One thing that concerns me. If I read the quarterly correct, on the year non GAAP income is over 3 bucks but GAAP income is only 2 bucks. Then you look at where the discrepancy between GAAP and non GAAP comes from. If it were something like a writeoff of intangible assets like goodwill, then who cares. But it looks like the vast majority is "stock based compensation". This looks to me like a hole in the bucket. Add that to the concern that many have raised that I believe is a very legitimate one, the risk of having a company be so dependent on a single customer that is facing severe headwinds in the market, and although I am a value investor I don't see value here.
Relax! Stop reading into things. The increase in "stock based compensation" is likely necessary to attract new engineering talent to keep up. Imagine having to suddenly shelf $28 million in inventory because your prime customer needs to shift to a different product you make...they need qualified staff badly to keep Apple happy. So this really is a form of Goodwill. This is a growing company is a market segment that is on fire. The root issue is at Apple not CRUS. Let's give these guy credit for not losing the customer.
I will also add that they need to also retain the engineering talent they currently have so the train doesn't get derailed with the inventory shift. No doubt this stock drop from $40 has cause some demoralization among staff...CRUS wants to keep everyone inplace and happy.