Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) 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.

We were incorporated in California in 1984, became a public company in 1989 and were reincorporated in the State of Delaware in February 1999. Our primary facility, housingwhich houses engineering, sales and marketing, and administrative functions, is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, Spain, the People’s Republic of China, South Korea, Japan, Singapore, and Taiwan. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ's Global Select Market under the symbol CRUS.

Cirrus Logic targets growing markets where we can leverage our expertise in analog andlow-power, high-precision mixed-signal processing to solve complex problems.problems that span the analog to digital divide.  The Company is committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing high-performance mixed-signal ("HPMS") content in smartphones; and third, leveraging our strength in audio and HPMS to expand into additional applications and markets with new and existing components. Our approach has been to develop custom and general market components that embody our latest innovations, which we use to engage key players in a particular market or application.   We focus

Cirrus Logic focuses on building strong engineering relationships with our customers’ product teams and workworks to develop highly differentiated components that address their technical and price requirements across product tiers. Many of our products include programmable aspects and are comprised of our best-in-class hardware which incorporates software algorithms from some combination of our own intellectual property (“IP”), algorithms that have been ported to our platform by an ecosystem of third-party partners,partners' and our customers’ IP. When we have been successful with this approach, onean initial design win hascan often expanded into additional products. This strategy gives us thelead to an opportunity to further increase our content with a customer over time through the incorporation of new features, the integration of other system components into our products, and the addition of new components.products.

The following provides a detailed discussion regarding our portableaudio and non-portable and otherHPMS product lines.

WeDrawing on our extensive mixed-signal design and low-power processing expertise, Cirrus Logic has expanded beyond our traditional audio domain into new categories where we provide high-precision analoga range of HPMS products, including camera controllers, haptic and mixed-signal ICs forsensing solutions, and battery and power ICs. These products are primarily used in smartphones to help deliver a variety of products in the automotive, energy,more immersive and compelling user experience while also improving battery health and performance. This product line also includes legacy industrial and non-mobile consumer markets, including the emerging smart home market. The Company supplies a wide range of products including codecs, ADCs, DACs, digital interfaces and amplifiers. Within the consumer market our products are utilized in laptops, home theater systems, musical instruments, automotive entertainment systems and satellite radio systems. Our products are also used in a wide array of high-precision industrial and energy-relatedenergy applications includingsuch as digital utility meters, power supplies, energy control, energy measurement and energy exploration applications.exploration.

We offer products worldwide through both direct and indirect sales channels. Our major customers are among the world’s leading electronics manufacturers. We target both large existing and emerging customers that deriveobtain value from our expertise in advanced analog and mixed-signal design processing, systems-level integrated circuit engineering and embedded software development. We derive our revenues from both domestic and international sales. Our domestic sales force includes a network of direct sales offices located primarily in California and Texas.  International sales offices and staff are located in Japan, People’s Republic of China, Singapore, South Korea, Taiwan, and the United Kingdom. We supplement our direct sales force with external sales representatives and distributors.  We have technical support centers in China, South Korea, Taiwan and the United States. Our worldwide sales force provides geographically specific support to our customers and specialized selling of product lines with unique customer bases. See Note 19—20—Segment Information, of the Notes to Consolidated Financial Statements contained in Item 8 for further detail and for additional disclosure regarding sales and property, plant and equipment, net, by geographic locations.

Since the components we produce are largely proprietary and generally not available from secondsecondary sources, we generally consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, through distributors or third partythird-party manufacturers contracted to produce their designs. For fiscal year 2023 and each of fiscal years 2020, 2019,2022 and 2018,2021, our ten largest end customers, represented approximately 93 percent, 9192 percent and 9293 percent of our sales, respectively. For fiscal years 2020, 2019,2023, 2022, and 2018,2021, we had one end customer, Apple, Inc., who purchased through multiple contract manufacturers and represented approximately 83 percent, 79 percent, 78 percent, and 81 83

