NASDAQ: CRUS

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Mar 31, 2023 04:00 PM Pricing delayed 20 minutes

Cirrus Logic Reports Fiscal Third Quarter Revenue of $590.6 Million

Feb 02, 2023

Smartphone Sales Drive Record Revenue

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

“Cirrus Logic delivered record revenue in the December quarter, with sales driven above the high end of guidance by demand for smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, customer engagement across our product portfolio remained strong. We taped out our next-generation 22-nanometer smart codec and we made excellent progress on numerous other audio and high-performance mixed-signal products. Going forward, we will continue to leverage our intellectual property into other applications and markets as we target opportunities for incremental content, including in the areas of sensing, charging, and power. With a solid product roadmap and a deep commitment to innovation, we believe Cirrus Logic is well-positioned to drive further growth and product diversification in the future.”

Reported Financial Results – Third Quarter FY23

  • Revenue of $590.6 million;
  • GAAP and non-GAAP gross margin of 50.2 percent and 50.3 percent;
  • GAAP operating expenses of $155.3 million and non-GAAP operating expenses of $123.2 million; and
  • GAAP earnings per share of $1.83 and non-GAAP earnings per share of $2.40.

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

Business Outlook – Fourth Quarter FY23

  • Revenue is expected to range between $340 million and $400 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 $22 million in stock-based compensation expense, $8 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.

Cirrus Logic will host a live Q&A session at 6 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 (647) 362-9199, 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 statements about our ability to leverage our intellectual property into other applications and markets including in the areas of sensing, charging, and power; our ability to drive incremental content, growth, and product diversification in the future; and our estimates for the fourth 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 fourth 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

 

Nine Months Ended

 

Dec. 24,

 

Sep. 24,

 

Dec. 25,

 

Dec. 24,

 

Dec. 25,

 

2022

 

2022

 

2021

 

2022

 

2021

 

Q3'23

 

Q2'23

 

Q3'22

 

Q3'23

 

Q3'22

Audio

$

347,297

 

 

$

337,811

 

 

$

341,897

 

 

$

939,604

 

 

$

860,027

 

High-Performance Mixed-Signal

 

243,285

 

 

 

202,763

 

 

 

206,452

 

 

 

585,191

 

 

 

431,461

 

Net sales

 

590,582

 

 

 

540,574

 

 

 

548,349

 

 

 

1,524,795

 

 

 

1,291,488

 

Cost of sales

 

293,877

 

 

 

269,288

 

 

 

258,827

 

 

 

754,170

 

 

 

626,576

 

Gross profit

 

296,705

 

 

 

271,286

 

 

 

289,522

 

 

 

770,625

 

 

 

664,912

 

Gross margin

 

50.2

%

 

 

50.2

%

 

 

52.8

%

 

 

50.5

%

 

 

51.5

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

118,063

 

 

 

115,471

 

 

 

107,101

 

 

 

343,250

 

 

 

294,913

 

Selling, general and administrative

 

37,262

 

 

 

39,598

 

 

 

38,247

 

 

 

115,502

 

 

 

111,526

 

Total operating expenses

 

155,325

 

 

 

155,069

 

 

 

145,348

 

 

 

458,752

 

 

 

406,439

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

141,380

 

 

 

116,217

 

 

 

144,174

 

 

 

311,873

 

 

 

258,473

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

2,777

 

 

 

1,285

 

 

 

(78

)

 

 

4,367

 

 

 

718

 

Other income (expense)

 

(3,716

)

 

 

295

 

 

 

(87

)

 

 

(2,915

)

 

 

1,530

 

Income before income taxes

 

140,441

 

 

 

117,797

 

 

 

144,009

 

 

 

313,325

 

 

 

260,721

 

Provision for income taxes

 

36,964

 

 

 

30,609

 

 

 

16,373

 

 

 

82,953

 

 

 

30,780

 

Net income

$

103,477

 

 

$

87,188

 

 

$

127,636

 

 

$

230,372

 

 

$

229,941

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

$

1.87

 

 

$

1.56

 

 

$

2.23

 

 

$

4.13

 

 

$

4.01

 

Diluted earnings per share:

$

1.83

 

 

$

1.52

 

 

$

2.16

 

 

$

4.02

 

 

$

3.88

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

55,239

 

 

 

55,726

 

 

 

57,178

 

 

 

55,748

 

 

 

57,374

 

Diluted

 

56,583

 

 

 

57,418

 

 

