CIRRUS LOGIC, INC., 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover - shares
3 Months Ended
Jun. 28, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 28, 2025  
Document Transition Report false  
Entity File Number 0-17795  
Entity Registrant Name CIRRUS LOGIC, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0024818  
Entity Address, Address Line One 800 W. 6th Street  
Entity Address, City or Town Austin,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78701  
City Area Code (512)  
Local Phone Number 851-4000  
Title of 12(b) Security Common stock, $0.001 par value  
Trading Symbol CRUS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   51,332,178
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --03-28  
Entity Central Index Key 0000772406  
v3.25.2
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Current assets:    
Cash and cash equivalents $ 548,870 $ 539,620
Marketable securities 65,925 56,160
Accounts receivable, net 214,085 216,009
Inventories 278,984 299,092
Prepaid assets 44,243 48,236
Prepaid wafers 61,934 52,560
Other current assets 27,081 28,057
Total current assets 1,241,122 1,239,734
Long-term marketable securities 232,959 239,036
Right-of-use lease assets 123,718 126,688
Property and equipment, net 154,340 159,900
Intangibles, net 25,718 27,461
Goodwill 435,936 435,936
Deferred tax assets 54,037 48,150
Long-term prepaid wafers 0 15,512
Other assets 26,887 34,656
Total assets 2,294,717 2,327,073
Current liabilities:    
Accounts payable 66,321 63,162
Accrued salaries and benefits 43,146 52,075
Software license agreements 21,511 26,745
Current lease liabilities 21,075 21,811
Other accrued liabilities 36,625 31,395
Total current liabilities 188,678 195,188
Long-term liabilities:    
Non-current lease liabilities 120,272 121,908
Non-current income taxes 44,693 44,040
Software license agreements 10,790 16,488
Total long-term liabilities 175,755 182,436
Stockholders' equity:    
Capital stock 1,881,472 1,860,281
Accumulated earnings 49,035 90,351
Accumulated other comprehensive loss (223) (1,183)
Total stockholders' equity 1,930,284 1,949,449
Total liabilities and stockholders' equity $ 2,294,717 $ 2,327,073
v3.25.2
Consolidated Condensed Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Income Statement [Abstract]    
Net sales $ 407,272 $ 374,026
Cost of sales 193,242 185,101
Gross profit 214,030 188,925
Operating expenses    
Research and development 102,892 105,363
Selling, general and administrative 38,744 36,770
Total operating expenses 141,636 142,133
Income from operations 72,394 46,792
Interest income 8,840 8,420
Interest expense (218) (218)
Other income (expense) (388) 1,609
Income before income taxes 80,628 56,603
Provision for income taxes 19,931 14,508
Net income $ 60,697 $ 42,095
Basic earnings per share (in dollars per share) $ 1.17 $ 0.79
Diluted earnings per share (in dollars per share) $ 1.14 $ 0.76
Basic weighted average common shares outstanding (in shares) 51,727 53,433
Diluted weighted average common shares outstanding (in shares) 53,319 55,665
v3.25.2
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 60,697 $ 42,095
Other comprehensive loss, before tax    
Foreign currency translation gain (loss) 769 (358)
Unrealized gain (loss) on marketable securities 242 (358)
Benefit (provision) for income taxes (51) 75
Comprehensive income $ 61,657 $ 41,454
v3.25.2
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Cash flows from operating activities:    
Net income $ 60,697 $ 42,095
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,173 12,359
Stock-based compensation expense 20,809 21,385
Deferred income taxes (5,938) (5,897)
Other non-cash adjustments (16) 1,104
Net change in operating assets and liabilities:    
Accounts receivable 1,924 (27,601)
Inventories 20,108 (5,318)
Prepaid wafers 6,138 12,354
Other assets 2,014 (5,459)
Accounts payable and other accrued liabilities (8,806) 12,037
Income taxes payable 6,028 30,102