As a fabless semiconductor company, we contract with third parties for wafer fabrication and product assembly and test. We use a variety of foundries in the production of wafers, primarily supplied by TSMCGLOBALFOUNDRIES Inc., (“GlobalFoundries”) and GLOBALFOUNDRIES.Taiwan Semiconductor Manufacturing Company, Limited ("TSMC"). In fiscal year 2022, the Company entered a Capacity Reservation and Wafer Supply Commitment Agreement with GlobalFoundries to reserve capacity and set wafer pricing for products purchased pursuant to the agreement through calendar year 2026. See Note 15 - Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional details. The Company’s primary assembly and test houses include Advanced Semiconductor Engineering, Inc., STATS ChipPAC Pte. Ltd, Amkor Technology, Inc., andSTATS ChipPAC Pte. Ltd., SFA Semicon Co., Ltd., and Siliconware Precision Industries Co., Ltd. Our outsourced manufacturing strategy allows us to concentrate on our design strengths and minimize fixed costs and capital expenditures while giving us access to advanced manufacturing facilities. It also provides the flexibility to source multiple leading-edge technologies through strategic relationships. After wafer fabrication by the foundry, third-party assembly vendors package the wafer die. The finished products are then tested before shipment to our customers. While we do have some redundancy ofbelieve we are able to mitigate certain risks in the fabrication processes by using multiple outside foundries, anyan interruption of supply by one or more of these foundries could materially impact the Company. As a result, weWe maintain some amount of business interruption insurance to help reduce the risk of wafer supply interruption; however, the impact of an interruption but we are not fully insured against such risk.could exceed our insurance. Our supply chain management organization is responsible for the management of all aspects of the manufacturing,fabrication, assembly, and testing of our products, including process and package development, test program development, and production testing of products in accordance with our ISO-certified quality management system.

Although our products are made from basic materials (principally silicon, metals and plastics), all of which are available from a number of suppliers, capacity at wafer foundries sometimes becomes constrained. The limited availability of certain materials may impact our suppliers’ ability to meet our demand needs or impact the price we are charged. The prices of certain other basic materials, such as metals, gases and chemicals used in the production of circuits can increase as demand grows for these basic commodities. In most cases, we do not procure these materials ourselves; nevertheless, we are reliant on such materials for producingmanufacturing our products because our outside foundry and package and test subcontractors must procure them. To help mitigate risks associated with constrained capacity, we use multiple foundries and assembly and test sources.

We rely on patent, copyright, trademark, and trade secret laws to protect our intellectual property, products, and technology. As of March 28, 2020,25, 2023, we held approximately 3,4004,300 pending and issued patents worldwide, which include approximately 1,1601,430 granted U.S. patents, 475430 U.S. pending patent applications and various international patents and applications. Our U.S. patents expire in calendar years 20202023 through 2039.2042. While our patents are an important element of our success, our business as a whole is not dependent on any one patent or group of patents. We do not anticipate any material effect on our business due to any patents expiring in 2020,2023, and we continue to obtain new patents through our ongoing research and development.

We have maintained U.S. federal trademark registrations for CIRRUS LOGIC, CIRRUS, Cirrus Logic logo designs, and SoundClear, among others.  These U.S. registrations may be renewed as long as the marks continue to be used in interstate commerce.  We have also filed or obtained foreign registration for these marks in other countries or jurisdictions where we conduct, or anticipate conducting, `internationalinternational business. To complement our own research and development efforts, we have also licensed and expect to continue to license, a variety of intellectual property and technologies important to our business from third parties.

We determine our operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidelines. Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker as defined by these guidelines.

The Company operates and tracks its results in one reportable segment, but reports revenue performance in two product lines: PortableAudio and Non-Portable and Other.HPMS. Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources, rather than detailed information at a product line level. Additionally, our product lines have similar characteristics and customers. They share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no discrete financial information maintained for these product lines.

See Note 19 — Segment Information,10 - Revenues of the Notes to Consolidated Financial Statements contained in Item 8 for further details including sales by product line, as well asline. See Note 20 — Segment Information, for details on sales and property, plant and equipment, net, by geographic locations.

We concentrate our research and development efforts on the design and development of new products for each of our principal markets. We also fund certain advanced-process technology development, as well as other emerging product opportunities. Our future success is highly dependent upon our ability to develop complex new products, transfer new products to volume production, introduce them into the marketplace in a timely fashion, and have them selected for design into products of systems manufacturers. Our future success may also depend on assisting our customers with integration of our components into their new products, including providing support from the concept stage through design, launch and production ramp.

