FALSE000077240600007724062024-11-042024-11-04




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):    November 4, 2024
Commission File Number
 CIRRUS LOGIC, INC.
(Exact name of Registrant as specified in its charter)
Delaware 000-17795 77-0024818
(State or Other Jurisdiction of
Incorporation or Organization)		(Commission File Number)(IRS Employer
Identification No.)
800 W. 6th StreetAustin,TX78701
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code:
(512)
851-4000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, $0.001 par valueCRUSThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.

On November 4, 2024, Cirrus Logic, Inc. (“Cirrus Logic” or the “Company”) issued a press release announcing its financial results for its second quarter fiscal year 2025. The full text of the press release is furnished as Exhibit No. 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure

On November 4, 2024, in addition to issuing a press release, the Company posted on its website a shareholder letter to investors summarizing the financial results for its second quarter fiscal year 2025. The full text of the shareholder letter is furnished as Exhibit No. 99.2 to this Current Report on Form 8-K.

Use of Non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus 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 press release 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.

The information contained in Items 2.02, 7.01, and 9.01 in this Current Report on Form 8-K and the exhibits furnished hereto contain forward-looking statements regarding the Company and cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. In addition, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit            Description

Exhibit 99.1    Cirrus Logic, Inc. press release dated November 4, 2024
Exhibit 99.2    Cirrus Logic, Inc. shareholder letter dated November 4, 2024
Exhibit 104    Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 CIRRUS LOGIC, INC.
 
 
Date:November 4, 2024By:/s/ Ulf Habermann
 Name:Ulf Habermann
 Title:Interim Chief Financial Officer


Exhibit 99.1
    
image_0.jpg
FINANCIAL NEWS

    


Cirrus Logic Reports Fiscal Second Quarter Revenue of $541.9 Million


AUSTIN, Texas – November 4, 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 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 (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.

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





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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.
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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,
20242024202320242023
Q2'25Q1'25Q2'24Q2'25Q2'24
Audio$316,588 $218,970 $282,855 $535,558 $478,661 
High-Performance Mixed-Signal225,269 155,056 198,208 380,325 319,418 
Net sales541,857 374,026 481,063 915,883 798,079 
Cost of sales259,267 185,101 234,467 444,368 392,096 
Gross profit282,590 188,925 246,596 471,515 405,983 
Gross margin52.2 %50.5 %51.3 %51.5 %50.9 %
Research and development112,925 105,363 104,205 218,288 210,420 
Selling, general and administrative37,813 36,770 34,323 74,583 69,702 
Restructuring costs— — 2,319 — 2,319 
Total operating expenses150,738 142,133 140,847 292,871 282,441 
Income from operations131,852 46,792 105,749 178,644 123,542 
Interest income8,134 8,202 3,729 16,336 8,329 
Other income (expense)19 1,609 (70)1,628 307 
Income before income taxes140,005 56,603 109,408 196,608 132,178 
Provision for income taxes37,865 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:
Basic53,275 53,433 54,503 53,354 54,683 
Diluted55,800 55,665 56,278 55,753 56,453 
Prepared in accordance with Generally Accepted Accounting Principles