Net cash provided by operating activities 116,131 87,161
Cash flows from investing activities:    
Maturities and sales of available-for-sale marketable securities 22,990 12,646
Purchases of available-for-sale marketable securities (26,435) (69,060)
Purchases of property, equipment and software (2,638) (9,990)
Investments in technology (132) (155)
Net cash used in investing activities (6,215) (66,559)
Cash flows from financing activities:    
Net proceeds from the issuance of common stock 382 10,196
Repurchase of stock to satisfy employee tax withholding obligations (1,049) (1,219)
Repurchase and retirement of common stock (99,999) (40,992)
Net cash used in financing activities (100,666) (32,015)
Net increase (decrease) in cash and cash equivalents 9,250 (11,413)
Cash and cash equivalents at beginning of period 539,620 502,764
Cash and cash equivalents at end of period $ 548,870 $ 491,351
v3.25.2
Consolidated Condensed Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 30, 2024   53,491      
Beginning balance at Mar. 30, 2024 $ 1,817,014 $ 53 $ 1,760,648 $ 58,916 $ (2,603)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 42,095     42,095  
Change in unrealized gain (loss) on marketable securities, net of tax (283)       (283)
Change in foreign currency translation adjustments (358)       (358)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   205      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes 8,978   10,197 (1,219)  
Repurchase and retirement of common stock (in shares)   (361)      
Repurchase and retirement of common stock (41,201)     (41,201)  
Stock-based compensation 21,385   21,385    
Ending balance (in shares) at Jun. 29, 2024   53,335      
Ending balance at Jun. 29, 2024 1,847,630 $ 53 1,792,230 58,591 (3,244)
Beginning balance (in shares) at Mar. 29, 2025   52,291      
Beginning balance at Mar. 29, 2025 1,949,449 $ 52 1,860,229 90,351 (1,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 60,697     60,697  
Change in unrealized gain (loss) on marketable securities, net of tax 191       191
Change in foreign currency translation adjustments 769       769
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   37      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (666)   383 (1,049)  
Repurchase and retirement of common stock (in shares)   (1,014)      
Repurchase and retirement of common stock (100,965) $ (1)   (100,964)  
Stock-based compensation 20,809   20,809    
Ending balance (in shares) at Jun. 28, 2025   51,314      
Ending balance at Jun. 28, 2025 $ 1,930,284 $ 51 $ 1,881,421 $ 49,035 $ (223)
v3.25.2
Basis of Presentation
3 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of PresentationThe unaudited consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).  The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations.  As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 29, 2025, included in our Annual Report on Form 10-K filed with the Commission on May 23, 2025.  In our opinion, the financial statements reflect all material adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented.  The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses.  Actual results could differ from those estimates and assumptions.  Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.
v3.25.2
Recently Issued Accounting Pronouncements
3 Months Ended
Jun. 28, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures and expects to provide these disclosures in the fourth quarter fiscal year 2026.
In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense categories in the notes to the financial statements in order to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
v3.25.2
Marketable Securities
3 Months Ended
Jun. 28, 2025
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Condensed Balance Sheet as "Marketable securities", within the short-term or long-term classification, as appropriate, based on the original maturity.

