CIRRUS LOGIC, INC., 10-Q filed on 8/6/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 3 Months Ended
Jun. 29, 2024
Aug. 02, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 29, 2024  
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, $0.001 par value  
Trading Symbol CRUS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   53,411,205
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --03-29  
Entity Central Index Key 0000772406  
v3.24.2.u1
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Current assets:    
Cash and cash equivalents $ 491,351 $ 502,764
Marketable securities 25,680 23,778
Accounts receivable, net 190,079 162,478
Inventories 232,566 227,248
Prepaid assets 48,279 48,047
Prepaid wafers 84,700 86,679
Other current assets 29,086 55,198
Total current assets 1,101,741 1,106,192
Long-term marketable securities 227,527 173,374
Right-of-use lease assets 136,295 138,288
Property and equipment, net 170,953 170,175
Intangibles, net 27,624 29,578
Goodwill 435,936 435,936
Deferred tax assets 54,622 48,649
Long-term prepaid wafers 50,375 60,750
Other assets 60,552 68,634
Total assets 2,265,625 2,231,576
Current liabilities:    
Accounts payable 77,562 55,545
Accrued salaries and benefits 41,101 47,612
Software license agreements 27,551 31,866
Current lease liabilities 22,058 20,640
Other accrued liabilities 33,470 30,730
Total current liabilities 201,742 186,393
Long-term liabilities:    
Non-current lease liabilities 132,016 134,576
Non-current income taxes 52,704 52,013
Software license agreements 31,340 41,073
Other long-term liabilities 193 507
Total long-term liabilities 216,253 228,169
Stockholders' equity:    
Capital stock 1,792,283 1,760,701
Accumulated earnings 58,591 58,916
Accumulated other comprehensive loss (3,244) (2,603)
Total stockholders' equity 1,847,630 1,817,014
Total liabilities and stockholders' equity $ 2,265,625 $ 2,231,576
v3.24.2.u1
Consolidated Condensed Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Income Statement [Abstract]    
Net sales $ 374,026 $ 317,016
Cost of sales 185,101 157,629
Gross profit 188,925 159,387
Operating expenses    
Research and development 105,363 106,215
Selling, general and administrative 36,770 35,379
Total operating expenses 142,133 141,594
Income from operations 46,792 17,793
Interest income 8,420 4,818
Interest expense (218) (218)
Other income 1,609 377
Income before income taxes 56,603 22,770
Provision for income taxes 14,508 7,170
Net income $ 42,095 $ 15,600
Basic earnings per share (in dollars per share) $ 0.79 $ 0.28
Diluted earnings per share (in dollars per share) $ 0.76 $ 0.28
Basic weighted average common shares outstanding (in shares) 53,433 54,862
Diluted weighted average common shares outstanding (in shares) 55,665 56,631
v3.24.2.u1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 42,095 $ 15,600
Other comprehensive loss, before tax    
Foreign currency translation loss (358) (450)
Unrealized loss on marketable securities (358) (20)
Benefit for income taxes 75 4
Comprehensive income $ 41,454 $ 15,134
v3.24.2.u1
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Cash flows from operating activities:    
Net income $ 42,095 $ 15,600
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,359 11,941
Stock-based compensation expense 21,385 22,715
Deferred income taxes (5,897) (9,411)
Loss on retirement or write-off of long-lived assets 0 6
Other non-cash adjustments 1,104 1,334
Net change in operating assets and liabilities:    
Accounts receivable (27,601) (35,560)
Inventories (5,318) (67,506)
Prepaid wafers 12,354 0
Other assets (5,459) 8,101
Accounts payable and other accrued liabilities 12,037 (10,278)
Income taxes payable 30,102 20,079
Acquisition-related liabilities 0 3,166
Net cash provided by (used in) operating activities 87,161 (39,813)
Cash flows from investing activities:    
Maturities and sales of available-for-sale marketable securities 12,646 11,048
Purchases of available-for-sale marketable securities (69,060) (13,372)
Purchases of property, equipment and software (9,990) (12,310)
Investments in technology (155) 0
Net cash used in investing activities (66,559) (14,634)
Cash flows from financing activities:    
Net proceeds from the issuance of common stock 10,196 560
Repurchase of stock to satisfy employee tax withholding obligations (1,219) (1,047)
Repurchase and retirement of common stock (40,992) (38,504)
Net cash used in financing activities (32,015) (38,991)
Net decrease in cash and cash equivalents (11,413) (93,438)
Cash and cash equivalents at beginning of period 502,764 445,784
Cash and cash equivalents at end of period $ 491,351 $ 352,346
v3.24.2.u1
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. 25, 2023   55,098      
