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    Cirrus Logic Reports Fourth Quarter Revenue of $424.5 Million and Full Fiscal Year 2025 Revenue of $1.90 Billion

    5/6/25 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 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 general market components that expand our product portfolio and revenue opportunities across a number of markets," said John Forsyth, Cirrus Logic president and chief executive officer. "With a rich portfolio of products and an exciting pipeline of innovations in development, we look forward to capitalizing on the many opportunities ahead of us to further broaden our technology and market reach."

    Reported Financial Results – Fourth Quarter FY25

    • Revenue of $424.5 million;
    • GAAP and non-GAAP gross margin of 53.4 percent and 53.5 percent;
    • GAAP operating expenses of $140.8 million and non-GAAP operating expenses of $120.0 million; and
    • GAAP earnings per share of $1.31 and non-GAAP earnings per share of $1.67.

    Reported Financial Results – Full Fiscal Year 2025

    • Revenue of $1.90 billion;
    • GAAP and non-GAAP gross margin of 52.5 percent and 52.6 percent;
    • GAAP operating expenses of $585.7 million and non-GAAP operating expenses of $494.1 million; and
    • GAAP earnings per share of $6.00 and non-GAAP earnings per share of $7.54.

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

    Business Outlook – First Quarter FY26

    • Revenue is expected to range between $330 million and $390 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.

    Share Repurchase Authorization

    The company also announced that in March 2025 its Board of Directors authorized the repurchase of up to an additional $500 million of the company's common stock. The repurchases are expected to be funded from working capital and anticipated cash flow from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. Repurchases may be affected through a variety of means, including open market purchases, privately negotiated transactions, 10b5-1 plans, or other means, in accordance with applicable securities laws. The Company is not obligated to repurchase any specific amount of shares, and repurchases may be suspended or discontinued at any time without notice.

    Cirrus Logic will host a live Q&A session at 5 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 (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 ability to capitalize on the many opportunities ahead of us; and our estimates for the first quarter fiscal year 2026 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 first quarter of fiscal year 2026; customer cancellations of orders; the failure to place orders consistent with forecasts; changes in government trade policies, including the imposition of tariffs or export restrictions; and global economic conditions and uncertainty, 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, unless required by law.

     

    Summary Financial Data Follows:

    CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

    (in thousands, except per share data; unaudited)

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    Mar. 29,

     

    Dec. 28,

     

    Mar. 30,

     

    Mar. 29,

     

    Mar. 30,

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

     

    Q4'25

     

    Q3'25

     

    Q4'24

     

    Q4'25

     

    Q4'24

    Audio

    $

    255,326

     

     

    $

    346,272

     

     

    $

    226,681

     

     

    $

    1,137,157

     

     

    $

    1,083,939

     

    High-Performance Mixed-Signal

     

    169,130

     

     

     

    209,466

     

     

     

    145,146

     

     

     

    758,920

     

     

     

    704,951

     

    Net sales

     

    424,456

     

     

     

    555,738

     

     

     

    371,827

     

     

     

    1,896,077

     

     

     

    1,788,890

     

    Cost of sales

     

    197,720

     

     

     

    257,951

     

     

     

    179,202

     

     

     

    900,039

     

     

     

    872,818

     

    Gross profit

     

    226,736

     

     

     

    297,787

     

     

     

    192,625

     

     

     

    996,038

     

     

     

    916,072

     

    Gross margin

     

    53.4

    %

     

     

    53.6

    %

     

     

    51.8

    %

     

     

    52.5

    %

     

     

    51.2

    %

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    103,420

     

     

     

    112,976

     

     

     

    103,383

     

     

     

    434,684

     

     

     

    426,475

     

    Selling, general and administrative

     

    37,370

     

     

     

    39,042

     

     

     

    36,866

     

     

     

    150,995

     

     

     

    144,172

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,959

     

    Total operating expenses

     

    140,790

     

     

     

    152,018

     

     

     

    140,249

     

     

     

    585,679

     

     

     

    572,606

     

     

     

     

     

     

     

     

     

     

