Cirrus Logic Investor Presentation As of July 30, 2012

Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry market projections; our revenue growth opportunities; future product releases; projected inventory ramps; and forecasted revenue, gross margin, and R&D and SG&A expenses. 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 from our current expectations, estimates and assumptions and the forward-looking statements made in this presentation. These risks and uncertainties include, but are not limited to, the risk factors listed in our Form 10-K for the year ended March 31, 2012, and in other filings with the Securities and Exchange Commission. The foregoing information concerning our business outlook represents our outlook as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

More than 3,000 active customers with 700 innovative products

737 Worldwide

1984 – Headquartered in Austin, Texas

~$167 Million in cash

~1,100 Issued and pending U.S. patents

Founded  

Fabless pioneer since early ’80s

Cirrus Logic at a Glance (NASDAQ: CRUS)

Cirrus Logic Vision

First Choice in High-Performance Analog and Mixed-Signal

Components

Focus on Key Tier One Customers

Tablets    

Media  Players  

Media  PCs  Home    Theater    

Music  Instruments  

Car    Amplifiers  

Weigh    Scale  

Motor  Control  

LED  Lights  

Soundbars  

Home Audio

Pro & Auto

Audio

Digital Energy Control

Energy Industrial

Meas. Seismic  Sensors  

Portable Audio Smart    

Phones  

Power  Meters    &  Monitors  

Applications

Camcorders  Ultrabooks  

Our Strategy

Best in Class IP

(Product)

1st Gen. Custom

2nd & 3rd Gen.

Customs

Tier-1 Key Customer Interest

More Content & More Boxes!

Higher value with more functionality, higher

integration and better performance

Our #1 Customer

As  Percentage  of  Total  Revenue  

Q2 FY12

Q4 FY12

Q1 FY13

§  More Content Every Generation §  Each generation of custom IC offers more functionality

and integration §  Multiple custom ICs to date and growing

§  More Boxes §  Critical audio component in almost every device

§  Expanded from an initial single design win in 2006

§  Strong Engineering Relationship §  Track record of execution §  Currently working multiple new custom projects

Q3 FY12

63%  59%  

70%  

59%  

Focus on Tier One Customers §  Best in Class IP

§  Highly innovative custom ICs §  Building strong engineering relationships §  Focus on more boxes and more content

§  Proven Success with Custom ICs §  1st generation LED controller shipping in volume §  100% share at Itron for US power meters §  2nd generation audio CODEC for Japanese consumer

company §  Automotive amplifier custom chipset shipping in volume

§  Best Long-Term Growth Opportunity §  Focus on the best customers in select key

growth markets

+78%

CY2010  Revenue  Growth  Y/Y  

CY2011 Revenue Growth Y/Y

+20%

Semiconductor Industry*

Analog & Mixed Signal Peers+

31%

34% 1%

1%

+  Average  of  the  following  peers:  WLF.L,    VLTR,    HITT,    TUNE,    SMTC,    SLAB,  NSM,    MXIM,  LLTC,  SMSC,  AATI,  AMS.s,  DLG.F,  ELGG.DE,    EXAR,  IDTI,  ISIL,  MELE.BR,  MCRL,  MSCC,  MPWR,  OIIM,  PSEM,  POWI,    ADI,  SUPX,  ONNN    

*  Gartner  2010/2011      

Industry Leading Revenue Growth

Revenue Growth Continues in 2H CY2012

More  Content    &  More  Boxes  in  Portable    

Audio    

Higher Value with More Functionality, Higher Integration

and Better Performance with the Existing Tier-1 Customer Base

New  Digital  Energy  

LED Lights, Motor Control and

Power Meters

New  Portable  Customers  

Audio CODEC, Amplifier and DSP

Ensuring Rapid Ramp Capacity

§ Multiple New Custom ICs Ramping in CY2012 §  Majority have moved into volume production §  Expected to contribute significantly to revenue growth in CY2012 and CY2013

