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Cirrus Logic (CRUS)

Cirrus Logic 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. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Company profile

Ticker
CRUS
Exchange
Website
CEO
Jason Rhode
Employees
Incorporated
Location
Fiscal year end
Former names
CIRRUS LOGIC INC
SEC CIK
Subsidiaries
Cirrus Logic UK International Holding Co., Ltd. • Cirrus Logic International Semiconductor Ltd. • Cirrus Logic International Holdings Ltd. • Cirrus Logic International (UK) Ltd. ...
IRS number
770024818

CRUS stock data

Analyst ratings and price targets

Last 3 months

Calendar

2 Aug 22
12 Aug 22
25 Mar 23
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 379.34M 379.34M 379.34M 379.34M 379.34M 379.34M
Cash burn (monthly) (no burn) 482.67K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 780.82K n/a n/a n/a n/a
Cash remaining n/a 378.55M n/a n/a n/a n/a
Runway (months of cash) n/a 784.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Aug 22 Davern Alexander M Common Stock Sell Dispose S No No 84.74 1,000 84.74K 18,875
4 Aug 22 Carl Jackson Alberty Common Stock Sell Dispose S No Yes 88.24 1,823 160.86K 33,014
29 Jul 22 Lego Catherine P Common Stock Grant Acquire A No No 0 2,300 0 3,054
29 Jul 22 Lego Catherine P RSU Common Stock Option exercise Dispose M No No 0 2,300 0 2,457
29 Jul 22 Lego Catherine P RSU Common Stock Grant Acquire A No No 0 2,457 0 4,757
29 Jul 22 Tupman David J. Common Stock Grant Acquire A No No 0 2,300 0 19,262
29 Jul 22 Tupman David J. RSU Common Stock Option exercise Dispose M No No 0 2,300 0 2,457
29 Jul 22 Tupman David J. RSU Common Stock Grant Acquire A No No 0 2,457 0 4,757
29 Jul 22 Timothy R Dehne Common Stock Grant Acquire A No No 0 2,300 0 17,314
29 Jul 22 Timothy R Dehne RSU Common Stock Option exercise Dispose M No No 0 2,300 0 2,457
87.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 292 319 -8.5%
Opened positions 37 60 -38.3%
Closed positions 64 36 +77.8%
Increased positions 97 96 +1.0%
Reduced positions 108 109 -0.9%
13F shares Current Prev Q Change
Total value 4.23B 4.67B -9.4%
Total shares 48.82M 49.69M -1.8%
Total puts 387K 483.4K -19.9%
Total calls 531.2K 597.4K -11.1%
Total put/call ratio 0.7 0.8 -10.0%
Largest owners Shares Value Change
FMR 8.79M $745.36M +2.6%
Vanguard 5.94M $503.64M +2.9%
BLK Blackrock 5.76M $488.08M -2.6%
MKFCF Mackenzie Financial 2.56M $217.37M +9.5%
STT State Street 1.99M $168.55M +2.4%
Wellington Management 1.97M $167.21M +183.8%
Dimensional Fund Advisors 1.43M $121.52M +1.1%
Millennium Management 1.1M $93.59M +123.5%
BAC Bank Of America 986.98K $83.69M +2.7%
MCQEF Macquarie 968.5K $82.12M -0.3%
Largest transactions Shares Bought/sold Change
Wellington Management 1.97M +1.28M +183.8%
Wasatch Advisors 0 -626.39K EXIT
Millennium Management 1.1M +609.94K +123.5%
Norges Bank 0 -560.13K EXIT
Adage Capital Partners GP, L.L.C. 525K +525K NEW
Citadel Advisors 641.29K +509.19K +385.5%
Shelter Haven Capital Management 0 -465.18K EXIT
AMP Ameriprise Financial 474.52K +386.86K +441.3%
Geode Capital Management 783.99K -371.55K -32.2%
Panagora Asset Management 88.98K -256.74K -74.3%

