Cirrus Logic Files 10-Q for Q3 FY2025

TL;DR

CRUS 10-Q filed: Q3 FY25 results out, check financials.

AI Summary

Cirrus Logic, Inc. filed its 10-Q for the period ending December 28, 2024. The company reported financial results for the third quarter and first nine months of fiscal year 2025. Key financial data and business segment information are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Cirrus Logic, a key player in the semiconductor industry.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to cyclical demand, technological shifts, and intense competition, posing inherent risks to Cirrus Logic.

Key Numbers

• 77 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 0329 — Fiscal Year End (Defines the company's annual financial reporting cycle.)

Key Players & Entities

• CIRRUS LOGIC, INC. (company) — Filer
• 20241228 (date) — Reporting period end date
• 20250204 (date) — Filing date
• 800 WEST 6TH STREET, AUSTIN, TX 78701 (address) — Company business address
• 512-851-4000 (phone_number) — Company business phone

FAQ

Key Financial Figures

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

Filing Documents

• crus-20241228.htm (10-Q) — 839KB
• exhibit101.htm (EX-10.1) — 11KB
• exhibit102.htm (EX-10.2) — 11KB
• ex311-crusq325.htm (EX-31.1) — 10KB
• ex312-crusq325.htm (EX-31.2) — 10KB
• ex321-crusq325.htm (EX-32.1) — 6KB
• ex322-crusq325.htm (EX-32.2) — 6KB
• image_0a.jpg (GRAPHIC) — 7KB
• image_0b.jpg (GRAPHIC) — 7KB
• image_1a.jpg (GRAPHIC) — 4KB
• image_1b.jpg (GRAPHIC) — 4KB
• 0000772406-25-000007.txt ( ) — 4815KB
• crus-20241228.xsd (EX-101.SCH) — 32KB
• crus-20241228_cal.xml (EX-101.CAL) — 57KB
• crus-20241228_def.xml (EX-101.DEF) — 96KB
• crus-20241228_lab.xml (EX-101.LAB) — 432KB
• crus-20241228_pre.xml (EX-101.PRE) — 288KB
• crus-20241228_htm.xml (XML) — 614KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets - December 28, 2024 (unaudited) and March 30, 2024 3 Consolidated Condensed Statements of Income (unaudited) - Three and Nine Months Ended December 28, 2024 and December 30, 2023 4 Consolidated Condensed Statements of Comprehensive Income (unaudited) - Three and Nine Months Ended December 28, 2024 and December 30, 2023 5 Consolidated Condensed Statements of Cash Flows (unaudited) - Nine Months Ended December 28, 2024 and December 30, 2023 6 Consolidated Condensed Statements of Stockholders' Equity (unaudited) - Three and Nine Months Ended December 28, 2024 and December 30, 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 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 24

Item 5. Other Information 24

Exhibits 25

Item 6. Exhibits 25 Signatures 25 2

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) December 28, March 30, 2024 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 526,444 $ 502,764 Marketable securities 37,535 23,778 Accounts receivable, net 261,943 162,478 Inventories 275,558 227,248 Prepaid assets 51,323 48,047 Prepaid wafers 66,113 86,679 Other current assets 31,534 55,198 Total current assets 1,250,450 1,106,192 Long-term marketable securities 252,594 173,374 Right-of-use lease assets 129,597 138,288 Property and equipment, net 163,837 170,175 Intangibles, net 23,957 29,578 Goodwill 435,936 435,936 Deferred tax assets 40,895 48,649 Long-term prepaid wafers 23,020 60,750 Other assets 42,954 68,634 Total assets $ 2,363,240 $ 2,231,576 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 77,907 $ 55,545 Accrued salaries and benefits 48,029 47,612 Software license agreements 26,985 31,866 Current lease liabilities 21,858 20,640 Other accrued liabilities 36,134 30,730 Total current liabilities 210,913 186,393 Long-term liabilities: Non-current lease liabilities 124,622 134,576 Non-current income taxes 43,401 52,013 Software license agreements 21,506 41,073 Other long-term liabilities — 507 Total long-term liabilities 189,529 228,169 Stockholders' equity: Capital stock 1,840,791 1,760,701 Accumulated earnings 124,101 58,916 Accumulated other comprehensive loss ( 2,094 ) ( 2,603 ) Total stockholders' equity 1,962,798 1,817,014 Total liabilities and stockholders' equity $ 2,363,240 $ 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 Nine Months Ended December 28, December 30, December 28, December 30, 2024 2023 2024 2023 Net sales $ 555,738 $ 618,984 $ 1,471

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View this 10-Q filing on SEC EDGAR