Financial Performance - Fiscal year 2024 net sales decreased by 5.7% to $1.79 billion from $1.90 billion in fiscal year 2023, with audio product sales down 7.5% to $1.08 billion and HPMS product sales down 2.8% to $705 million [199][205]. - The company achieved a net income of $274.6 million in fiscal year 2024, which included an income tax provision of $89.4 million [200]. - Net sales for the fiscal year ended March 30, 2024, were $1,788.9 million, down 5.7% from $1,897.6 million in the prior year [258]. - Gross profit for the same period was $916.1 million, resulting in a gross margin of approximately 51.2% [258]. - The company reported a net income of $274.6 million, an increase of 55.5% from $176.7 million in the prior year [258]. - Basic earnings per share increased to $5.06, up from $3.18 in the previous year [258]. - The effective tax rate for fiscal year 2024 was 24.6%, a decrease from 30.6% in 2023 and an increase from 11.5% in 2022 [383]. Expenses and Costs - Research and development expenses for fiscal year 2024 were $426.5 million, reflecting a decrease of 7.0% from fiscal year 2023 [210]. - Selling, general and administrative expenses for fiscal year 2024 decreased by 5.9% to $144.2 million compared to fiscal year 2023 [212]. - The company recorded restructuring costs of $10.6 million in fiscal year 2023 related to impairment of lease assets and workforce reduction actions [214]. - The company reported a stock-based compensation expense of $89,271,000 in fiscal year 2024, compared to $81,641,000 in fiscal year 2023, an increase of 9.9% [264]. - Total rent expense under operating leases was approximately $23.6 million for fiscal year 2024, down from $24.4 million in 2023 and $19.9 million in 2022 [369]. Cash Flow and Investments - Cash flow from operations in fiscal year 2024 was $421.7 million, an increase from $339.6 million in fiscal year 2023, driven by an $18.4 million favorable change in working capital [223]. - The company used $163.0 million in cash for investing activities in fiscal year 2024, primarily for $124.7 million in net purchases of marketable securities and $38.3 million in capital expenditures and technology investments [224]. - Net cash provided by operating activities increased to $421,674,000 in fiscal year 2024, up from $339,568,000 in fiscal year 2023, representing a 24.2% increase [264]. - The company repurchased and retired common stock amounting to $185,995,000 in fiscal year 2024, compared to $191,382,000 in fiscal year 2023, a decrease of 2.0% [264]. Assets and Equity - Total assets as of March 30, 2024, were $2,231.6 million, compared to $2,064.0 million a year earlier, reflecting a growth of 8.1% [255]. - Total stockholders' equity increased to $1,817.0 million, up from $1,658.3 million, indicating a growth of 9.6% [255]. - As of March 30, 2024, the company's inventory balance was $227.2 million, a decrease from $233.5 million in the previous year [255]. - The goodwill balance remained stable at $435.9 million as of March 30, 2024, unchanged from the previous year [329]. Market and Sales - International sales accounted for approximately 99% of net sales in fiscal year 2024, consistent with previous years [207]. - The company faced challenges with the new HPMS product not launching as planned in fall 2023, impacting overall sales performance [198]. - Revenue from China was $1,114.3 million, a decline of 9.4% compared to $1,230.6 million in fiscal year 2023 [341]. - The Company’s ten largest end customers accounted for approximately 95% of sales in fiscal year 2024, with Apple Inc. alone representing about 87% of total sales [292]. Taxation and Compliance - The company recorded an income tax expense of $89.4 million in fiscal year 2024 on pre-tax income of $363.9 million, resulting in an effective tax rate of 24.6% [219]. - The company expects the OECD's Pillar Two legislation, effective in fiscal year 2025, to have no material impact on its consolidated financial statements [221]. - The Company reported gross unrecognized tax benefits of $32.1 million as of March 30, 2024, with a decrease of $0.8 million during fiscal year 2024 due to the expiration of the statute of limitations [389]. Future Commitments and Liabilities - Future operating lease commitments total $200.5 million, with the largest commitments in 2025 at $21.0 million [346]. - The Company has a remaining purchase obligation of approximately $840 million of wafers from GlobalFoundries under the Capacity Reservation Agreement as of March 30, 2024 [372]. - The company expects restructuring-related liabilities of $1.6 million to be substantially paid out in cash during fiscal year 2025 [348].

