NASDAQ: CRUS

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Dec 02, 2022 10:05 AM Pricing delayed 20 minutes

Cirrus Logic Reports Fiscal Second Quarter Revenue of $540.6 Million

Nov 01, 2022

Record Q2 Revenue and EPS Driven by Strong Demand for Smartphones

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 second quarter fiscal year 2023, which ended September 24, 2022, as well as the company’s current business outlook.

“Cirrus Logic reported Q2 revenue of $540.6 million, marking the fifth consecutive quarter in which we have set a revenue record for the corresponding fiscal period. Results were well above the top end of our guidance, as we benefited from higher unit volumes and high-performance mixed-signal content gains in smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “In addition to these strong results, during the quarter we also made excellent progress in our audio product lines and in our strategy of expansion through adjacent high-performance mixed-signal applications. We furthered the development of our next-generation flagship smartphone audio components, continued to build momentum with our audio products in additional markets, and saw the continued growth in value of our camera controller solutions. With an extensive product portfolio and an outstanding roadmap, we believe we are positioned well to capitalize on opportunities that we believe will drive growth in the years to come.”

Reported Financial Results – Second Quarter FY23

  • Revenue of $540.6 million;
  • GAAP and non-GAAP gross margin of 50.2 percent;
  • GAAP operating expenses of $155.1 million and non-GAAP operating expenses of $123.9 million; and
  • GAAP earnings per share of $1.52 and non-GAAP earnings per share of $1.99.

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

Business Outlook – Third Quarter FY23

  • Revenue is expected to range between $520 million and $580 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 $153 million and $159 million, including approximately $21 million in stock-based compensation expense, $9 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.

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 (647) 362-9199, or toll-free at (800) 770-2030 (Access Code: 95424).

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 statements about capitalizing on opportunities that we believe will drive growth in the years to come, and our estimates for the third quarter fiscal year 2023 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. 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 effects of the global COVID-19 outbreak and the measures taken to limit the spread of COVID-19, including any disruptions to our business that could result from measures to contain the outbreak that may be taken by governmental authorities in the jurisdictions in which we and our supply chain operate; the susceptibility of the markets we address to economic downturns, including as a result of the COVID-19 outbreak and the actions taken to mitigate the spread of COVID-19; increased industry-wide capacity constraints that may impact our ability to meet current customer demand, which could cause an unanticipated decline in our sales and damage our existing customer relationships and our ability to establish new customer relationships; the potential for increased prices due to capacity constraints in our supply chain, which, if we are unable to increase our selling price to our customers, could result in lower revenues and margins that could adversely affect our financial results; recent significant increases in inflation in the U.S and overseas; the level and timing of orders and shipments during the third quarter of fiscal year 2023, 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 26, 2022 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

 

Six Months Ended

 

Sep. 24,

 

Jun. 25,

 

Sep. 25,

 

Sep. 24,

 

Sep. 25,

 

2022

 

2022

 

2021

 

2022

 

2021

 

Q2'23

 

Q1'23

 

Q2'22

 

Q2'23

 

Q2'22

Audio

$

337,811

 

 

$

254,496

 

 

$

300,775

 

 

$

592,307

 

 

$

518,130

 

High-Performance Mixed-Signal

 

202,763

 

 

 

139,143

 

 

 

165,111

 

 

 

341,906

 

 

 

225,009

 

Net sales

 

540,574

 

 

 

393,639

 

 

 

465,886

 

 

 

934,213

 

 

 

743,139

 

Cost of sales

 

269,288

 

 

 

191,005

 

 

 

230,442

 

 

 

460,293

 

 

 

367,749

 

Gross profit

 

271,286

 

 

 

202,634

 

 

 

235,444

 

 

 

473,920

 

 

 

375,390

 

Gross margin

 

50.2

%

 

 

51.5

%

 

 

50.5

%

 

 

50.7

%

 

 

50.5

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

115,471

 

 

 

109,716

 

 

 

102,116

 

 

 

225,187

 

 

 

187,812

 

Selling, general and administrative

 

39,598

 

 

 

38,642

 

 

 

38,132

 

 

 

78,240

 

 

 

73,279

 

Total operating expenses

 

155,069

 

 

 

148,358

 

 

 

140,248

 

 

 

303,427

 

 

 

261,091

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

116,217

 

 

 

54,276

 

 

 

95,196

 

 

 

170,493

 

 

 

114,299

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,285

 

 

 

305

 

 

 

35

 

 

 

1,590

 

 

 

796

 

Other income

 

295

 

 

 

506

 

 

 

1,859

 

 

 

801

 

 

 

1,617

 

Income before income taxes

 

117,797

 

 

 

55,087

 

 

 

