Cirrus Logic FY Conference Summary Company Overview - **Company**: Cirrus Logic (NasdaqGS:CRUS) - **Date of Conference**: December 11, 2025 Key Industry Insights - **AI Spending Trend**: There is a significant trend in AI spending, particularly in data centers, with over $3 trillion announced for data center investments. Cirrus Logic sees potential in the edge computing space as AI applications expand beyond data centers [3][4][5] - **Automotive Sector**: Cirrus Logic is entering the automotive haptics market, addressing consumer dissatisfaction with current automotive interfaces. The company aims to enhance user experience through advanced haptic feedback technology [8][10][13] - **PC Market Dynamics**: The transition from legacy audio interfaces (HDA) to new architectures (SDCA) is expected to drive growth in the PC segment. Cirrus Logic estimates that 15%-20% of laptops currently use SDCA, with a target of nearly 100% adoption in the next few years [39][41][89] Core Company Strategies - **Power Efficiency**: Cirrus Logic focuses on creating power-efficient chips to support intensive computing at the edge, which is crucial for AI applications [4][5] - **Voice Technology**: The company has a strong portfolio in voice-enabling IP, positioning itself to capitalize on the growing trend of voice interfaces in AI devices [6][92] - **Automotive Haptics**: The company has announced automotive haptics products aimed at improving user interaction in vehicles, which is currently lagging behind consumer electronics [10][13][21] Financial Outlook - **Revenue Growth**: Cirrus Logic anticipates doubling its revenue from the PC segment in fiscal 2026, starting from low tens of millions in fiscal 2025 [37][39] - **Mainstream PC Revenue**: By fiscal 2026, approximately 50% of Cirrus Logic's PC-related revenue is expected to come from mainstream devices priced between $800 and $1,000, marking a significant growth trajectory [89] Product Development and Innovation - **Camera Controllers**: The company has seen a sixfold increase in processing capabilities for camera controllers over five years, indicating ongoing innovation in this area [70][74] - **Battery Technology**: Cirrus Logic is developing differentiated IP around battery technology to enhance system performance and power efficiency [81][82] M&A and Capital Allocation - **M&A Strategy**: Cirrus Logic is open to pursuing acquisitions that can accelerate growth in non-phone segments, leveraging its strong IP assets [98] - **Capital Return Strategy**: The company maintains a consistent capital allocation strategy, prioritizing organic growth opportunities, followed by potential acquisitions, and then share buybacks [101][103] Conclusion - **Future Focus**: Investors should pay attention to Cirrus Logic's growth in the PC and automotive markets, as well as its ongoing efforts to expand content at its largest customer. The transition to SDCA in laptops and advancements in AI-enabled devices are expected to be significant growth drivers [105][107]

Company Overview - Cirrus Logic was founded in 1984 and is listed on NASDAQ: CRUS[5] - The company's FY25 revenue was $1.90 billion[5] - Cirrus Logic has approximately 1,664 employees worldwide[5] Growth Strategy - The company's three-pronged strategy includes maintaining its leadership in smartphone audio, increasing HPMS (High-Performance Mixed-Signal) content in smartphones, and leveraging its strengths to expand into additional applications and markets[22] - Cirrus Logic is expanding its SAM (Serviceable Available Market) in a vast mixed-signal market, projecting the audio and high-performance mixed-signal market to reach $8.5 billion by 2029, compared to $6.8 billion in 2025[24] - The company aims to capture more PC SAM, which is estimated to be ~$1.2 billion in 2029, by increasing value per device and expanding its footprint across different laptop segments[37, 38] Financial Performance - The company's Q2 FY26 revenue was $561.0 million with a gross margin of 52.5% and combined R&D/SG&A expenses of $149.6 million[48] - The guidance for Q3 FY26 projects revenue between $500 million and $560 million, a gross margin between 51% and 53%, and combined R&D/SG&A expenses between $151 million and $157 million[48] - At the end of Q2 FY26, total cash and investments were $896 million, up from $848 million in the previous quarter[58] - In Q2 FY26, the company repurchased approximately 362,000 shares for $40 million at an average price of $110.55[58]