Markets for our products are highly competitive, and we expect that competition will continue to increase. Our ability to compete effectively and to expand our business will depend on our ability to continue to recruit key engineering talent, execute on new product developments, partner with customers to include these newcreate compelling products intofor their applications and provide cost efficient versions of existing products. We compete with other semiconductor suppliers that offer standard semiconductors, application-specific standard products and fully customized ICs, including embedded software, chip and board-level products.

While no single company competes with us inacross all of our product lines, we face significant competition in all markets where our products are available. Within Portable, Cirrus Logic is a leading IC supplier with the complete end-to-end solution from capture to playbackof audio and high-performance mixed-signal processing solutions including boosted amplifiers, codecs, smart codecs, boosted amplifiers,camera controllers, haptic and sensing solutions, and DSPs.battery and power ICs. We expect to face additional competition from new entrants in our markets, which may include both large domestic and international IC manufacturers, andas well as smaller, emerging companies. Our primary competitors include, but are not limited to, AKM Semiconductor Inc., Analog Devices Inc., Dialog Semiconductor PLC, DSP Group, Goodix Technology, Maxim Integrated ProductsInfineon Technologies, Monolithic Power Systems, Inc., Qualcomm Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awinic Technology Co., Ltd., Skyworks Solutions Inc., Southchip Semiconductor Technology (China), ST Microelectronics N.V., Synaptics Incorporated and Texas Instruments, Inc.

The principal competitive factors in our markets include: time to market; quality of hardware/software design and end-market systems expertise; price; product performance, features, quality and compatibility with standards; access to advanced process and packaging technologies at competitive prices; and sales and technical support, which includes assisting our customers with integration of our components into their new products and providing support from the concept stage through design, launch and production ramp.

Sales are made primarily pursuant to short-term purchase orders for delivery of products. The quantity actually ordered by the customer, as well as the shipment schedules, are frequently revised, without significant penalty, to reflect changes in the customer’s needs. The majority of our backlog is typically requested for delivery within six months. In markets where the end system life cycles are relatively short, customers typically request delivery in six to twelve weeks. We believe a backlog analysis at any given time gives little indication of our future business except on a short-term basis, principally within the next 60 days.

We utilize backlog as an indicator to assist us in production planning. However, backlog is influenced by several factors including market demand, pricing, and customer order patterns in reaction to product lead times. Quantities actually purchased by customers, as well as prices, are subject to variations between booking and delivery because of changes in customer needs or industry conditions. As a result, we believe that our backlog at any given time is an incomplete indicator of future sales.

As of March 28, 2020,25, 2023, we had 1,443 full-time employees. Of our1,702 full-time employees, 68of whom 71 percent were engaged in research and product development activities, 2724 percent in sales, marketing, general and administrative activities, and 5 percent in manufacturing-related activities. As of March 25, 2023, 16 percent of our employees worldwide were foreign nationals and 64 percent of our total workforce reside in the U.S., with 36 percent residing offshore. We also employ individuals on a temporary basis and use the services of contractors as necessary, particularly in our software development and test organization. Our future success depends, in part, on our ability to continue to attract, retain and motivate highly qualified technical, marketing, engineering, and administrative personnel.

We considerbelieve that diverse teams fuel innovation, and we are committed to creating an inclusive culture that supports all employees, regardless of gender, veteran status, race, ethnicity, or ability. As of March 25, 2023, our global workforce was 82 percent male and 18 percent female, and based on self-reported identification, our workforce in the United States was composed of 54 percent White, 33 percent Asian, 9 percent Hispanic or Latino, 2 percent Black or African American, and 2 percent Other.