     

    Income from operations

     

    85,946

     

     

     

    145,769

     

     

     

    52,376

     

     

     

    410,359

     

     

     

    343,466

     

     

     

     

     

     

     

     

     

     

     

    Interest income

     

    8,604

     

     

     

    8,146

     

     

     

    7,360

     

     

     

    33,086

     

     

     

    20,578

     

    Other income (expense)

     

    55

     

     

     

    (214

    )

     

     

    (78

    )

     

     

    1,469

     

     

     

    (108

    )

    Income before income taxes

     

    94,605

     

     

     

    153,701

     

     

     

    59,658

     

     

     

    444,914

     

     

     

    363,936

     

    Provision for income taxes

     

    23,338

     

     

     

    37,696

     

     

     

    14,816

     

     

     

    113,407

     

     

     

    89,364

     

    Net income

    $

    71,267

     

     

    $

    116,005

     

     

    $

    44,842

     

     

    $

    331,507

     

     

    $

    274,572

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    1.35

     

     

    $

    2.19

     

     

    $

    0.83

     

     

    $

    6.24

     

     

    $

    5.06

     

    Diluted earnings per share:

    $

    1.31

     

     

    $

    2.11

     

     

    $

    0.81

     

     

    $

    6.00

     

     

    $

    4.90

     

     

     

     

     

     

     

     

     

     

     

    Weighted average number of shares:

     

     

     

     

     

     

     

     

     

    Basic

     

    52,756

     

     

     

    53,081

     

     

     

    53,739

     

     

     

    53,135

     

     

     

    54,290

     

    Diluted

     

    54,324

     

     

     

    55,076

     

     

     

    55,559

     

     

     

    55,241

     

     

     

    56,021

     

     

     

     

     

     

     

     

     

     

     

    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

     

    Twelve Months Ended

     

    Mar. 29,

     

    Dec. 28,

     

    Mar. 30,

     

    Mar. 29,

     

    Mar. 30,

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net Income Reconciliation

    Q4'25

     

    Q3'25

     

    Q4'24

     

    Q4'25

     

    Q4'24

    GAAP Net Income

    $

    71,267

     

     

    $

    116,005

     

     

    $

    44,842

     

     

    $

    331,507

     

     

    $

    274,572

     

    Amortization of acquisition intangibles

     

    1,647

     

     

     

    1,647

     

     

     

    1,973

     

     

     

    7,130

     

     

     

    8,285

     

    Stock-based compensation expense

     

    19,491

     

     

     

    20,823

     

     

     

    22,158

     

     

     

    84,146

     

     

     

    89,271

     

    Lease impairment

     

    —

     

     

     

    661

     

     

     

    —

     

     

     

    1,680

     

     

     

    —

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,959

     

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,105

     

    Adjustment to income taxes

     

    (1,772

    )

     

     

    (827

    )

     

     

    75

     

     

     

    (7,866

    )

     

     

    (8,926

    )

    Non-GAAP Net Income

    $

    90,633

     

     

    $

    138,309

     

     

    $

    69,048

     

     

    $

    416,597

     

     

    $

    369,266

     

     

     

     

     

     

     

     

     

     

     

    Earnings Per Share Reconciliation

     

     

     

     

     

     

     

     

     

    GAAP Diluted earnings per share

    $

    1.31

     

     

    $

    2.11

     

     

    $

    0.81

     

     

    $

    6.00

     

     

    $

    4.90

     

    Effect of Amortization of acquisition intangibles

     

    0.03

     

     

     

    0.03

     

     

     

    0.03

     

     

     

    0.13

     

     

     

    0.15

     

    Effect of Stock-based compensation expense

     

    0.36

     

     

     

    0.38

     

     

     

    0.40

     

     

     

    1.52

     

     

     

    1.59

     

    Effect of Lease impairment

     

    —

     

     

     

    0.01

     

     

     

    —

     

     

     

    0.03

     

     

     

    —

     

    Effect of Restructuring costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.04

     

    Effect of Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.07

     

    Effect of Adjustment to income taxes

     