§  Inventory Build and Backend Capacity §  Q1 ending inventory increased 73% Q/Q to $96.8M §  Expect value of Q2 inventory to grow by more than 50% §  $10M investment in back-end capacity in 1H CY2012

§ Secured $100M Credit Facility in April 2012 §  Flexibility for additional working capital needs in next 12 months

“Best Place to Work” §  Cirrus is one of only 25

companies in US (medium sized business)

§  #1 Company to work for in Austin, TX

Great Place to Work – Employee Survey Results 2008-2012

Unique Corporate Culture

75  

78  

78  

79  

85  

80  

81  

80  

84  

87  

87  

89  

86  

90  

91  

91  

90  

87  

92  

92  

91  

91  

89  

94  

94  

Credibility  

Respect  

Fairness  

Pride  

Camaraderie  

2012   2011   2010   2009   2008  

     

Audio  CODECs    

Audio  Amplifiers    

Audio    DSP  

Our  Ultra  Lower  Power  Audio  Products      

SMARTPHONE   TABLETS   VIDEO  CAMERAS  

MEDIA  PLAYERS  

Portable Audio Applications

Enhancing  the  Voice  Experience  Key Technology Investments

Ac[ve  Noise  Canceling  (ANC)  

Echo    Cancella[on  

Boosted  Speaker  

Noise  Suppression  

Louder speakerphone

and ringer

They can hear you better in a

loud environment

You can hear better in a loud

environment

Enabling  high  quality  voice  experience

HOME  THEATER  

Technology: Audio DSP, Audio Converters,

and Audio Amplifier

Tier-1 Customers: Bose, Ford, Harman, LG,

Samsung, Sirius XM, Sony, Vizio

SOUNDBARS   CAR  AMPLIFIERS  

MEDIA  PCS  

General Audio Applications

Key Customer Focused

Innovation

Deep Applications Knowledge

On Time Execution

~1,100 Patents & Over 25 Years of Mixed-Signal Innovation

Meeting Customer Schedules is Key

More Functionality, Higher Integration and

Better Performance

Sustainable Advantage

Digital Energy Control with Best-in-Class IP

90 U.S. issued and pending patents in the area of energy management

POWER  METERS    &  MONITORS  

 

LED  LIGHTING  

MOTOR  CONTROL  

Digital Energy Control Applications

LED Strategy: Solving Dimmer Compatibility

“Intelligent” controller in the bulb recognizes type of dimmer

3-year focus on TRIAC interface algorithms and tested on over 200 dimmers

Strong IP protection

Tier-­‐1  Key  Customer  Focus  

 

Tier-1 Bulb in Production

Ramping  at  Tier-­‐1  Customer  since  January  2012  

DIGITAL  LED  CONTROLLER  

Goal - “Works with every dimmer - every time”

Key Issue: LED Dimmer Compatibility

Installed  Base:    Worldwide  

Standards:    None  

Different  types:    200+  

Incompa[bility  Issues:    

High  Product  Returns:  Impact  OEM  Brand  

Slows  Market  Adopbon    

Flickering  Light  No  Light          No  Dimming  

Limited  Dimming  Range  Inability  to  Turn  On  and  Off  

*  Based  on  230  V,  tested  with  over  40+  different  dimmers:  dimming  funcbonality  &  smoothness,  dimming  range,  flicker  free  on  transient  and  steady  state        

   

47  

57  

52  

58  

98  

IR  

IFX  

NXP  

iwae  

Cirrus    

Company  A  

Company  B  

Company  C  

Company  D  

Testing Dimmer Compatibility* vs. Competition

2011 2012 2016

140Mu

1.2Bu

Source:  Datapoint  Research  2012  

Lead  Tier  1  Customer  

Shipping  in  Producbon  

Expanding  Beyond  Lead  Customer  

In  Progress  

Target  Shipments  FY2013:    5-­‐10Mu  

 