4




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,
20242024202320242023
Net Income ReconciliationQ2'25Q1'25Q2'24Q2'25Q2'24
GAAP Net Income$102,140 $42,095 $75,407 $144,235 $91,007 
Amortization of acquisition intangibles1,864 1,972 2,170 3,836 4,340 
Stock-based compensation expense22,447 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 intangibles0.04 0.03 0.04 0.07 0.08 
Effect of Stock-based compensation expense0.40 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 intangibles1,864 1,972 2,170 3,836 4,340 
Stock-based compensation expense - COGS355 266 361 621 646 
Stock-based compensation expense - R&D15,844 15,763 15,472 31,607 31,424 
Stock-based compensation expense - SG&A6,248 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 Profit28.8 %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 Margin52.2 %50.5 %51.3 %51.5 %50.9 %
Stock-based compensation expense - COGS355 266 361 621 646 
Non-GAAP Gross Profit$282,945 $189,191 $246,957 $472,136 $406,629 
Non-GAAP Gross Margin52.2 %50.6 %51.3 %51.5 %51.0 %
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RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)
Three Months Ended
Six Months Ended
Sep. 28,Jun. 29,Sep. 23,Sep. 28,Sep. 23,
20242024202320242023
Effective Tax Rate ReconciliationQ2'25Q1'25Q2'24Q2'25Q2'24
GAAP Tax Expense$37,865 $14,508 $34,001 $52,373 $41,171 
GAAP Effective Tax Rate27.0 %25.6 %31.1 %26.6 %31.1 %
Adjustments to income taxes1,162 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 Rate23.8 %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 taxes0.02 0.07 0.01 0.10 0.11 
Non-GAAP Tax Expense$0.70 $0.33 $0.61 $1.04 $0.84 
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CONSOLIDATED CONDENSED BALANCE SHEET
 (in thousands; unaudited)
Sep. 28,Mar. 30,Sep. 23,
202420242023
ASSETS
Current assets
Cash and cash equivalents$445,759 $502,764 $277,805 
Marketable securities32,499 23,778 34,636 
Accounts receivable, net324,098 162,478 271,894 
Inventories271,765 227,248 328,930 
Prepaid wafers71,740 86,679 79,468 
Other current assets79,044 103,245 104,138 
Total current Assets1,224,905 1,106,192 1,096,871 
Long-term marketable securities228,302 173,374 40,042 
Right-of-use lease assets133,316 138,288 144,104 
Property and equipment, net168,265 170,175 171,047 
Intangibles, net25,700 29,578 33,801 
Goodwill435,936 435,936 435,936 
Deferred tax asset48,619 48,649 44,126 
Long-term prepaid wafers37,804 60,750 94,474 
Other assets53,292 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 benefits51,861 47,612 46,504 
Lease liability22,800 20,640 19,859 
Other accrued liabilities62,716 62,596 47,487 
Total current liabilities229,276 186,393 201,190 
Non-current lease liability129,806 134,576 136,042 
Non-current income taxes42,683 52,013 51,589 
Other long-term liabilities26,247 41,580 7,277 
Total long-term liabilities198,736 228,169 194,908 
Stockholders' equity:
Capital stock1,819,589 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' equity1,928,127 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


7




CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Sep. 28,Sep. 23,
20242023
Q2'25Q2'24
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 amortization12,618 11,610 
Stock-based compensation expense22,447 21,331 
Deferred income taxes4,984 810 
Loss on retirement or write-off of long-lived assets12 58 
Other non-cash charges87 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 wafers25,531 21,058 
Other assets(341)(14,392)
Accounts payable and other accrued liabilities27,268 10,200 
Income taxes payable(13,297)(12,859)
Acquisition-related liabilities— (24,527)
Net cash provided by (used in) operating activities8,231 (22,731)
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities835 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 period491,351 352,346 
Cash and cash equivalents at end of period$445,759 $277,805 
Prepared in accordance with Generally Accepted Accounting Principles
8




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 EndedThree Months Ended
Sep. 28,Sep. 28,Jun. 29,Mar. 30,Dec. 30,
20242024202420242023
Q2'25Q2'25Q1'25Q4'24Q3'24
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 %

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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
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Exhibit 99.2