97,090

 

 

 

172,884

 

 

 

116,712

 

Provision for income taxes

 

30,609

 

 

 

15,380

 

 

 

11,994

 

 

 

45,989

 

 

 

14,407

 

Net income

$

87,188

 

 

$

39,707

 

 

$

85,096

 

 

$

126,895

 

 

$

102,305

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

$

1.56

 

 

$

0.71

 

 

$

1.48

 

 

$

2.27

 

 

$

1.78

 

Diluted earnings per share:

$

1.52

 

 

$

0.69

 

 

$

1.43

 

 

$

2.20

 

 

$

1.72

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

55,726

 

 

 

56,277

 

 

 

57,364

 

 

 

56,002

 

 

 

57,473

 

Diluted

 

57,418

 

 

 

57,804

 

 

 

59,451

 

 

 

57,620

 

 

 

59,485

 

 

 

 

 

 

 

 

 

 

 

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

 

Six Months Ended

 

Sep. 24,

 

Jun. 25,

 

Sep. 25,

 

Sep. 24,

 

Sep. 25,

 

2022

 

2022

 

2021

 

2022

 

2021

Net Income Reconciliation

Q2'23

 

Q1'23

 

Q2'22

 

Q2'23

 

Q2'22

GAAP Net Income

$

87,188

 

 

$

39,707

 

 

$

85,096

 

 

$

126,895

 

 

$

102,305

 

Amortization of acquisition intangibles

 

7,787

 

 

 

7,835

 

 

 

7,054

 

 

 

15,622

 

 

 

10,052

 

Stock-based compensation expense

 

20,483

 

 

 

18,138

 

 

 

16,551

 

 

 

38,621

 

 

 

31,535

 

Acquisition-related costs

 

3,164

 

 

 

3,164

 

 

 

5,834

 

 

 

6,328

 

 

 

5,834

 

Adjustment to income taxes

 

(4,135

)

 

 

(4,300

)

 

 

(6,045

)

 

 

(8,435

)

 

 

(8,994

)

Non-GAAP Net Income

$

114,487

 

 

$

64,544

 

 

$

108,490

 

 

$

179,031

 

 

$

140,732

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings per share

$

1.52

 

 

$

0.69

 

 

$

1.43

 

 

$

2.20

 

 

$

1.72

 

Effect of Amortization of acquisition intangibles

 

0.14

 

 

 

0.14

 

 

 

0.12

 

 

 

0.27

 

 

 

0.17

 

Effect of Stock-based compensation expense

 

0.35

 

 

 

0.31

 

 

 

0.28

 

 

 

0.67

 

 

 

0.53

 

Effect of Acquisition-related costs

 

0.05

 

 

 

0.05

 

 

 

0.09

 

 

 

0.11

 

 

 

0.09

 

Effect of Adjustment to income taxes

 

(0.07

)

 

 

(0.07

)

 

 

(0.10

)

 

 

(0.14

)

 

 

(0.14

)

Non-GAAP Diluted earnings per share

$

1.99

 

 

$

1.12

 

 

$

1.82

 

 

$

3.11

 

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

Operating Income Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$

116,217

 

 

$

54,276

 

 

$

95,196

 

 

$

170,493

 

 

$

114,299

 

GAAP Operating Profit

 

21.5

%

 

 

13.8

%

 

 

20.4

%

 

 

18.2

%

 

 

15.4

%

Amortization of acquisition intangibles

 

7,787

 

 

 

7,835

 

 

 

7,054

 

 

 

15,622

 

 

 

10,052

 

Stock-based compensation expense - COGS

 

312

 

 

 

277

 

 

 

272

 

 

 

589

 

 

 

518

 

Stock-based compensation expense - R&D

 

14,228

 

 

 

12,592

 

 

 

10,496

 

 

 

26,820

 

 

 

20,108

 

Stock-based compensation expense - SG&A

 

5,943

 

 

 

5,269

 

 

 

5,783

 

 

 

11,212

 

 

 

10,909

 

Acquisition-related costs

 

3,164

 

 

 

3,164

 

 

 

5,834

 

 

 

6,328

 

 

 

5,834

 

Non-GAAP Operating Income

$

147,651

 

 

$

83,413

 

 

$

124,635

 

 

$

231,064

 

 

$

161,720

 

Non-GAAP Operating Profit

 

27.3

%

 

 

21.2

%

 

 

26.8

%

 

 

24.7

%

 

 

21.8

%

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

155,069

 

 

$

148,358

 

 

$

140,248

 

 

$

303,427

 

 

$

261,091

 

Amortization of acquisition intangibles

 

(7,787

)

 

 

(7,835

)

 

 

(7,054

)

 

 

