Cirrus Logic Reports Fiscal Second Quarter Revenue of $541.9 Million

Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the second quarter of fiscal year 2025, which ended September 28, 2024, as well as the company’s current business outlook.

“Cirrus Logic reported record revenue and earnings per share for the September quarter. Revenue was near the top end of our guidance range due to strong demand for products shipping into smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “In addition to our outstanding financial results, during the quarter, we started shipping our next-generation custom boosted amplifier and first 22-nanometer smart codec in recently launched smartphones. We also made excellent progress in the laptop market as we secured our first high-volume mainstream design win with our latest PC codec and began shipping our first power product in multiple tier-one customers’ devices. With an extensive product portfolio and a compelling roadmap of future products, we believe Cirrus Logic is well-positioned to capitalize on the many opportunities ahead of us to further broaden our technology and market reach.”

Reported Financial Results – Second Quarter FY25

• Revenue of $541.9 million;
• GAAP and non-GAAP gross margin of 52.2 percent;
• GAAP operating expenses of $150.7 million and non-GAAP operating expenses of $126.8 million; and
• GAAP earnings per share of $1.83 and non-GAAP earnings per share of $2.25.

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

Business Outlook – Third Quarter FY25

• Revenue is expected to range between $480 million and $540 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 $148 million and $154 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 $124 million and $130 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 [phone] or toll-free at [phone] (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 capitalize on the many opportunities ahead of us; and our estimates for the third 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 third 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

 

Six Months Ended

 

Sep. 28,

 

Jun. 29,

 

Sep. 23,

 

Sep. 28,

 

Sep. 23,

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Q2'25

 

Q1'25

 

Q2'24

 

Q2'25

 

Q2'24

Audio

$

316,588

 

 

$

218,970

 

 

$

282,855

 

 

$

535,558

 

 

$

478,661

 

High-Performance Mixed-Signal

 

225,269

 

 

 

155,056

 

 

 

198,208

 

 

 

380,325

 

 

 

319,418

 

Net sales

 

541,857

 

 

 

374,026

 

 

 

481,063

 

 

 

915,883

 

 

 

798,079

 

Cost of sales

 

259,267

 

 

 

185,101

 

 

 

234,467

 

 

 

444,368

 

 

 

392,096

 

Gross profit

 

282,590

 

 

 

188,925

 

 

 

246,596

 

 

 

471,515

 

 

 

405,983

 

Gross margin

 

52.2

%

 

 

50.5

%

 

 

51.3

%

 

 

51.5

%

 

 

50.9

%

 

 

 

 

 

 

 

 

 

 

Research and development

 

112,925

 

 

 

105,363

 

 

 

104,205

 

 

 

218,288

 

 

 

210,420

 

Selling, general and administrative

 

37,813

 

 

 

36,770

 

 

 

34,323

 

 

 

74,583

 

 

 

69,702

 

Restructuring costs

 

—

 

 

 

—

 

 

 

2,319

 

 

 

—

 

 

 

2,319

 

Total operating expenses

 

150,738

 

 

 

142,133

 

 

 

140,847

 

 

 

292,871

 

 

 

282,441

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

131,852

 

 

 

46,792

 

 

 

105,749

 

 

 

178,644

 

 

 

123,542

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

8,134

 

 

 

8,202

 

 

 

3,729

 

 

 

16,336

 

 

 

8,329

 

Other income (expense)

 

19

 

 

 

1,609

 

 

 

(70

)

 

 

1,628

 

 

 

307

 

Income before income taxes

 

140,005

 

 

 

56,603

 

 

 

109,408

 

 

 

196,608

 

 

 

132,178

 

Provision for income taxes

 

37,865

 

 

 

14,508

 

 

 

34,001

 

 

 

52,373

 

 

 

41,171

 

Net income

$

102,140

 

 

$

42,095

 

 

$

75,407

 

 

$

144,235

 

 

$

91,007

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.92

 

 

$

0.79

 

 