Beginning balance at Mar. 25, 2023 $ 1,658,282 $ 55 $ 1,670,086 $ (9,320) $ (2,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 15,600     15,600  
Change in unrealized gain (loss) on marketable securities, net of tax (16)       (16)
Change in foreign currency translation adjustments (450)       (450)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   38      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (482)   564 (1,046)  
Repurchase and retirement of common stock (in shares)   (466)      
Repurchase and retirement of common stock (38,855)     (38,855)  
Stock-based compensation 22,715   22,715    
Ending balance (in shares) at Jun. 24, 2023   54,670      
Ending balance at Jun. 24, 2023 1,656,794 $ 55 1,693,365 (33,621) (3,005)
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)
v3.24.2.u1
Basis of Presentation
 3 Months Ended
Jun. 29, 2024
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 30, 2024, included in our Annual Report on Form 10-K filed with the Commission on May 24, 2024.  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.
v3.24.2.u1
Recently Issued Accounting Pronouncements
 3 Months Ended
Jun. 29, 2024
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires (1) interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of a segment’s profit or loss, (2) interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, and (3) disclosure of the position and title of the CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. In the event the CODM uses more than one measure of a segment's profit or loss in assessing performance and allocation of resources, clarification of disclosure requirements is provided. Additionally, a company with a single reportable segment is required to provide all the disclosures prescribed under this ASU. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, to be applied retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on the financial statements and related disclosures.
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 the financial statements and related disclosures.
In March 2024, the Securities and Exchange Commission ("the Commission") adopted final climate-related disclosure rules. The rules require disclosure of climate-related risks that have had or are reasonably likely to have a material impact on the business strategy, results of operations, or financial condition of the Company. The rules also require disclosure of climate-related risk management, governance, greenhouse gas emissions, climate-related targets, and severe weather events, if material. Subsequently, the Commission issued an order to stay the rules pending judicial review of challenges to the rule. The Commission has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. The Company is currently evaluating the impact of the final rules on our disclosures.
v3.24.2.u1
Marketable Securities
 3 Months Ended
Jun. 29, 2024
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 29, 2024 (in thousands):
As of June 29, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$240,818 $80 $(1,266)$239,632 
U.S. Treasury securities12,379 11 (70)12,320 
Agency discount notes385 — (7)378 
Commercial paper877 — — 877 
Total securities$254,459 $91 $(1,343)$253,207 

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 of $1.3 million related to securities with total amortized costs of approximately $224.5 million at June 29, 2024. Securities in a continuous unrealized loss position for more than 12 months as of June 29, 2024 had an aggregate amortized cost of $21.8 million and an aggregate unrealized loss of $0.3 million. 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 29, 2024, 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 30, 2024 (in thousands):
As of March 30, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$186,194 $115 $(916)$185,393 
U.S. Treasury securities9,850 — (81)9,769 
Agency discount notes1,135 — (11)1,124 
Commercial paper866 — — 866 
Total securities$198,045 $115 $(1,008)$197,152 

The Company's specifically identified gross unrealized losses of $1.0 million related to securities with total amortized costs of approximately $172.1 million at March 30, 2024. Securities in a continuous unrealized loss position for more than 12 months as of March 30, 2024 had an aggregate amortized cost of $25.0 million and an aggregate unrealized loss of $0.3 million. As of March 30, 2024, 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 29, 2024March 30, 2024
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$25,881 $25,680 $24,071 $23,778 
After 1 year228,578 227,527 173,974 173,374 
Total$254,459 $253,207 $198,045 $197,152 
v3.24.2.u1
Fair Value of Financial Instruments
 3 Months Ended
Jun. 29, 2024
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 29, 2024, there are no amounts drawn under the facility and the fair value is zero.

