Cirrus Logic (CRUS) Q3 FY2024 earnings: revenue $619 million, up 4.8% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $619 million for Q3 FY2024, the quarter ended 30 December 2023, up 4.8% on the same quarter a year earlier. Net income was $139 million, up 34.1% on the year, and diluted earnings per share $2.50. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2024.

Revenue$619 millionup 4.8%

Net income$139 millionup 34.1%

Diluted EPS$2.50

QuarterQ3 FY2024ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	619	481	n/a	n/a
Cost of revenue	302	234	n/a	n/a
Gross profit	317	247	n/a	n/a
Gross margin	51.3%	51.3%	n/a
Research and development	113	104	n/a	n/a
Selling, general and administrative	37.6	34.3	n/a	n/a
Operating income	168	106	n/a	n/a
Operating margin	27.1%	22.0%	n/a
Interest expense	0.2	0.2	n/a	n/a
Pre-tax income	172	109	n/a	n/a
Income tax	33.4	34.0	n/a	n/a
Effective tax rate	19.4%	31.1%	n/a
Net income	139	75.4	n/a	n/a
Net margin	22.4%	15.7%	n/a
Diluted EPS	$2.50	$1.34	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	314	-22.7	n/a	n/a
Capital expenditure	9.8	8.5	n/a	n/a
Free cash flow	304	-31.2	n/a	n/a
Free cash flow margin	49.1%	-6.5%	n/a
Cash from investing	-37.0	-9.2	n/a	n/a
Cash from financing	-70.6	-42.7	n/a	n/a
Depreciation and amortisation	12.7	11.6	n/a	n/a
Share-based compensation	23.1	21.3	n/a	n/a
Buybacks	56.9	40.6	n/a	n/a
Diluted shares, weighted	56m	56m	n/a	n/a
Shares outstanding at period end	54m	54m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,801	1,708	n/a	n/a
Operating lease liabilities	138	136	n/a	n/a
Other liabilities	278	260	n/a	n/a
Total liabilities and equity	2,217	2,104	n/a	n/a
Fixed assets	168	171	n/a	n/a
Goodwill	436	436	n/a	n/a
Intangible assets	31.7	33.8	n/a	n/a
Securities held for sale or to maturity	103	74.7	n/a	n/a
Cash and equivalents	484	278	n/a	n/a
Receivables	217	272	n/a	n/a
Inventory	257	329	n/a	n/a
Other assets	521	510	n/a	n/a
Total assets	2,217	2,104	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	481	619	372	374	542	556	424	407	561	581	449	460
Cost of revenue	234	302	179	185	259	258	198	193	267	272	211	218
Gross profit	247	317	193	189	283	298	227	214	294	308	238	242
Gross margin	51%	51%	52%	51%	52%	54%	53%	53%	52%	53%	53%	53%
R&D	104	113	103	105	113	113	103	103	110	114	107	115
SG&A	34.3	37.6	36.9	36.8	37.8	39.0	37.4	38.7	39.6	41.6	39.9	42.4
Operating income	106	168	52.4	46.8	132	146	85.9	72.4	145	153	90.3	84.4
Operating margin	22%	27%	14%	13%	24%	26%	20%	18%	26%	26%	20%	18%
Interest expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3
Pre-tax income	109	172	59.7	56.6	140	154	94.6	80.6	153	162	100	94.2
Tax rate	31%	19%	25%	26%	27%	25%	25%	25%	14%	14%	18%	18%
Net income	75.4	139	44.8	42.1	102	116	71.3	60.7	132	140	81.8	76.9
Net margin	16%	22%	12%	11%	19%	21%	17%	15%	23%	24%	18%	17%
Diluted EPS	$1.34	$2.50	$0.81	$0.76	$1.83	$2.11	$1.31	$1.14	$2.48	$2.66	$1.56	$1.47
Operating cash flow	-22.7	314	171	87.2	8.2	219	130	116	92.2	291	151	64.1
Capital expenditure	8.5	9.8	7.1	10.0	2.7	6.7	3.4	2.6	3.9	5.1	2.4	15.1
Free cash flow	-31.2	304	163	77.2	5.6	212	127	113	88.3	286	149	49.0
Buybacks	40.6	56.9	50.0	41.0	50.0	70.0	100	100.0	40.0	70.0	70.0	31.5
Shares outstanding	54m	54m	53m	53m	53m	53m	52m	51m	51m	51m	51m	50m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 December 2023, filed 6 February 2024, accession 0000772406-24-000011: the filing on EDGAR. All of Cirrus Logic, Inc.'s filings: EDGAR company page.

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