Q2 FY25
Letter to Shareholders
November 4, 2024
image.jpg

November 4, 2024
Dear Shareholders,
In Q2 FY25, Cirrus Logic delivered record revenue and EPS for the September quarter, driven by strong demand for products shipping into smartphones and a higher-volume production week associated with typical seasonal product ramps. Revenue was $541.9 million, up 45 percent quarter over quarter and up 13 percent year over year. GAAP and non-GAAP operating profit were 24.3 percent and 28.8 percent, respectively, while GAAP and non-GAAP earnings per share were $1.83 and $2.25, respectively.
During the quarter, our next-generation custom boosted amplifier and first 22-nanometer smart codec started shipping in recently launched smartphones. We also passed key milestones related to our laptop business as we secured our first high-volume mainstream design win with our latest PC codec and began shipping our first power product specifically designed for laptops in multiple tier-one customers’ devices. One of these new devices includes eight Cirrus Logic components, representing the breadth of our content opportunity in this market. While we are in the early stages of revenue contribution from our recently introduced laptop components, we are pleased with our progress to date. Furthermore, we plan to continue leveraging our mixed-signal design and advanced low-power signal processing expertise to capitalize on future growth opportunities.
Figure A: Cirrus Logic Q2 FY25
Q2 FY25GAAPAdj.Non-GAAP*
Revenue$541.9$541.9
Gross Profit$282.6$0.3$282.9
Gross Margin52.2%52.2%
Operating Expense$150.7($23.9)$126.8
Operating Income$131.9$24.3$156.2
Operating Profit24.3%28.8%
Interest Income$8.1$8.1
Other Income$—$—
Income Tax Expense$37.9$1.1$39.0
Net Income$102.1$23.2$125.3
Diluted EPS$1.83$0.42$2.25
*Complete GAAP to Non-GAAP reconciliations available on page 11
Numbers may not sum due to rounding
$ millions, except EPS
Revenue and Gross Margin
Revenue for the September quarter was $541.9 million, up 45 percent quarter over quarter and up 13 percent year over year. Q2 FY25 revenue was near the top end of our guidance range due to strong demand for products shipping into smartphones. The increase in revenue on a sequential basis reflects higher unit volumes associated with new smartphone launches. The year-over-year increase in sales was driven by higher smartphone unit volumes and increased revenue associated with next-generation products. As we indicated in our Q1 FY25 shareholder letter, when comparing our September quarter to the equivalent quarter last year, we would note that in FY25 our September quarter began and ended one week later. Thus, it encompassed one week more of the higher-volume production associated with typical seasonal product ramps.
Q2 FY25 Letter to Shareholders
2


In the December quarter, we expect revenue to range from $480 million to $540 million, down six percent sequentially and down 18 percent year over year at the midpoint. When comparing our December quarter outlook to the equivalent quarter last year, guidance reflects one less week of revenue as FY24 was a 53-week fiscal year.
In Q2 FY25, revenue derived from our audio and high performance mixed-signal (HPMS) product lines represented 58 percent and 42 percent of total revenue, respectively. One customer contributed approximately 90 percent of total revenue in Q2 FY25. Our relationship with our largest customer remains outstanding, with continued strong design activity across a wide range of products. While we understand there is intense interest in this customer, in accordance with our policy, we do not discuss specifics about this business.
Figure B: Cirrus Logic Revenue ($M) Q3 FY23 to Q3 FY25
chart-1cd90b8d9b1e41b8988.jpg
*Midpoint of guidance as of November 4, 2024
GAAP gross margin in the September quarter was 52.2 percent, compared to 50.5 percent in Q1 FY25 and 51.3 percent in Q2 FY24. Non-GAAP gross margin in the September quarter was 52.2 percent, compared to 50.6 percent in Q1 FY25 and 51.3 percent in Q2 FY24. On a sequential basis, the 160-basis point increase was mostly driven by a favorable product mix. On a year-over-year basis, the 90-basis point increase was largely due to a favorable product mix, offset in part by higher supply chain costs. In the December quarter, we expect gross margin to range from 51 percent to 53 percent.
Q2 FY25 Letter to Shareholders
3

Operating Profit, Tax, and EPS
Operating profit for Q2 FY25 was 24.3 percent on a GAAP basis and 28.8 percent on a non-GAAP basis. GAAP operating expense was $150.7 million and included $22.1 million in stock-based compensation and $1.9 million in amortization of acquisition intangibles. On a sequential basis, GAAP operating expense increased by $8.6 million primarily due to higher variable compensation and product development costs. This was offset by a reduction in employee-related expenses and the absence of a lease impairment. On a year-over-year basis, GAAP operating expense increased by $9.9 million largely due to higher employee-related expenses, increased variable compensation, and higher product development costs. This was offset by the absence of restructuring costs. Non-GAAP operating expense for the quarter was $126.8 million, up $8.8 million sequentially and $12.3 million year over year. The company’s total headcount exiting Q2 was 1,672.
Combined GAAP R&D and SG&A expenses for Q3 FY25 are expected to range from $148 million to $154 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 $124 million and $130 million.
Figure C: GAAP R&D and SG&A Expenses ($M)/Headcount Q3 FY23 to Q3 FY25
chart-f1bcf45db3ca43a6ace.jpg
*Reflects midpoint of combined R&D and SG&A guidance as of November 4, 2024