Cirrus Logic is committed to promoting a safe, secure, and productive environment for our employees, customers, and visitors. Our global health and safety policy outlines our commitment to employees. Employees working in our research facilities receive specialized, role-specific health and safety training. The Company takes measures to reduce employee relationsexposure to be good.potential health hazards in our offices and research facilities and conducts regular inspections to maintain a safe and healthy work environment. A risk management system also provides technicians with additional data and information on the potential hazards associated with certain chemicals. In fiscal year 2023, the Company had no monetary losses as a result of legal proceedings associated with employee health and safety violations, and have not received any notices of violation related

For more information on Form 10-Kthe commitment to our employees and certainother Environmental, Social and Governance ("ESG") topics visit https://www.cirrus.com/company/esg. We are not including the information incorporated hereincontained on our website as a part of, or incorporating it by reference contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included or incorporated by reference ininto, this Annual Report on Form 10-K, other than statements that are purely historical, are forward-looking statements. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “estimates,” “will,” “would,” “could,” “can,” “may,” “plan,” and “intend”, and other similar types of words and expressions. Variations of these types of words and similar expressions are intended to identify these forward-looking statements. Any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are predictions based on management's expectations as of the date of this filing and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those indicated or implied by our forward-looking statements include, but are not limited to, those discussed in Item 1A. Risk Factors and elsewhere in this report, as well as in the documents filed by us with the SEC, specifically the most recent reports on Form 10-Q and 8-K, each as it may be amended from time to time.

Our business faces significant risks. The risk factors set forth below may not be the only risks that we face and there is a risk that we may have failed to identify all possible risk factors. Additional risks that we are not aware of yet or that currently are not significantmaterial may adversely affect our business operations. You should read the following cautionary statements in

None.

As of March 28, 2020,25, 2023, our principal facilities are located in Austin, Texas and Edinburgh, Scotland, United Kingdom. The Austin facilities, which we own, consist of approximately 155,000 square feet of office space and are primarily occupied by research and development personnel and testing equipment. In addition, our failure analysis and reliability facility occupies approximately 27,000 square feet.

Additionally, we have various leased facilities in Austin, Texas, consisting of approximately 157,000281,000 square feet. Thisfeet, which includes approximately 151,000275,000 square feet of leased space that houses a mixture of administrative personnel as well as research and development personnel.

Below is a detailed schedule that identifies our principal locations of occupied leased and owned property as of March 28, 2020,25, 2023, with various contractual lease terms through calendar year 2028.2033. We believe that these facilities are suitable and adequate to meet our current operating needs.

From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made.

Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.  However, we are engaged in various legal actions in the normal course of business.  While there can be no assurances in light of the inherent uncertainties

Not applicable.

Our common stock is traded on the NASDAQ's Global Select Market under the symbol CRUS.

As of May 18, 2020,17, 2023, there were approximately 390344 holders of record of our common stock.

The information under the caption “Equity Compensation Plan Information” in the proxy statement to be delivered to stockholders in connection with our Annual Meeting of Stockholders to be held on July 31, 202028, 2023 (the “Proxy Statement”) is incorporated herein by reference.

The following graph and table show a comparison of the five-year cumulative total stockholder return ("TSR"), calculated on a dividend reinvestment basis, for Cirrus Logic, the NASDAQ Composite, the Philadelphia Semiconductor Index, the Standard & Poor’s 500 Composite Index (the “S&P 500 Index”), and the Semiconductor Subgroup of the Standard & Poor’s Electronics Index (the “S&P 500 Semiconductors Index”).

The information in this Annual Report on Form 10-K appearing under the heading “Stock Price Performance Graph” is being “furnished” pursuant to Item 201(e) of Regulation S-K under the Securities Act of 1933, as amended, and shall not be deemed to be “soliciting material” or “filed” with the Securities and Exchange Commission or subject to Regulation 14A or 14C, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended.Act.

Our discussion and analysis of the Company’s financial condition and results of operations are based upon the consolidated financial statements included in this report, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts. We evaluate the estimates on an on-going basis. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.

The Company considers the identificationfollowing accounting policies to involve the highest degree of judgment in the preparation of the Company's performance obligations and determination of transaction price, including treatment of rebates, right of returns, warranties, price protection and stock rotation.consolidated financial statements:

Cirrus Logic develops low-power, high-precision mixed-signal processing solutions for a broad range of customers. We track operating results in one reportable segment, but report revenue performance by product line, currently portableline: audio and non-portable and otherHPMS products. In fiscal year 2020,2023, the Company increased our penetration of new and existing customers, primarilydelivered record revenue, driven by demandhigher sales of products shipping in smartphones. This past year, we believe that we made excellent progress in many areas of our long-term growth strategy. The Company remained a leader in our foundational business of smartphone audio, with a number of customers launching flagship devices using our components. Moreover, our team began design of our next-generation boosted amplifier and smart codec, both of which are in advanced stages of development today and are expected to extend our market leadership and deliver significant revenue for many years following their introduction. Additionally, the Company completed the successful production qualification for our boosted amplifiersnext-generation camera controller for introduction in fiscal year 2024.

Fiscal year 20202023 net sales of $1.28$1.90 billion represented an increase over fiscal year 20192022 net sales of $1.78 billion. HPMS product line sales of $725.6 million represented a 22.1 percent increase from fiscal year 2022 sales of $594.3 million, primarily attributable to content gains in smartphones and higher ASPs. Audio product line sales of $1.17 billion in fiscal year 2023 decreased from fiscal year 2022 sales of $1.19 billion. Portable product line salesThe most significant drivers of $1.15 billionthe decrease were the softening in general market and smartphone demand, partially offset by ASP increases during fiscal year 2020 increased from fiscal year 2019 sales of $1.03 billion, attributable to strong demand for components shipping in smartphones. Non-portable and other product line sales of $134.2 million represented a 12.6 percent decrease from fiscal year 2019 sales of $153.5 million.2023.

Fiscal year 20192022 net sales of $1.78 billion represented an increase over fiscal year 2021 net sales of $1.37 billion. HPMS 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 general market battery and power products. Audio product line sales of $1.19 billion represented a decreasein fiscal year 2022 increased from fiscal year 2018 net2021 sales of $1.53$1.10 billion. Portable product lineThe most significant driver of the increase was higher sales of $1.03 billionaudio products in fiscal year 2019 decreased from fiscal year 2018 sales of $1.36 billion, attributable primarily to reduced unit volumes of our portable products shipping in smartphones, which was partially offset by increased

Overall, gross margin for fiscal year 20192022 was 50.451.8 percent. The increase in gross margin for fiscal year 20192022 was primarily dueattributable to more favorable product mix on certain portable products, and, to a lesser extent,the impact of higher ASPs, which were mostly offset by increased supply chain efficiencies versus the prior year.costs. The Company’s number of employees decreasedincreased to 1,5511,591 as of March 30, 2019.26, 2022. The Company achieved net income of $90.0$326.4 million in fiscal year 2019,2022, which included an income tax provision in the amount of $3.8$42.3 million.

We report sales in two product categories: portableaudio products and non-portable and otherHPMS products. Our sales by product line are as followsshown in the table below (in thousands):.

Net sales for fiscal year 2022 increased by 30.1 percent, to $1.78 billion from $1.37 billion in fiscal year 2021. The portable product line experienced an increase in net sales reflects a $329.2 million increase in HPMS product sales, or 124.1 percent, from fiscal year 2021 sales of $265.2 million, which was primarily attributable to content gains primarily in smartphones, and to a lesser extent, higher unit volumes. In Android, increased sales of boosted amplifiersgeneral market battery and haptic drivers were offset somewhat by a reduction in smart codec revenue. Non-portable and otherpower products. Additionally, audio product line sales of $134.2increased $83.1 million represented a 12.6 percent decrease from fiscal year 2019 sales of $153.5 million, which was primarily attributable to decreases in legacy product sales.

International sales, at Android customers. Non-portable and other product line sales of $153.5 million represented a 8.8% decrease from fiscal year 2018 sales of $168.3 million, which was primarily attributable to decreases in legacy product sales.

Fiscal year 20202023 research and development expenses of $347.6$458.4 million reflect a decreasean increase of $27.5$52.1 million, or 712.8 percent, from fiscal year 2019.2022. The overall decreaseincrease was attributable to reducedincreased stock-based compensation, product development costs, employee-related expenses, primarily driven by a 7.0 percent increase in total R&D headcount, facilities-related costs, amortization of acquisition intangibles, and acquisition-related expenses, partially offset by reduced variable compensation and increased R&D incentives offset by increases in employee-related expenses, primarily variable compensation and stock-based compensation.compared to the prior fiscal year. See Note 2 - Summary of Significant Accounting Policies / Government Assistance for additional details relating to R&D incentives.

