NASDAQ: CRUS

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May 21, 2024 04:00 PM Pricing delayed 20 minutes

Cirrus Logic Reports Fiscal Fourth Quarter Revenue of $371.8 Million and Full Fiscal Year 2024 Revenue of $1.79 Billion

May 07, 2024

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 2024, which ended March 30, 2024, as well as the company’s current business outlook.

“Cirrus Logic made excellent progress in FY24. During the year, we introduced a third-generation camera controller, ramped new products in support of our growing momentum in the laptop market, and completed development of our next-generation custom boosted amplifier and first 22-nanometer smart codec, while also making significant investments in future products and intellectual property,” said John Forsyth, Cirrus Logic president and chief executive officer. “Additionally, the company’s disciplined execution helped deliver a year-over-year increase in non-GAAP earnings per share. We appreciate the support and trust of our customers, employees, and shareholders and continue to be excited about the opportunities we see for growth and product diversification in the future.”

Reported Financial Results – Fourth Quarter FY24

  • Revenue of $371.8 million;
  • GAAP and non-GAAP gross margin of 51.8 percent and 51.9 percent;
  • GAAP operating expenses of $140.2 million and non-GAAP operating expenses of $116.5 million; and
  • GAAP earnings per share of $0.81 and non-GAAP earnings per share of $1.24.

Reported Financial Results – Full Fiscal Year 2024

  • Revenue of $1.79 billion;
  • GAAP and non-GAAP gross margin of 51.2 percent and 51.3 percent;
  • GAAP operating expenses of $572.6 million and non-GAAP operating expenses of $470.4 million; and
  • GAAP earnings per share of $4.90 and non-GAAP earnings per share of $6.59.

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

Business Outlook – First Quarter FY25

  • Revenue is expected to range between $290 million and $350 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 $142 million and $148 million, including approximately $22 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $118 million and $124 million.

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, diluted share count, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statements about our ability to capitalize on opportunities for growth and product diversification in the future; and our estimates for the first quarter fiscal year 2025 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 first 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 25, 2023 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Summary Financial Data Follows:

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

(in thousands, except per share data; unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Mar. 30,

 

Dec. 30,

 

Mar. 25,

 

Mar. 30,

 

Mar. 25,

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Q4'24

 

Q3'24

 

Q4'23

 

Q4'24

 

Q4'23

Audio

$

226,681

 

 

$

378,597

 

 

$

232,402

 

 

$

1,083,939

 

 

$

1,172,007

 

High-Performance Mixed-Signal

 

145,146

 

 

 

240,387

 

 

 

140,420

 

 

 

704,951

 

 

 

725,610

 

Net sales

 

371,827

 

 

 

618,984

 

 

 

372,822

 

 

 

1,788,890

 

 

 

1,897,617

 

Cost of sales

 

179,202

 

 

 

301,520

 

 

 

186,468

 

 

 

872,818

 

 

 

940,638

 

Gross profit

 

192,625

 

 

 

317,464

 

 

 

186,354

 

 

 

916,072

 

 

 

956,979

 

Gross margin

 

51.8

%

 

 

51.3

%

 

 

50.0

%

 

 

51.2

%

 

 

50.4

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

103,383

 

 

 

112,672

 

 

 

115,162

 

 

 

426,475

 

 

 

458,412

 

Selling, general and administrative

 

36,866

 

 

 

37,604

 

 

 

37,642

 

 

 

144,172

 

 

 

153,144

 

Restructuring

 

 

 

 

(360

)

 

 

10,632

 

 

 

1,959

 

 

 

10,632

 

Intangibles impairment

 

 

 

 

 

 

 

85,760

 

 

 

 

 

 

85,760

 

Total operating expenses

 

140,249

 

 

 

149,916

 

 

 

249,196

 

 

 

572,606

 

 

 

707,948

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

52,376

 

 

 

167,548

 

 

 

(62,842

)

 

 

343,466

 

 

 

249,031

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense)

 

7,360

 

 

 

4,889

 

 

 

4,720

 

 

 

20,578

 

 

 

9,087

 

Other income (expense)

 

(78

)

 

 

(337

)

 

 

(464

)

 

 

(108

)

 

 

(3,379

)

Income (loss) before income taxes

 

59,658

 

 

 

172,100

 

 

 

(58,586

)

 

 

363,936

 

 

 

254,739

 

Provision (benefit) for income taxes

 

14,816

 

 

 

33,377

 

 

 

(4,917

)

 

 

89,364

 

 

 

78,036

 

Net income (loss)

$

44,842

 

 

$

138,723

 

 

$

(53,669

)

 

$

274,572

 

 

$

176,703

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

$

0.83

 

 

$

2.57

 

 

$

(0.97

)

 

$

5.06

 

 

$

3.18

 

Diluted earnings (loss) per share:

$

0.81

 

 

$

2.50

 

 

$

(0.97

)

 

$

4.90

 

 

$

3.09

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

53,739

 

 

 

54,016

 

 

 

55,219

 

 

 

54,290

 

 

 

55,614

 

Diluted

 

55,559

 

 

 

55,592

 

 

 

55,219

 

 

 

56,021

 

 

 

57,226

 

 

 

 

 

 

 

 

 

 

 

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. 30,

 

Dec. 30,

 

Mar. 25,

 

Mar. 30,

 

Mar. 25,

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net Income (Loss) Reconciliation

Q4'24

 

Q3'24

 

Q4'23

 

Q4'24

 

Q4'23

GAAP Net Income (Loss)

$

44,842

 

 

$

138,723

 

 

$

(53,669

)

 

$

274,572

 

 

$

176,703

 

Amortization of acquisition intangibles

 

1,973

 

 

 

1,972

 

 

 

7,657

 

 

 

8,285

 

 

 

32,086

 

Stock-based compensation expense

 

22,158

 

 

 

23,067

 

 

 

22,533

 

 

 

89,271

 

 

 

81,641

 

Restructuring

 

 

 

 

(360

)

 

 

10,632

 

 

 

1,959

 

 

 

10,632

 

Intangibles impairment

 

 

 

 

 

 

 

85,760

 

 

 

 

 

 

85,760

 

Acquisition-related costs

 

 

 

 

 

 

 

3,166

 

 

 

4,105

 

 

 

12,670

 

Investment write off

 

 

 

 

 

 

 

 

 

 

 

 

 

2,746

 

Adjustment to income taxes

 

75

 

 

 

(2,769

)

 

 

(23,461

)

 

 

(8,926

)

 

 

(34,832

)

Non-GAAP Net Income

$

69,048

 

 

$

160,633

 

 

$

52,618

 

 

$

369,266

 

 

$

367,406

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) Per Share Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings (loss) per share

$

0.81

 

 

$

2.50

 

 

$

(0.97

)

 

$

4.90

 

 

$

3.09

 

Effect of Amortization of acquisition intangibles

 

0.03

 

 

 

0.04

 

 

 

0.14

 

 

 

0.15

 

 

 

0.56

 

Effect of Stock-based compensation expense

 

0.40

 

 

 

0.41

 

 

 

0.40

 

 

 

1.59

 

 

 

1.43

 

Effect of Restructuring

 

 

 

 

(0.01

)

 

 

0.19

 

 

 

0.04

 

 

 

0.18

 

Effect of Intangibles impairment

 

 

 

 

 

 

 

1.51

 

 

 

 

 

 

1.50

 

Effect of Acquisition-related costs

 

 

 

 

 

 

 

0.06

 

 

 

0.07

 

 

 

0.22

 

Effect of Investment write off

 

 

 

 

 

 

 

 

 

 

 

 

 

0.05

 

Effect of Adjustment to income taxes

 

 

 

 

(0.05

)

 

 

(0.41

)

 

 

(0.16

)

 

 

(0.61

)

Non-GAAP Diluted earnings per share

$

1.24

 

 

$

2.89

 

 

$

0.92

 

 

$

6.59

 

 

$

6.42

 

 

 

 

 

 

 

 

 

 

 

Diluted Shares Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted shares

 

55,559

 

 

 

55,592

 