As of June 29, 2024 and March 30, 2024, 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 29, 2024. 

The following summarizes the fair value of our financial instruments at June 29, 2024 (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$429,663 $— $— $429,663 
Available-for-sale securities    
Corporate debt securities$— $239,632 $— $239,632 
U.S. Treasury securities12,320 — — 12,320 
Agency discount notes— 378 — 378 
Commercial paper— 877 — 877 
$12,320 $240,887 $— $253,207 
The following summarizes the fair value of our financial instruments at March 30, 2024 (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$439,065 $— $— $439,065 
Certificates of deposit— 400 — 400 
$439,065 $400 $— $439,465 
Available-for-sale securities    
Corporate debt securities$— $185,393 $— $185,393 
U.S. Treasury securities9,769 — — 9,769 
Agency discount notes— 1,124 — 1,124 
Commercial paper— 866 — 866 
$9,769 $187,383 $— $197,152 
v3.24.2.u1
Derivative Financial Instruments
 3 Months Ended
Jun. 29, 2024
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" in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of June 29, 2024, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $11.3 million. The fair value of this contract was not material as of June 29, 2024.

The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months Ended
June 29,June 24,
20242023Location
Loss recognized in income:
Foreign currency forward contracts$(32)$(278)Other income
v3.24.2.u1
Accounts Receivable, net
 3 Months Ended
Jun. 29, 2024
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 29,March 30,
20242024
Gross accounts receivable$190,079 $162,478 
Allowance for doubtful accounts— — 
Accounts receivable, net$190,079 $162,478 
v3.24.2.u1
Inventories
 3 Months Ended
Jun. 29, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are comprised of the following (in thousands):
June 29,March 30,
20242024
Work in process$130,464 $130,842 
Finished goods102,102 96,406 
$232,566 $227,248 
v3.24.2.u1
Revolving Credit Facility
 3 Months Ended
Jun. 29, 2024
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 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, at Cirrus Logic’s election, bear interest 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 29, 2024, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement.
v3.24.2.u1
Revenues
 3 Months Ended
Jun. 29, 2024
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 29,June 24,
20242023
Audio Products$218,970 $195,806 
HPMS Products155,056 121,210 
$374,026 $317,016 

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 29,June 24,
20242023
China$205,708 $190,862 
United States5,216 2,159 
Rest of World163,102 123,995 
$374,026 $317,016 
v3.24.2.u1
Restructuring Costs
 3 Months Ended
Jun. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
In fiscal year 2023, the Company decided to abandon or sublease office space at various properties worldwide to align our real property lease arrangements with our anticipated operating needs. In addition, in fiscal year 2024, the Company announced a workforce reduction of approximately 5% of its global employees. During fiscal year 2024, the Company incurred severance and other related charges of $2.3 million related to the workforce reduction restructuring event, which was offset by a recovery of restructuring costs of $0.4 million for the settlement of certain lease obligations. As of June 29, 2024, restructuring liabilities totaled approximately $1.0 million. We expect the remaining restructuring-related liabilities to be substantially paid out in cash during fiscal year 2025. Restructuring liabilities are presented within "Other accrued liabilities" and "Other long-term liabilities" on the Consolidated Condensed Balance Sheet.
v3.24.2.u1
Income Taxes
 3 Months Ended
Jun. 29, 2024
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 29,June 24,
20242023
Income before income taxes$56,603 $22,770 
Provision for income taxes$14,508 $7,170 
Effective tax rate25.6 %31.5 %

Our income tax expense was $14.5 million and $7.2 million for the first quarters of fiscal years 2025 and 2024, respectively, resulting in effective tax rates of 25.6 percent and 31.5 percent, respectively. 