Fiscal year 20192022 research and development expenses of $375.1$406.3 million reflect an increase of $8.7$63.5 million, or 218.5 percent, from fiscal year 2018.2021. The increase was attributable to anincreased employee-related expenses, primarily driven by a 9.0 percent increase in average monthly researchtotal R&D headcount, amortization of acquisition intangibles, variable compensation, acquisition-related, stock-based compensation, and development headcount during fiscal year 2019 versus the prior fiscal year and the associated salary and employee-related expenses, higher facilities and infrastructure-relatedfacilities-related costs, and fiscal year 2018 adjustments to contingent consideration, offset by decreases toincreased R&D incentives and reduced product development expenses and amortization of acquisition-related intangibles.costs.

Fiscal year 20202023 selling, general and administrative expenses of $131.1$153.1 million reflect an increase of $4.6$2.1 million, or 41.4 percent, compared to fiscal year 2019.2022. The primary drivers wereincrease was primarily attributable to increased employee-related expenses, primarilyand stock-based compensation costs, partially offset by reduced variable compensation costs in fiscal year 2020.2023.

Fiscal year 20192022 selling, general and administrative expenses of $126.5$151.0 million reflect a decreasean increase of $5.3$24.0 million, or 418.9 percent, compared to fiscal year 2018.2021. The decreaseincrease was primarily attributable to decreased salaryincreased employee-related expenses, professional services, variable compensation and employee-related expensesstock-based compensation costs in fiscal year 2019.2022.

Due to the prolonged weakness in the China smartphone market, the sales of Assets

Interest income in fiscal years 2020, 2019,2023, 2022, and 2018,2021, was $10.5$10.0 million, $8.0$1.6 million, and $4.8$6.3 million, respectively. The increasefluctuations in interest income in fiscal year 20202023 and 2019 was due to higher2022 versus prior years were a function of earnings on higher average cash, cash equivalent, and marketable securities balances throughout the year versus the previous year.

The Company reported interest expense of $1.1$0.9 million, $1.1$0.9 million and $1.2$1.1 million for fiscal years 2020, 2019,2023, 2022, and 2018,2021, respectively, primarily as a result of the revolving credit facility,Revolving Credit Facility, described in Note 8.

In fiscal years 2020, 2019,2023, 2022, and 20182021 the Company reported $1.6$(3.4) million, $0.2$1.7 million, and $1.0$2.8 million respectively, in other expense, primarilyincome (expense), related to remeasurement on foreign currency denominated monetary assets and liabilities.liabilities and other non-operating income and expenses. Additionally, in fiscal year 2023, the Company recorded a $2.7 million write down related to a technology start-up equity investment.

We recorded income tax expense of $21.8$78.0 million in fiscal year 20202023 on a pre-tax income of $181.3$254.7 million, yielding an effective tax rate of 12.030.6 percent. Our effective tax rate was higher than the U.S. statutory rate of 21.0 percent, primarily due to an increase in U.S. tax paid on our foreign earnings. A provision in the Tax Cuts and Jobs Act of 2017 requires research and development expenditures incurred in tax years beginning after December 31, 2021 to be capitalized and amortized ratably over five or fifteen years depending on the location in which the research activities are conducted, resulting in higher global intangible low-taxed income (GILTI), which is treated as a period cost. In addition, U.S. tax rules introduced in fiscal year 2023 related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, reduce the amount of foreign tax credits available to offset GILTI.

We recorded income tax expense of $42.3 million in fiscal year 2022 on pre-tax income of $368.7 million, yielding an effective tax rate of 11.5 percent. Our effective tax rate was lower than the U.S. statutory rate of 21.0 percent, primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate and excess tax benefits from stock-based compensation, and the release of prior year unrecognized tax benefits during fiscal year 2020.compensation.

