secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0000772406-23-000016
Event type: earnings
Sentiment:  negative
Materiality: 0.78
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cirrus Logic reports record FY23 revenue $1.90B; Q4 loss on impairments; HPMS product canceled; Q1 guide weak
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- Record FY23 revenue $1.90B (+7% YoY); GAAP EPS $3.09, non-GAAP $6.42.
- Q4 rev $372.8M, GAAP loss $(0.97) from $85.8M intangibles impairment and $10.6M lease/restructuring; non-GAAP EPS $0.92.
- HPMS revenue 38% of total (vs 12% in FY19); planned new HPMS product for fall canceled, removed from internal model.
- Q1 FY24 revenue guidance $260-320M (midpoint ~$290M, -22% QoQ, -26% YoY); gross margin 49-51%.
- Inventory rose to $233.5M from $152.4M; one customer ~83% of FY23 revenue; $501M buyback authorization remaining.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/0000772406-23-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/crus-20230504.htm
  HTML page:      https://secwatch.observer/filing/0000772406-23-000016

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