Cirrus Logic (CRUS) FY2024 results: revenue $1.8 billion, down 5.7% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $1.8 billion for fiscal 2024, the year ended 30 March 2024, down 5.7% on the year before. Net income was $275 million, up 55.4%, and diluted earnings per share $4.90. The figures are the company's own, from the 10-K it filed with the SEC on 24 May 2024.

Revenue

$1.8 billion

-5.7% on the year

FY2017FY2024

Operating margin

19.2%

13.1% a year earlier

FY2017FY2024

Net income

$275 million

+55.4% on the year

FY2017FY2024

Diluted EPS

$4.90

+58.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,789	1,898	1,781	-5.7%
Cost of revenue	873	941	858	-7.2%
Gross profit	916	957	924	-4.3%
Gross margin	51.2%	50.4%	51.8%
Research and development	426	458	406	-7.0%
Selling, general and administrative	144	153	151	-5.9%
Operating income	343	249	366	+37.9%
Operating margin	19.2%	13.1%	20.6%
Interest expense	0.9	0.9	0.9	+1.9%
Pre-tax income	364	255	369	+42.9%
Income tax	89.4	78.0	42.3	+14.5%
Effective tax rate	24.6%	30.6%	11.5%
Net income	275	177	326	+55.4%
Net margin	15.3%	9.3%	18.3%
Diluted EPS	$4.90	$3.09	$5.52	+58.6%

$ 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

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	422	340	125	+24.2%
Capital expenditure	37.6	35.1	26.1	+7.3%
Free cash flow	384	304	98.6	+26.1%
Free cash flow margin	21.5%	16.0%	5.5%
Cash from investing	-163	-33.3	-18.4
Cash from financing	-202	-230	-179
Depreciation and amortisation	48.3	71.2	62.1	-32.2%
Share-based compensation	89.3	81.6	66.4	+9.3%
Buybacks	186	191	168	-2.8%
Diluted shares, weighted	56m	57m	59m	-2.1%
Shares outstanding at period end	53m	55m	57m	-2.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,817	1,658	1,600	+9.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	135	123	163	+9.7%
Other liabilities	280	283	360	-1.1%
Total liabilities and equity	2,232	2,064	2,123	+8.1%
Fixed assets	170	163	157	+4.4%
Goodwill	436	436	436	0.0%
Intangible assets	29.6	38.9	158	-23.9%
Investments	n/a	n/a	74.3
Securities held for sale or to maturity	197	71.5	n/a	+175.8%
Cash and equivalents	503	446	370	+12.8%
Receivables	162	150	240	+8.0%
Inventory	227	233	138	-2.7%
Other assets	506	525	550	-3.6%
Total assets	2,232	2,064	2,123	+8.1%

10-K for the year ended 30 March 2024, filed 24 May 2024: the filing.