548

     

     

    GAAP Effective Tax Rate

     

    24.5

    %

     

     

    27.0

    %

     

     

    19.4

    %

     

     

    25.7

    %

     

     

    24.5

    %

     

    Adjustments to income taxes

     

    827

     

     

     

    1,162

     

     

     

    2,769

     

     

     

    6,094

     

     

     

    9,001

     

     

    Non-GAAP Tax Expense

    $

    38,523

     

     

    $

    39,027

     

     

    $

    36,146

     

     

    $

    96,163

     

     

    $

    83,549

     

     

    Non-GAAP Effective Tax Rate

     

    21.8

    %

     

     

    23.8

    %

     

     

    18.4

    %

     

     

    22.8

    %

     

     

    21.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Tax Impact to EPS Reconciliation

     

     

     

     

     

     

     

     

     

     

    GAAP Tax Expense

    $

    0.68

     

     

    $

    0.68

     

     

    $

    0.60

     

     

    $

    1.62

     

     

    $

    1.33

     

     

    Adjustments to income taxes

     

    0.02

     

     

     

    0.02

     

     

     

    0.05

     

     

     

    0.11

     

     

     

    0.16

     

     

    Non-GAAP Tax Expense

    $

    0.70

     

     

    $

    0.70

     

     

    $

    0.65

     

     

    $

    1.73

     

     

    $

    1.49

     

     

     

    CONSOLIDATED CONDENSED BALANCE SHEET

    (in thousands; unaudited)

     

     

     

     

     

     

     

     

     

    Dec. 28,

     

    Mar. 30,

     

    Dec. 30,

     

     

     

    2024

     

     

     

    2024

     

     

     

    2023

     

    ASSETS

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    526,444

     

     

    $

    502,764

     

     

    $

    483,931

     

    Marketable securities

     

     

    37,535

     

     

     

    23,778

     

     

     

    32,842

     

    Accounts receivable, net

     

     

    261,943

     

     

     

    162,478

     

     

     

    217,269

     

    Inventories

     

     

    275,558

     

     

     

    227,248

     

     

     

    256,675

     

    Prepaid wafers

     

     

    66,113

     

     

     

    86,679

     

     

     

    84,854

     

    Other current assets

     

     

    82,857

     

     

     

    103,245

     

     

     

    109,814

     

    Total current Assets

     

     

    1,250,450

     

     

     

    1,106,192

     

     

     

    1,185,385

     

     

     

     

     

     

     

     

    Long-term marketable securities

     

     

    252,594

     

     

     

    173,374

     

     

     

    70,260

     

    Right-of-use lease assets

     

     

    129,597

     

     

     

    138,288

     

     

     

    140,993

     

    Property and equipment, net

     

     

    163,837

     

     

     

    170,175

     

     

     

    167,579

     

    Intangibles, net

     

     

    23,957

     

     

     

    29,578

     

     

     

    31,677

     

    Goodwill

     

     

    435,936

     

     

     

    435,936

     

     

     

    435,936

     

    Deferred tax asset

     

     

    40,895

     

     

     

    48,649

     

     

     

    34,116

     

    Long-term prepaid wafers

     

     

    23,020

     

     

     

    60,750

     

     

     

    73,492

     

    Other assets

     

     

    42,954

     

     

     

    68,634

     

     

     

    77,675

     

    Total assets

     

    $

    2,363,240

     

     

    $

    2,231,576

     

     

    $

    2,217,113

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Accounts payable

     

    $

    77,907

     

     

    $

    55,545

     

     

    $

    56,231

     

    Accrued salaries and benefits

     

     

    48,029

     

     

     

    47,612

     

     

     

    44,352

     

    Lease liability

     

     

    21,858

     

     

     

    20,640

     

     

     

    19,906

     

    Other accrued liabilities

     

     

    63,119

     

     

     

    62,596

     

     

     

    58,105

     

    Total current liabilities

     

     

    210,913

     

     

     

    186,393

     

     

     

    178,594

     

     

     

     

     

     

     