Financial report summary

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Risks
  • We are dependent on third-party manufacturing and supply chain relationships for all of our products. Our reliance on third-party foundries and suppliers involves certain risks that may result in increased costs, delays in meeting our customers’ demand, and loss of revenue.
  • We have a long-term capacity reservation and wafer supply agreement with GlobalFoundries, which includes obligations to purchase wafers from GlobalFoundries through calendar year 2026. If our requirements are different from the number of wafers that we have committed to purchase from GlobalFoundries, or if GlobalFoundries is not able to satisfy our manufacturing requirements, our results of operations and financial condition could be adversely impacted.
  • We depend on a limited number of customers and distributors for a substantial portion of our sales, and the loss of, or a significant reduction in orders from, or pricing on products sold to, any key customer or distributor could significantly reduce our sales and our profitability.
  • The lack of diversification in our revenue and customer base increases the risk of an investment in our company, and our consolidated financial condition, results of operations, and stock price may deteriorate if we fail to diversify.
  • Our results may be affected by fluctuation in sales in the consumer electronics and smartphone markets.
  • We may be adversely impacted by global economic conditions. As a result, our financial results and the market price of our common shares may decline.
  • Changes in government trade policies, including the imposition of tariffs and export restrictions, could have an adverse impact on our business operations and sales.
  • System security and data breaches, cyber-attacks and other related cyber security incidents could disrupt our internal operations and/or supply chain, result in the loss of our, our customers' and our suppliers' proprietary and confidential information, adversely impact our reputation and business, and result in potentially significant expenses, costs, liabilities and other negative consequences, any or all of which could adversely affect results of operations and our stock price.
  • We face risks related to global health epidemics that could impact our sales, supply chain and operations, resulting in significantly reduced revenue and operating results.
  • Our sales could be materially impacted by the failure of other component suppliers to deliver required parts needed in the final assembly of our customers’ end products.
  • If we fail to attract, hire, and retain qualified personnel, we may not be able to develop, market, or sell our products or successfully manage our business.
  • Strong competition in the semiconductor market may harm our business.
  • Because we depend on subcontractors internationally to perform key manufacturing functions for us, we are subject to political, economic, climate and natural disaster risks that could disrupt the fabrication, assembly, packaging, or testing of our products.
  • In general, our customers may cancel or reschedule orders on short notice without incurring significant penalties; therefore, our sales and operating results in any quarter are difficult to forecast.
  • We are subject to risks relating to product concentration.
  • We have significant international sales, and risks associated with these sales could harm our operating results.
  • Our international operations subject our business to additional political and economic risks that could have an adverse impact on our business.
  • We may acquire other companies or technologies, which may create additional risks associated with our ability to successfully integrate them into our business.
  • Our products may be subject to average selling prices that decline over time. If we are unable to maintain average selling prices for existing products, increase our volumes, introduce new or enhanced products with higher selling prices, or reduce our costs, our business and operating results could be harmed.
  • We have entered into joint development agreements, custom product arrangements, and strategic relationships with some of our largest customers. These arrangements subject us to a number of risks, and any failure to execute on any of these arrangements could have a material adverse effect on our business, results of operations, and financial condition.
  • Our failure to develop and ramp new products into production in a timely manner could harm our operating results.
  • We continue to invest in research and development efforts for several new markets. If we are unable to commercialize these technologies, our future results and profits could be negatively affected.
  • Our products are increasingly complex and could contain defects, which could result in material costs to us.
  • We may experience difficulties developing and transitioning to advanced manufacturing process technologies, which could materially adversely affect our results.
  • Security vulnerabilities may exist in our products, which could expose us to significant costs and damage our business.
  • We frequently develop our products for the specific system architecture of our customers’ end products. If our customers were to change system architectures, develop competing technologies and integrated circuits, incorporate some of the functionality of our products into other parts of the system, or eliminate certain functionality that our products provide in their future end products, we risk the potential loss of revenue and reduced average selling prices.
  • We may be unable to protect our intellectual property rights.
  • We could be subject to changes in tax laws, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities.
  • Shifts in industry-wide capacity and our practice of ordering and purchasing our products based on sales forecasts may result in significant fluctuations in inventory and our quarterly and annual operating results.
  • We have historically experienced fluctuations in our operating results and expect these fluctuations to continue.
  • Our stock price has been and is likely to continue to be volatile.
  • Our foreign currency exposures may change over time as the level of activity in foreign markets grows and could have an adverse impact upon financial results.
  • Our debt obligations may be a burden on our future cash flows and cash resources.
  • Our Second Amended Credit Agreement contains restrictions that could limit our flexibility in operating our business.
  • We are subject to the export control regulations of the U.S. Department of State and the Department of Commerce. A violation of these export control regulations could have a material adverse effect on our business or our results of operations, cash flows, or financial position.
  • Potential intellectual property claims and litigation could subject us to significant liability for damages and could invalidate our proprietary rights.
  • We have provisions in our Certificate of Incorporation and Bylaws, and are subject to certain provisions of Delaware law, which could prevent, delay, or impede a change of control of our company. These provisions could affect the market price of our stock.
  • Our Bylaws include a forum selection provision that could increase costs to bring a claim, discourage claims, or limit the ability of the Company’s stockholders to bring a claim in a judicial forum viewed by the stockholders as more favorable for disputes with the Company or the Company’s directors, officers, or other employees.
  • Corporate social responsibility initiatives, specifically related to environmental, social and governance ("ESG") matters, may impose additional costs and expose us to emerging areas of risk.
  • As we carry only limited insurance coverage, uninsured or under-insured losses could adversely affect our financial condition and results of operations.
  • We are subject to the risks of owning real property.
Management Discussion
  • Fiscal year 2022 net sales of $1.78 billion represented an increase over fiscal year 2021 net sales of $1.37 billion. High-performance mixed-signal product line sales of $594.3 million represented a 124.1 percent increase from fiscal year 2021 sales of $265.2 million, primarily attributable to content gains in smartphones and, to a lesser extent, higher sales of fast-charging ICs in smartphones. Audio product line sales of $1.19 billion in fiscal year 2022 increased from fiscal year 2021 sales of $1.10 billion. The most significant driver of the increase was higher sales of audio products in laptops.
  • Overall, gross margin for fiscal year 2022 was 51.8 percent. The increase in gross margin for fiscal year 2022 was primarily attributable to the impact of higher ASPs, which were mostly offset by increased supply chain costs. The Company’s number of employees increased to 1,591 as of March 26, 2022. The Company achieved net income of $326.4 million in fiscal year 2022, which included an income tax provision in the amount of $42.3 million.
  • Fiscal year 2021 net sales of $1.37 billion represented an increase over fiscal year 2020 net sales of $1.28 billion. High-performance mixed signal product line sales of $265.2 million represented a 54.9 percent increase from fiscal year 2020 sales of $171.2 million, primarily attributable to content gains in smartphones. Audio product line sales of $1.10 billion in fiscal year 2021 decreased from fiscal year 2020 sales of $1.11 billion, attributable to headwinds in wired headset codecs and decreased smart codec sales in Android. The decrease was partially offset by higher unit volumes in smartphones as well as content gains in smartphones, tablets and wearables.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Patents