Targebng  Consumer  and  Professional  Lighbng  

Markets  

LED Lighting Market is Emerging

2014

700Mu

250Mu

Focus  on  Key  Customers    Expanding  Internabonal  

Footprint      

Energy  Measurement    ICs  (ADC)  Since  1999    

New  CS5484    Highest    Accuracy  AFE  

Cirrus Logic in Smart Meters

Motor Control

Cirrus Logic Solution: §  Improved Reliability

§  Fewer field repairs and warranty returns

§  Smoother and Quieter Operation §  End user enjoyment and perceived quality

§  Lower System Cost

Global Market DC Brushless Motors - Non-Industrial ~1.4Bu Initial Target Market: E-Bikes ~43.3Mu Source: IMS Research

Deficiencies in the Current Solution: §  Start-Up Requires Hall Sensors

§  Most common failure component in the motor

§  Operation of the Motor is Rough and Noisy §  High System Cost

Key Balance Sheet Items

§ $167M in cash § $139 deferred tax asset remaining § Q1 ending inventory $96.8M

§  Up 73% Q/Q §  Resulting in an $37M increase in accounts payable

§ $100M credit facility in place §  Provides added flexibility to working capital §  Do not anticipate using revolver at this time

Ramping Investment in Operating Expenses

Ope

rabn

g  Expe

nses  in  $Millions  

         

 -­‐        

 5.0    

 10.0    

 15.0    

 20.0    

 25.0    

 30.0    

 35.0    

 40.0    

 45.0    

Q1/FY11  

Q2/FY11  

Q3/FY11  

Q4/FY11  

Q1/FY12  

Q2/FY12  

Q3/FY12  

Q4/FY12  

Q1/FY13  

SG&A  

R&D  

549  534  525  

570  

676  

631  636  

608  

737  

Headcount  

Q3 FY12

Operating Margins*

Q1 FY12

GAAP Non-GAAP FY12 Q1 16% 19% FY12 Q2 18% 22% FY12 Q3 22% 24%

FY12 Q4 19% 23%

FY13 Q1 11% 15%

* GAAP to non-GAAP reconciliations available on slide 31 and at www.cirrus.com

Q2 FY12

Q4 FY12

Q1 FY13

Earnings and Operating Profit

$0.13  

$0.24  

$0.17  

$0.33  

$0.25  

$0.43  

$0.75  

$0.36  

$0.10  

$0.22  

§  June Quarter (Q1) §  Revenue: $99M

§  Up 7% Y/Y

§  Gross Margin: 54% §  R&D/SGA: $43M

(incl. $4.4M in stock comp and other)

§  September Guidance (Q2)**

§  Revenue: $170-$190M

§  Gross Margin: 52%-54% §  R&D and SG&A: $49M-$53M

(incl. $6M in stock comp and other)

**Forecast as of July 30, 2012

Financial Results and Outlook

         

52%   53%   54%   56%   54%   53%*  

Q1/FY12   Q2/FY12   Q3/FY12   Q4/FY12   Q1/FY13   Q2/FY13  Gross  Margin  *Midpoint  of  guidance  as  of  July  30,  2012  

                                 

Q1/FY12   Q2/FY12   Q3/FY12   Q4/FY12   Q1/FY13   Q2/FY13  

$92     $102    $122     $111     $99    

$180*    

Revenue  *Midpoint  of  guidance  as  of  July  30,  2012  

GAAP to Non-GAAP Reconciliation

Jun. 30, Mar. 31, Dec. 31, Sep. 24, Jun. 25, Mar. 26, Dec. 25, Sep. 25, Jun. 26,2012 2012 2011 2011 2011 2011 2010 2010 2010