Cirrus Logic (CRUS) Conference Summary Company Overview - **Company**: Cirrus Logic (CRUS) - **Date of Conference**: August 12, 2025 - **Speakers**: Jeff Willard (CFO), Kala Birligi (VP of Mixed Signal) Key Industry Insights Smartphone Demand Dynamics - There has been a pull forward in demand for smartphones, impacting the company's fiscal year outlook [4][5] - The increasing share of camera content in total revenue is leading to earlier shipments, affecting seasonality [6][7][8] Growth in Camera Controllers - Cirrus Logic expects continued growth in camera controllers driven by higher attach rates and increased average selling prices (ASPs) [10][11] - The latest generation of camera controllers features a 6x increase in processing capability, enhancing customer value [11][12] Expansion Beyond Smartphones - The company is expanding its High-Performance Mixed Signal (HPMS) content into haptics and power conversion, particularly for AI applications [14][15][16] - The focus is on optimizing power delivery and battery management to support new AI use cases [19][20] PC Market Opportunities - Cirrus Logic has seen significant growth in the PC market, with expectations to double revenue in the coming year [21][22] - The company is leveraging similarities between mobile and PC platforms, particularly in audio and voice solutions [22][23] Competitive Landscape - Cirrus Logic is displacing entrenched incumbents in the PC market by offering superior audio experiences and total cost of ownership advantages [27][30] - The company emphasizes the importance of audio quality in laptops, which has been historically overlooked [22][23] Market Addressability - The addressable market for Cirrus Logic in the PC notebook segment is estimated at approximately $1 billion, focusing on mainstream applications rather than low-end markets [36][37] Automotive Market Entry - Cirrus Logic has a long history in the automotive sector and is re-engaging with new products aimed at enhancing in-cabin experiences [52][53] - The transition to zonal architectures in vehicles presents new opportunities for audio, voice, and haptic technologies [52][54] Financial Performance Gross Margins - The company has been operating above its long-term gross margin target of 49% to 51%, driven by product mix and supply chain cost reductions [40][41] Operating Margins - Cirrus Logic has maintained mid-20s operating margins while balancing investments in R&D for growth [44][45] Strategic Initiatives M&A Opportunities - The company is exploring M&A opportunities to diversify its portfolio and enhance value through synergies [46][47] Customer Concentration - Cirrus Logic aims to diversify away from mobile concentration while continuing to grow in that segment [48][49] Android Market Focus - The company has reduced investments in the Android market, focusing instead on more promising growth areas [50][51] Conclusion Cirrus Logic is strategically positioned to capitalize on growth opportunities in the smartphone, PC, and automotive markets while maintaining strong financial performance and exploring diversification through M&A. The focus on enhancing audio and power management technologies aligns with emerging trends in AI and consumer electronics.

Company Overview - Cirrus Logic was founded in 1984 and is listed on NASDAQ as CRUS[5] - The company's FY25 revenue was $1.90 billion[5] - Cirrus Logic has approximately 4,210 pending and issued patents worldwide[5] Growth Strategy - The company's three-pronged strategy includes maintaining its leadership in smartphone audio, increasing HPMS content in smartphones, and expanding into additional applications and markets[22] - Cirrus Logic is expanding its SAM (Serviceable Available Market) in a vast mixed-signal market, projecting the audio and high-performance mixed-signal market to reach $8.5 billion in 2029, compared to $6.8 billion in 2025[24] - The company is focused on expanding into laptops, tablets, wearables, gaming, and AR/VR, as well as professional audio, automotive, industrial, and imaging end markets[35] - The PC SAM (Serviceable Available Market) is approximately $1.2 billion, comprising ~$440 million in audio SAM and ~$800 million in HPMS SAM[37] Financial Performance - In Q1 FY26, Cirrus Logic's revenue was $407.3 million, with a gross margin of 52.6% and combined R&D/SG&A expenses of $141.6 million[48] - The company's Q2 FY26 guidance projects revenue between $510 million and $570 million, with a gross margin between 51% and 53% and combined R&D/SG&A expenses between $153 million and $159 million[48] - In Q1 FY26, the company's largest customer represented 86% of total revenue[52] - The company generated $1.7 billion of operating cash flow over the last 5 full fiscal years[58]

Company Overview - Cirrus Logic's FY25 revenue was $1.90 billion[5] - The company has a strong IP portfolio with approximately 4,130 pending and issued patents worldwide[5] Growth Strategy - The company's three-pronged strategy includes maintaining leadership in smartphone audio, increasing HPMS content in smartphones, and expanding into additional applications and markets[22] - The company is leveraging mixed-signal expertise to address new opportunities, with a significant investment in high-performance mixed-signal technologies[33] - The company is expanding content beyond smartphones, focusing on laptops, tablets, wearables, gaming, and AR/VR[37] Market Opportunity - The audio market SAM is projected to grow from $2.6 billion in 2023 to $3.3 billion in 2028[24] - The high-performance mixed-signal (HPMS) market SAM is expected to increase from $1.4 billion in 2023 to $5.7 billion in 2028[24] - HPMS SAM in smartphones is projected to grow from $0.8 billion in 2023 to $3.3 billion in 2028[27] Financial Performance - Q4 FY25 revenue was $424.5 million with a gross margin of 53.4%[52] - Combined R&D and SG&A expenses for Q4 FY25 were $140.8 million[52] - The company generated $1.7 billion of operating cash flow over the last 5 full fiscal years[65]