Effective tax rates for all periods shown 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, resulting in higher global intangible low-taxed income ("GILTI"), which is treated as a period cost. In addition, our effective tax rates 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. Our
effective tax rates for the first quarter of fiscal year 2025 and 2024 were higher than the federal statutory rate primarily due to these two items, partially offset by the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate.

The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns.  At June 29, 2024, 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 29, 2024, the balance of accrued interest and penalties, net of tax, was $9.9 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 July 24, 2018, the Ninth Circuit issued a decision that was subsequently withdrawn and a reconstituted panel conferred on the appeal. 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 2021 through 2024 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 imposes penalties of approximately $63.7 million. The Company does not agree with the IRS's positions and has not accrued an additional liability. We intend to vigorously dispute the proposed adjustments. We are pursuing resolution through the administrative process with the IRS Independent Office of Appeals and, if necessary, through judicial remedies. 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 for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the 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.
v3.24.2.u1
Net Income Per Share
 3 Months Ended
Jun. 29, 2024
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 grants.
The following table details the calculation of basic and diluted earnings per share for the three months ended June 29, 2024 and June 24, 2023 (in thousands, except per share amounts):
Three Months Ended
June 29,June 24,
20242023
Numerator:  
Net income$42,095 $15,600 
Denominator:  
Weighted average shares outstanding53,433 54,862 
Effect of dilutive securities2,232 1,769 
Weighted average diluted shares55,665 56,631 
Basic earnings per share$0.79 $0.28 
Diluted earnings per share$0.76 $0.28 
The weighted outstanding shares excluded from our diluted calculation for the three months ended June 29, 2024 and June 24, 2023 were 259 thousand and 347 thousand, respectively, as the shares were anti-dilutive.
v3.24.2.u1
Commitment and Contingencies
 3 Months Ended
Jun. 29, 2024
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”).
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 $29 million as of June 29, 2024, 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 $135 million at June 29, 2024, and is currently recorded in "Long-term prepaid wafers" and "Prepaid wafers" on the Consolidated Condensed Balance Sheets.
v3.24.2.u1
Legal Matters
 3 Months Ended
Jun. 29, 2024
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.
v3.24.2.u1
Stockholders' Equity
 3 Months Ended
Jun. 29, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock 

For the three months ended June 29, 2024, and June 24, 2023, the Company issued a net 0.2 million and an immaterial number of shares of common stock, 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, included as a reduction to accumulated earnings in the Consolidated Condensed Statements of Stockholders' Equity. As of June 29, 2024, the Company has accrued approximately $1.5 million 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. As of June 29, 2024, approximately $225.9 million of the Company's common stock has been repurchased under the 2022 share repurchase authorization, leaving approximately $274.1 million available for repurchase. During the three months ended June 29, 2024, the Company repurchased 0.4 million shares of the Company's common stock under the 2022 authorization for $41.0 million, at an average cost of $113.48 per share.
v3.24.2.u1
Segment Information
 3 Months Ended
Jun. 29, 2024
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 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, rather than detailed information at a product line level.  Additionally, our product lines have similar characteristics and customers.  They share 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.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Pay vs Performance Disclosure    
Net income $ 42,095 $ 15,600
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 29, 2024
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 2025. 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 2025.

Name and TitleAction
Trading Arrangement (1)
Date of AdoptionExpiration Date
Aggregate Number of Securities to be Purchased or Sold Pursuant to the Trading Arrangement (2)
Andy Brannan - VP, Worldwide Sales
AdoptionRule 10b5-1(c)May 10, 2024May 1, 2025
up to 4,474 to be sold
Carl Alberty - VP, MSP
AdoptionRule 10b5-1(c)May 20, 2024June 2, 2025
up to 4,033 to be sold
(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.