 

 

55,219

 

 

 

56,021

 

 

 

57,226

 

Effect of weighted dilutive shares

 

 

 

 

 

 

 

1,821

 

 

 

 

 

 

 

Non-GAAP Diluted shares

 

55,559

 

 

 

55,592

 

 

 

57,040

 

 

 

56,021

 

 

 

57,226

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss) Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Income (Loss)

$

52,376

 

 

$

167,548

 

 

$

(62,842

)

 

$

343,466

 

 

$

249,031

 

GAAP Operating Profit (Loss)

 

14.1

%

 

 

27.1

%

 

 

(16.9

)%

 

 

19.2

%

 

 

13.1

%

Amortization of acquisition intangibles

 

1,973

 

 

 

1,972

 

 

 

7,657

 

 

 

8,285

 

 

 

32,086

 

Stock-based compensation expense - COGS

 

362

 

 

 

395

 

 

 

372

 

 

 

1,403

 

 

 

1,270

 

Stock-based compensation expense - R&D

 

15,483

 

 

 

16,771

 

 

 

15,782

 

 

 

63,678

 

 

 

57,312

 

Stock-based compensation expense - SG&A

 

6,313

 

 

 

5,901

 

 

 

6,379

 

 

 

24,190

 

 

 

23,059

 

Restructuring

 

 

 

 

(360

)

 

 

10,632

 

 

 

1,959

 

 

 

10,632

 

Intangibles impairment

 

 

 

 

 

 

 

85,760

 

 

 

 

 

 

85,760

 

Acquisition-related costs

 

 

 

 

 

 

 

3,166

 

 

 

4,105

 

 

 

12,670

 

Non-GAAP Operating Income

$

76,507

 

 

$

192,227

 

 

$

66,906

 

 

$

447,086

 

 

$

471,820

 

Non-GAAP Operating Profit

 

20.6

%

 

 

31.1

%

 

 

17.9

%

 

 

25.0

%

 

 

24.9

%

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

140,249

 

 

$

149,916

 

 

$

249,196

 

 

$

572,606

 

 

$

707,948

 

Amortization of acquisition intangibles

 

(1,973

)

 

 

(1,972

)

 

 

(7,657

)

 

 

(8,285

)

 

 

(32,086

)

Stock-based compensation expense - R&D

 

(15,483

)

 

 

(16,771

)

 

 

(15,782

)

 

 

(63,678

)

 

 

(57,312

)

Stock-based compensation expense - SG&A

 

(6,313

)

 

 

(5,901

)

 

 

(6,379

)

 

 

(24,190

)

 

 

(23,059

)

Restructuring

 

 

 

 

360

 

 

 

(10,632

)

 

 

(1,959

)

 

 

(10,632

)

Intangibles impairment

 

 

 

 

 

 

 

(85,760

)

 

 

 

 

 

(85,760

)

Acquisition-related costs

 

 

 

 

 

 

 

(3,166

)

 

 

(4,105

)

 

 

(12,670

)

Non-GAAP Operating Expenses

$

116,480

 

 

$

125,632

 

 

$

119,820

 

 

$

470,389

 

 

$

486,429

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

192,625

 

 

$

317,464

 

 

$

186,354

 

 

$

916,072

 

 

$

956,979

 

GAAP Gross Margin

 

51.8

%

 

 

51.3

%

 

 

50.0

%

 

 

51.2

%

 

 

50.4

%

Stock-based compensation expense - COGS

 

362

 

 

 

395

 

 

 

372

 

 

 

1,403

 

 

 

1,270

 

Non-GAAP Gross Profit

$

192,987

 

 

$

317,859

 

 

$

186,726

 

 

$

917,475

 

 

$

958,249

 

Non-GAAP Gross Margin

 

51.9

%

 

 

51.4

%

 

 

50.1

%

 

 

51.3

%

 

 

50.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Mar. 30,

 

Dec. 30,

 

Mar. 25,

 

Mar. 30,

 

Mar. 25,

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Effective Tax Rate Reconciliation

Q4'24

 

Q3'24

 

Q4'23

 

