NASDAQ: CRUS

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

Cirrus Logic Reports Record Revenue of $619.0 Million for Fiscal Third Quarter

Feb 06, 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 third quarter fiscal year 2024, which ended December 30, 2023, as well as the company’s current business outlook.

“Cirrus Logic delivered record revenue and earnings per share in the December quarter,” said John Forsyth, Cirrus Logic president and chief executive officer. “In addition to our outstanding financial results, we achieved key milestones in the production of our next-generation audio components while also making exciting advances in our process technology and foundry strategy. Furthermore, customer engagement with our laptop solutions was strong, and we made excellent progress on a number of R&D programs in our high-performance mixed-signal business. With a compelling roadmap of products and an amazing track record of execution, we believe we are well-positioned to grow long-term shareholder value.”

Reported Financial Results – Third Quarter FY24

  • Revenue of $619.0 million;
  • GAAP gross margin of 51.3 percent and non-GAAP gross margin of 51.4 percent;
  • GAAP operating expenses of $149.9 million and non-GAAP operating expenses of $125.6 million;
  • GAAP earnings per share of $2.50 and non-GAAP earnings per share of $2.89; and
  • Cash and cash equivalents balance of $587.0 million.

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

Business Outlook – Fourth Quarter FY24

  • Revenue is expected to range between $290 million and $350 million;
  • GAAP gross margin is expected to be between 49 percent and 51 percent; and
  • Combined GAAP R&D and SG&A expenses are anticipated to range between $138 million and $144 million, including approximately $22 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $114 million and $120 million.

Cirrus Logic will host a live Q&A session at 5 p.m. EST today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (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 grow long-term shareholder value; and our estimates for the fourth quarter fiscal year 2024 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock compensation expense, and amortization of acquisition intangibles. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the fourth quarter of fiscal year 2024, customer cancellations of orders, or the failure to place orders consistent with forecasts; changes with respect to our current expectations of future smartphone unit volumes; any delays in the timing and/or success of customers’ new product ramps; and 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

 

Nine Months Ended

 

Dec. 30,

 

Sep. 23,

 

Dec. 24,

 

Dec. 30,

 

Dec. 24,

 

2023

 

2023

 

2022

 

2023

 

2022

 

Q3'24

 

Q2'24

 

Q3'23

 

Q3'24

 

Q3'23

Audio

$

378,597

 

 

$

282,855

 

 

$

347,297

 

 

$

857,258

 

 

$

939,604

 

High-Performance Mixed-Signal

 

240,387

 

 

 

198,208

 

 

 

243,285

 

 

 

559,805

 

 

 

585,191

 

Net sales

 

618,984

 

 

 

481,063

 

 

 

590,582

 

 

 

1,417,063

 

 

 

1,524,795

 

Cost of sales

 

301,520

 

 

 

234,467

 

 

 

293,877

 

 

 

693,616

 

 

 

754,170

 

Gross profit

 

317,464

 

 

 

246,596

 

 

 

296,705

 

 

 

723,447

 

 

 

770,625

 

Gross margin

 

51.3

%

 

 

51.3

%

 

 

50.2

%

 

 

51.1

%

 

 

50.5

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

112,672

 

 

 

104,205

 

 

 

118,063

 

 

 

323,092

 

 

 

343,250

 

Selling, general and administrative

 

37,604

 

 

 

34,323

 

 

 

37,262

 

 

 

107,306

 

 

 

115,502

 

Restructuring costs

 

(360

)

 

 

2,319

 

 

 

 

 

 

1,959

 

 

 

 

Total operating expenses

 

149,916

 

 

 

140,847

 

 

 

155,325

 

 

 

432,357

 

 

 

458,752

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

167,548

 

 

 

105,749

 

 

 

141,380

 

 

 

291,090

 

 

 

311,873

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

4,889

 

 

 

3,729

 

 

 

2,777

 

 

 

13,218

 