The following table is a summary of available-for-sale securities at June 28, 2025 (in thousands):
As of June 28, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$288,334 $1,846 $(15)$290,165 
U.S. Treasury securities8,686 35 (2)8,719 
Total securities$297,020 $1,881 $(17)$298,884 

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized losses were immaterial related to securities with total amortized costs of approximately $15.6 million at June 28, 2025. There were no securities in a continuous unrealized loss position for more than 12 months as of June 28, 2025. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management.  The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and
whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of June 28, 2025, the Company does not consider any of its investments to be impaired.

The following table is a summary of available-for-sale securities at March 29, 2025 (in thousands):
As of March 29, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$284,885 1,635 $(55)$286,465 
U.S. Treasury securities8,689 45 (3)8,731 
Total securities$293,574 $1,680 $(58)$295,196 

The Company's specifically identified gross unrealized losses of $0.1 million related to securities with total amortized costs of approximately $29.8 million at March 29, 2025. Securities in a continuous unrealized loss position for more than 12 months as of March 29, 2025 had an aggregate amortized cost of $1.9 million and an immaterial aggregate unrealized loss. As of March 29, 2025, the Company did not consider any of its investments to be impaired.

The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
June 28, 2025March 29, 2025
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$65,729 $65,925 $56,044 $56,160 
After 1 year231,291 232,959 237,530 239,036 
Total$297,020 $298,884 $293,574 $295,196 
v3.25.2
Fair Value of Financial Instruments
3 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, U.S Treasury securities, securities of U.S. government-sponsored enterprises, and commercial paper and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.

The Company's long-term revolving credit facility, described in Note 8 - Revolving Credit Facility, bears interest at a base rate plus applicable margin or forward-looking secured overnight financing rate ("Term SOFR") plus 10 basis points plus applicable margin. As of June 28, 2025, there are no amounts drawn under the facility and the fair value is zero.
As of June 28, 2025 and March 29, 2025, the Company has no Level 3 assets or liabilities.  There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended June 28, 2025. 

The following summarizes the fair value of our financial instruments at June 28, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:    
Cash equivalents    
Money market funds$500,160 $— $— $500,160 
Available-for-sale securities    
Corporate debt securities$— $290,165 $— $290,165 
U.S. Treasury securities8,719 — — 8,719 
$8,719 $290,165 $— $298,884 

The following summarizes the fair value of our financial instruments at March 29, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:
Cash equivalents    
Money market funds491,467 — — 491,467 
Available-for-sale securities    
Corporate debt securities$— $286,465 $— $286,465 
U.S. Treasury securities8,731 — — 8,731 
$8,731 $286,465 $— $295,196 
v3.25.2
Derivative Financial Instruments
3 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within "Other income (expense)" in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of June 28, 2025, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $22.7 million. The fair value of this contract was not material as of June 28, 2025.
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months Ended
June 28,June 29,
20252024Location
Gain (loss) recognized in income:
Foreign currency forward contracts$1,164 $(32)Other income (expense)
v3.25.2
Accounts Receivable, net
3 Months Ended
Jun. 28, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
June 28,March 29,
20252025
Gross accounts receivable$214,085 $216,009 
Allowance for doubtful accounts— — 
Accounts receivable, net$214,085 $216,009 
v3.25.2
Inventories
3 Months Ended
Jun. 28, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are comprised of the following (in thousands):
June 28,March 29,
20252025
Work in process$189,990 $216,173 
Finished goods88,994 82,919 
$278,984 $299,092 
v3.25.2
Revolving Credit Facility
3 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Revolving Credit Facility 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 be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.

On March 20, 2023, the Company, entered into the First Amendment (the "Amendment") to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate ("LIBOR") with the forward-looking secured overnight financing rate ("Term SOFR"), for the purposes of calculating interest under the terms of the Second Amended Credit Agreement.

Borrowings under the Revolving Credit Facility may bear interest, at Cirrus Logic’s election, at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) a Term SOFR rate plus a 10 basis point credit spread adjustment plus the applicable margin. The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for SOFR Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders.

The Revolving Credit Facility contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage
Ratio”). The Second Amended Credit Agreement also contains customary negative covenants limiting the ability of Cirrus Logic or any Subsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. Further, the Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations.

As of June 28, 2025, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement.
v3.25.2
Revenues
3 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal ("HPMS").

Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months Ended
June 28,June 29,
20252024
Audio Products$240,043 $218,970 
HPMS Products167,229 155,056 
$407,272 $374,026 

The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months Ended
June 28,June 29,
20252024
China$189,955 $205,708 
United States4,648 5,216 
Rest of World212,669 163,102 
$407,272 $374,026 
v3.25.2
Income Taxes
3 Months Ended
Jun. 28, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits.