    (0.03

    )

     

     

    (0.02

    )

     

     

    —

     

     

     

    (0.14

    )

     

     

    (0.16

    )

    Non-GAAP Diluted earnings per share

    $

    1.67

     

     

    $

    2.51

     

     

    $

    1.24

     

     

    $

    7.54

     

     

    $

    6.59

     

     

     

     

     

     

     

     

     

     

     

    Operating Income Reconciliation

     

     

     

     

     

     

     

     

     

    GAAP Operating Income

    $

    85,946

     

     

    $

    145,769

     

     

    $

    52,376

     

     

    $

    410,359

     

     

    $

    343,466

     

    GAAP Operating Profit

     

    20.2

    %

     

     

    26.2

    %

     

     

    14.1

    %

     

     

    21.6

    %

     

     

    19.2

    %

    Amortization of acquisition intangibles

     

    1,647

     

     

     

    1,647

     

     

     

    1,973

     

     

     

    7,130

     

     

     

    8,285

     

    Stock-based compensation expense - COGS

     

    360

     

     

     

    351

     

     

     

    362

     

     

     

    1,332

     

     

     

    1,403

     

    Stock-based compensation expense - R&D

     

    13,079

     

     

     

    14,498

     

     

     

    15,483

     

     

     

    59,184

     

     

     

    63,678

     

    Stock-based compensation expense - SG&A

     

    6,052

     

     

     

    5,974

     

     

     

    6,313

     

     

     

    23,630

     

     

     

    24,190

     

    Lease impairment

     

    —

     

     

     

    661

     

     

     

    —

     

     

     

    1,680

     

     

     

    —

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,959

     

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,105

     

    Non-GAAP Operating Income

    $

    107,084

     

     

    $

    168,900

     

     

    $

    76,507

     

     

    $

    503,315

     

     

    $

    447,086

     

    Non-GAAP Operating Profit

     

    25.2

    %

     

     

    30.4

    %

     

     

    20.6

    %

     

     

    26.5

    %

     

     

    25.0

    %

     

     

     

     

     

     

     

     

     

     

    Operating Expense Reconciliation

     

     

     

     

     

     

     

     

     

    GAAP Operating Expenses

    $

    140,790

     

     

    $

    152,018

     

     

    $

    140,249

     

     

    $

    585,679

     

     

    $

    572,606

     

    Amortization of acquisition intangibles

     

    (1,647

    )

     

     

    (1,647

    )

     

     

    (1,973

    )

     

     

    (7,130

    )

     

     

    (8,285

    )

    Stock-based compensation expense - R&D

     

    (13,079

    )

     

     

    (14,498

    )

     

     

    (15,483

    )

     

     

    (59,184

    )

     

     

    (63,678

    )

    Stock-based compensation expense - SG&A

     

    (6,052

    )

     

     

    (5,974

    )

     

     

    (6,313

    )

     

     

    (23,630

    )

     

     

    (24,190

    )

    Lease impairment

     

    —

     

     

     

    (661

    )

     

     

    —

     

     

     

    (1,680

    )

     

     

    —

     

    Restructuring costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,959

    )

    Acquisition-related costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,105

    )

    Non-GAAP Operating Expenses

    $

    120,012

     

     

    $

    129,238

     

     

    $

    116,480

     

     

    $

    494,055

     

     

    $

    470,389

     

     

     

     

     

     

     

     

     

     

     

    Gross Margin/Profit Reconciliation

     

     

     

     

     

     

     

     

     

    GAAP Gross Profit

    $

    226,736

     

     

    $

    297,787

     

     

    $

    192,625

     

     

    $

    996,038

     

     

    $

    916,072

     

    GAAP Gross Margin

     

    53.4

    %

     

     

    53.6

    %

     

     

    51.8

    %

     

     

    52.5

    %

     

     

    51.2

    %

    Stock-based compensation expense - COGS

     

    360

     

     

     

    351

     

     

     

    362

     

     

     

    1,332

     

     

     

    1,403

     

    Non-GAAP Gross Profit

    $

    227,096

     

