CRUS Cirrus Logic Inc

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 of fiscal year 2025, which ended December 28, 2024, as well as the company’s current business outlook.

“Cirrus Logic delivered revenue significantly above the top end of our guidance range in the December quarter as shipments into smartphones exceeded our expectations,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, we experienced strong demand for our smartphone audio components, including our latest-generation custom boosted amplifier and first 22-nanometer smart codec. Additionally, we gained momentum in our laptop business as we were featured as part of the Intel Arrow Lake reference design, began sampling our latest amplifier and codec specifically designed for laptops, and expanded our breadth of content across a variety of devices. With a compelling roadmap of products and a proven track record of execution, we believe Cirrus Logic is well-positioned to grow long-term shareholder value.”

Reported Financial Results – Third Quarter FY25

• Revenue of $555.7 million;
• GAAP and non-GAAP gross margin of 53.6 percent;
• GAAP operating expenses of $152.0 million and non-GAAP operating expenses of $129.2 million; and
• GAAP earnings per share of $2.11 and non-GAAP earnings per share of $2.51.

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

Business Outlook – Fourth Quarter FY25

• Revenue is expected to range between $350 million and $410 million;
• GAAP gross margin is forecasted to be between 51 percent and 53 percent; and
• Combined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $119 million and $125 million.

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 (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424).

About Cirrus Logic, Inc.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.

Use of non-GAAP Financial Information

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

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statement about our belief that we are well-positioned to grow long-term shareholder value; and our estimates for the fourth quarter fiscal year 2025 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the fourth 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 30, 2024 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Summary Financial Data Follows:

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

(in thousands, except per share data; unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Dec. 28,

 

Sep. 28,

 

Dec. 30,

 

Dec. 28,

 

Dec. 30,

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Q3'25

 

Q2'25

 

Q3'24

 

Q3'25

 

Q3'24

Audio

$

346,272

 

 

$

316,588

 

 

$

378,597

 

 

$

881,830

 

 

$

857,258

 

High-Performance Mixed-Signal

 

209,466

 

 

 

225,269

 

 

 

240,387

 

 

 

589,791

 

 

 

559,805

 

Net sales

 

555,738

 

 

 

541,857

 

 

 

618,984

 

 

 

1,471,621

 

 

 

1,417,063

 

Cost of sales

 

257,951

 

 

 

259,267

 

 

 

301,520

 

 

 

702,319

 

 

 

693,616

 

Gross profit

 

297,787

 

 

 

282,590

 

 

 

317,464

 

 

 

769,302

 

 

 

723,447

 

Gross margin

 

53.6

%

 

 

52.2

%

 

 

51.3

%

 

 

52.3

%

 

 

51.1

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

112,976

 

 

 

112,925

 

 

 

112,672

 

 

 

331,264

 

 

 

323,092

 

Selling, general and administrative

 

39,042

 

 

 

37,813

 

 

 

37,604

 

 

 

113,625

 

 

 

107,306

 

Restructuring costs

 

—

 

 

 

—

 

 

 

(360

)

 

 

—

 

 

 

1,959

 

Total operating expenses

 

152,018

 

 

 

150,738

 

 

 

149,916

 

 

 

444,889

 

 

 

432,357

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

145,769

 

 

 

131,852

 

 

 

167,548

 

 

 

324,413

 

 

 

291,090

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

8,146

 

 

 

8,134

 

 

 

4,889

 

 

 

24,482

 

 

 

13,218

 

Other income (expense)

 

(214

)

 

 

19

 

 

 

(337

)

 

 

1,414

 

 

 

(30

)

Income before income taxes

 

153,701

 

 

 

140,005

 

 

 

172,100

 

 

 

350,309

 

 

 

304,278

 

Provision for income taxes

 

37,696

 

 

 

37,865

 

 

 

33,377

 

 

 

90,069

 

 

 

74,548

 

Net income

$

116,005

 

 

$

102,140

 

 

$

138,723

 

 

$

260,240

 

 

$

229,730

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

2.19

 

 

$

1.92

 

 

$

2.57

 

 

$

4.89

 

 

$

4.22

 

Diluted earnings per share:

$

2.11

 

 

$

1.83

 

 

$

2.50

 

 

$

4.69

 

 

$

4.09

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

53,081

 

 

 

53,275

 

 

 

54,016

 

 

 

53,263

 

 

 

54,449

 

Diluted

 

55,076

 

 

 

55,800

 

 

 

55,592

 

 

 

55,529

 

 

 

56,160

 

 

 

 

 

 

 

 

 

 

 

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. 28,

 

Sep. 28,

 

Dec. 30,

 

Dec. 28,

 

Dec. 30,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Net Income Reconciliation

Q3'25

 

Q2'25

 

Q3'24

 

Q3'25

 

Q3'24

 

GAAP Net Income

$

116,005

 

 

$

102,140

 

 

$

138,723

 

 

$

260,240

 

 

$

229,730

 

 

Amortization of acquisition intangibles

 

1,647

 

 

 

1,864

 

 

 

1,972

 

 

 

5,483

 

 

 

6,312

 

 

Stock-based compensation expense

 

20,823

 

 

 

22,447

 

 

 

23,067

 

 

 

64,655

 

 

 

67,113

 

 

Lease impairment

 

661

 

 

 

—

 

 

 

—

 

 

 

1,680

 

 

 

—

 

 

Restructuring costs

 

—

 

 

 

—

 

 

 

(360

)

 

 

—

 

 

 

1,959

 

 

Acquisition-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,105

 

 

Adjustment to income taxes

 

(827

)

 

 

(1,162

)

 

 

(2,769

)

 

 

(6,094

)

 

 

(9,001

)

 

Non-GAAP Net Income

$

138,309

 

 

$

125,289

 

 

$

160,633

 

 

$

325,964

 

 

$

300,218

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share Reconciliation

 

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings per share

$

2.11

 

 

$

1.83

 

 

$

2.50

 

 

$

4.69

 

 

$

4.09

 

 

Effect of Amortization of acquisition intangibles

 

0.03

 

 

 

0.04

 

 

 

0.04

 

 

 

0.10

 

 

 

0.11

 

 

Effect of Stock-based compensation expense

 

0.38

 

 

 

0.40

 

 

 

0.41

 

 

 

1.16

 

 

 

1.20

 

 

Effect of Lease impairment

 

0.01

 

 

 

—

 

 

 

—

 

 

 

0.03

 

 

 

—

 

 

Effect of Restructuring costs

 

—

 

 

 

—

 

 

 

(0.01

)

 

 

—

 

 

 

0.04

 

 

Effect of Acquisition-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.07

 

 

Effect of Adjustment to income taxes

 

(0.02

)

 

 

(0.02

)

 

 

(0.05

)

 

 

(0.11

)

 

 

(0.16

)

 

Non-GAAP Diluted earnings per share

$

2.51

 

 

$

2.25

 

 

$

2.89

 

 

$

5.87

 

 

$

5.35

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Reconciliation

 

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$

145,769

 

 

$

131,852

 

 

$

167,548

 

 

$

324,413

 

 

$

291,090

 

 

GAAP Operating Profit

 

26.2

%

 

 

24.3

%

 

 

27.1

%

 

 

22.0

%

 

 

20.5

%

 

Amortization of acquisition intangibles

 

1,647

 

 

 

1,864

 

 

 

1,972

 

 

 

5,483

 

 

 

6,312

 

 

Stock-based compensation expense - COGS

 

351

 

 

 

355

 

 

 

395

 

 

 

972

 

 

 

1,041

 

 

Stock-based compensation expense - R&D

 

14,498

 

 

 

15,844

 

 

 

16,771

 

 

 

46,105

 

 

 

48,195

 

 

Stock-based compensation expense - SG&A

 

5,974

 

 

 

6,248

 

 

 

5,901

 

 

 

17,578

 

 

 

17,877

 

 

Lease impairment

 

661

 

 

 

—

 

 

 

—

 

 

 

1,680

 

 

 

—

 

 

Restructuring costs

 

—

 

 

 

—

 

 

 

(360

)

 

 

—

 

 

 

1,959

 

 

Acquisition-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,105

 

 

Non-GAAP Operating Income

$

168,900

 

 

$

156,163

 

 

$

192,227

 

 

$

396,231

 

 

$

370,579

 

 

Non-GAAP Operating Profit

 

30.4

%

 

 

28.8

%

 

 

31.1

%

 

 

26.9

%

 

 

26.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

152,018

 

 

$

150,738

 

 

$

149,916

 

 

$

444,889

 

 

$

432,357

 

 

Amortization of acquisition intangibles

 

(1,647

)

 

 

(1,864

)

 

 

(1,972

)

 

 

(5,483

)

 

 

(6,312

)

 

Stock-based compensation expense - R&D

 

(14,498

)

 

 

(15,844

)

 

 

(16,771

)

 

 

(46,105

)

 

 

(48,195

)

 

Stock-based compensation expense - SG&A

 

(5,974

)

 

 

(6,248

)

 

 

(5,901

)

 

 

(17,578

)

 

 

(17,877

)

 