The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months Ended
June 28,June 29,
20252024
Income before income taxes$80,628 $56,603 
Provision for income taxes$19,931 $14,508 
Effective tax rate24.7 %25.6 %

Our income tax expense was $19.9 million and $14.5 million for the first quarters of fiscal years 2026 and 2025, respectively, resulting in effective tax rates of 24.7 percent and 25.6 percent, respectively.
Effective tax rates for all periods presented were unfavorably impacted by a provision in the Tax Cuts and Jobs Act of 2017 that requires research and development ("R&D") 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. In addition, our effective tax rates for all periods presented were unfavorably impacted by U.S. tax rules related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, that reduce the amount of foreign tax credits available to offset GILTI.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA includes a broad range of tax reform provisions, including the permanent elimination of the requirement to capitalize and amortize U.S. R&D expenditures, modifications to international tax provisions, and the permanent extension of certain expiring provisions initially established by the Tax Cuts and Jobs Act of 2017. The OBBBA has multiple effective dates, with certain provisions effective in fiscal year 2026 and others effective in fiscal year 2027. We are assessing the legislation and its effect on our consolidated financial statements, which we expect to begin reflecting in the second quarter of fiscal year 2026.

The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns.  At June 28, 2025, the Company had unrecognized tax benefits of $32.1 million, all of which would impact the effective tax rate if recognized.  The Company’s total unrecognized tax benefits are classified as “Non-current income taxes" in the Consolidated Condensed Balance Sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes.  As of June 28, 2025, the balance of accrued interest and penalties, net of tax, was $12.6 million. 

On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved in the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2019 and 2022 through 2025 remain open to examination by the major taxing jurisdictions in which the Company operates.  

The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service ("IRS").  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies. The final Revenue Agent’s Report asserted additional tax of approximately $168.3 million, excluding interest, and imposed penalties of approximately $63.7 million. The Company does not agree with the IRS's positions and has not accrued an additional liability. In July 2024, the Company entered the administrative dispute process with the IRS Independent Office of Appeals ("IRS Appeals"). We intend to vigorously dispute the proposed adjustments and pursue judicial remedies if an acceptable outcome cannot be reached with IRS Appeals. The Company expects it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the Company believes adequate amounts have been reserved in accordance with ASC 740 for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the ultimate amount of assessed tax, interest, and penalties, if any, could be material and may have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.
v3.25.2
Net Income Per Share
3 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock units.

The following table details the calculation of basic and diluted earnings per share for the three months ended June 28, 2025 and June 29, 2024 (in thousands, except per share amounts):
Three Months Ended
June 28,June 29,
20252024
Numerator:  
Net income$60,697 $42,095 
Denominator:  
Weighted average shares outstanding51,727 53,433 
Effect of dilutive securities1,592 2,232 
Weighted average diluted shares53,319 55,665 
Basic earnings per share$1.17 $0.79 
Diluted earnings per share$1.14 $0.76 

The weighted outstanding shares excluded from our diluted calculation for the three months ended June 28, 2025 and June 29, 2024 were 253 thousand and 259 thousand, respectively, as the shares were anti-dilutive.
v3.25.2
Commitment and Contingencies
3 Months Ended
Jun. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Capacity Reservation Agreement

On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GlobalFoundries to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”). On February 18, 2025, the Capacity Reservation Agreement was amended (the "Amendment") to define the quarterly spread of the remaining wafer quantities under the agreement.

The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee, which is amortized over the Commitment Period. The balance of this reservation fee is $15 million as of June 28, 2025, and is recorded in "Other current assets" and "Other assets" on the Consolidated Condensed Balance Sheets within the short-term or long-term classification, as appropriate. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which are credited back to the Company as a portion of the price of wafers purchased, which began in the Company's second fiscal quarter of 2024. The balance of the prepayment is $62 million at June 28, 2025, and is currently recorded in "Prepaid wafers" on the Consolidated Condensed Balance Sheets.
v3.25.2
Legal Matters
3 Months Ended
Jun. 28, 2025
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal Matters
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 in order 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.  There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.
v3.25.2
Stockholders' Equity
3 Months Ended
Jun. 28, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock

The Company issued an immaterial amount and 0.2 million shares of common stock during the three months ended June 28, 2025 and June 29, 2024, respectively, pursuant to the Company's equity incentive plans.