     

    $

    298,138

     

     

    $

    192,987

     

     

    $

    997,370

     

     

    $

    917,475

     

    Non-GAAP Gross Margin

     

    53.5

    %

     

     

    53.6

    %

     

     

    51.9

    %

     

     

    52.6

    %

     

     

    51.3

    %

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

    Mar. 29,

     

    Dec. 28,

     

    Mar. 30,

     

    Mar. 29,

     

    Mar. 30,

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Effective Tax Rate Reconciliation

    Q4'25

     

    Q3'25

     

    Q4'24

     

    Q4'25

     

    Q4'24

    GAAP Tax Expense

    $

    23,338

     

     

    $

    37,696

     

     

    $

    14,816

     

     

    $

    113,407

     

     

    $

    89,364

     

    GAAP Effective Tax Rate

     

    24.7

    %

     

     

    24.5

    %

     

     

    24.8

    %

     

     

    25.5

    %

     

     

    24.6

    %

    Adjustments to income taxes

     

    1,772

     

     

     

    827

     

     

     

    (75

    )

     

     

    7,866

     

     

     

    8,926

     

    Non-GAAP Tax Expense

    $

    25,110

     

     

    $

    38,523

     

     

    $

    14,741

     

     

    $

    121,273

     

     

    $

    98,290

     

    Non-GAAP Effective Tax Rate

     

    21.7

    %

     

     

    21.8

    %

     

     

    17.6

    %

     

     

    22.5

    %

     

     

    21.0

    %

     

     

     

     

     

     

     

     

     

     

    Tax Impact to EPS Reconciliation

     

     

     

     

     

     

     

     

     

    GAAP Tax Expense

    $

    0.43

     

     

    $

    0.68

     

     

    $

    0.27

     

     

    $

    2.05

     

     

    $

    1.60

     

    Adjustments to income taxes

     

    0.03

     

     

     

    0.02

     

     

     

    —

     

     

     

    0.14

     

     

     

    0.16

     

    Non-GAAP Tax Expense

    $

    0.46

     

     

    $

    0.70

     

     

    $

    0.27

     

     

    $

    2.19

     

     

    $

    1.76

     

    CONSOLIDATED CONDENSED BALANCE SHEET

    (in thousands; unaudited)

     

     

     

     

     

     

     

     

     

    Mar. 29,

     

    Dec. 28,

     

    Mar. 30,

     

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

    ASSETS

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    539,620

     

     

    $

    526,444

     

     

    $

    502,764

     

    Marketable securities

     

     

    56,160

     

     

     

    37,535

     

     

     

    23,778

     

    Accounts receivable, net

     

     

    216,009

     

     

     

    261,943

     

     

     

    162,478

     

    Inventories

     

     

    299,092

     

     

     

    275,558

     

     

     

    227,248

     

    Prepaid wafers

     

     

    52,560

     

     

     

    66,113

     

     

     

    86,679

     

    Other current assets

     

     

    76,293

     

     

     

    82,857

     

     

     

    103,245

     

    Total current Assets

     

     

    1,239,734

     

     

     

    1,250,450

     

     

     

    1,106,192

     

     

     

     

     

     

     

     

    Long-term marketable securities

     

     

    239,036

     

     

     

    252,594

     

     

     

    173,374

     

    Right-of-use lease assets

     

     

    126,688

     

     

     

    129,597

     

     

     

    138,288

     

    Property and equipment, net

     

     

    159,900

     

     

     

    163,837

     

     

     

    170,175

     

    Intangibles, net

     

     

    27,461

     

     

     

    23,957

     

     

     

    29,578

     

    Goodwill

     

     

    435,936

     

     

     

    435,936

     

     

     

    435,936

     

    Deferred tax asset

     

     

    48,150

     

     

     

    40,895

     

     

     

    48,649

     

    Long-term prepaid wafers

     

     

    15,512

     

     

     

    23,020

     

     

     

    60,750

     

    Other assets

     

     

    34,656

     

     

     

    42,954

     

     

     

    68,634

     