 

 

4,367

 

Other expense

 

(337

)

 

 

(70

)

 

 

(3,716

)

 

 

(30

)

 

 

(2,915

)

Income before income taxes

 

172,100

 

 

 

109,408

 

 

 

140,441

 

 

 

304,278

 

 

 

313,325

 

Provision for income taxes

 

33,377

 

 

 

34,001

 

 

 

36,964

 

 

 

74,548

 

 

 

82,953

 

Net income

$

138,723

 

 

$

75,407

 

 

$

103,477

 

 

$

229,730

 

 

$

230,372

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

2.57

 

 

$

1.38

 

 

$

1.87

 

 

$

4.22

 

 

$

4.13

 

Diluted earnings per share:

$

2.50

 

 

$

1.34

 

 

$

1.83

 

 

$

4.09

 

 

$

4.02

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

54,016

 

 

 

54,503

 

 

 

55,239

 

 

 

54,449

 

 

 

55,748

 

Diluted

 

55,592

 

 

 

56,278

 

 

 

56,583

 

 

 

56,160

 

 

 

57,280

 

 

 

 

 

 

 

 

 

 

 

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. 30,

 

Sep. 23,

 

Dec. 24,

 

Dec. 30,

 

Dec. 24,

 

2023

 

2023

 

2022

 

2023

 

2022

Net Income Reconciliation

Q3'24

 

Q2'24

 

Q3'23

 

Q3'24

 

Q3'23

GAAP Net Income

$

138,723

 

 

$

75,407

 

 

$

103,477

 

 

$

229,730

 

 

$

230,372

 

Amortization of acquisition intangibles

 

1,972

 

 

 

2,170

 

 

 

8,807

 

 

 

6,312

 

 

 

24,429

 

Stock-based compensation expense

 

23,067

 

 

 

21,331

 

 

 

20,487

 

 

 

67,113

 

 

 

59,108

 

Restructuring costs

 

(360

)

 

 

2,319

 

 

 

 

 

 

1,959

 

 

 

 

Acquisition-related costs

 

 

 

 

939

 

 

 

3,176

 

 

 

4,105

 

 

 

9,504

 

Investment write off

 

 

 

 

 

 

 

2,746

 

 

 

 

 

 

2,746

 

Adjustment to income taxes

 

(2,769

)

 

 

(604

)

 

 

(2,936

)

 

 

(9,001

)

 

 

(11,371

)

Non-GAAP Net Income

$

160,633

 

 

$

101,562

 

 

$

135,757

 

 

$

300,218

 

 

$

314,788

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings per share

$

2.50

 

 

$

1.34

 

 

$

1.83

 

 

$

4.09

 

 

$

4.02

 

Effect of Amortization of acquisition intangibles

 

0.04

 

 

 

0.04

 

 

 

0.15

 

 

 

0.11

 

 

 

0.43

 

Effect of Stock-based compensation expense

 

0.41

 

 

 

0.38

 

 

 

0.36

 

 

 

1.20

 

 

 

1.03

 

Effect of Restructuring costs

 

(0.01

)

 

 

0.04

 

 

 

 

 

 

0.04

 

 

 

 

Effect of Acquisition-related costs

 

 

 

 

0.01

 

 

 

0.06

 

 

 

0.07

 

 

 

0.17

 

Effect of Investment write off

 

 

 

 

 

 

 

0.05

 

 

 

 

 

 

0.05

 

Effect of Adjustment to income taxes

 

(0.05

)

 

 

(0.01

)

 

 

(0.05

)

 

 

(0.16

)

 

 

(0.20

)

Non-GAAP Diluted earnings per share

$

2.89

 

 

$

1.80

 

 

$

2.40

 

 

$

5.35

 

 

$

5.50

 

 

 

 

 

 

 

 

 

 

 

Operating Income Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$

167,548

 

 

$

105,749

 

 

$

141,380

 

 

$

291,090

 

