Cirrus Logic Reports Fiscal Second Quarter Revenue of $541.9 Million
“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
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 .
About
Use of non-GAAP Financial Information
To supplement
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
Summary Financial Data Follows:
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS |
|||||||||||||||||||
(in thousands, except per share data; unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
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 |
|
|
|
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 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
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 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
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) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
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 |
|
|
|
|
|
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 |
||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
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
|
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
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 |
|
|
Stock-based compensation expense |
|
(22) |
Amortization of acquisition intangibles |
|
(2) |
Non-GAAP Operating Expenses |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104344379/en/
Investor Contact:
Vice President, Investor Relations
(512) 851-4125
Investor@cirrus.com
Source: