Company: CRUS
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0000772406-25-000007
Chunk: 10

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Item 2
Chunk 10
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 1A - Risk Factors” in our 2024 Annual Report on Form 10-K filed with the Commission on May 24, 2024, and in "Part II, Item 1A - Risk Factors” within this Quarterly Report on Form 10-Q.  Readers should carefully review these risk factors, as well as those identified in other documents filed by us with the Commission. 

Overview

Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications.

The Company remains committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing HPMS content in smartphones; and third, leveraging our strength in audio and HPMS to expand into additional applications and markets with new and existing components.  During the third quarter of fiscal year 2025, we continued to execute on these strategic initiatives.  We saw strong demand for products shipping into smartphones, including our latest-generation custom boosted amplifier and our first 22-nanometer smart codec, and we continued to gain momentum in laptops.  Recent highlights in our PC-focused business include being featured as part of the Intel Arrow Lake reference design, sampling our latest amplifier and codec specifically designed for laptops, and expanding the breadth of content across a variety of new devices.  Finally, we began sampling a series of timing products designed for automotive and professional audio applications.    

Critical Accounting Policies and Estimates

Our discussion and analysis of the Company’s financial condition and results of operations are based upon the unaudited consolidated condensed financial statements included in this report, which have been prepared in accordance with U.S. GAAP.  The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts.  We evaluate the estimates on an ongoing basis.  We base these estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions and conditions. 

There have been no significant changes during the three and nine months ended December 28, 2024, to the information provided under the headings “Critical Accounting Estimates” and "Summary of