Company: CRUS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0000772406-25-000034
Chunk: 14

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 14
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 was $6.2 million during the first three months of fiscal year 2026 versus $66.6 million during the first three months of fiscal year 2025.  The cash used in investing activities in the first three months of fiscal year 2026 was related to net purchases of marketable securities of $3.4 million and capital expenditures and technology investments of $2.8 million.  The cash used in investing activities in the corresponding period in fiscal year 2025 was related to  net purchases of marketable securities of $56.4 million and capital expenditures and technology investments of $10.1 million. 

Net cash used in financing activities was $100.7 million during the first three months of fiscal year 2026 and was primarily associated with stock repurchases for the period of $100.0 million.  The cash used in financing activities during the first three months of fiscal year 2025 of $32.0 million was primarily associated with stock repurchases during the period of $41.0 million, partially offset by $9.0 million in net proceeds from the issuance of common stock, primarily related to stock option exercises.

Our future capital requirements will depend on many factors, including the rate of sales growth, market acceptance of our products, the timing and extent of research and development projects, potential future acquisitions of companies or technologies, inventory build, and commitments under the Capacity Reservation Agreement with GlobalFoundries (discussed further in Note 12 - Commitments and Contingencies of the Notes to the Consolidated Condensed Financial Statements).  We believe our expected future cash earnings, existing cash, cash equivalents, investment balances, and available borrowings under our Revolving Credit Facility will be sufficient to meet our capital requirements both domestically and internationally, in the short-term (i.e. the next 12 months) and in the long-term, although we could be required, or could elect, to seek additional funding prior to that time. 

Revolving Credit Facility

On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.  The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”).  The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”).  The Revolving Credit Facility is required to