Share Repurchase Program 

The Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, which is included as a reduction to accumulated earnings in the Consolidated Condensed Statements of Stockholders' Equity. As of June 28, 2025, approximately $2.3 million is accrued related to this excise tax. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.
In July 2022, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. During the three months ended June 28, 2025, the Company completed share repurchases under the 2022 authorization. In March 2025, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. As of June 28, 2025, approximately $45.9 million of the Company's common stock has been repurchased under the share repurchase authorization, leaving approximately $454.1 million available for repurchase under the 2025 authorization. During the three months ended June 28, 2025, the Company repurchased 1.0 million shares of the Company's common stock for $100.0 million, at an average cost of $98.66 per share under the combined share authorizations.
v3.25.2
Segment Information
3 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We determine our operating segments in accordance with FASB guidelines.  Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker ("CODM") under these guidelines. 

The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Audio and HPMS.  Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources. Our product lines have similar characteristics and customers and 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 complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.

The CODM evaluates Company performance based on net income, and this information is used to measure profitability, make budgeting and forecasting decisions, monitor performance trends, and to compare actual results to forecasts. The CODM regularly reviews the consolidated statement of income and a disaggregation of operating expenses, with a focus on personnel-related and product development expenses. The measure of segment assets is reported on the balance sheet as total consolidated assets.
The table below presents the Company's significant segment operating expenses (in thousands):

Three Months Ended
June 28, 2025June 29, 2024
Personnel-related (1)$88,318 $84,501 
Product development (2)13,731 14,916 
Other segment items (3)39,587 42,716 
Total Operating Expense$141,636 $142,133 

(1) Personnel-related expenses include employee base pay, benefits, variable compensation and other employee-related expenses.
(2) Product development costs include software, engineering mask sets, wafers, and boards, as well as outside design services.
(3) Other segment items primarily include stock-based compensation, facilities-related costs, depreciation and amortization, and non-recurring charges, offset by the benefit received from research and development expenditure credits.

Geographic Area
The Company's geographic details of revenue are included below.
The following illustrates net sales by ship to location of the customer (in thousands):
Three Months Ended
June 28, 2025June 29, 2024
China$189,955 $205,708 
India75,429 38,032 
Hong Kong49,175 41,649 
Vietnam36,263 26,283 
South Korea32,893 38,883 
United States4,648 5,216 
Rest of World18,909 18,255 
Total consolidated sales$407,272 $374,026 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Pay vs Performance Disclosure    
Net income $ 60,697 $ 42,095
v3.25.2
Insider Trading Arrangements
3 Months Ended
Jun. 28, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The following table details contracts, instructions and written plans for the purchase or sale of securities, which were entered into during the first quarter of fiscal year 2026. None of our directors or Section 16 officers entered into or terminated a non-Rule 10b5-1 trading arrangement during the first quarter of fiscal year 2026.

Name and TitleAction
Trading Arrangement (1)
Date of AdoptionExpiration DateAggregate Number of Securities to be Purchased or Sold Pursuant to the Trading Arrangement
Denise GrodeAdoptionRule 10b5-1(c)May 30, 2025October 31, 2025
up to 4,410 to be sold
EVP, Chief Human Resources Officer
(1) Except as indicated by footnote, each trading arrangement marked as "Rule 10b5-1(c)" is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Denise Grode [Member]  
Trading Arrangements, by Individual  
Name Denise Grode
Title EVP, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 30, 2025
Expiration Date October 31, 2025
Arrangement Duration 154 days
Aggregate Available 4,410
v3.25.2
Recently Issued Accounting Pronouncements (Policies)
3 Months Ended
Jun. 28, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures and expects to provide these disclosures in the fourth quarter fiscal year 2026.
In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense categories in the notes to the financial statements in order to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Condensed Balance Sheet as "Marketable securities", within the short-term or long-term classification, as appropriate, based on the original maturity.
Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, U.S Treasury securities, securities of U.S. government-sponsored enterprises, and commercial paper and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal ("HPMS").
Segment Information
We determine our operating segments in accordance with FASB guidelines.  Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker ("CODM") under these guidelines. 