Cirrus Logic (CRUS) witnessed healthy momentum this year so far. Shares of the company have gained 37.1% in the same time frame compared with the sub-industry’s growth of 16.3%.Cirrus Logic is a fabless semiconductor supplier that develops low-power, high-precision mixed-signal processing solutions. The company focuses on expanding markets where it can apply its high-precision, low-power mixed-signal processing knowledge to address challenging issues across the analog-to-digital divide.Image Source: Zacks I ...

CALGARY, Alberta, May 22, 2024 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) is pleased to announce that Alex Davern has been appointed to the Board of Directors effective May 23, 2024. Mr. Davern joins the Board as an independent non-executive director and will stand for nomination at the next annual meeting of shareholders. Mr. Davern is formerly the Chairman of the Board of Directors of ESI Group and spent more than 25 years in senior executive leadership roles at N ...

Many investors actively seek breakout stocks to buy with the potential for substantial returns. Three businesses in the information technology sector stand out as opportunities, offering a promising potential for substantial returns. These businesses provide viable growth prospects by combining financial stability, innovation and strategic positioning. These businesses are more than just ticker symbols, they are forward-thinking tactics, flexibility and resilience in a constantly changing environment. These ...

Blowout fundamentals are possible when your top client is doing well.Buoyed by a strong quarterly earnings report and resulting analyst price target lifts, audio processor specialist Cirrus Logic (CRUS 1.51%) was an outperformer of a stock in recent days. As of early Friday morning the company's share price had increased more than 17% week to date, according to data compiled by S&P Global Market Intelligence.A dynamite quarter for the specialty tech supplierCirrus posted its results for its fiscal fourth qu ...

Cirrus Logic Inc. (CRUS) reported fourth-quarter fiscal 2024 adjusted earnings per share (EPS) of $1.24, which beat the Zacks Consensus Estimate by 85.1%. Also, the bottom line increased 34.7% from the prior-year quarter’s 92 cents.Total revenues of $371.8 million surpassed the Zacks Consensus Estimate by 16.2% but decreased 0.3% year over year. The downtick was due to a reduction of general market and custom components, primarily in non-smartphone applications.Following the announcement, the company’s shar ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q4 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Chelsea Heffernan - Vice President, Investor Relations John Forsyth - President & Chief Executive Officer Venk Nathamuni - Chief Financial Officer Conference Call Participants Matt Ramsay - TD Cowen Christopher Rolland - Susquehanna Tore Svanberg - Stifel Thomas O'Malley - Barclays Ananda Baruah - Loop Capital Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fou ...

Cirrus Logic (CRUS) came out with quarterly earnings of $1.24 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 85.07%. A quarter ago, it was expected that this chipmaker would post earnings of $2.01 per share when it actually produced earnings of $2.89, delivering a surprise of 43.78%.Over the last four quarters, the company h ...

Investor Relations Update As of May 7, 2024 Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry market projections; our revenue growth opportunities; our ability to grow the percent revenue derived from high-performance mixed-signal (HPMS) solutions beyond audio; our ability to fuel product and application diversification; our ability to maintain our leadership position in smartphone audio ...

Exhibit 99.2 Q4 and Full Fiscal Year 2024 Letter to Shareholders May 7, 2024 May 7, 2024 Dear Shareholders, In FY24, Cirrus Logic delivered full fiscal year revenue of $1.79 billion. GAAP and non-GAAP operating profit in FY24 were 19.2 percent and 25.0 percent, respectively, while FY24 GAAP and non-GAAP earnings per share were $4.90 and $6.59, respectively. Revenue decreased six percent year-over-year, while non-GAAP earnings per share increased three percent. Q4 FY24 revenue was $371.8 million, above the t ...