$

1.38

 

 

$

2.70

 

 

$

1.66

 

Diluted earnings per share:

$

1.83

 

 

$

0.76

 

 

$

1.34

 

 

$

2.59

 

 

$

1.61

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

 

 

 

Basic

 

53,275

 

 

 

53,433

 

 

 

54,503

 

 

 

53,354

 

 

 

54,683

 

Diluted

 

55,800

 

 

 

55,665

 

 

 

56,278

 

 

 

55,753

 

 

 

56,453

 

 

 

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in thousands, except per share data; unaudited)

(not prepared in accordance with GAAP)

 

 

 

 

 

 

 

 

 

 

Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

Sep. 28,

 

Jun. 29,

 

Sep. 23,

 

Sep. 28,

 

Sep. 23,

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net Income Reconciliation

Q2'25

 

Q1'25

 

Q2'24

 

Q2'25

 

Q2'24

GAAP Net Income

$

102,140

 

 

$

42,095

 

 

$

75,407

 

 

$

144,235

 

 

$

91,007

 

Amortization of acquisition intangibles

 

1,864

 

 

 

1,972

 

 

 

2,170

 

 

 

3,836

 

 

 

4,340

 

Stock-based compensation expense

 

22,447

 

 

 

21,385

 

 

 

21,331

 

 

 

43,832

 

 

 

44,046

 

Lease impairment

 

—

 

 

 

1,019

 

 

 

—

 

 

 

1,019

 

 

 

—

 

Restructuring costs

 

—

 

 

 

—

 

 

 

2,319

 

 

 

—

 

 

 

2,319

 

Acquisition-related costs

 

—

 

 

 

—

 

 

 

939

 

 

 

—

 

 

 

4,105

 

Adjustment to income taxes

 

(1,162

)

 

 

(4,105

)

 

 

(604

)

 

 

(5,267

)

 

 

(6,232

)

Non-GAAP Net Income

$

125,289

 

 

$

62,366

 

 

$

101,562

 

 

$

187,655

 

 

$

139,585

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Diluted earnings per share

$

1.83

 

 

$

0.76

 

 

$

1.34

 

 

$

2.59

 

 

$

1.61

 

Effect of Amortization of acquisition intangibles

 

0.04

 

 

 

0.03

 

 

 

0.04

 

 

 

0.07

 

 

 

0.08

 

Effect of Stock-based compensation expense

 

0.40

 

 

 

0.38

 

 

 

0.38

 

 

 

0.79

 

 

 

0.78

 

Effect of Lease impairment

 

—

 

 

 

0.02

 

 

 

—

 

 

 

0.02

 

 

 

—

 

Effect of Restructuring costs

 

—

 

 

 

—

 

 

 

0.04

 

 

 

—

 

 

 

0.04

 

Effect of Acquisition-related costs

 

—

 

 

 

—

 

 

 

0.01

 

 

 

—

 

 

 

0.07

 

Effect of Adjustment to income taxes

 

(0.02

)

 

 

(0.07

)

 

 

(0.01

)

 

 

(0.10

)

 

 

(0.11

)

Non-GAAP Diluted earnings per share

$

2.25

 

 

$

1.12

 

 

$

1.80

 

 

$

3.37

 

 

$

2.47

 

 

 

 

 

 

 

 

 

 

 

Operating Income Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$

131,852

 

 

$

46,792

 

 

$

105,749

 

 

$

178,644

 

 

$

123,542

 

GAAP Operating Profit

 

24.3

%

 

 

12.5

%

 

 

22.0

%

 

 

19.5

%

 

 

15.5

%

Amortization of acquisition intangibles

 

1,864

 

 

 

1,972

 

 

 

2,170

 

 

 

3,836

 

 

 

4,340

 

Stock-based compensation expense - COGS

 

355

 

 

 

266

 

 

 

361

 

 

 

621

 

 

 

646

 

Stock-based compensation expense - R&D

 

15,844

 

 

 

15,763

 