Lease impairment

 

661

 

 

 

—

 

 

 

—

 

 

 

1,680

 

 

 

—

 

 

Restructuring costs

 

—

 

 

 

—

 

 

 

360

 

 

 

—

 

 

 

(1,959

)

 

Acquisition-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,105

)

 

Non-GAAP Operating Expenses

$

129,238

 

 

$

126,782

 

 

$

125,632

 

 

$

374,043

 

 

$

353,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

297,787

 

 

$

282,590

 

 

$

317,464

 

 

$

769,302

 

 

$

723,447

 

 

GAAP Gross Margin

 

53.6

%

 

 

52.2

%

 

 

51.3

%

 

 

52.3

%

 

 

51.1

%

 

Stock-based compensation expense - COGS

 

351

 

 

 

355

 

 

 

395

 

 

 

972

 

 

 

1,041

 

 

Non-GAAP Gross Profit

$

298,138

 

 

$

282,945

 

 

$

317,859

 

 

$

770,274

 

 

$

724,488

 

 

Non-GAAP Gross Margin

 

53.6

%

 

 

52.2

%

 

 

51.4

%

 

 

52.3

%

 

 

51.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

Dec. 28,

 

Sep. 28,

 

Dec. 30,

 

Dec. 28,

 

Dec. 30,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Effective Tax Rate Reconciliation

Q3'25

 

Q2'25

 

Q3'24

 

Q3'25

 

Q3'24

 

GAAP Tax Expense

$

37,696

 

 

$

37,865

 

 

$

33,377

 

 

$

90,069

 

 

$

74,548

 

 

GAAP Effective Tax Rate

 

24.5

%

 

 

27.0

%

 

 

19.4

%

 

 

25.7

%

 

 

24.5

%

 

Adjustments to income taxes

 

827

 

 

 

1,162

 

 

 

2,769

 

 

 

6,094

 

 

 

9,001

 

 

Non-GAAP Tax Expense

$

38,523

 

 

$

39,027

 

 

$

36,146

 

 

$

96,163

 

 

$

83,549

 

 

Non-GAAP Effective Tax Rate

 

21.8

%

 

 

23.8

%

 

 

18.4

%

 

 

22.8

%

 

 

21.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

0.68

 

 

$

0.68

 

 

$

0.60

 

 

$

1.62

 

 

$

1.33

 

 

Adjustments to income taxes

 

0.02

 

 

 

0.02

 

 

 

0.05

 

 

 

0.11

 

 

 

0.16

 

 

Non-GAAP Tax Expense

$

0.70

 

 

$

0.70

 

 

$

0.65

 

 

$

1.73

 

 

$

1.49

 

 

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Dec. 28,

 

Mar. 30,

 

Dec. 30,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

526,444

 

 

$

502,764

 

 

$

483,931

 

Marketable securities

 

 

37,535

 

 

 

23,778

 

 

 

32,842

 

Accounts receivable, net

 

 

261,943

 

 

 

162,478

 

 

 

217,269

 

Inventories

 

 

275,558

 

 

 

227,248

 

 

 

256,675

 

Prepaid wafers

 

 

66,113

 

 

 

86,679

 

 

 

84,854

 

Other current assets

 

 

82,857

 

 

 

103,245

 

 

 

109,814

 

Total current Assets

 

 

1,250,450

 

 

 

1,106,192

 

 

 

1,185,385

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

252,594

 

 

 

173,374

 

 

 

70,260

 

Right-of-use lease assets

 

 

129,597

 

 

 

138,288

 

 

 

140,993

 

Property and equipment, net

 

 

163,837

 

 

 

170,175

 

 

 

167,579

 

Intangibles, net

 

 

23,957

 

 

 

29,578

 

 

 

31,677

 

Goodwill

 

 

435,936

 

 

 

435,936

 

 

 

435,936

 

Deferred tax asset

 

 

40,895

 

 

 

48,649

 

 

 

34,116

 

Long-term prepaid wafers

 

 

23,020

 

 

 

60,750

 

 

 

73,492

 

Other assets

 

 

42,954

 

 

 

68,634

 

 

 

77,675

 

Total assets

 

$

2,363,240

 

 

$

2,231,576

 

 

$

2,217,113

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

77,907

 

 

$

55,545

 

 

$

56,231

 

Accrued salaries and benefits

 

 

48,029

 

 

 

47,612

 

 

 

44,352

 

Lease liability

 

 

21,858

 

 

 

20,640

 

 

 

19,906

 

Other accrued liabilities

 

 

63,119

 

 

 

62,596

 

 

 

58,105

 

Total current liabilities

 

 

