For the quarterly period ended June 24, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____ to ____ Commission File Number 0-17795 CIRRUS LOGIC, INC. (Exact name of registrant as specified in its charter) | Delaware | | | 77-0024818 | | --- | --- | --- | --- | ...

For the Fiscal Year Ended March 25, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number 0-17795 CIRRUS LOGIC, INC. (Exact name of registrant as specified in its charter) Delaware 77-0024818 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - Cirrus Logic reported record full fiscal year revenue of $1.9 billion, up 7% year-over-year, driven by higher sales of components in smartphones [5][14] - Fiscal Q4 revenue was $372.8 million, down 37% quarter-over-quarter and down 24% year-over-year, reflecting a reduction in smartphone volumes [15][16] - Non-GAAP gross profit for fiscal '23 was $958.2 million with a gross margin of 50.5%, while Q4 gross profit was $186.7 million with a gross margin of 50.1% [16][19] - Non-GAAP net income for fiscal '23 was $367.4 million, or $6.42 per share, with Q4 net income at $52.6 million or $0.92 per share [19][20] Business Line Data and Key Metrics Changes - Revenue from high-performance mixed-signal (HPMS) solutions increased from 12% to 38% of total company sales over the past four years, growing from $145 million to $726 million [9] - The company completed production qualification on its next-generation camera controller, expected to ship in the second half of the calendar year [9][11] Market Data and Key Metrics Changes - The company noted a softening in general market and smartphone demand, impacting revenue [14][15] - The China smartphone market has faced prolonged weakness, affecting sales of general market products associated with the Lion Semiconductor acquisition [18][35] Company Strategy and Development Direction - The company focuses on three strategic pillars: maintaining leadership in smartphone audio, increasing high-performance mixed-signal content in smartphones, and leveraging existing products to enter new markets [6][11] - The company aims to capitalize on opportunities in the PC market, despite current cyclical softness, with expectations for product launches in FY '24 [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a reduction in smartphone volumes and general market weakness, impacting Q1 FY '24 revenue guidance of $260 million to $320 million [24][25] - The company remains optimistic about long-term growth opportunities and plans to continue investing in product development [26][57] Other Important Information - The company ended Q4 FY '23 with approximately $517.3 million in cash and cash equivalents, with no debt outstanding [20] - Inventory increased to $233.5 million, reflecting preparations for customer product ramps [20][21] Q&A Session Summary Question: Variability in revenue levels and commitments with GlobalFoundries - Management indicated flexibility in prioritizing wafers and managing commitments despite changes in demand patterns [29] Question: Compensation for investments made in custom products - Management emphasized a strong track record of innovation and execution, viewing the current situation as a temporary setback [31] Question: Opportunities for power in smartphones versus laptops - Management noted a shift towards laptop opportunities for power conversion, given the challenges in the smartphone market [34][35] Question: Seasonal decline in revenue and customer inventory - Management attributed the decline to reduced smartphone volumes and general market weakness, with timing mismatches noted [40][42] Question: General market revenue outlook - Management observed stabilization in general market sales but refrained from calling a bottom, expecting improvements over the year [47]

Investor Relations Update As of May 4, 2023 SafeHarborStatement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry marketprojections; our revenuegrowthopportunities; our abilitytogrowthepercentrevenuederivedfromhigh-performancemixed-signal solutions beyondaudio;ourabilitytofuelproductandapplicationdiversification;ourabilitytomaintainourleadershippositioninsmartphoneaudio;ourabilityto increase high-performance ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q3 2023 Earnings Conference Call February 2, 2023 6:00 PM ET Company Participants Chelsea Heffernan – Vice President-Investor Relations John Forsyth – Chief Executive Officer Venk Nathamuni – Chief Financial Officer Conference Call Participants Matt Ramsay – Cowen and Company Tore Svanberg – Stifel Blayne Curtis – Barclays Christopher Rolland – Susquehanna Raji Gill – Needham & Company Ananda Baruah – Loop Capital Operator Ladies and gentlemen, thank you for standing by. Wel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 24, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S- ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q2 2023 Earnings Conference Call November 1, 2022 5:00 PM ET Company Participants Chelsea Heffernan – Vice President-Investor Relations John Forsyth – Chief Executive Officer Venk Nathamuni – Chief Financial Officer Conference Call Participants Rajvindra Gill – Needham Christopher Rolland – Susquehanna Ethan Potasnick – Cowen and Company David Williams – Benchmark Company Blake Friedman – Bank of America Operator Ladies and gentlemen, thank you for standing by. Welcome to th ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q1 2023 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Chelsea Heffernan - Vice President, Investor Relations John Forsyth - Chief Executive Officer Venk Nathamuni - Chief Financial Officer Conference Call Participants Matt Ramsay - Cowen Tore Svanberg - Stifel Christopher Rolland - Susquehanna David Williams - The Benchmark Company Tom O'Malley - Barclays Ananda Baruah - Loop Capital Operator Ladies and gentlemen, thank you for standing by. Welcome ...