Cirrus Logic, Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Cirrus Logic, Inc. filed its Q3 FY2024 10-Q report on February 6, 2024.</b>

AI Summary

CIRRUS LOGIC, INC. (CRUS) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Cirrus Logic, Inc. filed its quarterly report (10-Q) on February 6, 2024, for the period ending December 30, 2023. The filing covers the third quarter of fiscal year 2024. The company's principal business is the design, development, and marketing of analog and mixed-signal integrated circuits. Cirrus Logic is incorporated in Delaware and headquartered in Austin, Texas. The standard industrial classification for the company is Semiconductors & Related Devices.

Why It Matters

For investors and stakeholders tracking CIRRUS LOGIC, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for Cirrus Logic, crucial for understanding its current standing in the semiconductor market. As a key player in the semiconductor industry, Cirrus Logic's financial health and strategic disclosures in this 10-Q can impact investor sentiment and market analysis for related companies.

Risk Assessment

Risk Level: low — CIRRUS LOGIC, INC. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate, significant new risks or material changes highlighted in the header information.

Analyst Insight

Monitor future filings for detailed financial statements and management discussion to assess revenue trends and profitability in the competitive semiconductor market.

Key Numbers

• 20231230 — Period End Date (Conformed period of report)
• 20240206 — Filing Date (Filed as of date)
• 72 — Public Document Count (Number of documents in the filing)
• 000-17795 — SEC File Number (Company's SEC file number)

Key Players & Entities

• CIRRUS LOGIC, INC. (company) — Filer name
• 20231230 (date) — Conformed period of report
• 20240206 (date) — Filed as of date
• 3674 (industry_code) — Standard Industrial Classification
• DE (location) — State of Incorporation
• 770024818 (tax_id) — IRS Number
• 800 WEST 6TH STREET (address) — Business Address Street 1
• AUSTIN (location) — Business Address City

FAQ

Industry Context

Cirrus Logic operates in the semiconductor industry, specifically focusing on analog and mixed-signal integrated circuits, which are critical components in various electronic devices.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements (income statement, balance sheet, cash flow).
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into business performance, trends, and outlook.
3. Compare key financial metrics with previous periods and industry benchmarks.

Key Dates

• 2023-12-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-06: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 30, 2023, following previous filings such as the 10-Q for the period ending September 23, 2023.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value CRUS The NASDAQ Global Select

Filing Documents

• crus-20231230.htm (10-Q) — 841KB
• ex311-crus2623.htm (EX-31.1) — 10KB
• ex312-crus2623.htm (EX-31.2) — 10KB
• ex321-crus2623.htm (EX-32.1) — 6KB
• ex322-crus2623.htm (EX-32.2) — 6KB
• 0000772406-24-000011.txt (&nbsp;) — 4661KB
• crus-20231230.xsd (EX-101.SCH) — 32KB
• crus-20231230_cal.xml (EX-101.CAL) — 58KB
• crus-20231230_def.xml (EX-101.DEF) — 88KB
• crus-20231230_lab.xml (EX-101.LAB) — 454KB
• crus-20231230_pre.xml (EX-101.PRE) — 276KB
• crus-20231230_htm.xml (XML) — 602KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets - December 30, 2023 (unaudited) and March 25, 2023 3 Consolidated Condensed Statements of Income (unaudited) - Three and Nine Months Ended December 30, 2023 and December 24, 2022 4 Consolidated Condensed Statements of Comprehensive Income (unaudited) - Three and Nine Months Ended December 30, 2023 and December 24, 2022 5 Consolidated Condensed Statements of Cash Flows (unaudited) - Nine Months Ended December 30, 2023 and December 24, 2022 6 Consolidated Condensed Statements of Stockholders' Equity (unaudited) - Three and Nine Months Ended December 30, 2023 and December 24, 2022 7 Notes to Consolidated Condensed Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk 21

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures 21

Item 4. Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 22

Item 1. Legal Proceedings 22

Risk Factors 22

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds 24

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities 24

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures 24

Item 4. Mine Safety Disclosures 24

Other Information 25

Item 5. Other Information 25

Exhibits 26

Item 6. Exhibits 26 Signatures 26 2

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) December 30, March 25, 2023 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 483,931 $ 445,784 Marketable securities 32,842 34,978 Accounts receivable, net 217,269 150,473 Inventories 256,675 233,450 Prepaid assets 48,804 35,507 Prepaid wafers 84,854 60,638 Other current assets 61,010 57,026 Total current assets 1,185,385 1,017,856 Long-term marketable securities 70,260 36,509 Right-of-use lease assets 140,993 128,145 Property and equipment, net 167,579 162,972 Intangibles, net 31,677 38,876 Goodwill 435,936 435,936 Deferred tax assets 34,116 35,580 Long-term prepaid wafers 73,492 134,363 Other assets 77,675 73,729 Total assets $ 2,217,113 $ 2,063,966 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 56,231 $ 81,462 Accrued salaries and benefits 44,352 50,606 Software license agreements 31,678 20,948 Current lease liabilities 19,906 18,442 Acquisition-related liabilities — 21,361 Other accrued liabilities 26,427 23,521 Total current liabilities 178,594 216,340 Long-term liabilities: Non-current lease liabilities 138,415 122,631 Non-current income taxes 52,247 59,013 Other long-term liabilities 47,097 7,700 Total long-term liabilities 237,759 189,344 Stockholders' equity: Capital stock 1,735,824 1,670,141 Accumulated earnings (deficit) 66,633 ( 9,320 ) Accumulated other comprehensive loss ( 1,697 ) ( 2,539 ) Total stockholders' equity 1,800,760 1,658,282 Total liabilities and stockholders' equity $ 2,217,113 $ 2,063,966 The accompanying notes are an integral part of these consolidated condensed financial statements. 3 CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in thousands, except per share amounts; unaudited) Three Months Ended Nine Months Ended December 30, December 24, December 30, December 24, 2023 2022 2023 2022 Net sales $ 618,984 $

View Full Filing

View this 10-Q filing on SEC EDGAR