The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Audio and HPMS.  Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources. Our product lines have similar characteristics and customers and 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 complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.
v3.25.2
Marketable Securities (Tables)
3 Months Ended
Jun. 28, 2025
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities at June 28, 2025 (in thousands):
As of June 28, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$288,334 $1,846 $(15)$290,165 
U.S. Treasury securities8,686 35 (2)8,719 
Total securities$297,020 $1,881 $(17)$298,884 
The following table is a summary of available-for-sale securities at March 29, 2025 (in thousands):
As of March 29, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$284,885 1,635 $(55)$286,465 
U.S. Treasury securities8,689 45 (3)8,731 
Total securities$293,574 $1,680 $(58)$295,196 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
June 28, 2025March 29, 2025
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$65,729 $65,925 $56,044 $56,160 
After 1 year231,291 232,959 237,530 239,036 
Total$297,020 $298,884 $293,574 $295,196 
v3.25.2
Fair Value of Financial Instruments (Tables)
3 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at June 28, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:    
Cash equivalents    
Money market funds$500,160 $— $— $500,160 
Available-for-sale securities    
Corporate debt securities$— $290,165 $— $290,165 
U.S. Treasury securities8,719 — — 8,719 
$8,719 $290,165 $— $298,884 

The following summarizes the fair value of our financial instruments at March 29, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:
Cash equivalents    
Money market funds491,467 — — 491,467 
Available-for-sale securities    
Corporate debt securities$— $286,465 $— $286,465 
U.S. Treasury securities8,731 — — 8,731 
$8,731 $286,465 $— $295,196 
v3.25.2
Derivative Financial Instruments (Tables)
3 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months Ended
June 28,June 29,
20252024Location
Gain (loss) recognized in income:
Foreign currency forward contracts$1,164 $(32)Other income (expense)
v3.25.2
Accounts Receivable, net (Tables)
3 Months Ended
Jun. 28, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Components of Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
June 28,March 29,
20252025
Gross accounts receivable$214,085 $216,009 
Allowance for doubtful accounts— — 
Accounts receivable, net$214,085 $216,009 
v3.25.2
Inventories (Tables)
3 Months Ended
Jun. 28, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are comprised of the following (in thousands):
June 28,March 29,
20252025
Work in process$189,990 $216,173 
Finished goods88,994 82,919 
$278,984 $299,092 
v3.25.2
Revenues (Tables)
3 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months Ended
June 28,June 29,
20252024
Audio Products$240,043 $218,970 
HPMS Products167,229 155,056 
$407,272 $374,026 

The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months Ended
June 28,June 29,
20252024
China$189,955 $205,708 
United States4,648 5,216 
Rest of World212,669 163,102 
$407,272 $374,026 
v3.25.2
Income Taxes (Tables)
3 Months Ended
Jun. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes and Effective Tax Rates
The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months Ended
June 28,June 29,
20252024
Income before income taxes$80,628 $56,603 
Provision for income taxes$19,931 $14,508 
Effective tax rate24.7 %25.6 %
v3.25.2
Net Income Per Share (Tables)
3 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for the three months ended June 28, 2025 and June 29, 2024 (in thousands, except per share amounts):
Three Months Ended
June 28,June 29,
20252024
Numerator:  
Net income$60,697 $42,095 
Denominator:  
Weighted average shares outstanding51,727 53,433 
Effect of dilutive securities1,592 2,232 
Weighted average diluted shares53,319 55,665 
Basic earnings per share$1.17 $0.79 
Diluted earnings per share$1.14 $0.76 
v3.25.2
Segment Information (Tables)
3 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Schedule of Significant Segment Operating Expense
The table below presents the Company's significant segment operating expenses (in thousands):

Three Months Ended
June 28, 2025June 29, 2024
Personnel-related (1)$88,318 $84,501 
Product development (2)13,731 14,916 
Other segment items (3)39,587 42,716 
Total Operating Expense$141,636 $142,133 

