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01/10 16:03
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary presents strong financial performance with record revenues and increased earnings per share. The company also announced significant share repurchases, which is a positive signal. Guidance is optimistic, and there is a focus on expanding into new markets. The Q&A section highlights growth opportunities in PCs and automotive, despite some uncertainties in timing. Overall, the combination of strong results, positive guidance, and strategic growth initiatives suggests a positive stock price movement.
Q4 Fiscal Year 2025 Revenue $424.5 million, up 14% year-over-year due to higher smartphone unit volumes and revenue from latest generation products.
Fiscal Year 2025 Revenue $1.9 billion, up 6% year-over-year driven by revenue from latest generation products and higher smartphone unit volumes.
Q4 Fiscal Year 2025 Non-GAAP Gross Profit $227.1 million, with a non-GAAP gross margin of 53.5%. Year-over-year gross margin increased due to a more favorable product mix.
Fiscal Year 2025 Non-GAAP Gross Profit $997.4 million, with a non-GAAP gross margin of 52.6%. Year-over-year gross margin increase reflects a favorable product mix, partially offset by higher supply chain costs.
Q4 Fiscal Year 2025 Non-GAAP Operating Expenses $120 million, down $9.2 million sequentially due to lower employee-related expenses and product development costs. Year-over-year, up $3.5 million primarily due to higher employee-related expenses.
Fiscal Year 2025 Non-GAAP Operating Expenses $494.1 million, up $23.7 million year-over-year primarily due to increased employee-related expenses.
Q4 Fiscal Year 2025 Non-GAAP Operating Income $107.1 million, or 25.2% of revenue.
Fiscal Year 2025 Non-GAAP Operating Income $503.3 million, resulting in an operating margin of 26.5%, up from 25% the prior year.
Q4 Fiscal Year 2025 Non-GAAP Net Income $90.6 million, or $1.67 per share.
Fiscal Year 2025 Non-GAAP Net Income $416.6 million, resulting in record earnings per share of $7.54, up from $6.59 in fiscal year 2024.
Cash Flow from Operations Q4 Fiscal Year 2025 $130.4 million.
Cash Flow from Operations Fiscal Year 2025 $444.4 million.
Ending Cash Balance Fiscal Year 2025 $835 million, up $134.9 million from the prior year due to strong cash flow from operations.
Inventory Balance Q4 Fiscal Year 2025 $299.1 million, up from $275.6 million in Q3 Fiscal Year 2025.
Days of Inventory Q4 Fiscal Year 2025 138 days, up 40 days sequentially.
Share Repurchases Fiscal Year 2025 $261 million, purchasing 2.3 million shares at an average price of $112.33.
New Products: Cirrus Logic began shipping two new generation products: a boosted amplifier and a smart codec. The boosted amplifier features a new architecture that improves system performance and efficiency, while the smart codec is the company's first 22 nanometer product, enhancing audio and mixed signal processing capabilities.
Market Expansion: Cirrus Logic is expanding its presence in the laptop market, having secured its first high volume mainstream design win with a new PC codec and increasing engagement with PC OEMs.
Operational Efficiencies: The company returned $261 million to shareholders through share repurchases, a record for Cirrus Logic for a full fiscal year.
Cash Flow: Cirrus Logic reported cash flow from operations of $130.4 million in Q4 and $444.4 million for the fiscal year 2025.
Strategic Shifts: Cirrus Logic is investing in geographic diversification of its supply chain to manage potential challenges from the current trade environment.
Macroeconomic Environment and Tariffs: The current macroeconomic environment is highly dynamic, with potential future trade actions that could impact the business. The company is closely monitoring developments and working across its supply chain to support customer needs.
Supply Chain Challenges: Cirrus Logic is investing in geographic diversification of its supply chain to manage potential long-term challenges stemming from the current trade environment.
Inventory Management: The inventory balance increased to $299.1 million, with days of inventory up 40 days sequentially, indicating potential supply chain management challenges.
Competitive Pressures: The company faces competitive pressures in the smartphone audio business and is focused on maintaining leadership while expanding into new markets.
Economic Factors: The guidance for Q1 fiscal year 2026 reflects a potential revenue decline of 15% sequentially and 4% year-over-year, indicating sensitivity to economic conditions.
Revenue Growth: Cirrus Logic delivered revenue of $1.9 billion for fiscal year 2025, up 6% year-over-year driven by latest generation products and higher smartphone unit volumes.
Product Innovation: Introduced new generation products including a boosted amplifier and a smart codec, which are expected to contribute to sustained revenue in the coming years.
Market Expansion: Secured high volume design wins in the laptop market and expanded presence in various end markets including professional audio, automotive, and imaging.
R&D Investments: Continued investments in high performance mixed signal areas and advanced battery technologies, with expectations for future product introductions.
Shareholder Returns: Returned $261 million to shareholders through share repurchases, a record for Cirrus Logic.
Q1 FY 2026 Revenue Guidance: Expected revenue in the range of $330 million to $390 million, down 15% sequentially and 4% year-over-year at the midpoint.
Gross Margin Guidance: Expected gross margin to range from 51% to 53% for Q1 FY 2026.
Operating Expense Guidance: Non-GAAP operating expenses expected to range from $119 million to $125 million for Q1 FY 2026.
Tax Rate Guidance: Fiscal year 2026 non-GAAP tax rate expected to be approximately 21% to 23%.
Share Repurchase Program: Cirrus Logic returned $261 million of cash to shareholders in the form of share repurchases for fiscal year 2025, purchasing 2.3 million shares at an average price of $112.33.
Q4 Share Repurchase: In Q4, the company utilized $100 million to repurchase approximately 927,000 shares at an average price of $107.85.
Remaining Authorization: At the end of Q4 fiscal year 2025, the company had $54.1 million remaining on its July 2022 share repurchase authorization.
New Authorization: In March 2025, the Board of Directors authorized an additional $500 million for share repurchases.
Subsequent Repurchase: Subsequent to Q4, the company utilized an additional $25 million to repurchase approximately 297,000 shares at an average price of $84.26.
The company reported a 4% YoY revenue increase and a solid gross margin of 52.5%, but concerns arise from its heavy reliance on the smartphone market and potential R&D delays. The Q&A revealed management's reluctance to provide specifics on new opportunities, adding uncertainty. The share repurchase program is a positive, yet broader economic risks and supply chain issues persist. With mixed signals from strong financials and cautious guidance, a neutral stock price movement is likely.
The earnings call presents a mixed outlook. While financial performance and product innovation show positive trends, the guidance indicates a potential decline in revenue and gross margin. The Q&A highlights uncertainties in demand and management's vague responses. Share repurchases are a positive, but supply chain commitments pose risks. Overall, the sentiment is neutral, with no strong catalysts for significant stock price movement.
The earnings call summary presents strong financial performance with record revenues and increased earnings per share. The company also announced significant share repurchases, which is a positive signal. Guidance is optimistic, and there is a focus on expanding into new markets. The Q&A section highlights growth opportunities in PCs and automotive, despite some uncertainties in timing. Overall, the combination of strong results, positive guidance, and strategic growth initiatives suggests a positive stock price movement.
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