 

$

311,873

 

GAAP Operating Profit

 

27.1

%

 

 

22.0

%

 

 

23.9

%

 

 

20.5

%

 

 

20.5

%

Amortization of acquisition intangibles

 

1,972

 

 

 

2,170

 

 

 

8,807

 

 

 

6,312

 

 

 

24,429

 

Stock-based compensation expense - COGS

 

395

 

 

 

361

 

 

 

309

 

 

 

1,041

 

 

 

898

 

Stock-based compensation expense - R&D

 

16,771

 

 

 

15,472

 

 

 

14,710

 

 

 

48,195

 

 

 

41,530

 

Stock-based compensation expense - SG&A

 

5,901

 

 

 

5,498

 

 

 

5,468

 

 

 

17,877

 

 

 

16,680

 

Restructuring costs

 

(360

)

 

 

2,319

 

 

 

 

 

 

1,959

 

 

 

 

Acquisition-related costs

 

 

 

 

939

 

 

 

3,176

 

 

 

4,105

 

 

 

9,504

 

Non-GAAP Operating Income

$

192,227

 

 

$

132,508

 

 

$

173,850

 

 

$

370,579

 

 

$

404,914

 

Non-GAAP Operating Profit

 

31.1

%

 

 

27.5

%

 

 

29.4

%

 

 

26.2

%

 

 

26.6

%

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

149,916

 

 

$

140,847

 

 

$

155,325

 

 

$

432,357

 

 

$

458,752

 

Amortization of acquisition intangibles

 

(1,972

)

 

 

(2,170

)

 

 

(8,807

)

 

 

(6,312

)

 

 

(24,429

)

Stock-based compensation expense - R&D

 

(16,771

)

 

 

(15,472

)

 

 

(14,710

)

 

 

(48,195

)

 

 

(41,530

)

Stock-based compensation expense - SG&A

 

(5,901

)

 

 

(5,498

)

 

 

(5,468

)

 

 

(17,877

)

 

 

(16,680

)

Restructuring costs

 

360

 

 

 

(2,319

)

 

 

 

 

 

(1,959

)

 

 

 

Acquisition-related costs

 

 

 

 

(939

)

 

 

(3,176

)

 

 

(4,105

)

 

 

(9,504

)

Non-GAAP Operating Expenses

$

125,632

 

 

$

114,449

 

 

$

123,164

 

 

$

353,909

 

 

$

366,609

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

317,464

 

 

$

246,596

 

 

$

296,705

 

 

$

723,447

 

 

$

770,625

 

GAAP Gross Margin

 

51.3

%

 

 

51.3

%

 

 

50.2

%

 

 

51.1

%

 

 

50.5

%

Stock-based compensation expense - COGS

 

395

 

 

 

361

 

 

 

309

 

 

 

1,041

 

 

 

898

 

Non-GAAP Gross Profit

$

317,859

 

 

$

246,957

 

 

$

297,014

 

 

$

724,488

 

 

$

771,523

 

Non-GAAP Gross Margin

 

51.4

%

 

 

51.3

%

 

 

50.3

%

 

 

51.1

%

 

 

50.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Dec. 30,

 

Sep. 23,

 

Dec. 24,

 

Dec. 30,

 

Dec. 24,

 

2023

 

2023

 

2022

 

2023

 

2022

Effective Tax Rate Reconciliation

Q3'24

 

Q2'24

 

Q3'23

 

Q3'24

 

Q3'23

GAAP Tax Expense

$

33,377

 

 

$

34,001

 

 

$

36,964

 

 

$

74,548

 

 

$

82,953

 

GAAP Effective Tax Rate

 

19.4

%

 

 

31.1

%

 

 

26.3

%

 

 

24.5

%

 

 

26.5

%

Adjustments to income taxes

 

2,769

 

 

 

604

 

 

 

2,936

 

 

 

9,001

 

 

 

11,371

 