(1) Personnel-related expenses include employee base pay, benefits, variable compensation and other employee-related expenses.
(2) Product development costs include software, engineering mask sets, wafers, and boards, as well as outside design services.
(3) Other segment items primarily include stock-based compensation, facilities-related costs, depreciation and amortization, and non-recurring charges, offset by the benefit received from research and development expenditure credits.
Schedule of Sales by Geographic Location Based on Customer Ship To Location
The following illustrates net sales by ship to location of the customer (in thousands):
Three Months Ended
June 28, 2025June 29, 2024
China$189,955 $205,708 
India75,429 38,032 
Hong Kong49,175 41,649 
Vietnam36,263 26,283 
South Korea32,893 38,883 
United States4,648 5,216 
Rest of World18,909 18,255 
Total consolidated sales$407,272 $374,026 
v3.25.2
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 297,020 $ 293,574
Gross Unrealized Gains 1,881 1,680
Gross Unrealized Losses (17) (58)
Estimated Fair Value (Net Carrying Amount) 298,884 295,196
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 288,334 284,885
Gross Unrealized Gains 1,846 1,635
Gross Unrealized Losses (15) (55)
Estimated Fair Value (Net Carrying Amount) 290,165 286,465
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 8,686 8,689
Gross Unrealized Gains 35 45
Gross Unrealized Losses (2) (3)
Estimated Fair Value (Net Carrying Amount) $ 8,719 $ 8,731
v3.25.2
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Mar. 29, 2025
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 17 $ 58
Amortized cost on available for sale securities held at gross unrealized loss $ 15,600 29,800
Securities in a continuous unrealized loss position for more than 12 months, amortized cost   $ 1,900
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.25.2
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Amortized Cost    
Within 1 year $ 65,729 $ 56,044
After 1 year 231,291 237,530
Amortized Cost 297,020 293,574
Estimated Fair Value    
Within 1 year 65,925 56,160
After 1 year 232,959 239,036
Estimated Fair Value (Net Carrying Amount) $ 298,884 $ 295,196
v3.25.2
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Jun. 28, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amounts drawn under the credit facility   $ 0
Credit facility, fair value   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable rate 0.10%  
v3.25.2
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 298,884 $ 295,196
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 8,719 8,731
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 290,165 286,465
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 290,165 286,465
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 290,165 286,465
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 8,719 8,731
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 8,719 8,731
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 500,160 491,467
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 500,160 491,467
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.2
Derivative Financial Instruments (Details)
$ in Thousands
3 Months Ended
Jun. 28, 2025
USD ($)
derivativeContract
Jun. 29, 2024
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]    
Number of foreign currency derivatives held | derivativeContract 1  
Notional value of foreign currency forward contract $ 22,700  
Foreign currency forward contracts | Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) recognized in income $ 1,164 $ (32)
v3.25.2
Accounts Receivable, net (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 214,085 $ 216,009
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 214,085 $ 216,009
v3.25.2
Inventories (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Mar. 29, 2025
Inventory Disclosure [Abstract]    
Work in process $ 189,990 $ 216,173
Finished goods 88,994 82,919
Total inventories $ 278,984 $ 299,092
v3.25.2
Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)
Mar. 20, 2023
Jun. 28, 2025
Jul. 08, 2021
Line of Credit Facility [Line Items]      
Line of credit facility maximum borrowing capacity     $ 300,000,000
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness $ 200,000,000    
Debt covenant, maximum consolidated net leverage ratio 3.00    
Debt covenant, minimum consolidated interest coverage ratio 3.00    
Amount outstanding   $ 0  
Minimum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.175%    
Maximum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.275%    
Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.10%    
Secured Overnight Financing Rate (SOFR) | Minimum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00%    
