Company: CRUS
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0000772406-25-000007
Chunk: 14

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Item 2
Chunk 14
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 for the first nine months of fiscal year 2025 was $113.6 million, an increase of $6.3 million, from $107.3 million for the first nine months of fiscal year 2024, primarily due to increased employee-related expenses, variable compensation costs, and lease impairment and settlement activity for the period.

Restructuring Costs

Restructuring costs (recoveries) for the third quarter and first nine months of fiscal year 2024 were $(0.4) million and $2.0 million, respectively.  These costs were primarily related to the facilities restructuring and workforce reduction actions previously disclosed.  See Note 10 - Restructuring Costs for additional information.

Interest Income

The Company reported interest income of $8.4 million and $25.2 million for the three and nine months ended December 28, 2024, respectively, and $5.1 million and $13.9 million for the three and nine months ended December 30, 2023, respectively.  Interest income increased in the current period due to higher yields on higher combined average cash, cash equivalents and marketable securities balances, compared to the prior period.

Interest Expense

The Company reported interest expense of $0.2 million and $0.7 million for the three and nine months ended December 28, 2024, respectively, and $0.2 million and $0.7 million for the three and nine months ended December 30, 2023, respectively.  Interest expense consists primarily of commitment fees associated with the Company's Revolving Credit Facility (see Note 8 - Revolving Credit Facility of the Notes to the Consolidated Condensed Financial Statements).

Other Income (Expense)

For the three and nine months ended December 28, 2024, the Company reported other expense of $0.2 million and $1.4 million in other income, respectively, and $0.3 million and an immaterial amount of other expense for the three and nine 

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months ended December 30, 2023, respectively.  This activity primarily related to non-investment related income and remeasurement on foreign currency denominated monetary assets and liabilities.   

Income Taxes

Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items and any applicable credits. 

The following table presents the provision for income taxes (in thousands) and the effective tax rates:

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