     

    Non-current lease liability

     

     

    124,622

     

     

     

    134,576

     

     

     

    138,415

     

    Non-current income taxes

     

     

    43,401

     

     

     

    52,013

     

     

     

    52,247

     

    Other long-term liabilities

     

     

    21,506

     

     

     

    41,580

     

     

     

    47,097

     

    Total long-term liabilities

     

     

    189,529

     

     

     

    228,169

     

     

     

    237,759

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Capital stock

     

     

    1,840,791

     

     

     

    1,760,701

     

     

     

    1,735,824

     

    Accumulated earnings

     

     

    124,101

     

     

     

    58,916

     

     

     

    66,633

     

    Accumulated other comprehensive loss

     

     

    (2,094

    )

     

     

    (2,603

    )

     

     

    (1,697

    )

    Total stockholders' equity

     

     

    1,962,798

     

     

     

    1,817,014

     

     

     

    1,800,760

     

    Total liabilities and stockholders' equity

     

    $

    2,363,240

     

     

    $

    2,231,576

     

     

    $

    2,217,113

     

     

     

     

     

     

     

    Prepared in accordance with Generally Accepted Accounting Principles

     

    CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

    (in thousands; unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

     

     

     

     

    Dec. 28,

     

    Dec. 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    Q3'25

     

    Q3'24

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    116,005

     

     

    $

    138,723

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    12,824

     

     

     

    12,732

     

    Stock-based compensation expense

     

     

    20,823

     

     

     

    23,067

     

    Deferred income taxes

     

     

    8,379

     

     

     

    9,723

     

    Loss on retirement or write-off of long-lived assets

     

     

    369

     

     

     

    10

     

    Other non-cash charges

     

     

    (379

    )

     

     

    668

     

    Restructuring costs

     

     

    —

     

     

     

    (360

    )

    Net change in operating assets and liabilities:

     

     

     

     

    Accounts receivable, net

     

     

    62,155

     

     

     

    54,048

     

    Inventories

     

     

    (3,793

    )

     

     

    72,257

     

    Prepaid wafers

     

     

    20,411

     

     

     

    15,596

     

    Other assets

     

     

    1,720

     

     

     

    17,973

     

    Accounts payable and other accrued liabilities

     

     

    (21,556

    )

     

     

    (32,123

    )

    Income taxes payable

     

     

    1,630

     

     

     

    1,378

     

    Net cash provided by operating activities

     

     

    218,588

     

     

     

    313,692

     

    Cash flows from investing activities:

     

     

     

     

    Maturities and sales of available-for-sale marketable securities

     

     

    12,423

     

     

     

    5,176

     

    Purchases of available-for-sale marketable securities

     

     

    (44,868

    )

     

     

    (32,334

    )

    Purchases of property, equipment and software

     

     

    (6,687

    )

     

     

    (9,813

    )

    Net cash used in investing activities

     

     

    (39,132

    )

     

     

    (36,971

    )

    Cash flows from financing activities:

     

     

     

     

    Net proceeds from the issuance of common stock

     

     

    378

     

     

     

    50

     

    Repurchase of stock to satisfy employee tax withholding obligations

     

     

    (29,112

    )

     

     

    (13,722

    )

    Repurchase and retirement of common stock

     

     

    (70,037

    )

     

     

    (56,923

    )

    Net cash used in financing activities

     

     

    (98,771

    )

     

     

    (70,595

    )

    Net increase in cash and cash equivalents

     

     

    80,685

     

     

     

    206,126

     

    Cash and cash equivalents at beginning of period

     

     

    445,759

     

     

     

    277,805

     

    Cash and cash equivalents at end of period

     

    $

    526,444

     

     

    $

    483,931

     

     

     

     

     

     

    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

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dec. 28,

     

    Dec. 28,

     

    Sep. 28,

     

    Jun. 29,

     

    Mar. 30,

     

     

     

    2024

     

     

     

    2024

     

     

     

    2024

     

     

     

    2024

     

     

     

    2024

     

     

     

