Company: CRUS
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0000772406-25-000007
Chunk: 11

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Item 2
Chunk 11
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 Significant Accounting Policies" included in our fiscal year 2024 Annual Report on Form 10-K for the fiscal year ended March 30, 2024.

Recently Issued Accounting Pronouncements

For a discussion of recently issued accounting pronouncements, refer to Note 2 of the Notes to the Consolidated Condensed Financial Statements. 

Results of Operations 

Our fiscal year is the 52- or 53-week period ending on the last Saturday in March.  Fiscal year 2025 is a 52-week fiscal year.  Fiscal year 2024 was a 53-week fiscal year, including a 14-week fiscal third quarter.  Therefore, the three and nine month periods ended December 30, 2023 included an additional week, as compared to the current fiscal year 2025 periods.  

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The following table summarizes the results of our operations for the three and nine months of fiscal years 2025 and 2024, respectively, as a percentage of net sales.  All percentage amounts were calculated using the underlying data in thousands, unaudited:

Three Months EndedNine Months EndedDecember 28,December 30,December 28,December 30,2024202320242023Net sales100 %100 %100 %100 %Gross margin54 %51 %52 %51 %Research and development20 %18 %22 %23 %Selling, general and administrative7 %6 %8 %8 %Restructuring costs— %— %— %— %Income from operations26 %27 %22 %20 %Interest income2 %1 %2 %1 %Interest expense— %— %— %— %Other income (expense)— %— %— %— %Income before income taxes28 %28 %24 %21 %Provision for income taxes7 %5 %6 %5 %Net income21 %23 %18 %16 %

Net Sales 

Net sales for the third quarter of fiscal year 2025 decreased $63.2 million, or 10 percent, to $555.7 million from $619.0 million in the third quarter of fiscal year 2024.  Net sales from our audio products decreased $32.3 million, primarily driven by lower smartphone unit volumes in the third quarter of fiscal year 202