AUSTIN, Texas – Aug. 3, 2023 – Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter fiscal year 2024, which ended June 24, 2023, as well as the company’s current business outlook.

“Cirrus Logic reported revenue for the June quarter towards the top end of guidance as we benefited from higher-than-expected unit volumes,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, we taped out our next-generation boosted amplifier, completed product validation on our first 22-nanometer smart codec, and began ramping production of our latest camera controller. We also made progress on product and end-market diversification as we gained momentum in laptops and began selectively refreshing certain core product lines that are expected to drive expansion outside of smartphones.”

Reported Financial Results – First Quarter FY24

•Revenue of $317.0 million;

•GAAP and non-GAAP gross margin of 50.3 percent and 50.4 percent;

•GAAP operating expenses of $141.6 million and non-GAAP operating expenses of $113.8 million; and

•GAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.67.

A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.

•Revenue is expected to range between $430 million and $490 million;

•GAAP gross margin is forecasted to be between 49 percent and 51 percent; and

•Combined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $22 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs and restructuring charges associated with our recently announced workforce reduction.

Cirrus Logic will host a live Q&A session at 6 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (647) 362-9199, or toll-free at (800) 770-2030 (Access Code: 95424).

Cirrus Logic Chief Financial Officer Venk Nathamuni and Vice President of Mixed-Signal Products Carl Alberty will present at the KeyBanc Technology Leadership Forum in Vail, Colorado on August 7, 2023 at 2:30 p.m. MDT. A live webcast and replay of the presentation will be available on the company's investor relations website.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Chelsea Heffernan

Vice President, Investor Relations

Cirrus Logic, Inc.                            

(512) 851-4125                            

Investor@cirrus.com

August 3, 2023

Dear Shareholders,

In Q1 FY24, Cirrus Logic delivered revenue of $317.0 million and GAAP and non-GAAP earnings per share of $0.28 and $0.67, respectively. During the quarter, we made excellent progress on our next-generation audio components, taping out a custom boosted amplifier and completing product validation on our first 22-nanometer smart codec. We were also encouraged by the momentum in our efforts to diversify into new markets, with our audio components being actively designed into multiple laptops expected to be introduced in the next 12 months. Our progress in this space since last quarter includes securing our first business-oriented laptop socket and being selected as part of the SoundWire®-compatible reference design from Intel. Additionally, we launched our first of several core products in development that aims to drive growth in professional audio, automotive, and industrial applications.

As we noted in the Q4 FY23 shareholder letter, the new high-performance mixed-signal (HPMS) product that we had previously stated we expected to ship this year is no longer coming to market as planned. The company has removed the revenue associated with this component from our internal model. We have made good progress with both our customer and foundry partner on the disposition of wafers associated with this product, and we do not anticipate the disposition to have a material financial impact. While this product was intended to be manufactured at GlobalFoundries as part of our long-term Capacity Reservation and Wafer Supply Commitment Agreement, the agreement allows for wafer allocation flexibility within our product portfolio. As a result, these wafers are being reallocated to other products that utilize the same underlying 55-nanometer high-voltage process technology, including amplifiers, haptic drivers, and battery and power integrated circuits (ICs). Our customer relationship remains strong as we continue to collaborate on a range of technologies and programs. With a proven track record of execution and strategic investments in leading-edge technology, we continue to focus on our long-term strategy to drive content expansion with this customer as we pursue a variety of opportunities for both the next generation of our existing components as well as new products.

We remain committed to disciplined execution, including improving operational efficiency through resource allocation, product prioritization, and targeted investments in R&D. As a result of the change in our key customer’s plan and overall market conditions, in July we implemented a workforce reduction of approximately five percent to better align our cost structure with our revised expectations. Looking forward, we will continue to invest in the many custom and general market opportunities that we believe will drive our long-term growth, profitability, and diversification.

*Complete GAAP to Non-GAAP reconciliations available on page 13

Numbers may not sum due to rounding

$ millions, except EPS

Cirrus Logic revenue for the June quarter was $317.0 million, down 15 percent quarter over quarter and 19 percent year over year. Our revenue this quarter was towards the top end of our guidance range due to higher-than-expected unit volumes. The decline in revenue on a sequential and year-over-year basis reflects a reduction in components shipping in smartphones, and to a lesser extent, continued weakness in general market sales. In the September quarter, we expect revenue to range from $430 million to $490 million, up 45 percent sequentially and down 15 percent year over year at the midpoint.