 

 

15,472

 

 

 

31,607

 

 

 

31,424

 

Stock-based compensation expense - SG&A

 

6,248

 

 

 

5,356

 

 

 

5,498

 

 

 

11,604

 

 

 

11,976

 

Lease impairment

 

—

 

 

 

1,019

 

 

 

—

 

 

 

1,019

 

 

 

—

 

Restructuring costs

 

—

 

 

 

—

 

 

 

2,319

 

 

 

—

 

 

 

2,319

 

Acquisition-related costs

 

—

 

 

 

—

 

 

 

939

 

 

 

—

 

 

 

4,105

 

Non-GAAP Operating Income

$

156,163

 

 

$

71,168

 

 

$

132,508

 

 

$

227,331

 

 

$

178,352

 

Non-GAAP Operating Profit

 

28.8

%

 

 

19.0

%

 

 

27.5

%

 

 

24.8

%

 

 

22.3

%

 

 

 

 

 

 

 

 

 

 

Operating Expense Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses

$

150,738

 

 

$

142,133

 

 

$

140,847

 

 

$

292,871

 

 

$

282,441

 

Amortization of acquisition intangibles

 

(1,864

)

 

 

(1,972

)

 

 

(2,170

)

 

 

(3,836

)

 

 

(4,340

)

Stock-based compensation expense - R&D

 

(15,844

)

 

 

(15,763

)

 

 

(15,472

)

 

 

(31,607

)

 

 

(31,424

)

Stock-based compensation expense - SG&A

 

(6,248

)

 

 

(5,356

)

 

 

(5,498

)

 

 

(11,604

)

 

 

(11,976

)

Lease impairment

 

—

 

 

 

1,019

 

 

 

—

 

 

 

1,019

 

 

 

—

 

Restructuring costs

 

—

 

 

 

—

 

 

 

(2,319

)

 

 

—

 

 

 

(2,319

)

Acquisition-related costs

 

—

 

 

 

—

 

 

 

(939

)

 

 

—

 

 

 

(4,105

)

Non-GAAP Operating Expenses

$

126,782

 

 

$

118,023

 

 

$

114,449

 

 

$

244,805

 

 

$

228,277

 

 

 

 

 

 

 

 

 

 

 

Gross Margin/Profit Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Gross Profit

$

282,590

 

 

$

188,925

 

 

$

246,596

 

 

$

471,515

 

 

$

405,983

 

GAAP Gross Margin

 

52.2

%

 

 

50.5

%

 

 

51.3

%

 

 

51.5

%

 

 

50.9

%

Stock-based compensation expense - COGS

 

355

 

 

 

266

 

 

 

361

 

 

 

621

 

 

 

646

 

Non-GAAP Gross Profit

$

282,945

 

 

$

189,191

 

 

$

246,957

 

 

$

472,136

 

 

$

406,629

 

Non-GAAP Gross Margin

 

52.2

%

 

 

50.6

%

 

 

51.3

%

 

 

51.5

%

 

 

51.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

Sep. 28,

 

Jun. 29,

 

Sep. 23,

 

Sep. 28,

 

Sep. 23,

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Effective Tax Rate Reconciliation

Q2'25

 

Q1'25

 

Q2'24

 

Q2'25

 

Q2'24

GAAP Tax Expense

$

37,865

 

 

$

14,508

 

 

$

34,001

 

 

$

52,373

 

 

$

41,171

 

GAAP Effective Tax Rate

 

27.0

%

 

 

25.6

%

 

 

31.1

%

 

 

26.6

%

 

 

31.1

%

Adjustments to income taxes

 

1,162

 

 

 

4,105

 

 

 

604

 

 

 

5,267

 

 

 

6,232

 

Non-GAAP Tax Expense

$

39,027

 

 

$

18,613

 

 

$

34,605

 

 

$

57,640

 

 

$

47,403

 

Non-GAAP Effective Tax Rate

 

23.8

%

 

 

23.0

%

 