Q4'24

 

Q4'23

GAAP Tax Expense (Benefit)

$

14,816

 

 

$

33,377

 

 

$

(4,917

)

 

$

89,364

 

 

$

78,036

 

GAAP Effective Tax Rate

 

24.8

%

 

 

19.4

%

 

 

8.4

%

 

 

24.6

%

 

 

30.6

%

Adjustments to income taxes

 

(75

)

 

 

2,769

 

 

 

23,461

 

 

 

8,926

 

 

 

34,832

 

Non-GAAP Tax Expense

$

14,741

 

 

$

36,146

 

 

$

18,544

 

 

$

98,290

 

 

$

112,868

 

Non-GAAP Effective Tax Rate

 

17.6

%

 

 

18.4

%

 

 

26.1

%

 

 

21.0

%

 

 

23.5

%

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense (Benefit)

$

0.27

 

 

$

0.60

 

 

$

(0.09

)

 

$

1.60

 

 

$

1.36

 

Adjustments to income taxes

 

 

 

 

0.05

 

 

 

0.41

 

 

 

0.16

 

 

 

0.61

 

Non-GAAP Tax Expense

$

0.27

 

 

$

0.65

 

 

$

0.32

 

 

$

1.76

 

 

$

1.97

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Mar. 30,

 

Dec. 30,

 

Mar. 25,

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

502,764

 

 

$

483,931

 

 

$

445,784

 

Marketable securities

 

 

23,778

 

 

 

32,842

 

 

 

34,978

 

Accounts receivable, net

 

 

162,478

 

 

 

217,269

 

 

 

150,473

 

Inventories

 

 

227,248

 

 

 

256,675

 

 

 

233,450

 

Prepaid wafers

 

 

86,679

 

 

 

84,854

 

 

 

60,638

 

Other current assets

 

 

103,245

 

 

 

109,814

 

 

 

92,533

 

Total current Assets

 

 

1,106,192

 

 

 

1,185,385

 

 

 

1,017,856

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

173,374

 

 

 

70,260

 

 

 

36,509

 

Right-of-use lease assets

 

 

138,288

 

 

 

140,993

 

 

 

128,145

 

Property and equipment, net

 

 

170,175

 

 

 

167,579

 

 

 

162,972

 

Intangibles, net

 

 

29,578

 

 

 

31,677

 

 

 

38,876

 

Goodwill

 

 

435,936

 

 

 

435,936

 

 

 

435,936

 

Deferred tax asset

 

 

48,649

 

 

 

34,116

 

 

 

35,580

 

Long-term prepaid wafers

 

 

60,750

 

 

 

73,492

 

 

 

134,363

 

Other assets

 

 

68,634

 

 

 

77,675

 

 

 

73,729

 

Total assets

 

$

2,231,576

 

 

$

2,217,113

 

 

$

2,063,966

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

55,545

 

 

$

56,231

 

 

$

81,462

 

Accrued salaries and benefits

 

 

47,612

 

 

 

44,352

 

 

 

50,606

 

Lease liability

 

 

20,640

 

 

 

19,906

 

 

 

18,442

 

Acquisition-related liabilities

 

 

 

 

 

 

 

 

21,361

 

Other accrued liabilities

 

 

62,596

 

 

 

58,105

 

 

 

44,469

 

Total current liabilities

 

 

186,393

 

 

 

178,594

 

 

 

216,340

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

134,576

 

 

 

138,415

 

 

 

122,631

 

Non-current income taxes

 

 

52,013

 

 

 

52,247

 

 

 

59,013

 

Other long-term liabilities

 

 

41,580

 

 

 

47,097

 

 

 

7,700

 

Total long-term liabilities

 

 

228,169

 

 

 

237,759

 

 

 

189,344

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,760,701

 

 

 

1,735,824

 

 

 

1,670,141

 

Accumulated earnings (deficit)

 

 

58,916

 

 

 

66,633

 

 

 

(9,320

)

Accumulated other comprehensive loss

 

 

(2,603

)

 

 

(1,697

)

 

 

(2,539

)

Total stockholders' equity

 