    Total assets

     

    $

    2,327,073

     

     

    $

    2,363,240

     

     

    $

    2,231,576

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Accounts payable

     

    $

    63,162

     

     

    $

    77,907

     

     

    $

    55,545

     

    Accrued salaries and benefits

     

     

    52,075

     

     

     

    48,029

     

     

     

    47,612

     

    Lease liability

     

     

    21,811

     

     

     

    21,858

     

     

     

    20,640

     

    Other accrued liabilities

     

     

    58,140

     

     

     

    63,119

     

     

     

    62,596

     

    Total current liabilities

     

     

    195,188

     

     

     

    210,913

     

     

     

    186,393

     

     

     

     

     

     

     

     

    Non-current lease liability

     

     

    121,908

     

     

     

    124,622

     

     

     

    134,576

     

    Non-current income taxes

     

     

    44,040

     

     

     

    43,401

     

     

     

    52,013

     

    Other long-term liabilities

     

     

    16,488

     

     

     

    21,506

     

     

     

    41,580

     

    Total long-term liabilities

     

     

    182,436

     

     

     

    189,529

     

     

     

    228,169

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Capital stock

     

     

    1,860,281

     

     

     

    1,840,791

     

     

     

    1,760,701

     

    Accumulated earnings

     

     

    90,351

     

     

     

    124,101

     

     

     

    58,916

     

    Accumulated other comprehensive loss

     

     

    (1,183

    )

     

     

    (2,094

    )

     

     

    (2,603

    )

    Total stockholders' equity

     

     

    1,949,449

     

     

     

    1,962,798

     

     

     

    1,817,014

     

    Total liabilities and stockholders' equity

     

    $

    2,327,073

     

     

    $

    2,363,240

     

     

    $

    2,231,576

     

     

     

     

     

     

     

     

    Prepared in accordance with Generally Accepted Accounting Principles

     

    CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

    (in thousands; unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

     

     

     

     

    Mar. 29,

     

    Mar. 30,

     

     

     

    2025

     

     

     

    2024

     

     

     

    Q4'25

     

    Q4'24

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    71,267

     

     

    $

    44,842

     

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

     

     

     

     

    Depreciation and amortization

     

     

    13,150

     

     

     

    12,009

     

    Stock-based compensation expense

     

     

    19,491

     

     

     

    22,158

     

    Deferred income taxes

     

     

    (7,497

    )

     

     

    (14,426

    )

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

     

     

    1

     

     

     

    2

     

    Other non-cash charges

     

     

    (33

    )

     

     

    86

     

    Net change in operating assets and liabilities:

     

     

     

     

    Accounts receivable, net

     

     

    45,934

     

     

     

    54,791

     

    Inventories

     

     

    (23,534

    )

     

     

    29,427

     

    Prepaid wafers

     

     

    21,061

     

     

     

    10,917

     

    Other assets

     

     

    11,341

     

     

     

    6,621

     

    Accounts payable and other accrued liabilities

     

     

    (17,937

    )

     

     

    (2,411

    )

    Income taxes payable

     

     

    (2,858

    )

     

     

    6,510

     

    Net cash provided by operating activities

     

     

    130,386

     

     

     

    170,526

     

    Cash flows from investing activities:

     

     

     

     

    Maturities and sales of available-for-sale marketable securities

     

     

    9,392

     

     

     

    13,614

     

    Purchases of available-for-sale marketable securities

     

     

    (13,322

    )

     

     

    (108,174

    )

    Purchases of property, equipment and software

     

     

    (3,429

    )

     

     

    (7,057

    )

    Investments in technology

     

     

    (5,752

    )

     

     

    (638

    )

    Net cash used in investing activities

     

     

    (13,111

    )

     

     

    (102,255

    )

    Cash flows from financing activities:

     

     

     

     

    Issuance of common stock, net of shares withheld for taxes

     

     

    —

     

     

     

    2,719

     

    Repurchase of stock to satisfy employee tax withholding obligations

     

     

    (4,099

    )

     

     

    (2,165

    )