We recorded income tax expense of $3.8$27.9 million in fiscal year 20192021 on a pre-tax income of $93.7$245.2 million, yielding an effective tax provision rate of 4.011.4 percent. Our effective tax rate was lower than the U.S. statutory rate of 21.0 percent, primarily due to a decrease in the provisional enactment-date effects of the legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), as well as the U.S. federal research and development tax credit and the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate. This overall decrease was partially offset by an increase in valuation allowance related to certain U.S. federal deferredrate, the release of prior year unrecognized tax assets and state tax attributes due to the likelihood that they will expire or go unutilized.

For additional discussion about our income taxes, see Note 1819 - Income Taxes.

In fiscal year 2020,2023, cash flow from operations was $295.8$339.6 million. Operating cash flow during fiscal year 20202023 was related to the cash components of our net income and a $55.6 million unfavorable change in working capital. The unfavorable

In fiscal year 2020,2023, the Company used $100.2$33.3 million in cash for investing activities primarily related to $78.6capital expenditures and technology investments of $36.7 million and $3.4 million in net sales of marketable securities. In fiscal year 2022, the Company used approximately $18.4 million in cash for investing activities principally related to $276.9 million associated with the acquisition of Lion and capital expenditures and technology investments of $30.0 million, partially offset by $288.5 million in net sales of marketable securities. In fiscal year 2021, the Company used approximately $77.7 million in cash for investing activities primarily related to $57.2 million in net purchases of marketable securities, and capital expenditures and technology investments of $21.6$20.5 million.

In fiscal year 2019,years 2023, 2022, and 2021, the Company used approximately $54.7$230.3 million, in cash for investing activities principally related to $28.0$178.7 million, in net purchases of marketable securities, and capital expenditures and technology investments of $35.8 million. In fiscal year 2018, the Company used approximately $184.7$121.2 million, in cash for investing activities primarily related to $100.2 million in net purchases of marketable securities, and capital expenditures and technology investments of $59.3 million. In addition, the Company purchased certain tangible and intangible assets for $25.2 million as part of a technology acquisition.

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, and potential future acquisitions of companies or technologies, commitments under the Capacity Reservation Agreement with GlobalFoundries (discussed further in Note 15 - Commitments and Contingencies of the Notes to the Consolidated Financial Statements and Item 1A. Risk Factors) and the expansion of our sales and marketing activities. 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, through at leastin the short-term (i.e. the next 12 months,months) and in the long-term, although we could be required, or could elect, to seek additional funding prior to that time.

In our business activities, we incur certain commitments to make future payments under contracts such as debt agreements, purchase orders, operating leases and other long-term contracts.  Maturities under these contracts are set forth in the following table as of March 28, 2020:

We are exposed to market risks associated with interest rates on drawn balances of our Revolving Credit Facility and marketable securities, and to currency movements on non-U.S. dollar denominatednon-functional currency assets and liabilities. We assess these risks on a regular basis and have established policies that are designed to protect against the adverse effects of these and other potential exposures. All of the potential changes noted below are based on sensitivity analyses as of March 28, 2020.25, 2023. Actual results may differ materially.

Our primary financial instruments include cash equivalents, marketable securities, accounts receivable, accounts payable, and accrued liabilities. The Company’s investments are managed by outside professional managers within investment guidelines set by the Company.  These guidelines include security type, credit quality, and maturity, and are intended to limit market risk by restricting the Company’s investments to high quality debt instruments with relatively short-term maturities.  The Company does not currently use derivative financial instruments in its investment portfolio. Due to the short-term nature of our investment portfolio, and the current low interest rate environment, our downside exposure to interest rate risk is minimal.

To provide a meaningful assessment of the interest rate risk associated with our investment portfolio, the Company performed a sensitivity analysis to determine the impact a change in interest rates would have on the value of the investment portfolio assuming a 100 basis point parallel shift in the yield curve. Based on investment positions as of March 28, 202025, 2023 and March 30, 2019,26, 2022, a hypothetical 100 basis point increase in interest rates across all maturities would result in a $5.3$0.8 million and $3.3$1.1 million decline in the fair market value of the portfolio, respectively. Such losses would only be realized if the Company sold the investments prior to maturity.