In Q1 FY24, revenue derived from our audio and HPMS product lines represented 62 percent and 38 percent of total revenue. One customer contributed approximately 83 percent of total revenue in Q1 FY24. Our relationship with our largest customer remains outstanding with continued strong design activity across a wide range of products. While we understand there is intense interest in this customer, in accordance with our policy, we do not discuss specifics about this business.

*Midpoint of guidance as of August 3, 2023

n HPMS n Audio

Audio solutions include amplifiers and codecs. High-performance mixed-signal solutions include camera controllers, haptics and sensing, and battery and power ICs.

GAAP gross margin in the June quarter was 50.3 percent, compared to 50.0 percent in Q4 FY23 and 51.5 percent in Q1 FY23. On a sequential basis, gross margin increased slightly. On a year-over-year basis, gross margin declined by 120 basis points reflecting higher inventory reserves that are unrelated to the new HPMS product that is no longer coming to market as planned, and a less favorable product mix. Non-GAAP gross margin in the June quarter was 50.4 percent, compared to 50.1 percent in Q4 FY23 and 51.5

percent in Q1 FY23. In the September quarter, we expect gross margin to range from 49 percent to 51 percent.

Operating profit for Q1 FY24 was 5.6 percent on a GAAP basis and 14.5 percent on a non-GAAP basis. GAAP operating expense was $141.6 million, down $107.6 million sequentially and $6.8 million year over year. GAAP operating expense included $22.4 million in stock-based compensation, $2.2 million in amortization of acquisition intangibles, and $3.2 million in acquisition-related costs. The sequential decrease in expenses reflects the absence of the intangibles impairment and lease impairments and restructuring costs recognized in Q4 FY23, as well as a reduction in amortization of acquisition intangibles, lower product development costs, and increased R&D incentives. The year-over-year decrease in expenses is largely due to a reduction in variable compensation, amortization of acquisition intangibles, and to a lesser extent, increased R&D incentives. This was offset partially by higher employee-related expenses and stock-based compensation. Non-GAAP operating expense for the quarter was below the low end of guidance at $113.8 million, down $6.0 million sequentially and down $5.7 million year over year due to product development prioritization and discretionary spending controls. The company’s total headcount exiting Q1 FY24 was 1,719, which does not reflect the approximately five percent workforce reduction in workforce that we announced recently.

GAAP R&D and SG&A expenses for Q2 FY24 are expected to range from $141 million to $147 million, including approximately $22 million in stock-based compensation, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs and restructuring charges associated with our recently announced workforce reduction. Costs associated with this action are not expected to be material and are reflected in the Q2 FY24 GAAP operating expense guidance.

*Reflects midpoint of combined R&D and SG&A guidance as of August 3, 2023

For the June quarter, GAAP tax expense was $7.2 million on GAAP pre-tax income of $22.8 million, resulting in an effective tax rate of 31.5 percent. Non-GAAP tax expense for the quarter was $12.8 million on non-GAAP pre-tax income of $50.8 million, resulting in a non-GAAP effective tax rate of 25.2 percent. Non-GAAP tax expense for the June quarter included the effect of higher non-GAAP income in various jurisdictions.

The GAAP and non-GAAP effective tax rates for the June quarter were unfavorably impacted by a provision of the Tax Cuts and Jobs Act of 2017 that has been effective since 2022 and requires companies to capitalize and amortize R&D expenses rather than deduct them in the current year. Congress has introduced legislation that would restore full tax deductibility of R&D investments if enacted, and we will continue to monitor these legislative efforts. We continue to anticipate that the impact of capitalized R&D will become less pronounced as additional years of R&D expenses are amortized for tax purposes. The GAAP and non-GAAP effective tax rates are also unfavorably impacted by U.S. tax regulations that disallow foreign tax credits when certain refundable credits, such as the U.K. R&D expenditure credit, are received. We estimate that our FY24 non-GAAP effective tax rate will range from approximately 24 percent to 26 percent.

GAAP earnings per share for the June quarter was $0.28, compared to loss per share of $0.97 the prior quarter and earnings per share of $0.69 in Q1 FY23. Non-GAAP earnings per share for the June quarter was $0.67, versus $0.92 in Q4 FY23 and $1.12 in Q1 FY23.