For the September quarter, GAAP tax expense was $37.9 million on GAAP pre-tax income of $140.0 million, resulting in an effective tax rate of 27.0 percent. Non-GAAP tax expense for the quarter was $39.0 million on non-GAAP pre-tax income of $164.3 million, resulting in a non-GAAP effective tax rate of 23.8 percent. The GAAP and non-GAAP effective tax rates for the September quarter were unfavorably
Q2 FY25 Letter to Shareholders
4

impacted by a provision of the Tax Cuts and Jobs Act of 2017 that requires companies to capitalize and amortize R&D expenses rather than deduct them in the current year. We continue to anticipate that the impact of capitalized R&D will become less pronounced as additional years of R&D expenses are amortized. We estimate that our FY25 non-GAAP effective tax rate will range from approximately 22 percent to 24 percent.
GAAP earnings per share for the September quarter was $1.83, compared to earnings per share of $0.76 the prior quarter and $1.34 in Q2 FY24. Non-GAAP earnings per share for the September quarter was $2.25, versus $1.12 in Q1 FY25 and $1.80 in Q2 FY24.
Balance Sheet
Our cash and investment balance at the end of Q2 FY25 was $706.6 million, down from $744.6 million the prior quarter and $352.5 million in Q2 FY24. Cash flow from operations for the September quarter was $8.2 million. During the quarter, we repurchased 356,432 shares at an average price of $140.26, returning $50.0 million of cash to shareholders in the form of buybacks. At the end of Q2 FY25, the company had $224.1 million remaining in its share repurchase authorization. Over the long term, we expect strong cash flow generation, and we will continue to evaluate potential uses of this cash, including investing in the business to pursue organic growth opportunities, M&A, and returning capital to shareholders through share repurchases.
Q2 FY25 inventory was $271.8 million, up from $232.6 million in Q1 FY25. In Q3 FY25, we expect a slight increase in inventory dollars from the prior quarter. As we move through FY25 and into FY26 we expect inventory to increase as we continue to fulfill demand and manage our wafer purchase commitments per our long-term capacity agreement with GlobalFoundries.
Company Strategy
We remain committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing HPMS content in smartphones; and third, leveraging our strength in audio and HPMS to expand into additional applications and markets with both existing and new components.
Audio in Smartphones
This quarter we were particularly excited to see our next-generation custom boosted amplifier and our first 22-nanometer smart codec begin shipping in recently-launched smartphones. This custom boosted amplifier utilizes an innovative new architecture to deliver significant power and efficiency improvements while also reducing board space and the overall bill of materials for our customer’s products. The transition to a more advanced technology node for the smart codec enables design flexibility while also making meaningful improvements in performance, size, and power consumption. We are focused on consistently delivering high-quality products and expect both of these components to ship for multiple smartphone generations, providing us with sustained revenue contribution in the coming years. Additionally, a leading Android OEM introduced their latest flagship smartphone this past quarter featuring two of our boosted amplifiers. While the majority of our general market R&D investments are focused on developing products for new markets, we continue to engage with customers on next-generation flagship smartphones with our general market audio components.
Q2 FY25 Letter to Shareholders
5