Non-GAAP Tax Expense

$

36,146

 

 

$

34,605

 

 

$

39,900

 

 

$

83,549

 

 

$

94,324

 

Non-GAAP Effective Tax Rate

 

18.4

%

 

 

25.4

%

 

 

22.7

%

 

 

21.8

%

 

 

23.1

%

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

0.60

 

 

$

0.60

 

 

$

0.65

 

 

$

1.33

 

 

$

1.45

 

Adjustments to income taxes

 

0.05

 

 

 

0.01

 

 

 

0.05

 

 

 

0.16

 

 

 

0.20

 

Non-GAAP Tax Expense

$

0.65

 

 

$

0.61

 

 

$

0.70

 

 

$

1.49

 

 

$

1.65

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Dec. 30,

 

Mar. 25,

 

Dec. 24,

 

 

2023

 

2023

 

2022

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

483,931

 

 

$

445,784

 

 

$

434,544

 

Marketable securities

 

 

32,842

 

 

 

34,978

 

 

 

28,373

 

Accounts receivable, net

 

 

217,269

 

 

 

150,473

 

 

 

270,493

 

Inventories

 

 

256,675

 

 

 

233,450

 

 

 

152,426

 

Prepaid wafers

 

 

84,854

 

 

 

60,638

 

 

 

 

Other current assets

 

 

109,814

 

 

 

92,533

 

 

 

127,649

 

Total current Assets

 

 

1,185,385

 

 

 

1,017,856

 

 

 

1,013,485

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

70,260

 

 

 

36,509

 

 

 

44,784

 

Right-of-use lease assets

 

 

140,993

 

 

 

128,145

 

 

 

150,938

 

Property and equipment, net

 

 

167,579

 

 

 

162,972

 

 

 

156,602

 

Intangibles, net

 

 

31,677

 

 

 

38,876

 

 

 

133,032

 

Goodwill

 

 

435,936

 

 

 

435,936

 

 

 

435,936

 

Deferred tax asset

 

 

34,116

 

 

 

35,580

 

 

 

8,630

 

Long-term prepaid wafers

 

 

73,492

 

 

 

134,363

 

 

 

154,575

 

Other assets

 

 

77,675

 

 

 

73,729

 

 

 

67,907

 

Total assets

 

$

2,217,113

 

 

$

2,063,966

 

 

$

2,165,889

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

56,231

 

 

$

81,462

 

 

$

117,406

 

Accrued salaries and benefits

 

 

44,352

 

 

 

50,606

 

 

 

42,187

 

Lease liability

 

 

19,906

 

 

 

18,442

 

 

 

14,024

 

Acquisition-related liabilities

 

 

 

 

 

21,361

 

 

 

18,195

 

Other accrued liabilities

 

 

58,105

 

 

 

44,469

 

 

 

36,737

 

Total current liabilities

 

 

178,594

 

 

 

216,340

 

 

 

228,549

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

138,415

 

 

 

122,631

 

 

 

143,252

 

Non-current income taxes

 

 

52,247

 

 

 

59,013

 

 

 

72,267

 

Other long-term liabilities

 

 

47,097

 

 

 

7,700

 

 

 

5,501

 

Total long-term liabilities

 

 

237,759

 

 

 

189,344

 

 

 

221,020

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,735,824

 

 

 

1,670,141

 

 

 

1,639,056

 

Accumulated earnings (deficit)

 

 

66,633

 

 

 

(9,320

)

 

 

80,865

 

Accumulated other comprehensive loss

 

 

(1,697

)

 

 

(2,539

)

 

 

(3,601

)

Total stockholders' equity

 

 

1,800,760

 

 

 

1,658,282

 

 

 

1,716,320

 

Total liabilities and stockholders' equity

 

$

2,217,113

 

 

$

2,063,966

 

 

$

2,165,889

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Dec. 30,

 

Dec. 24,

 

 

2023

 