210,913

 

 

 

186,393

 

 

 

178,594

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

124,622

 

 

 

134,576

 

 

 

138,415

 

Non-current income taxes

 

 

43,401

 

 

 

52,013

 

 

 

52,247

 

Other long-term liabilities

 

 

21,506

 

 

 

41,580

 

 

 

47,097

 

Total long-term liabilities

 

 

189,529

 

 

 

228,169

 

 

 

237,759

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,840,791

 

 

 

1,760,701

 

 

 

1,735,824

 

Accumulated earnings

 

 

124,101

 

 

 

58,916

 

 

 

66,633

 

Accumulated other comprehensive loss

 

 

(2,094

)

 

 

(2,603

)

 

 

(1,697

)

Total stockholders' equity

 

 

1,962,798

 

 

 

1,817,014

 

 

 

1,800,760

 

Total liabilities and stockholders' equity

 

$

2,363,240

 

 

$

2,231,576

 

 

$

2,217,113

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

 

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Dec. 28,

 

Dec. 30,

 

 

 

2024

 

 

 

2023

 

 

 

Q3'25

 

Q3'24

Cash flows from operating activities:

 

 

 

 

Net income

 

$

116,005

 

 

$

138,723

 

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

 

 

 

 

Depreciation and amortization

 

 

12,824

 

 

 

12,732

 

Stock-based compensation expense

 

 

20,823

 

 

 

23,067

 

Deferred income taxes

 

 

8,379

 

 

 

9,723

 

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

 

 

369

 

 

 

10

 

Other non-cash charges

 

 

(379

)

 

 

668

 

Restructuring costs

 

 

—

 

 

 

(360

)

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

62,155

 

 

 

54,048

 

Inventories

 

 

(3,793

)

 

 

72,257

 

Prepaid wafers

 

 

20,411

 

 

 

15,596

 

Other assets

 

 

1,720

 

 

 

17,973

 

Accounts payable and other accrued liabilities

 

 

(21,556

)

 

 

(32,123

)

Income taxes payable

 

 

1,630

 

 

 

1,378

 

Net cash provided by operating activities

 

 

218,588

 

 

 

313,692

 

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

12,423

 

 

 

5,176

 

Purchases of available-for-sale marketable securities

 

 

(44,868

)

 

 

(32,334

)

Purchases of property, equipment and software

 

 

(6,687

)

 

 

(9,813

)

Net cash used in investing activities

 

 

(39,132

)

 

 

(36,971

)

Cash flows from financing activities:

 

 

 

 

Net proceeds from the issuance of common stock

 

 

378

 

 

 

50

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(29,112

)

 

 

(13,722

)

Repurchase and retirement of common stock

 

 

(70,037

)

 

 

(56,923

)

Net cash used in financing activities

 

 

(98,771

)

 

 

(70,595

)

Net increase in cash and cash equivalents

 

 

80,685

 

 

 

206,126

 

Cash and cash equivalents at beginning of period

 

 

445,759

 

 

 

277,805

 

Cash and cash equivalents at end of period

 

$

526,444

 

 

$

483,931

 

 

 

 

 

 

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. 28,

 

Dec. 28,

 

Sep. 28,

 

Jun. 29,

 

Mar. 30,

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

Q3'25

 

Q3'25

 

Q2'25

 

Q1'25

 

Q4'24

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

484,506

 

 

$

218,588

 

 

$

8,231

 

 

$

87,161

 

 

$

170,526

 

Capital expenditures

 

 

(27,267

)

 

 

(6,687

)

 

 

(2,740

)

 

 

(10,145

)

 

 

(7,695

)

Free Cash Flow (Non-GAAP)

 

$

457,239

 

 

$

211,901

 

$

5,491

 

 

$

77,016

 

 

$

162,831

 

 

 

 

 

 

 

 

 

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

 

26

%

 

39

%

 

 

2

%

 

 

23

%

 

 

46

%

Capital Expenditures as a Percentage of Revenue (GAAP)

 

 

1

%

 

1

%

 

 

1

%

 

 

3

%

 

 

2

%

Free Cash Flow Margin (Non-GAAP)

 

25

%

 

 

38

%

 

1

%

 

21

%

 

 

44

%

 

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in millions; unaudited)

(not prepared in accordance with GAAP)

 

 

 

 

 

Q4 FY25

 

 

Guidance

Operating Expense Reconciliation

 

 

GAAP Operating Expenses

 

$141 - 147

Stock-based compensation expense

 

(20)

Amortization of acquisition intangibles

 

(2)

Non-GAAP Operating Expenses

 

$119 - 125

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250204408544/en/

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