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Cirrus Logic Inc. (CRUS-1.64%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing net sales of $555.7 million, a decrease from $619.0 million in the same quarter the previous year. This decline is attributed to lower smartphone unit volumes.
Gross profit for the quarter was $297.8 million, with a gross margin of 53.6%, up from 51.3% in the previous year. The increase in gross margin was due to a shift in mix toward higher margin products.
Research and development expenses were $113.0 million, slightly higher than $112.7 million in the previous year. This increase was driven by higher employee-related costs.
Selling, general, and administrative expenses increased to $39.0 million from $37.6 million, primarily due to increased employee-related expenses.
Net income for the quarter was $116.0 million, down from $138.7 million in the previous year. The effective tax rate for the quarter was 24.5%, compared to 19.4% in the previous year.
Cash provided by operating activities was $314.0 million, while cash used in investing and financing activities was $111.2 million and $179.1 million, respectively.
Cirrus Logic had a working capital of $1,250.5 million as of December 28, 2024. The company remains focused on maintaining its leadership in smartphone audio and expanding into new markets.
The filing also details various financial agreements, including a revolving credit facility with Wells Fargo Bank, and notes on marketable securities and derivative financial instruments.
Cirrus Logic does not anticipate any significant legal proceedings that could materially affect its financial position.
The company continues to monitor developments related to tax legislation and its potential impact on financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cirrus Logic Inc. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.