(2) Includes shares to be acquired upon the exercise of employee stock options.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Andy Brannan [Member]  
Trading Arrangements, by Individual  
Name Andy Brannan
Title VP, Worldwide Sales
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 10, 2024
Rule 10b5-1 Arrangement Terminated false
Arrangement Duration 356 days
Aggregate Available 4,474
Carl Alberty [Member]  
Trading Arrangements, by Individual  
Name Carl Alberty
Title VP, MSP
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 20, 2024
Rule 10b5-1 Arrangement Terminated false
Arrangement Duration 378 days
Aggregate Available 4,033
v3.24.2.u1
Recently Issued Accounting Pronouncements (Policies)
 3 Months Ended
Jun. 29, 2024
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires (1) interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of a segment’s profit or loss, (2) interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, and (3) disclosure of the position and title of the CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. In the event the CODM uses more than one measure of a segment's profit or loss in assessing performance and allocation of resources, clarification of disclosure requirements is provided. Additionally, a company with a single reportable segment is required to provide all the disclosures prescribed under this ASU. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, to be applied retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on the financial statements and related disclosures.
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 the financial statements and related disclosures.
In March 2024, the Securities and Exchange Commission ("the Commission") adopted final climate-related disclosure rules. The rules require disclosure of climate-related risks that have had or are reasonably likely to have a material impact on the business strategy, results of operations, or financial condition of the Company. The rules also require disclosure of climate-related risk management, governance, greenhouse gas emissions, climate-related targets, and severe weather events, if material. Subsequently, the Commission issued an order to stay the rules pending judicial review of challenges to the rule. The Commission has indicated that it will publish a new effective date for the rules, if ultimately implemented, at the conclusion of the stay. The Company is currently evaluating the impact of the final rules on our 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 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, rather than detailed information at a product line level.  Additionally, our product lines have similar characteristics and customers.  They share 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.
v3.24.2.u1
Marketable Securities (Tables)
 3 Months Ended
Jun. 29, 2024
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities at June 29, 2024 (in thousands):
As of June 29, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$240,818 $80 $(1,266)$239,632 
U.S. Treasury securities12,379 11 (70)12,320 
Agency discount notes385 — (7)378 
Commercial paper877 — — 877 
Total securities$254,459 $91 $(1,343)$253,207 
The following table is a summary of available-for-sale securities at March 30, 2024 (in thousands):
As of March 30, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$186,194 $115 $(916)$185,393 
U.S. Treasury securities9,850 — (81)9,769 
Agency discount notes1,135 — (11)1,124 
Commercial paper866 — — 866 
Total securities$198,045 $115 $(1,008)$197,152 
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 29, 2024March 30, 2024
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$25,881 $25,680 $24,071 $23,778 
After 1 year228,578 227,527 173,974 173,374 
Total$254,459 $253,207 $198,045 $197,152 
v3.24.2.u1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Jun. 29, 2024
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 29, 2024 (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$429,663 $— $— $429,663 
Available-for-sale securities    
Corporate debt securities$— $239,632 $— $239,632 
U.S. Treasury securities12,320 — — 12,320 
Agency discount notes— 378 — 378 
Commercial paper— 877 — 877 
$12,320 $240,887 $— $253,207 
The following summarizes the fair value of our financial instruments at March 30, 2024 (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$439,065 $— $— $439,065 
Certificates of deposit— 400 — 400 
$439,065 $400 $— $439,465 
Available-for-sale securities    
Corporate debt securities$— $185,393 $— $185,393 
U.S. Treasury securities9,769 — — 9,769 
Agency discount notes— 1,124 — 1,124 
Commercial paper— 866 — 866 
$9,769 $187,383 $— $197,152 
v3.24.2.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
Three Months Ended
June 29,June 24,
20242023Location
Loss recognized in income:
Foreign currency forward contracts$(32)$(278)Other income
v3.24.2.u1
Accounts Receivable, net (Tables)
 3 Months Ended
Jun. 29, 2024