HPMS in Smartphones
Looking beyond audio, we are excited about expanding our content in smartphones with HPMS solutions, which are expected to provide growth opportunities and revenue diversification. While we have several HPMS investments, our camera controllers have been a key product in driving this expansion. Since launching our first camera controller in 2020, the value of our camera-related content has steadily increased over time, including with the recent launch of new flagship smartphones. We were delighted to see the camera technology continue to be featured as an important differentiator in the new generation of devices. In this product cycle, we are benefiting from a more favorable overall mix of smartphones on the market that include our camera controllers. Our customer engagement and close engineering collaboration around our camera technology remains strong and we are working to identify further opportunities to enable advanced functionality and improve overall system performance. We are also pleased to see leading Android OEMs introduce a variety of flagship smartphones that utilize our HPMS components this fall. We continue to believe that there are opportunities for us in advanced power, sensing, and battery-related technologies, and we have a number of R&D programs underway that are focused on these areas. Customer engagement on these opportunities is encouraging, and we are actively pursuing sockets where we can deliver more efficient and flexible solutions through the integration of digital processing and control alongside analog circuits. Looking ahead, we anticipate that the investments we are making in this space today will continue to drive product diversification and revenue growth in the future.
Expanding Audio and HPMS into New Applications and Markets
Outside of smartphones, we are committed to leveraging our intellectual property and engineering capabilities to expand into new applications and markets. We continue to gain traction in the laptop market, where the desire for higher-quality audio and the trend towards thinner, lighter, and more energy-efficient designs, make our components increasingly attractive. These trends combined with the emergence of AI-enabled laptop platforms create numerous opportunities that Cirrus Logic can capitalize on, particularly related to power efficiency and user experience features. While we are in the early stages of revenue contribution from our recently introduced laptop components, we are on track with our expectations in this market and passed several key milestones during the quarter. That progress included securing our first high-volume mainstream design win with our latest PC codec that features both our best-in-class hardware as well as audio algorithms for enhanced audio playback and speaker tuning to ensure optimal performance. Additionally, we are pleased to have begun shipping our first power product specifically designed for laptops in multiple tier-one customers’ devices. One of these new laptops has eight Cirrus Logic components, including a codec, amplifiers, and power conversion ICs. This laptop showcases the breadth of our content opportunity as our solutions enable compelling user experiences and improve battery life. We are encouraged by the strong customer engagement in this space and anticipate a growing number of end products featuring our components to come to market over the next year.
While laptops represent a significant growth opportunity outside of smartphones, we continue to see excitement surrounding our recently launched series of high-performance audio data converters. These components advance our long-held market leadership in audio performance and deliver differentiating features without compromising on power efficiency. We are engaged with dozens of customers and expect the first devices featuring the components to come to market in early 2025. Expanding on this world class portfolio, we also have multiple new products being introduced in the coming quarters targeting professional audio, consumer, and industrial end markets. Looking ahead, we expect to leverage our portfolio of technologies to expand our reach in additional applications and markets.
Q2 FY25 Letter to Shareholders
6

Summary and Guidance
For the December quarter we expect the following results:
•Revenue to range between $480 million and $540 million;
•GAAP gross margin to be between 51 percent and 53 percent; and
•Combined GAAP R&D and SG&A expenses to range between $148 million and $154 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 $124 million and $130 million.
In conclusion, we delivered strong financial results in Q2 FY25 while also continuing to execute on our strategy to drive product and market diversification. During the quarter, we started shipping our next-generation custom boosted amplifier and first 22-nanometer smart codec, benefited from a more favorable overall mix of smartphones on the market with our camera content, and passed several key milestones with our laptop business. With a strong lineup of existing components and our investment in new products, we are excited about the opportunities that will contribute to our continued success in the coming years.
Sincerely,
image1.jpg
John Forsyth
President &
Chief Executive Officer
image2.jpg
Ulf Habermann
Interim Chief Financial Officer

Conference Call Q&A Session
Cirrus Logic will host a live Q&A session at 5 p.m. EST today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website.
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)