    Q3'25

     

    Q3'25

     

    Q2'25

     

    Q1'25

     

    Q4'24

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided by operating activities (GAAP)

     

    $

    484,506

     

     

    $

    218,588

     

     

    $

    8,231

     

     

    $

    87,161

     

     

    $

    170,526

     

    Capital expenditures

     

     

    (27,267

    )

     

     

    (6,687

    )

     

     

    (2,740

    )

     

     

    (10,145

    )

     

     

    (7,695

    )

    Free Cash Flow (Non-GAAP)

     

    $

    457,239

     

     

    $

    211,901

     

    $

    5,491

     

     

    $

    77,016

     

     

    $

    162,831

     

     

     

     

     

     

     

     

     

    Cash Flow from Operations as a Percentage of Revenue (GAAP)

     

    26

    %

     

    39

    %

     

     

    2

    %

     

     

    23

    %

     

     

    46

    %

    Capital Expenditures as a Percentage of Revenue (GAAP)

     

     

    1

    %

     

    1

    %

     

     

    1

    %

     

     

    3

    %

     

     

    2

    %

    Free Cash Flow Margin (Non-GAAP)

     

    25

    %

     

     

    38

    %

     

    1

    %

     

    21

    %

     

     

    44

    %

     

    RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

    (in millions; unaudited)

    (not prepared in accordance with GAAP)

     

     

     

     

     

    Q4 FY25

     

     

    Guidance

    Operating Expense Reconciliation

     

     

    GAAP Operating Expenses

     

    $141 - 147

    Stock-based compensation expense

     

    (20)

    Amortization of acquisition intangibles

     

    (2)

    Non-GAAP Operating Expenses

     

    $119 - 125

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250204408544/en/

    Investor Contact:

    Chelsea Heffernan

    Vice President, Investor Relations

    Cirrus Logic, Inc.

    (512) 851-4125

    [email protected]

     

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      As laptop manufacturers face persistent challenges with audio distortion and mechanical rattle, two industry leaders are developing an innovative AI solution to transform the PC audio experience. Cirrus Logic (NASDAQ:CRUS), a leader in audio engineering and semiconductor innovation, today announced a strategic collaboration with Compal Electronics (Compal; TWSE: 2324), a global leader in electronic design and manufacturing services, to develop AI technology aimed at solving persistent audio quality challenges in laptop computers. The partnership will leverage Cirrus Logic's expertise in audio processing and Compal's manufacturing excellence to address mechanical rattle and audio distortion

      5/19/25 9:00:00 PM ET
      $CRUS
      Semiconductors
      Technology
    • Cirrus Logic Reports Fourth Quarter Revenue of $424.5 Million and Full Fiscal Year 2025 Revenue of $1.90 Billion

      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 fourth quarter and full fiscal year 2025, which ended March 29, 2025, as well as the company's current business outlook. "Cirrus Logic delivered six percent revenue growth and record earnings per share in FY25. We are pleased with our achievements during the year, with the company making excellent progress executing our strategic growth plan. In FY25, we began shipping the latest generation of our boosted amplifier and our first 22-nanometer smart codec, grew our momentum in the laptop market, and introduced a series of ge

      5/6/25 4:00:00 PM ET
      $CRUS
      Semiconductors
      Technology
    • Cirrus Logic to Report Fourth Quarter and Full Fiscal Year 2025 Results

      Cirrus Logic, Inc. (NASDAQ:CRUS) today announced that the company will post its fourth quarter and full fiscal year 2025 financial results and business outlook on the Investor Relations area of its website on Tuesday, May 6, at approximately 4 p.m. EDT. Cirrus Logic will host a live Q&A webcast session at 5 p.m. EDT that same day to answer questions related to its financial results and business outlook. A replay of the Q&A session will be available on the website listed above beginning approximately two hours following the completion of the call or by dialing (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424). About Cirrus Logic, Inc. Cirrus Logic is a leader in low-power

      4/16/25 4:00:00 PM ET
      $CRUS
      Semiconductors
      Technology