(15,622

)

 

 

(10,052

)

Stock-based compensation expense - R&D

 

(14,228

)

 

 

(12,592

)

 

 

(10,496

)

 

 

(26,820

)

 

 

(20,108

)

Stock-based compensation expense - SG&A

 

(5,943

)

 

 

(5,269

)

 

 

(5,783

)

 

 

(11,212

)

 

 

(10,909

)

Acquisition-related costs

 

(3,164

)

 

 

(3,164

)

 

 

(2,373

)

 

 

(6,328

)

 

 

(2,373

)

Non-GAAP Operating Expenses

$

123,947

 

 

$

119,498

 

 

$

114,542

 

 

$

243,445

 

 

$

217,649

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

271,286

 

 

$

202,634

 

 

$

235,444

 

 

$

473,920

 

 

$

375,390

 

GAAP Gross Margin

 

50.2

%

 

 

51.5

%

 

 

50.5

%

 

 

50.7

%

 

 

50.5

%

Acquisition-related costs

 

 

 

 

 

 

 

3,461

 

 

 

 

 

 

3,461

 

Stock-based compensation expense - COGS

 

312

 

 

 

277

 

 

 

272

 

 

 

589

 

 

 

518

 

Non-GAAP Gross Profit

$

271,598

 

 

$

202,911

 

 

$

239,177

 

 

$

474,509

 

 

$

379,369

 

Non-GAAP Gross Margin

 

50.2

%

 

 

51.5

%

 

 

51.3

%

 

 

50.8

%

 

 

51.0

%

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

30,609

 

 

$

15,380

 

 

$

11,994

 

 

$

45,989

 

 

$

14,407

 

GAAP Effective Tax Rate

 

26.0

%

 

 

27.9

%

 

 

12.4

%

 

 

26.6

%

 

 

12.3

%

Adjustments to income taxes

 

4,135

 

 

 

4,300

 

 

 

6,045

 

 

 

8,435

 

 

 

8,994

 

Non-GAAP Tax Expense

$

34,744

 

 

$

19,680

 

 

$

18,039

 

 

$

54,424

 

 

$

23,401

 

Non-GAAP Effective Tax Rate

 

23.3

%

 

 

23.4

%

 

 

14.3

%

 

 

23.3

%

 

 

14.3

%

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

0.53

 

 

$

0.27

 

 

$

0.20

 

 

$

0.80

 

 

$

0.24

 

Adjustments to income taxes

 

0.07

 

 

 

0.07

 

 

 

0.10

 

 

 

0.14

 

 

 

0.14

 

Non-GAAP Tax Expense

$

0.60

 

 

$

0.34

 

 

$

0.30

 

 

$

0.94

 

 

$

0.38

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Sep. 24,

 

Mar. 26,

 

Sep. 25,

 

 

2022

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

355,043

 

 

$

369,814

 

 

$

386,741

 

Marketable securities

 

 

23,869

 

 

 

10,601

 

 

 

8,152

 

Accounts receivable, net

 

 

304,546

 

 

 

240,264

 

 

 

280,967

 

Inventories

 

 

164,571

 

 

 

138,436

 

 

 

188,360

 

Other current assets

 

 

108,538

 

 

 

80,900

 

 

 

84,836

 

Total current Assets

 

 

956,567

 

 

 

840,015

 

 

 

949,056

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

49,013

 

 

 

63,749

 

 

 

67,726

 

Right-of-use lease assets

 

 

162,859

 

 

 

171,003

 

 

 

129,298

 

Property and equipment, net

 

 

158,722

 

 

 

157,077

 

 

 

159,480

 

Intangibles, net

 

 

141,909

 

 

 

158,145

 

 

 

174,852

 

Goodwill

 

 

435,936

 

 

 

435,791

 

 

 

437,783

 

Deferred tax asset

 

 

13,094

 

 

 

11,068

 

 

 

10,073

 

Long-term prepaid wafers

 

 

174,787

 

 

 

195,000

 

 

 

195,000

 

Other assets

 

 

71,180

 

 

 

91,552

 

 

 

102,892

 

Total assets

 

$

2,164,067

 

 

$

2,123,400

 

 

$

2,226,160

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

118,000

 

 

$

115,417

 

 

$

386,699

 

Accrued salaries and benefits

 

 

59,140

 

 

 

65,261

 

 

 

54,919

 

Lease liability

 

 

13,583

 

 

 

14,680

 

 

 

14,359

 

Acquisition-related liabilities

 

 

45,984

 

 

 

30,964

 

 

 

 

Other accrued liabilities

 

 

45,658

 

 

 

38,461

 

 

 

44,404

 

Total current liabilities

 

 

282,365

 

 