Our cash and cash equivalents balance at the end of Q1 FY24 was $426.1 million, down from $517.3 million the prior quarter. Cash used in operations for the June quarter was $39.8 million, and we returned $38.5 million of cash to shareholders in the form of buybacks. During the quarter, we repurchased 466,215 shares at an average price of $82.59. At the end of Q1 FY24, the company had $462.6 million remaining in its share repurchase authorization. Over the long term, we expect strong cash flow generation, and we will continue to evaluate potential uses of this cash, including investing in the business to pursue organic growth opportunities, M&A, and returning capital to shareholders through share repurchases.

As we noted in prior quarters, we have been building inventory to support seasonal product launches in the second half of the calendar year and fulfill our wafer purchase commitments per our long-term capacity agreement with GlobalFoundries. As a result, Q1 FY24 inventory was $301.0 million, up from $233.5 million in Q4 FY23. While a portion of the capacity associated with this agreement was originally intended to support our new HPMS component, we also manufacture amplifiers, haptic drivers, and battery and power ICs that use the same underlying 55-nanometer high-voltage process technology. The wafers intended for the new HPMS component are being reallocated to these other products within our portfolio. In Q2 FY24, we expect inventory dollars to increase from the prior quarter, however, days of inventory should decline due to seasonal product ramps. While we anticipate increased inventory levels of these other products during this fiscal year as we continue to balance anticipated product demand and wafer purchase commitments, we expect Q2 to be the high point of inventory for the fiscal year.

We remain committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing HPMS content in smartphones; and third, leveraging our strength in audio and HPMS to expand into additional applications and markets with new and existing components. During the June quarter, we continued to execute on these both strategic initiatives that we believe will fuel diversification and growth opportunities in the future.

In audio, we maintained our leadership position in smartphones as demand for our amplifiers and codecs for smartphones remained strong, and we made excellent progress on new products. During the quarter, we taped out our next-generation custom boosted amplifier, which utilizes a novel architecture to deliver significant improvements to power efficiency and peak output power, while reducing board space and the overall bill of materials. We also completed product validation of our first 22-nanometer smart codec. The transition to a more advanced technology node enables meaningful improvements in performance and power efficiency while also saving vital board space in customer products. This boosted amplifier and smart codec are on track to be introduced next year and we expect both of these components to ship for multiple generations once launched, cementing our smartphone audio leadership for many years to come. The company also continues to actively engage with key Android customers that seek to provide consumers with a differentiated audio experience. In the June quarter, we secured additional Android flagship design wins and anticipate that new smartphones utilizing our general market boosted amplifiers will be introduced over the next 12 months.

We remain focused on driving product diversification and revenue growth through our HPMS solutions, which include camera controllers, haptics and sensing, and battery and power ICs. We are ramping production of our latest camera controller for a smartphone that is expected to be introduced later this year. This component will deliver enhanced performance and additional signal-processing capabilities to the camera system. We continue to believe camera controllers represent a sizeable opportunity for the company, given the position of the camera as a marquee feature in flagship smartphones. The design of this component relies on crucial factors such as power-efficiency, processing speed, and space constraints, all of which align well with Cirrus Logic's strengths. Looking forward, our roadmap seeks to support continued customer innovation in the camera space by enabling more features, reducing latency, minimizing power consumption, and decreasing size while also positioning the company to grow average content over time. Furthermore, we are making significant investments in advanced battery and power technology and have a number of R&D programs underway related to high-efficiency charging, battery management, and system-side power delivery. We believe the combination of our ongoing investments in advanced process geometries as well as our expertise in digital control, high-accuracy data conversion, and precision measurement provide us with compelling advantages in this space. With a solid pipeline of opportunities across existing and new product areas, we are excited about our ability to drive growth and diversification in our HPMS product line.

Looking beyond smartphones, we are committed to long-term diversification and expanding our addressable market by driving innovation in high-growth, high-profit mixed-signal solutions. We are targeting adjacent applications and markets with our existing products while also leveraging our extensive portfolio of intellectual property to develop new components. In the PC space, Cirrus Logic has well-established relationships with the top five laptop OEMs, which account for the majority of unit volumes, and we continue to gain traction with the adoption of our general market components with these customers. With remote working and virtual collaboration now the norm, the pull from leading OEMs for significantly improved voice and audio user experiences has grown stronger. Our new amplifier and codec products have been specifically developed to address these customer demands and enable rich, immersive voice and audio experiences. When compared to existing alternatives in the same configuration, Cirrus Logic solutions can deliver up to two times the output loudness and three times the amount of low frequency bass while consuming 50 percent less power and board space. We are actively designing these products into end devices that are expected to come to market in the next 12 months. In addition, during the June quarter we secured our first business-oriented laptop win with our new amplifier and anticipate this device will begin shipping next year. We are also pleased to have been selected as part of the SoundWire®-compatible reference design from Intel, which will accelerate time to market and enable adoption of our components across more OEM platforms and models as it minimizes the engineering resources required to develop new laptops and desktops.

