Cirrus Logic Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : That's perfectly lead in. So I saw an announcement around auto earlier this week. Obviously, in the midst of all this, I would be better to have you fill me in on the details here. But it seems like when you think about voice at the edge, auto is the perfect place to kind of see that intersection because a lot of times, at least today, your hands are busy, right? So why is this an interesting future path for you guys? And how real is that in terms of revenue contribution in the near term?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So auto supply chain is very different than consumer supply chains. Can you talk about the certifications first that you need to get into automotive-grade products. That takes a long period of time. Where are you in that certification process? And then two, design in cycles three years -- two to three years. If you're on to these products today, should we be thinking kind of the '27 -- like '27, '28 timeframe for revenue?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Helpful --

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Can you explain the difference to me? Obviously, you use an amplifier to do the haptics in smartphone from a design perspective, is there a major difference in the automotive ecosystem. I would assume there needs to be reliability around being qualified in auto?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So another area that you've been diversifying the business is on the PC side. You had a reference design with Intel, which is proliferating, which is helpful for your suite of products. Looking into next year, I think you've talked about tens of millions, and that's growing substantially into next year as well. Remind us what the 2026 outlook looks like there? But then you've got this other dynamic PCs actually sound better next year. OEMs are kind of talking low single-digit growth. But then there's this counterbalance that's associated with memory, where there's a fear around consumer devices of potentially slower sales given guys can't get memory. How do you balance that all out for what you're thinking about the PC business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 9:55PM, CRUS.OQ - Cirrus Logic Inc at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Super helpful. Okay. We saved the fun for last, so smartphone side. So I think going into this year, particularly with your largest customer, but just generally in the model, you talked about front-end weighted cycle. And I think that there are multiple reasons for that, just given your camera controller content, given what you saw from like a tariff perspective this year, it just seems like to be safe, people were building a little bit earlier. And I think if you look at the trajectory that you guys saw, it really has mirrored that so far. Just a broader question. Like if you look at this cycle on a unit perspective and a content perspective versus kind of where you sat when you first started talking in the March, April, May, June timeframe, anything materially different? Or is that largely tracked to kind of what you thought?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And then others have referenced older generations of phones? Or just like have you seen any of those trends as well? Like we've heard from other companies, RF providers in general that they've seen a mix of legacy phones, last year's phone or the year before on still selling a little bit better. Is that something you guys are seeing?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Okay. And then just checking in, we get this question a lot as well. Last generation, you talked about the 22-nanometer more codec, some of the AMS as well. The cadence there has been every five or six generations. Is that still the right way to kind of think about the updates on those? Any reason why you would push that forward faster?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So it almost helps you in the middle of those cycles where you're like this is pretty secure at this point. And in time, we can allocate elsewhere. And as we get a little bit closer to a period of time, which you know you need to upgrade then redirect dollars?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Okay. Camera controllers is an area where you definitely see content proliferation across devices. I know in the lowest version of the phone, you have as little as one and then the highest version of the phone. I believe it's four. So a vast array of different content per device. How do you see that content moving on a go-forward basis? Is it kind of top-down or bottom-up meaning like. You have the Pro Max, which has the largest met of camera controllers. Is the pro quickly to follow and then your base model relatively to follow or do you see kind of LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 9:55PM, CRUS.OQ - Cirrus Logic Inc at Barclays Global Technology Conference like the lowest volume phones kind of going up to scale. Obviously, it's associated with image stabilization and cameras, whatever moves first. Where do you see that content waterfall going?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : I know you can't talk about your largest customer, but we can talk a little bit about design schematics and where you've seen increased content in the past. So rumors around potential foldable phone in 2026. Two things that strike me when I think about foldable phones is you've got more beachfront area when you are thinking about handling device that's bigger, that calls to me like something that would require potentially more speakers. And then two, if you're looking at a larger phone in general, perhaps you have something related to power that may increase. You guys haven't talked about content increases for this year. But generally, in the past, has device size changed anything in terms of the content that's required from an amplification perspective?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Yeah. On the power conversion control side, it's been an area where people have been focused for continued development. I think there was a start and we've been kind of waiting for the follow-on there. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 9:55PM, CRUS.OQ - Cirrus Logic Inc at Barclays Global Technology Conference When you think about like the technology and what sort of enablement that you can offer for smartphone, I think many people have run to, you talked about this like high-power non-plug-in devices, if you add processing power, it seems like a perfect fit for more power conversion and control in general. What kind of transition needs to occur in smartphones or what kind of technology do you need to solve in order to see that increased content there?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : This year was a year where you didn't have the big content uplift, but you had a waterfall of content effect, which helped you kind of offset. As investors look forward, is there a way for us to mark to market? You've done a good job in the past of kind of highlighting to us as early as you humanly can, when you would see content uplift you have more of that waterfall that's going to exist over time. But where should investors be focused from a content perspective, not just at the largest customer, but across your content portfolio over the next couple of years?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And not to mention, I think you mentioned with the camera controller, a 6x of performance generation over generation, I would imagine that you also are going to get paid V2, V3, V4 of other sockets as well. You've talked about being V1 control, you would imagine that there is probably some waterfall there as well over time.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Okay. Pivoting a little bit to the M&A side, capital return side. clearly, announcing new wins and new chipsets into auto is a diversification direction of the business. But in terms of organic versus inorganic, activity, do you feel like at this point with the cash balance that you have, which is quite nice that you would go out and need to do any sort of bolt-on acquisition that would kind of take you further down that road?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And then capital returns, investing in the business, you guys have always been very consistent on that. But in terms of your ability to maybe buy back share, any kind of outlook on your priorities?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : As we go into next year, where should investors get excited about Cirrus Logic. Clearly, there's diversification effort, which is always exciting. But where should we be paying attention here as the year turns?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Very helpful. Thank you very much, guys, for joining us, and happy holiday season. Hope to see you in the new year.