 

1,817,014

 

 

 

1,800,760

 

 

 

1,658,282

 

Total liabilities and stockholders' equity

 

$

2,231,576

 

 

$

2,217,113

 

 

$

2,063,966

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Mar. 30,

 

Mar. 25,

 

 

 

2024

 

 

 

2023

 

 

 

Q4'24

 

Q4'23

Cash flows from operating activities:

 

 

 

 

Net income (loss)

 

$

44,842

 

 

$

(53,669

)

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

 

 

 

 

Depreciation and amortization

 

 

12,009

 

 

 

18,844

 

Stock-based compensation expense

 

 

22,158

 

 

 

22,533

 

Deferred income taxes

 

 

(14,426

)

 

 

(40,943

)

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

 

 

2

 

 

 

350

 

Other non-cash charges

 

 

86

 

 

 

85

 

Restructuring

 

 

 

 

 

10,632

 

Intangibles impairment

 

 

 

 

 

85,760

 

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

54,791

 

 

 

120,020

 

Inventories

 

 

29,427

 

 

 

(81,024

)

Prepaid wafers

 

 

10,917

 

 

 

 

Other assets

 

 

6,621

 

 

 

(2,664

)

Accounts payable and other accrued liabilities

 

 

(2,411

)

 

 

(32,260

)

Income taxes payable

 

 

6,510

 

 

 

(2,564

)

Acquisition-related liabilities

 

 

 

 

 

3,166

 

Net cash provided by operating activities

 

 

170,526

 

 

 

48,266

 

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

13,614

 

 

 

8,337

 

Purchases of available-for-sale marketable securities

 

 

(108,174

)

 

 

(5,830

)

Purchases of property, equipment and software

 

 

(7,057

)

 

 

(11,326

)

Investments in technology

 

 

(638

)

 

 

(309

)

Net cash used in investing activities

 

 

(102,255

)

 

 

(9,128

)

Cash flows from financing activities:

 

 

 

 

Issuance of common stock, net of shares withheld for taxes

 

 

2,719

 

 

 

8,621

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(2,165

)

 

 

(1,519

)

Repurchase and retirement of common stock

 

 

(49,992

)

 

 

(35,000

)

Net cash used in financing activities

 

 

(49,438

)

 

 

(27,898

)

Net increase in cash and cash equivalents

 

 

18,833

 

 

 

11,240

 

Cash and cash equivalents at beginning of period

 

 

483,931

 

 

 

434,544

 

Cash and cash equivalents at end of period

 

$

502,764

 

 

$

445,784

 

 

 

 

 

 

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. 30,

 

Mar. 30,

 

Dec. 30,

 

Sep. 23,

 

Jun. 24,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

Q4'24

 

Q4'24

 

Q3'24

 

Q2'24

 

Q1'24

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

421,674

 

 

$

170,526

 

 

$

313,692

 

 

$

(22,731

)

 

$

(39,813

)

Capital expenditures

 

 

(38,345

)

 

 

(7,695

)

 

 

(9,813

)

 

 

(8,527

)

 

 

(12,310

)

Free Cash Flow (Non-GAAP)

 

$

383,329

 

 

$

162,831

 

 

$

303,879

 

 

$

(31,258

)

 

$

(52,123

)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

24

%

 

 

46

%

 

 

51

%

 

 

(5

)%

 

 

(13

)%

Capital Expenditures as a Percentage of Revenue (GAAP)

 

 

2

%

 

 

2

%

 

 

2

%

 

 

2

%

 

 

4

%

Free Cash Flow Margin (Non-GAAP)

 

 

21

%

 

 

44

%

 

 

49

%

 

 

(6

)%

 

 

(16

)%

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in millions; unaudited)

(not prepared in accordance with GAAP)

 

 

 

 

 

Q1 FY25

 

 

Guidance

Operating Expense Reconciliation

 

 

GAAP Operating Expenses

 

$142 - 148

Stock-based compensation expense

 

(22)

Amortization of acquisition intangibles

 

(2)

Non-GAAP Operating Expenses

 

$118 - 124

 

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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