Cirrus Logic Files 10-Q for Q1 2025

TL;DR

CRUS 10-Q filed. Financials for Q1 2025 out. Check it.

AI Summary

Cirrus Logic, Inc. filed its 10-Q for the period ending June 29, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details for the quarter are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Cirrus Logic, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial performance and forward-looking statements within can reveal underlying risks.

Key Players & Entities

• CIRRUS LOGIC, INC. (company) — Filer of the 10-Q
• 20240629 (date) — End of reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• crus-20240629.htm (10-Q) — 703KB
• ex311-crus8624.htm (EX-31.1) — 10KB
• ex312-crus8624.htm (EX-31.2) — 10KB
• ex321-crus8624.htm (EX-32.1) — 6KB
• ex322-crus8624.htm (EX-32.2) — 6KB
• 0000772406-24-000057.txt ( ) — 4497KB
• crus-20240629.xsd (EX-101.SCH) — 33KB
• crus-20240629_cal.xml (EX-101.CAL) — 57KB
• crus-20240629_def.xml (EX-101.DEF) — 98KB
• crus-20240629_lab.xml (EX-101.LAB) — 433KB
• crus-20240629_pre.xml (EX-101.PRE) — 289KB
• crus-20240629_htm.xml (XML) — 541KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets - June 29, 2024 (unaudited) and March 30, 2024 3 Consolidated Condensed Statements of Income (unaudited) - Three Months Ended June 29, 2024 and June 24, 2023 4 Consolidated Condensed Statements of Comprehensive Income (unaudited) - Three Months Ended June 29, 2024 and June 24, 2023 5 Consolidated Condensed Statements of Cash Flows (unaudited) - Three Months Ended June 29, 2024 and June 24, 2023 6 Consolidated Condensed Statements of Stockholders' Equity (unaudited) - Three Months Ended June 29, 2024 and June 24, 2023 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 20

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures 20

Item 4. Controls and Procedures 20

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 21

Item 1. Legal Proceedings 21

Risk Factors 21

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds 23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities 23

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures 23

Item 4. Mine Safety Disclosures 23

Other Information 24

Item 5. Other Information 24

Exhibits 24

Item 6. Exhibits 24 Signatures 25 2

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) June 29, March 30, 2024 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 491,351 $ 502,764 Marketable securities 25,680 23,778 Accounts receivable, net 190,079 162,478 Inventories 232,566 227,248 Prepaid assets 48,279 48,047 Prepaid wafers 84,700 86,679 Other current assets 29,086 55,198 Total current assets 1,101,741 1,106,192 Long-term marketable securities 227,527 173,374 Right-of-use lease assets 136,295 138,288 Property and equipment, net 170,953 170,175 Intangibles, net 27,624 29,578 Goodwill 435,936 435,936 Deferred tax assets 54,622 48,649 Long-term prepaid wafers 50,375 60,750 Other assets 60,552 68,634 Total assets $ 2,265,625 $ 2,231,576 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 77,562 $ 55,545 Accrued salaries and benefits 41,101 47,612 Software license agreements 27,551 31,866 Current lease liabilities 22,058 20,640 Other accrued liabilities 33,470 30,730 Total current liabilities 201,742 186,393 Long-term liabilities: Non-current lease liabilities 132,016 134,576 Non-current income taxes 52,704 52,013 Software license agreements 31,340 41,073 Other long-term liabilities 193 507 Total long-term liabilities 216,253 228,169 Stockholders' equity: Capital stock 1,792,283 1,760,701 Accumulated earnings 58,591 58,916 Accumulated other comprehensive loss ( 3,244 ) ( 2,603 ) Total stockholders' equity 1,847,630 1,817,014 Total liabilities and stockholders' equity $ 2,265,625 $ 2,231,576 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 June 29, June 24, 2024 2023 Net sales $ 374,026 $ 317,016 Cost of sales 185,101 157,629 Gross profit 188,925 159,387 Operating

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View this 10-Q filing on SEC EDGAR