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 29,March 30,
20242024
Gross accounts receivable$190,079 $162,478 
Allowance for doubtful accounts— — 
Accounts receivable, net$190,079 $162,478 
v3.24.2.u1
Inventories (Tables)
 3 Months Ended
Jun. 29, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are comprised of the following (in thousands):
June 29,March 30,
20242024
Work in process$130,464 $130,842 
Finished goods102,102 96,406 
$232,566 $227,248 
v3.24.2.u1
Revenues (Tables)
 3 Months Ended
Jun. 29, 2024
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 29,June 24,
20242023
Audio Products$218,970 $195,806 
HPMS Products155,056 121,210 
$374,026 $317,016 

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 29,June 24,
20242023
China$205,708 $190,862 
United States5,216 2,159 
Rest of World163,102 123,995 
$374,026 $317,016 
v3.24.2.u1
Income Taxes (Tables)
 3 Months Ended
Jun. 29, 2024
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 29,June 24,
20242023
Income before income taxes$56,603 $22,770 
Provision for income taxes$14,508 $7,170 
Effective tax rate25.6 %31.5 %
v3.24.2.u1
Net Income Per Share (Tables)
 3 Months Ended
Jun. 29, 2024
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 29, 2024 and June 24, 2023 (in thousands, except per share amounts):
Three Months Ended
June 29,June 24,
20242023
Numerator:  
Net income$42,095 $15,600 
Denominator:  
Weighted average shares outstanding53,433 54,862 
Effect of dilutive securities2,232 1,769 
Weighted average diluted shares55,665 56,631 
Basic earnings per share$0.79 $0.28 
Diluted earnings per share$0.76 $0.28 
v3.24.2.u1
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 254,459 $ 198,045
Gross Unrealized Gains 91 115
Gross Unrealized Losses (1,343) (1,008)
Estimated Fair Value (Net Carrying Amount) 253,207 197,152
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 240,818 186,194
Gross Unrealized Gains 80 115
Gross Unrealized Losses (1,266) (916)
Estimated Fair Value (Net Carrying Amount) 239,632 185,393
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 12,379 9,850
Gross Unrealized Gains 11 0
Gross Unrealized Losses (70) (81)
Estimated Fair Value (Net Carrying Amount) 12,320 9,769
Agency discount notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 385 1,135
Gross Unrealized Gains 0 0
Gross Unrealized Losses (7) (11)
Estimated Fair Value (Net Carrying Amount) 378 1,124
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 877 866
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value (Net Carrying Amount) $ 877 $ 866
v3.24.2.u1
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Mar. 30, 2024
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 1,343 $ 1,008
Amortized cost on available for sale securities held at gross unrealized loss 224,500 172,100
Securities in a continuous unrealized loss position for more than 12 months, amortized cost 21,800 25,000
Securities in a continuous unrealized loss position for more than 12 months, aggregate unrealized loss $ 300 $ 300
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  
v3.24.2.u1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Amortized Cost    
Within 1 year $ 25,881 $ 24,071
After 1 year 228,578 173,974
Amortized Cost 254,459 198,045
Estimated Fair Value    
Within 1 year 25,680 23,778
After 1 year 227,527 173,374
Estimated Fair Value (Net Carrying Amount) $ 253,207 $ 197,152
v3.24.2.u1
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Jun. 29, 2024
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%  
v3.24.2.u1
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 439,465
Available-for-sale securities $ 253,207 197,152
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   439,065
Available-for-sale securities 12,320 9,769
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   400
Available-for-sale securities 240,887 187,383
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
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 239,632 185,393
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 239,632 185,393
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 12,320 9,769
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 12,320 9,769
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
Agency discount notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 378 1,124
Agency discount notes | 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
Agency discount notes | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 378 1,124
Agency discount notes | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 877 866
Commercial paper | 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
Commercial paper | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 877 866
Commercial paper | 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 429,663 439,065
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 429,663 439,065
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
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   400
Certificates of deposit | 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   0