    Repurchase and retirement of common stock

     

     

    (100,000

    )

     

     

    (49,992

    )

    Net cash used in financing activities

     

     

    (104,099

    )

     

     

    (49,438

    )

    Net increase in cash and cash equivalents

     

     

    13,176

     

     

     

    18,833

     

    Cash and cash equivalents at beginning of period

     

     

    526,444

     

     

     

    483,931

     

    Cash and cash equivalents at end of period

     

    $

    539,620

     

     

    $

    502,764

     

     

     

     

     

     

    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

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mar. 29,

     

    Mar. 29,

     

    Dec. 28,

     

    Sep. 28,

     

    Jun. 29,

     

     

     

    2025

     

     

     

    2025

     

     

     

    2024

     

     

     

    2024

     

     

     

    2024

     

     

     

    Q4'25

     

    Q4'25

     

    Q3'25

     

    Q2'25

     

    Q1'25

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided by operating activities (GAAP)

     

    $

    444,366

     

     

    $

    130,386

     

     

    $

    218,588

     

     

    $

    8,231

     

     

    $

    87,161

     

    Capital expenditures

     

     

    (28,753

    )

     

     

    (9,181

    )

     

     

    (6,687

    )

     

     

    (2,740

    )

     

     

    (10,145

    )

    Free Cash Flow (Non-GAAP)

     

    $

    415,613

     

     

    $

    121,205

     

     

    $

    211,901

     

     

    $

    5,491

     

     

    $

    77,016

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

    23

    %

     

     

    31

    %

     

     

    39

    %

     

     

    2

    %

     

     

    23

    %

    Capital Expenditures as a Percentage of Revenue (GAAP)

     

     

    2

    %

     

     

    2

    %

     

     

    1

    %

     

     

    1

    %

     

     

    3

    %

    Free Cash Flow Margin (Non-GAAP)

     

     

    22

    %

     

     

    29

    %

     

     

    38

    %

     

     

    1

    %

     

     

    21

    %

    RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

    (in millions; unaudited)

    (not prepared in accordance with GAAP)

     

     

     

     

     

    Q1 FY26

     

     

    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/20250506973650/en/

    Investor Contact:

    Chelsea Heffernan

    Vice President, Investor Relations

    Cirrus Logic, Inc.

    (512) 851-4125

    [email protected]

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      10/10/24 7:29:42 AM ET
      $CRUS
      Semiconductors
      Technology
    • EVP, CHRO Grode Denise covered exercise/tax liability with 1,880 shares and converted options into 7,578 shares, increasing direct ownership by 129% to 10,108 units (SEC Form 4)

      4 - CIRRUS LOGIC, INC. (0000772406) (Issuer)

      4/8/25 4:22:13 PM ET
      $CRUS
      Semiconductors
      Technology
    • SEC Form 4 filed by Chief Financial Officer Cirrus Logic, Inc.

      4 - CIRRUS LOGIC, INC. (0000772406) (Reporting)

      3/7/25 4:18:55 PM ET
      $CRUS
      Semiconductors
      Technology
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      3 - CIRRUS LOGIC, INC. (0000772406) (Reporting)

      3/5/25 5:25:32 PM ET
      $CRUS
      Semiconductors
      Technology
    • Amendment: SEC Form SC 13G/A filed by Cirrus Logic Inc.

      SC 13G/A - CIRRUS LOGIC, INC. (0000772406) (Subject)

      11/12/24 9:55:17 AM ET
      $CRUS
      Semiconductors
      Technology
    • SEC Form SC 13G/A filed by Cirrus Logic Inc. (Amendment)

      SC 13G/A - CIRRUS LOGIC, INC. (0000772406) (Subject)

      2/22/24 11:33:27 AM ET
      $CRUS
      Semiconductors
      Technology
    • SEC Form SC 13G/A filed by Cirrus Logic Inc. (Amendment)

      SC 13G/A - CIRRUS LOGIC, INC. (0000772406) (Subject)

      2/14/24 9:59:52 AM ET
      $CRUS
      Semiconductors
      Technology