Net Income Reconciliation Q1'13 Q4'12 Q3'12 Q2'12 Q1'12 Q4'11 Q3'11 Q2'11 Q1'11GAAP Net Income 6,927$ 50,827$ 16,731$ 11,247$ 9,178$ 130,406$ 24,621$ 30,874$ 17,602$ Amortization and other acquisition related items 353 353 353 353 353 353 353 353 370 Stock based compensation expense 4,173 3,451 2,769 3,517 2,442 2,294 1,467 3,025 1,356 Other expenses (proceeds) ** - 263 - 622 - 57 (425) (3,199) 929 Provision (benefit) for income taxes 3,355 (30,310) 8,992 6,163 4,984 (117,078) (1,847) (2,229) - Non-GAAP Net Income (Loss) 14,808$ 24,584$ 28,845$ 21,902$ 16,957$ 16,032$ 24,169$ 28,824$ 20,257$

Earnings Per Share reconciliation *GAAP Diluted income per share 0.10$ 0.75$ 0.25$ 0.17$ 0.13$ 1.80$ 0.34$ 0.42$ 0.25$ Effect of Amortization and other acquisition related items 0.01 0.01 0.01 0.01 0.01 - - - 0.01 Effect of Stock based compensation expense 0.06 0.05 0.04 0.05 0.03 0.03 0.02 0.04 0.02 Effect of Other expenses (proceeds) ** - - - 0.01 - - - (0.03) 0.01 Effect of Provision (benefit) for income taxes 0.05 (0.45) 0.13 0.09 0.07 (1.61) (0.02) (0.03) -

Non-GAAP Diluted income (loss) per share 0.22$ 0.36$ 0.43$ 0.33$ 0.24$ 0.22$ 0.34$ 0.40$ 0.29$

Operating Income ReconciliationGAAP Operating Income (Loss) 10,471$ 20,888$ 26,399$ 17,913$ 14,336$ 13,665$ 23,108$ 29,057$ 17,497$ GAAP Operating Margin 11% 19% 22% 18% 16% 15% 24% 29% 21%Amortization and other acquisition related items 353 353 353 353 353 353 353 353 370 Stock compensation expense - COGS 118 113 92 104 89 78 46 64 55 Stock compensation expense - R&D 2,243 1,753 1,613 1,181 1,043 924 579 617 521 Stock compensation expense - SG&A 1,812 1,585 1,064 2,232 1,310 1,292 842 2,344 780 Other expenses (proceeds) ** - 263 - 622 - 57 (425) (3,199) 929 Non-GAAP Operating Income (Loss) 14,997$ 24,955$ 29,521$ 22,405$ 17,131$ 16,369$ 24,503$ 29,236$ 20,152$ Non-GAAP Operating Margin 15% 23% 24% 22% 19% 18% 26% 29% 25%

Operating Expense ReconciliationGAAP Operating Expenses 42,969$ 41,459$ 39,631$ 36,442$ 33,373$ 32,353$ 29,354$ 27,723$ 29,238$ Amortization and other acquisition related items (353) (353) (353) (353) (353) (353) (353) (353) (370) Stock compensation expense - R&D (2,243) (1,753) (1,613) (1,181) (1,043) (924) (579) (617) (521) Stock compensation expense - SG&A (1,812) (1,585) (1,064) (2,232) (1,310) (1,292) (842) (2,344) (780) Other expenses (proceeds) ** - (263) - (622) - (57) 425 3,199 (929) Non-GAAP Operating Expenses 38,561$ 37,505$ 36,601$ 32,054$ 30,667$ 29,727$ 28,005$ 27,608$ 26,638$ * Certain YTD numbers may not tie to individual quarter presentation due to YTD share count dilution** Other expenses (proceeds) may contain certain items such as litigation expenses , proceeds from a patent agreement, restructuring items, and impairments of non-marketable securities.

We use these Non-GAAP financial numbers to assist us in the management of the Company because we believe that this information provides a more consistent and complete understanding of the underlying results and trends of the ongoing business due to the uniqueness of these charges.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION(unaudited, in thousands, except per share data)

(not prepared in accordance with GAAP)

CIRRUS LOGIC, INC.