Certificates of deposit | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   400
Certificates of deposit | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
v3.24.2.u1
Derivative Financial Instruments (Details)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
USD ($)
derivativeContract
Jun. 24, 2023
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]    
Number of foreign currency derivatives held | derivativeContract 1  
Notional value of foreign currency forward contract $ 11,300  
Foreign currency forward contracts | Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) recognized in income $ (32) $ (278)
v3.24.2.u1
Accounts Receivable, net (Components of Accounts Receivable, net) (Details) - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 190,079 $ 162,478
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 190,079 $ 162,478
v3.24.2.u1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Jun. 29, 2024
Mar. 30, 2024
Inventory Disclosure [Abstract]    
Work in process $ 130,464 $ 130,842
Finished goods 102,102 96,406
Total inventories $ 232,566 $ 227,248
v3.24.2.u1
Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)
Mar. 20, 2023
Jul. 08, 2021
Jun. 29, 2024
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%  
v3.24.2.u1
Revenues (Summary of Product Lines) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Disaggregation of Revenue [Line Items]    
Net sales $ 374,026 $ 317,016
Audio Products    
Disaggregation of Revenue [Line Items]    
Net sales 218,970 195,806
HPMS Products    
Disaggregation of Revenue [Line Items]    
Net sales $ 155,056 $ 121,210
v3.24.2.u1
Revenues (Summary of Geographic Disaggregation) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Disaggregation of Revenue [Line Items]    
Net sales $ 374,026 $ 317,016
China    
Disaggregation of Revenue [Line Items]    
Net sales 205,708 190,862
United States    
Disaggregation of Revenue [Line Items]    
Net sales 5,216 2,159
Rest of World    
Disaggregation of Revenue [Line Items]    
Net sales $ 163,102 $ 123,995
v3.24.2.u1
Restructuring Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Sep. 23, 2023
Jun. 29, 2024
Restructuring Cost and Reserve [Line Items]      
Restructuring costs   $ 2.3  
Restructuring charges, recovery $ (0.4)    
Restructuring liabilities     $ 1.0
Employee Severance      
Restructuring Cost and Reserve [Line Items]      
Percentage of reduction in workforce   5.00%  
v3.24.2.u1
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Income Tax Disclosure [Abstract]    
Income before income taxes $ 56,603 $ 22,770
Provision for income taxes $ 14,508 $ 7,170
Effective tax rate 25.60% 31.50%
v3.24.2.u1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 14,508 $ 7,170
Effective tax rate 25.60% 31.50%
Gross unrecognized tax benefits $ 32,100  
Penalties and interest accrued 9,900  
Estimate of possible loss 168,300  
Estimate of possible loss, penalties expense $ 63,700  
v3.24.2.u1
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. 29, 2024
Jun. 24, 2023
Numerator:    
Net income $ 42,095 $ 15,600
Denominator:    
Weighted average shares outstanding (in shares) 53,433 54,862
Effect of dilutive securities (in shares) 2,232 1,769
Weighted average diluted shares (in shares) 55,665 56,631
Basic earnings per share (in dollars per share) $ 0.79 $ 0.28
Diluted earnings per share (in dollars per share) $ 0.76 $ 0.28
v3.24.2.u1
Net Income Per Share (Narrative) (Details) - shares
shares in Thousands
 3 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Earnings Per Share [Abstract]    
Weighted average shares outstanding excluded from diluted calculation (in shares) 259 347
v3.24.2.u1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Jul. 28, 2021
Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]    
Payments for capacity reservation fee $ 60  
Capacity reservation fee remaining   $ 29
Prepaid wafers $ 195  
Prepaid wafers balance   $ 135
v3.24.2.u1
Stockholders' Equity (Common Stock) (Details)
shares in Millions
 3 Months Ended
Jun. 29, 2024
shares
Stockholders' Equity Note [Abstract]  
Common stock issued as part of stock incentive plan (in shares) 0.2
v3.24.2.u1
Stockholders' Equity (Share Repurchase Program) (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 23 Months Ended
Jun. 29, 2024
Jun. 24, 2023
Jun. 29, 2024
Jul. 31, 2022
Equity, Class of Treasury Stock [Line Items]        
Accrued excise tax $ 1,500   $ 1,500  
Common stock repurchased 41,201 $ 38,855    
July 2022 Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Common stock approved under the share repurchase program       $ 500,000
Common stock repurchased 41,000   225,900  
Common stock available for repurchase $ 274,100   $ 274,100  
Common stock repurchased (in shares) 0.4      
Average cost per share repurchased (in dollars per share) $ 113.48      
v3.24.2.u1
Segment Information (Details)
 3 Months Ended
Jun. 29, 2024
product_line
segment
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2