Q2 FY25 Letter to Shareholders
7

Use of Non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus 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. We are also providing guidance on our expected non-GAAP expected effective tax rate. We are not able to provide guidance on our GAAP effective tax rate or a related reconciliation without unreasonable efforts since our future GAAP effective tax rate depends on our future stock price and related stock-based compensation information that is not currently available.
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 shareholder letter contain forward-looking statements, including statements about our expectation that we can leverage our mixed-signal design and advanced low-power signal processing expertise to capitalize on future growth opportunities; our expectation that as we move through FY25 and into FY26 our inventory will increase as we continue to fulfill demand and manage our wafer purchase commitments per our long-term capacity agreement with GlobalFoundries; our ability to maintain our leadership position in smartphone audio; our ability to increase HPMS content in smartphones; our ability to leverage our strength in audio and HPMS to expand into additional applications and markets with both new and existing components; our expectation that our new custom boosted amplifier and our first 22-nanometer smart codec will provide sustained revenue contribution in the coming years; our ability to expand content in smartphones with HPMS solutions, which are expected to provide growth opportunities and revenue diversification; our ability to deliver more efficient and flexible power and battery solutions through the integration of digital processing and control alongside analog circuits; our belief that the investments we are making in the power and battery space will contribute to product diversification and revenue growth in the future; our ability to leverage our intellectual property and advanced engineering capabilities to expand into new applications and markets; our expectation that a growing number of laptops featuring our components will to come to market over the next year; our expectation that devices featuring our high-performance audio data converters will come to market in early 2025; our expectation that multiple new products will be introduced in the coming quarters targeting professional audio, consumer, and industrial end markets; our ability to leverage our portfolio of technologies to expand our reach in additional applications and markets; our non-GAAP effective tax rate for the full fiscal year 2025; our expectation that the impact of this capitalized R&D will become less pronounced as additional years of R&D expenses are amortized for tax purposes; and our forecasts for the third quarter of fiscal year 2025 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, amortization of acquisition intangibles, and inventory levels. In some cases, forward-looking statements are identified by words such as “emerge,” “expect,” “anticipate,” “foresee,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” “will,” 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.
Q2 FY25 Letter to Shareholders
8

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; 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 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.
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.
Q2 FY25 Letter to Shareholders
9

Summary of Financial Data Below:
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Six Months Ended
Sep. 28,
2024		Jun. 29,
2024		Sep. 23,
2023		Sep. 28,
2024		Sep. 23,
2023
Q2'25Q1'25Q2'24Q2'25Q2'24
Audio$316,588 $218,970 $282,855 $535,558 $478,661 
High-Performance Mixed-Signal225,269 155,056 198,208 380,325 319,418 
Net sales541,857 374,026 481,063 915,883 798,079 
Cost of sales259,267 185,101 234,467 444,368 392,096 
Gross profit282,590 188,925 246,596 471,515 405,983 
Gross margin52.2 %50.5 %51.3 %51.5 %50.9 %
Research and development112,925 105,363 104,205 218,288 210,420 
Selling, general and administrative37,813 36,770 34,323 74,583 69,702 
Restructuring costs— — 2,319 — 2,319 
Total operating expenses150,738 142,133 140,847 292,871 282,441 
Income from operations131,852 46,792 105,749 178,644 123,542 
Interest income8,134 8,202 3,729 16,336 8,329 
Other income (expense)19 1,609 (70)1,628 307 
Income before income taxes140,005 56,603 109,408 196,608 132,178 
Provision for income taxes37,865 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: 
Basic53,275 53,433 54,503 53,354 54,683 
Diluted55,800 55,665 56,278 55,753 56,453 
Prepared in accordance with Generally Accepted Accounting Principles
Q2 FY25 Letter to Shareholders
10
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION CONTINUED
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)