 

59,031

 

 

 

57,280

 

 

 

59,317

 

 

 

 

 

 

 

 

 

 

 

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. 24,

 

Sep. 24,

 

Dec. 25,

 

Dec. 24,

 

Dec. 25,

 

2022

 

2022

 

2021

 

2022

 

2021

Net Income Reconciliation

Q3'23

 

Q2'23

 

Q3'22

 

Q3'23

 

Q3'22

GAAP Net Income

$

103,477

 

 

$

87,188

 

 

$

127,636

 

 

$

230,372

 

 

$

229,941

 

Amortization of acquisition intangibles

 

8,807

 

 

 

7,787

 

 

 

9,083

 

 

 

24,429

 

 

 

19,135

 

Stock-based compensation expense

 

20,487

 

 

 

20,483

 

 

 

17,833

 

 

 

59,108

 

 

 

49,368

 

Acquisition-related costs

 

3,176

 

 

 

3,164

 

 

 

3,155

 

 

 

9,504

 

 

 

8,989

 

Investment write off

 

2,746

 

 

 

 

 

 

 

 

 

2,746

 

 

 

 

Adjustment to income taxes

 

(2,936

)

 

 

(4,135

)

 

 

(7,903

)

 

 

(11,371

)

 

 

(16,897

)

Non-GAAP Net Income

$

135,757

 

 

$

114,487

 

 

$

149,804

 

 

$

314,788

 

 

$

290,536

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings per share

$

1.83

 

 

$

1.52

 

 

$

2.16

 

 

$

4.02

 

 

$

3.88

 

Effect of Amortization of acquisition intangibles

 

0.15

 

 

 

0.14

 

 

 

0.16

 

 

 

0.43

 

 

 

0.32

 

Effect of Stock-based compensation expense

 

0.36

 

 

 

0.35

 

 

 

0.30

 

 

 

1.03

 

 

 

0.83

 

Effect of Acquisition-related costs

 

0.06

 

 

 

0.05

 

 

 

0.05

 

 

 

0.17

 

 

 

0.15

 

Effect of Investment write off

 

0.05

 

 

 

 

 

 

 

 

 

0.05

 

 

 

 

Effect of Adjustment to income taxes

 

(0.05

)

 

 

(0.07

)

 

 

(0.13

)

 

 

(0.20

)

 

 

(0.28

)

Non-GAAP Diluted earnings per share

$

2.40

 

 

$

1.99

 

 

$

2.54

 

 

$

5.50

 

 

$

4.90

 

 

 

 

 

 

 

 

 

 

 

Operating Income Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$

141,380

 

 

$

116,217

 

 

$

144,174

 

 

$

311,873

 

 

$

258,473

 

GAAP Operating Profit

 

23.9

%

 

 

21.5

%

 

 

26.3

%

 

 

20.5

%

 

 

20.0

%

Amortization of acquisition intangibles

 

8,807

 

 

 

7,787

 

 

 

9,083

 

 

 

24,429

 

 

 

19,135

 

Stock-based compensation expense - COGS

 

309

 

 

 

312

 

 

 

245

 

 

 

898

 

 

 

763

 

Stock-based compensation expense - R&D

 

14,710

 

 

 

14,228

 

 

 

12,260

 

 

 

41,530

 

 

 

32,368

 

Stock-based compensation expense - SG&A

 

5,468

 

 

 

5,943

 

 

 

5,328

 

 

 

16,680

 

 

 

16,237

 

Acquisition-related costs

 

3,176

 

 

 

3,164

 

 

 

3,155

 

 

 

9,504

 

 

 

8,989

 

Non-GAAP Operating Income

$

173,850

 

 

$

147,651

 

 

$

174,245

 

 

$

404,914

 

 

$

335,965

 

Non-GAAP Operating Profit

 

29.4

%

 

 

27.3

%

 

 

31.8

%

 

 

26.6

%

 

 

26.0

%

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

155,325

 

 

$

155,069

 

 

$

145,348

 

 

$

458,752

 

 

$

406,439

 

Amortization of acquisition intangibles

 

(8,807

)

 

 

(7,787

)

 

 

(9,083

)

 

 

(24,429

)

 

 

(19,135

)

Stock-based compensation expense - R&D

 

(14,710

)

 

 

(14,228

)

 

 

(12,260

)

 

 

(41,530

)

 

 

(32,368

)

Stock-based compensation expense - SG&A

 

(5,468

)

 