Utility
Predictive Sensor Tracking Optimization In Multi-sensor Sensing Applications
11 Aug 22
A system may include a plurality of sensors, a measurement circuit communicatively coupled to the plurality of sensors and configured to measure one or more physical quantities associated with the plurality of sensors, and a predictive optimization subsystem configured to detect an event associated with a first sensor of the plurality of sensors and responsive to the event, execute a predictive action with respect to one or more of the other sensors of the plurality of sensors.
Utility
Driver Circuitry
11 Aug 22
Circuitry for driving a transducer for an object detection system, the circuitry comprising drive circuitry configured to generate a drive waveform for the transducer, current monitor circuitry for monitoring a current through the transducer, and system identification circuitry.
Utility
Chop Tone Management for a Current Sensor or a Voltage Sensor
11 Aug 22
A signal processing system may include a signal path and a chop management circuit.
Utility
Control methods for a force sensor system
9 Aug 22
A method of controlling a force sensor system to define at least one button implemented by at least one force sensor, the method comprising: receiving a force sensor input; determining a gradient of the force sensor input; and controlling the force sensor system based on the determined gradient.
Utility
Methods and apparatus for detecting singing
9 Aug 22
A method of detecting singing of a user of a personal audio device, the method comprising: receiving a first audio signal comprising bone-conducted speech of the user from a first transducer of the personal audio device; monitoring a second audio signal output to a speaker of the personal audio device; and determining whether the user is singing based on the first audio signal and the second audio signal.