Non-GAAP financial information is not meant as 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,
2024		Jun. 29,
2024		Sep. 23,
2023		Sep. 28,
2024		Sep. 23,
2023
Net Income ReconciliationQ2'25Q1'25Q2'24Q2'25Q2'24
GAAP Net Income$102,140 $42,095 $75,407 $144,235 $91,007 
Amortization of acquisition intangibles1,864 1,972 2,170 3,836 4,340 
Stock-based compensation expense22,447 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 intangibles0.04 0.03 0.04 0.07 0.08 
Effect of Stock-based compensation expense0.40 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 intangibles1,864 1,972 2,170 3,836 4,340 
Stock-based compensation expense - COGS355 266 361 621 646 
Stock-based compensation expense - R&D15,844 15,763 15,472 31,607 31,424 
Stock-based compensation expense - SG&A6,248 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 Profit28.8 %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 Margin52.2 %50.5 %51.3 %51.5 %50.9 %
Stock-based compensation expense - COGS355 266 361 621 646 
Non-GAAP Gross Profit$282,945 $189,191 $246,957 $472,136 $406,629 
Non-GAAP Gross Margin52.2 %50.6 %51.3 %51.5 %51.0 %
Q2 FY25 Letter to Shareholders
11
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)
Three Months EndedSix Months Ended
Sep. 28,
2024		Jun. 29,
2024		Sep. 23,
2023		Sep. 28,
2024		Sep. 23,
2023
Effective Tax Rate ReconciliationQ2'25Q1'25Q2'24Q2'25Q2'24
GAAP Tax Expense$37,865 $14,508 $34,001 $52,373 $41,171 
GAAP Effective Tax Rate27.0 %25.6 %31.1 %26.6 %31.1 %
Adjustments to income taxes1,162 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 Rate23.8 %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 taxes0.02 0.07 0.01 0.10 0.11 
Non-GAAP Tax Expense$0.70 $0.33 $0.61 $1.04 $0.84 

Q2 FY25 Letter to Shareholders
12

CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands; unaudited)
Sep. 28,
2024		Mar. 30,
2024		Sep. 23,
2023
ASSETS
Current assets
Cash and cash equivalents$445,759 $502,764 $277,805 
Marketable securities32,499 23,778 34,636 
Accounts receivable, net324,098 162,478 271,894 
Inventories271,765 227,248 328,930 
Prepaid wafers71,740 86,679 79,468 
Other current assets79,044 103,245 104,138 
Total current Assets1,224,905 1,106,192 1,096,871 
Long-term marketable securities228,302 173,374 40,042 
Right-of-use lease assets133,316 138,288 144,104 
Property and equipment, net168,265 170,175 171,047 
Intangibles, net25,700 29,578 33,801 
Goodwill435,936 435,936 435,936 
Deferred tax asset48,619 48,649 44,126 
Long-term prepaid wafers37,804 60,750 94,474 
Other assets53,292 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 benefits51,861 47,612 46,504 
Lease liability22,800 20,640 19,859 
Other accrued liabilities62,716 62,596 47,487 
Total current liabilities229,276 186,393 201,190 
Non-current lease liability129,806 134,576 136,042 
Non-current income taxes42,683 52,013 51,589 
Other long-term liabilities26,247 41,580 7,277 
Total long-term liabilities198,736 228,169 194,908 
Stockholders' equity:
Capital stock1,819,589 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' equity1,928,127 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
Q2 FY25 Letter to Shareholders
13

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Sep. 28,Sep. 23,
20242023
Q2'25Q2'24
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 amortization12,618 11,610 
Stock-based compensation expense22,447 21,331 
Deferred income taxes4,984 810 
Loss on retirement or write-off of long-lived assets12 58 
Other non-cash charges87 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 wafers25,531 21,058 
Other assets(341)(14,392)
Accounts payable and other accrued liabilities27,268 10,200 
Income taxes payable(13,297)(12,859)
Acquisition-related liabilities— (24,527)
Net cash provided by (used in) operating activities8,231 (22,731)
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities835 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 stock4,859 — 
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 period491,351 352,346 
Cash and cash equivalents at end of period$445,759 $277,805 
Prepared in accordance with Generally Accepted Accounting Principles
Q2 FY25 Letter to Shareholders
14

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 EndedThree Months Ended
Sep. 28,Sep. 28,Jun. 29,Mar. 30,Dec. 30,
20242024202420242023
Q2'25Q2'25Q1'25Q4'24Q3'24
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 %
Q2 FY25 Letter to Shareholders
15

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
Q2 FY25 Letter to Shareholders
16
v3.24.3
Cover Page
Nov. 04, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 04, 2024
Entity File Number 000-17795
Entity Registrant Name CIRRUS LOGIC, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 77-0024818
Entity Address, Address Line One 800 W. 6th Street
Entity Address, City or Town Austin,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 78701
City Area Code (512)
Local Phone Number 851-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.001 par value
Trading Symbol CRUS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000772406
Cirrus Logic (NASDAQ:CRUS)
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