 

(5,943

)

 

 

(5,328

)

 

 

(16,680

)

 

 

(16,237

)

Acquisition-related costs

 

(3,176

)

 

 

(3,164

)

 

 

(3,155

)

 

 

(9,504

)

 

 

(5,528

)

Non-GAAP Operating Expenses

$

123,164

 

 

$

123,947

 

 

$

115,522

 

 

$

366,609

 

 

$

333,171

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

296,705

 

 

$

271,286

 

 

$

289,522

 

 

$

770,625

 

 

$

664,912

 

GAAP Gross Margin

 

50.2

%

 

 

50.2

%

 

 

52.8

%

 

 

50.5

%

 

 

51.5

%

Acquisition-related costs

 

 

 

 

 

 

 

 

 

 

 

 

 

3,461

 

Stock-based compensation expense - COGS

 

309

 

 

 

312

 

 

 

245

 

 

 

898

 

 

 

763

 

Non-GAAP Gross Profit

$

297,014

 

 

$

271,598

 

 

$

289,767

 

 

$

771,523

 

 

$

669,136

 

Non-GAAP Gross Margin

 

50.3

%

 

 

50.2

%

 

 

52.8

%

 

 

50.6

%

 

 

51.8

%

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

36,964

 

 

$

30,609

 

 

$

16,373

 

 

$

82,953

 

 

$

30,780

 

GAAP Effective Tax Rate

 

26.3

%

 

 

26.0

%

 

 

11.4

%

 

 

26.5

%

 

 

11.8

%

Adjustments to income taxes

 

2,936

 

 

 

4,135

 

 

 

7,903

 

 

 

11,371

 

 

 

16,897

 

Non-GAAP Tax Expense

$

39,900

 

 

$

34,744

 

 

$

24,276

 

 

$

94,324

 

 

$

47,677

 

Non-GAAP Effective Tax Rate

 

22.7

%

 

 

23.3

%

 

 

13.9

%

 

 

23.1

%

 

 

14.1

%

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

0.65

 

 

$

0.53

 

 

$

0.28

 

 

$

1.45

 

 

$

0.52

 

Adjustments to income taxes

 

0.05

 

 

 

0.07

 

 

 

0.13

 

 

 

0.20

 

 

 

0.28

 

Non-GAAP Tax Expense

$

0.70

 

 

$

0.60

 

 

$

0.41

 

 

$

1.65

 

 

$

0.80

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Dec. 24,

 

Mar. 26,

 

Dec. 25,

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

434,544

 

 

$

369,814

 

 

$

195,121

 

Marketable securities

 

 

28,373

 

 

 

10,601

 

 

 

3,719

 

Accounts receivable, net

 

 

270,493

 

 

 

240,264

 

 

 

326,131

 

Inventories

 

 

152,426

 

 

 

138,436

 

 

 

148,525

 

Other current assets

 

 

127,649

 

 

 

80,900

 

 

 

90,025

 

Total current Assets

 

 

1,013,485

 

 

 

840,015

 

 

 

763,521

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

44,784

 

 

 

63,749

 

 

 

72,118

 

Right-of-use lease assets

 

 

150,938

 

 

 

171,003

 

 

 

173,054

 

Property and equipment, net

 

 

156,602

 

 

 

157,077

 

 

 

157,186

 

Intangibles, net

 

 

133,032

 

 

 

158,145

 

 

 

165,581

 

Goodwill

 

 

435,936

 

 

 

435,791

 

 

 

437,783

 

Deferred tax asset

 

 

8,630

 

 

 

11,068

 

 

 

7,203

 

Long-term prepaid wafers

 

 

154,575

 

 

 

195,000

 

 

 

195,000

 

Other assets

 

 

67,907

 

 

 

91,552

 

 

 

96,671

 

Total assets

 

$

2,165,889

 

 

$

2,123,400

 

 

$

2,068,117

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

117,406

 

 

$

115,417

 

 

$

110,250

 

Accrued salaries and benefits

 

 

42,187

 

 

 

65,261

 

 

 

43,044

 

Lease liability

 

 

14,024

 

 

 

14,680

 

 

 

14,653

 

Acquisition-related liabilities

 

 

18,195

 

 

 

30,964

 

 

 

30,964

 

Other accrued liabilities

 

 

36,737

 

 

 

38,461

 

 

 

40,603

 

Total current liabilities

 

 

228,549

 

 

 

264,783

 

 

 