 

264,783

 

 

 

500,381

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

152,294

 

 

 

163,162

 

 

 

122,815

 

Non-current income taxes

 

 

65,255

 

 

 

73,383

 

 

 

79,727

 

Long-term acquisition-related liabilities

 

 

 

 

 

8,692

 

 

 

33,329

 

Other long-term liabilities

 

 

9,539

 

 

 

13,563

 

 

 

21,818

 

Total long-term liabilities

 

 

227,088

 

 

 

258,800

 

 

 

257,689

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,618,177

 

 

 

1,578,427

 

 

 

1,533,557

 

Accumulated earnings (deficit)

 

 

40,927

 

 

 

23,435

 

 

 

(65,672

)

Accumulated other comprehensive income (loss)

 

 

(4,490

)

 

 

(2,045

)

 

 

205

 

Total stockholders' equity

 

 

1,654,614

 

 

 

1,599,817

 

 

 

1,468,090

 

Total liabilities and stockholders' equity

 

$

2,164,067

 

 

$

2,123,400

 

 

$

2,226,160

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Sep. 24,

 

Sep. 25,

 

 

2022

 

2021

 

 

Q2'23

 

Q2'22

Cash flows from operating activities:

 

 

 

 

Net income

 

$

87,188

 

 

$

85,096

 

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

 

 

 

 

Depreciation and amortization

 

 

17,219

 

 

 

15,812

 

Stock-based compensation expense

 

 

20,483

 

 

 

16,551

 

Deferred income taxes

 

 

1,404

 

 

 

294

 

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

 

 

11

 

 

 

331

 

Other non-cash charges

 

 

86

 

 

 

92

 

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(98,274

)

 

 

(137,707

)

Inventories

 

 

9,799

 

 

 

12,037

 

Prepaid wafers

 

 

 

 

 

(195,000

)

Other assets

 

 

(2,491

)

 

 

(94,911

)

Accounts payable and other accrued liabilities

 

 

14,229

 

 

 

302,681

 

Income taxes payable

 

 

(16,829

)

 

 

(9,432

)

Acquisition-related liabilities

 

 

3,164

 

 

 

33,329

 

Net cash provided by operating activities

 

 

35,989

 

 

 

29,173

 

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

1,961

 

 

 

308,478

 

Purchases of available-for-sale marketable securities

 

 

(850

)

 

 

(14,194

)

Purchases of property, equipment and software

 

 

(10,211

)

 

 

(3,893

)

Investments in technology

 

 

(36

)

 

 

(2,034

)

Acquisition of business, net of cash obtained

 

 

 

 

 

(275,642

)

Net cash used in investing activities

 

 

(9,136

)

 

 

12,715

 

Cash flows from financing activities:

 

 

 

 

Debt issuance costs

 

 

 

 

 

(1,716

)

Issuance of common stock, net of shares withheld for taxes

 

 

1,011

 

 

 

2,457

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(2,156

)

 

 

(1,013

)

Repurchase and retirement of common stock

 

 

(50,000

)

 

 

(40,002

)

Net cash used in financing activities

 

 

(51,145

)

 

 

(40,274

)

Net increase in cash and cash equivalents

 

 

(24,292

)

 

 

1,614

 

Cash and cash equivalents at beginning of period

 

 

379,335

 

 

 

385,127

 

Cash and cash equivalents at end of period

 

$

355,043

 

 

$

386,741

 

 

 

 

 

 

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 (used in) 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

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep. 24,

 

Sep. 24,

 

Jun. 25,

 

Mar. 26,

 

Dec. 25,

 

 

2022

 

2022

 

2022

 

2022

 

2021

 

 

Q2'23

 

Q2'23

 

Q1'23

 

Q4'22

 

Q3'22

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities (GAAP)

 

$

232,730

 

 

$

35,989

 

 

$

74,365

 

 

$

258,231

 

 

$

(135,855

)

Capital expenditures

 

 

(29,651

)

 

 

(10,247

)

 

 

(7,224

)

 

 

(8,456

)

 

 

(3,724

)

Free Cash Flow (Non-GAAP)

 

$

203,079

 

 

$

25,742

 

 

$

67,141

 

 

$

249,775

 

 

$

(139,579

)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

12

%

 

 

7

%

 

 

19

%

 

 

53

%

 

 

(25

) %

Free Cash Flow Margin (Non-GAAP)

 

 

10

%

 

 

5

%

 

 

17

%

 

 

51

%

 

 

(25

) %

 

Investor Contact:
Chelsea Heffernan
Vice President, Investor Relations
Cirrus Logic, Inc.
(512) 851-4125
Investor@cirrus.com

Source: Cirrus Logic, Inc.

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