Secured Overnight Financing Rate (SOFR) | Maximum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.75%    
Variable Rate Component Two | Minimum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.00%    
Variable Rate Component Two | Maximum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.75%    
v3.25.2
Revenues (Product Line Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 407,272 $ 374,026
Audio Products    
Disaggregation of Revenue [Line Items]    
Net sales 240,043 218,970
HPMS Products    
Disaggregation of Revenue [Line Items]    
Net sales $ 167,229 $ 155,056
v3.25.2
Revenues (Geographic Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 407,272 $ 374,026
China    
Disaggregation of Revenue [Line Items]    
Net sales 189,955 205,708
United States    
Disaggregation of Revenue [Line Items]    
Net sales 4,648 5,216
Rest of World    
Disaggregation of Revenue [Line Items]    
Net sales $ 212,669 $ 163,102
v3.25.2
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Income Tax Disclosure [Abstract]    
Income before income taxes $ 80,628 $ 56,603
Provision for income taxes $ 19,931 $ 14,508
Effective tax rate 24.70% 25.60%
v3.25.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 19,931 $ 14,508
Effective tax rate 24.70% 25.60%
Gross unrecognized tax benefits $ 32,100  
Penalties and interest accrued 12,600  
Estimate of possible loss 168,300  
Estimate of possible loss, penalties expense $ 63,700  
v3.25.2
Net Income Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Numerator:    
Net income $ 60,697 $ 42,095
Denominator:    
Weighted average shares outstanding (in shares) 51,727 53,433
Effect of dilutive securities (in shares) 1,592 2,232
Weighted average diluted shares (in shares) 53,319 55,665
Basic earnings per share (in dollars per share) $ 1.17 $ 0.79
Diluted earnings per share (in dollars per share) $ 1.14 $ 0.76
v3.25.2
Net Income Per Share (Narrative) (Details) - shares
shares in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Earnings Per Share [Abstract]    
Weighted average shares outstanding excluded from diluted calculation (in shares) 253 259
v3.25.2
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Jul. 28, 2021
Jun. 28, 2025
Commitments and Contingencies Disclosure [Abstract]    
Capacity reservation fee $ 60  
Capacity reservation fee remaining   $ 15
Prepaid wafers $ 195  
Prepaid wafers balance   $ 62
v3.25.2
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
3 Months Ended 36 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Mar. 31, 2025
Jul. 31, 2022
Equity, Class of Treasury Stock [Line Items]          
Common stock issued as part of stock incentive plan (in shares)   0.2      
Accrued excise tax $ 2,300   $ 2,300    
Common stock repurchased 100,965 $ 41,201      
July 2022 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Repurchase and retirement of common stock, value         $ 500,000
2025 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Repurchase and retirement of common stock, value       $ 500,000  
Common stock repurchased     45,900    
Common stock available for repurchase 454,100   $ 454,100    
2025 and 2022 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Common stock repurchased $ 100,000        
Common stock repurchased (in shares) 1.0        
Average cost per share repurchased (in dollars per share) $ 98.66        
v3.25.2
Segment Information (Narrative) (Details)
3 Months Ended
Jun. 28, 2025
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.25.2
Segment Information (Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Segment Reporting Information [Line Items]    
Total Operating Expense $ 141,636 $ 142,133
Reportable Segment    
Segment Reporting Information [Line Items]    
Personnel-related 88,318 84,501
Product development 13,731 14,916
Other segment items 39,587 42,716
Total Operating Expense $ 141,636 $ 142,133
v3.25.2
Segment Information (Schedule of Sales by Geographic Location Based on Customer Ship Location) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Segment Reporting Information [Line Items]    
Net sales $ 407,272 $ 374,026
China    
Segment Reporting Information [Line Items]    
Net sales 189,955 205,708
India    
Segment Reporting Information [Line Items]    
Net sales 75,429 38,032
Hong Kong    
Segment Reporting Information [Line Items]    
Net sales 49,175 41,649
Vietnam    
Segment Reporting Information [Line Items]    
Net sales 36,263 26,283
South Korea    
Segment Reporting Information [Line Items]    
Net sales 32,893 38,883
United States    
Segment Reporting Information [Line Items]    
Net sales 4,648 5,216
Rest of World    
Segment Reporting Information [Line Items]    
Net sales $ 18,909 $ 18,255