239,514

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

143,252

 

 

 

163,162

 

 

 

164,896

 

Non-current income taxes

 

 

72,267

 

 

 

73,383

 

 

 

77,683

 

Long-term acquisition-related liabilities

 

 

 

 

 

8,692

 

 

 

5,528

 

Other long-term liabilities

 

 

5,501

 

 

 

13,563

 

 

 

17,749

 

Total long-term liabilities

 

 

221,020

 

 

 

258,800

 

 

 

265,856

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,639,056

 

 

 

1,578,427

 

 

 

1,556,746

 

Accumulated earnings

 

 

80,865

 

 

 

23,435

 

 

 

6,416

 

Accumulated other comprehensive loss

 

 

(3,601

)

 

 

(2,045

)

 

 

(415

)

Total stockholders' equity

 

 

1,716,320

 

 

 

1,599,817

 

 

 

1,562,747

 

Total liabilities and stockholders' equity

 

$

2,165,889

 

 

$

2,123,400

 

 

$

2,068,117

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Dec. 24,

 

Dec. 25,

 

 

2022

 

2021

 

 

Q3'23

 

Q3'22

Cash flows from operating activities:

 

 

 

 

Net income

 

$

103,477

 

 

$

127,636

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

18,624

 

 

 

17,446

 

Stock-based compensation expense

 

 

20,487

 

 

 

17,832

 

Deferred income taxes

 

 

10,886

 

 

 

733

 

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

 

 

3

 

 

 

196

 

Other non-cash charges

 

 

2,832

 

 

 

82

 

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

34,053

 

 

 

(45,165

)

Inventories

 

 

12,145

 

 

 

39,835

 

Other assets

 

 

6,458

 

 

 

208

 

Accounts payable and other accrued liabilities

 

 

(20,521

)

 

 

(293,661

)

Income taxes payable

 

 

(10,656

)

 

 

(4,161

)

Acquisition-related liabilities

 

 

3,160

 

 

 

3,164

 

Net cash provided by (used in) operating activities

 

 

180,948

 

 

 

(135,855

)

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

3,691

 

 

 

8,946

 

Purchases of available-for-sale marketable securities

 

 

(3,433

)

 

 

(9,553

)

Purchases of property, equipment and software

 

 

(6,777

)

 

 

(3,363

)

Investments in technology

 

 

(831

)

 

 

(361

)

Acquisition-related payments

 

 

 

 

 

(1,242

)

Net cash used in investing activities

 

 

(7,350

)

 

 

(5,573

)

Cash flows from financing activities:

 

 

 

 

Debt issuance costs

 

 

 

 

 

(2

)

Payment of acquisition-related holdback

 

 

(30,949

)

 

 

 

Issuance of common stock, net of shares withheld for taxes

 

 

393

 

 

 

5,359

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(13,541

)

 

 

(15,550

)

Repurchase and retirement of common stock

 

 

(50,000

)

 

 

(39,999

)

Net cash used in financing activities

 

 

(94,097

)

 

 

(50,192

)

Net increase (decrease) in cash and cash equivalents

 

 

79,501

 

 

 

(191,620

)

Cash and cash equivalents at beginning of period

 

 

355,043

 

 

 

386,741

 

Cash and cash equivalents at end of period

 

$

434,544

 

 

$

195,121

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 24,

 

Dec. 24,

 

Sep. 24,

 

Jun. 25,

 

Mar. 26,

 

 

2022

 

2022

 

2022

 

2022

 

2022

 

 

Q3'23

 

Q3'23

 

Q2'23

 

Q1'23

 

Q4'22

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

549,533

 

 

$

180,948

 

 

$

35,989

 

 

$

74,365

 

 

$

258,231

 

Capital expenditures

 

 

(33,535

)

 

 

(7,608

)

 

 

(10,247

)

 

 

(7,224

)

 

 

(8,456

)

Free Cash Flow (Non-GAAP)

 

$

515,998

 

 

$

173,340

 

 

$

25,742

 

 

$

67,141

 

 

$

249,775

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

27

%

 

 

31

%

 

 

7

%

 

 

19

%

 

 

53

%

Capital Expenditures as a Percentage of Revenue (GAAP)

 

 

2

%

 

 

1

%

 

 

2

%

 

 

2

%

 

 

2

%

Free Cash Flow Margin (Non-GAAP)

 

 

26

%

 

 

29

%

 

 

5

%

 

 

17

%

 

 

51

%

 

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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