 

25.4

%

 

 

23.5

%

 

 

25.4

%

 

 

 

 

 

 

 

 

 

 

Tax Impact to EPS Reconciliation

 

 

 

 

 

 

 

 

 

GAAP Tax Expense

$

0.68

 

 

$

0.26

 

 

$

0.60

 

 

$

0.94

 

 

$

0.73

 

Adjustments to income taxes

 

0.02

 

 

 

0.07

 

 

 

0.01

 

 

 

0.10

 

 

 

0.11

 

Non-GAAP Tax Expense

$

0.70

 

 

$

0.33

 

 

$

0.61

 

 

$

1.04

 

 

$

0.84

 

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands; unaudited)

 

 

 

 

 

 

 

 

 

Sep. 28,

 

Mar. 30,

 

Sep. 23,

 

 

2024

 

2024

 

2023

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

445,759

 

$

502,764

 

 

$

277,805

 

Marketable securities

 

 

32,499

 

 

23,778

 

 

 

34,636

 

Accounts receivable, net

 

 

324,098

 

 

162,478

 

 

 

271,894

 

Inventories

 

 

271,765

 

 

227,248

 

 

 

328,930

 

Prepaid wafers

 

 

71,740

 

 

86,679

 

 

 

79,468

 

Other current assets

 

 

79,044

 

 

103,245

 

 

 

104,138

 

Total current Assets

 

 

1,224,905

 

 

1,106,192

 

 

 

1,096,871

 

 

 

 

 

 

 

 

Long-term marketable securities

 

 

228,302

 

 

173,374

 

 

 

40,042

 

Right-of-use lease assets

 

 

133,316

 

 

138,288

 

 

 

144,104

 

Property and equipment, net

 

 

168,265

 

 

170,175

 

 

 

171,047

 

Intangibles, net

 

 

25,700

 

 

29,578

 

 

 

33,801

 

Goodwill

 

 

435,936

 

 

435,936

 

 

 

435,936

 

Deferred tax asset

 

 

48,619

 

 

48,649

 

 

 

44,126

 

Long-term prepaid wafers

 

 

37,804

 

 

60,750

 

 

 

94,474

 

Other assets

 

 

53,292

 

 

68,634

 

 

 

44,052

 

Total assets

 

$

2,356,139

 

$

2,231,576

 

 

$

2,104,453

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

91,899

 

$

55,545

 

 

$

87,340

 

Accrued salaries and benefits

 

 

51,861

 

 

47,612

 

 

 

46,504

 

Lease liability

 

 

22,800

 

 

20,640

 

 

 

19,859

 

Other accrued liabilities

 

 

62,716

 

 

62,596

 

 

 

47,487

 

Total current liabilities

 

 

229,276

 

 

186,393

 

 

 

201,190

 

 

 

 

 

 

 

 

Non-current lease liability

 

 

129,806

 

 

134,576

 

 

 

136,042

 

Non-current income taxes

 

 

42,683

 

 

52,013

 

 

 

51,589

 

Other long-term liabilities

 

 

26,247

 

 

41,580

 

 

 

7,277

 

Total long-term liabilities

 

 

198,736

 

 

228,169

 

 

 

194,908

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Capital stock

 

 

1,819,589

 

 

1,760,701

 

 

 

1,712,710

 

Accumulated earnings (deficit)

 

 

107,233

 

 

58,916

 

 

 

(1,213

)

Accumulated other comprehensive income (loss)

 

 

1,305

 

 

(2,603

)

 

 

(3,142

)

Total stockholders' equity

 

 

1,928,127

 

 

1,817,014

 

 

 

1,708,355

 

Total liabilities and stockholders' equity

 

$

2,356,139

 

$

2,231,576

 

 

$

2,104,453

 

 

 

 

 

 

 

 

Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Sep. 28,

 

Sep. 23,

 

 

 

2024

 

 

 

2023

 

 

 

Q2'25

 

Q2'24

Cash flows from operating activities:

 

 

 

 

Net income

 

$

102,140

 

 

$

75,407

 

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

 

 

 

 

Depreciation and amortization

 

 

12,618

 

 

 

11,610

 

Stock-based compensation expense

 

 

22,447

 

 

 

21,331

 

Deferred income taxes

 

 

4,984

 

 

 

810

 

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

 

 

12

 

 

 

58

 

Other non-cash charges

 

 

87

 

 

 

274

 

Restructuring costs

 

 

—

 

 

 

2,319

 

Net change in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(134,019

)

 

 

(86,046

)

Inventories

 

 

(39,199

)

 

 

(27,974

)

Prepaid wafers

 

 

25,531

 

 

 

21,058

 

Other assets

 

 

(341

)

 

 

(14,392

)

Accounts payable and other accrued liabilities

 

 

27,268

 

 

 

10,200

 

Income taxes payable

 

 

(13,297

)

 

 

(12,859

)

Acquisition-related liabilities

 

 

—

 

 

 

(24,527

)

Net cash provided by (used in) operating activities

 

 

8,231

 

 

 

(22,731

)

Cash flows from investing activities:

 

 

 

 

Maturities and sales of available-for-sale marketable securities

 

 

835

 

 

 

7,194

 

Purchases of available-for-sale marketable securities

 

 

(3,577

)

 

 

(7,819

)

Purchases of property, equipment and software

 

 

(2,670

)

 

 

(8,470

)

Investments in technology

 

 

(70

)

 

 

(57

)

Net cash used in investing activities

 

 

(5,482

)

 

 

(9,152

)

Cash flows from financing activities:

 

 

 

 

Net proceeds from the issuance of common stock

 

 

4,859

 

 

 

—

 

Repurchase of stock to satisfy employee tax withholding obligations

 

 

(3,207

)

 

 

(2,082

)

Repurchase and retirement of common stock

 

 

(49,993

)

 

 

(40,576

)

Net cash used in financing activities

 

 

(48,341

)

 

 

(42,658

)

Net decrease in cash and cash equivalents

 

 

(45,592

)

 

 

(74,541

)

Cash and cash equivalents at beginning of period

 

 

491,351

 

 

 

352,346

 

Cash and cash equivalents at end of period

 

$

445,759

 

 

$

277,805

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep. 28,

 

Sep. 28,

 

Jun. 29,

 

Mar. 30,

 

Dec. 30,

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

Q2'25

 

Q2'25

 

Q1'25

 

Q4'24

 

Q3'24

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (GAAP)

 

$

579,610

 

 

$

8,231

 

 

$

87,161

 

 

$

170,526

 

 

$

313,692

 

Capital expenditures

 

 

(30,393

)

 

 

(2,740

)

 

 

(10,145

)

 

 

(7,695

)

 

 

(9,813

)

Free Cash Flow (Non-GAAP)

 

$

549,217

 

 

$

5,491

 

 

$

77,016

 

 

$

162,831

 

 

$

303,879

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

30

%

 

 

2

%

 

 

23

%

 

 

46

%

 

 

51

%

Capital Expenditures as a Percentage of Revenue (GAAP)

 

 

2

%

 

 

1

%

 

 

3

%

 

 

2

%

 

 

2

%

Free Cash Flow Margin (Non-GAAP)

 

 

29

%

 

 

1

%

 

 

21

%

 

 

44

%

 

 

49

%

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(in millions; unaudited)

(not prepared in accordance with GAAP)

 

 

 

 

 

Q3 FY25

 

 

Guidance

Operating Expense Reconciliation

 

 

GAAP Operating Expenses

 

$148 - 154

Stock-based compensation expense

 

(22)

Amortization of acquisition intangibles

 

(2)

Non-GAAP Operating Expenses

 

$124 - 130

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104344379/en/

Investor Contact: Chelsea Heffernan Vice President, Investor Relations Cirrus Logic, Inc. [phone] [e-mail]