Beyond the laptop market, we also continue to selectively invest in products and customer engagements that we anticipate will expand both our revenue and market diversity in the long-term. These include gaming, AR/VR, automotive, industrial and professional audio applications, as illustrated by our recent launch of industry-leading ADC professional audio products. We are excited about the many opportunities we see to leverage our expertise and intellectual property to grow our business in these areas and beyond.

For the September quarter we expect the following results:

•Revenue to range between $430 million and $490 million;

•GAAP gross margin to be between 49 percent and 51 percent; and

•Combined GAAP R&D and SG&A expenses to range between $141 million and $147 million, including approximately $22 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs and restructuring charges associated with our recently announced workforce reduction.

In conclusion, in addition to delivering strong results in the June quarter, we taped out new components, started ramping production of our next-generation camera controller, gained additional traction in the laptop market, and made progress refreshing certain core product lines that are expected to drive expansion in markets outside of smartphones. With well-established leadership in our core markets and a range of investments in new technologies and components, we believe that we will continue to expand and diversify our products and markets in the years ahead.

Sincerely,

Cirrus Logic will host a live Q&A session at 6 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website.

A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (647) 362-9199 or toll-free at (800) 770-2030 (Access Code: 95424)

To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, diluted share count, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. We are also providing guidance on our expected non-GAAP expected effective tax rate. We are not able to provide guidance on our GAAP effective tax rate or a related reconciliation without unreasonable efforts since our future GAAP

effective tax rate depends on our future stock price and related stock-based compensation information that is not currently available.

Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Except for historical information contained herein, the matters set forth in this shareholder letter contain forward-looking statements, including: our expectation that our audio components will be designed into laptops that will be introduced in the next 12 months; our expectation that several core products in development will drive growth in professional audio, automotive, and industrial applications; our expectation that disposition of wafers associated with the new HPMS product that is no longer coming to market as planned will not have a material financial impact; our ability to reallocate wafers intended for the new HPMS component to other products within our portfolio at GlobalFoundries; our ability to drive content expansion with a key customer; our ability to improve operational efficiency through resource allocation, product prioritization, and targeted investments in R&D; our expectation that the costs associated with a workforce reduction in Q2 FY24 are not material; our belief that our investments will drive long-term growth, profitability, and diversification; our expectation that Q2 will be the high point of inventory for the fiscal year; our ability to maintain our leadership position in smartphone audio; our ability to increase HPMS content in smartphones; our ability to leverage our strength in audio and HPMS to expand into additional applications and markets with new and existing components; our expectation that our next-generation boosted amplifier and smart codec are will be introduced next year and ship for multiple generations; our expectation that our next-generation camera controller will ship in a smartphone being introduced later this year; our belief that camera controllers represent a sizeable opportunity; our ability to drive growth and diversification in our HPMS product line; our ability to expand our addressable market by driving innovation in high-growth, high-profit mixed-signal solutions; our ability to selectively invest in products and customer engagements that expand both our revenue and market diversity; our non-GAAP effective tax rate for the full fiscal year 2025; our expectation that the impact of this capitalized R&D will become less pronounced as additional years of R&D expenses are amortized for tax purposes; and our forecasts for the second quarter of fiscal year 2024 revenue, profit, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, amortization of acquired intangibles, acquisition-related costs and restructuring charges associated with our recently announced workforce reduction and inventory levels. In some cases, forward-looking statements are identified by words such as “emerge,” “expect,” “anticipate,” “foresee,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” “will,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the second quarter of fiscal year 2024, customer cancellations of orders, or the failure to place orders consistent with forecasts; changes with respect to our current expectations of future smartphone unit volumes; any delays in the timing and/or success of customers’ new product ramps; and the risk factors listed in our Form 10-K for the year ended March 25, 2023 and in our other

filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.