2022

 

 

Q3'24

 

Q3'23

Cash flows from operating activities:

 

 

 

 

Net income

 

$

138,723

 

 

$

103,477

 

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

 

 

 

 

Depreciation and amortization

 

 

12,732

 

 

 

18,624

 

Stock-based compensation expense

 

 

23,067

 

 

 

20,487

 

Deferred income taxes

 

 

9,723

 

 

 

10,886

 

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

 

 

10

 

 

 

3

 

Other non-cash charges

 

 

668

 

 

 

2,832

 

Restructuring costs

 

 

(360

)

 

 

 

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

54,048

 

 

 

34,053

 

Inventories

 

 

72,257

 

 

 

12,145

 

Prepaid wafers

 

 

15,596

 

 

 

 

Other assets

 

 

17,973

 

 

 

6,458

 

Accounts payable and other accrued liabilities

 

 

(32,123

)

 

 

(20,521

)

Income taxes payable

 

 

1,378

 

 

 

(10,656

)

Acquisition-related liabilities

 

 

 

 

 

3,160

 

Net cash provided by operating activities

 

 

313,692

 

 

 

180,948

 

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

5,176

 

 

 

3,691

 

Purchases of available-for-sale marketable securities

 

 

(32,334

)

 

 

(3,433

)

Purchases of property, equipment and software

 

 

(9,813

)

 

 

(6,777

)

Investments in technology

 

 

 

 

 

(831

)

Net cash used in investing activities

 

 

(36,971

)

 

 

(7,350

)

Cash flows from financing activities:

 

 

 

 

Payment of acquisition-related holdback

 

 

 

 

 

(30,949

)

Issuance of common stock, net of shares withheld for taxes

 

 

50

 

 

 

393

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(13,722

)

 

 

(13,541

)

Repurchase and retirement of common stock

 

 

(56,923

)

 

 

(50,000

)

Net cash used in financing activities

 

 

(70,595

)

 

 

(94,097

)

Net increase in cash and cash equivalents

 

 

206,126

 

 

 

79,501

 

Cash and cash equivalents at beginning of period

 

 

277,805

 

 

 

355,043

 

Cash and cash equivalents at end of period

 

$

483,931

 

 

$

434,544

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

 

 

Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve
Months
Ended

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 30,

 

Dec. 30,

 

Sep. 23,

 

Jun. 24,

 

Mar. 25,

 

 

2023

 

2023

 

2023

 

2023

 

2023

 

 

Q3'24

 

Q3'24

 

Q2'24

 

Q1'24

 

Q4'23

 

 

 

 

 

 

 

 

 

 

 

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

 

$

299,414

 

 

$

313,692

 

 

$

(22,731

)

 

$

(39,813

)

 

$

48,266

 

Capital expenditures

 

 

(42,285

)

 

 

(9,813

)

 

 

(8,527

)

 

 

(12,310

)

 

 

(11,635

)

Free Cash Flow (Non-GAAP)

 

$

257,129

 

 

$

303,879

 

 

$

(31,258

)

 

$

(52,123

)

 

$

36,631

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

17

%

 

 

51

%

 

 

(5

)%

 

 

(13

)%

 

 

13

%

Capital Expenditures as a Percentage of Revenue (GAAP)

 

 

2

%

 

 

2

%

 

 

2

%

 

 

4

%

 

 

3

%

Free Cash Flow Margin (Non-GAAP)

 

 

14

%

 

 

49

%

 

 

(6

)%

 

 

(16

)%

 

 

10

%

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in millions; unaudited)

(not prepared in accordance with GAAP)

 

 

 

 

 

Q4 FY24

 

 

Guidance

Operating Expense Reconciliation

 

 

GAAP Operating Expenses

 

$138 - 144

Stock-based compensation expense

 

(22)

Amortization of acquisition intangibles

 

(2)

Non-GAAP Operating Expenses

 

$114 - 120

 

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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