Cirrus Logic, Inc. · NASDAQ:CRUS
Cirrus Logic — Investor Presentation (August 2006)
16 slides from Cirrus Logic's investor presentation, August 2006
Slide 1: A Leading Supplier of High Precision Analog & Mixed Signal ICs
A Leading Supplier of High Precision Analog & Mixed Signal IC’s August 2006 © 2004 Cirrus Logic, Inc. All rights reserved. Cirrus and Cirrus Logic are trademarks of Cirrus Logic, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation, estimates and assumptions regarding industry market projections, our revenue growth rate and opportunities, future R&D and SG&A expenses, and profit opportunities are forward-looking
Slide 3: Cirrus Logic Overview
Cirrus Logic Overview Founded 1984 – HQ in Austin, Texas Founded NASDAQ: CRUS Since 1989 Employees ~400 Worldwide Over 2500 Active Customers and Customers over 600 Products IP Strength 941 U.S. Patents with ~240 Engineers Financial Strength $253 Million of Cash with No Debt Manufacturing Fabless Pio
Slide 4: Cirrus Logic Focus
Cirrus Logic Focus High-precision analog and mixed-signal semiconductors for audio and industrial markets Audio DSP and 16/24-bit Delta- Amplifiers, Industrial Sigma and SAR Power stage and Microcontrollers Converters Interface ICs Cirrus Logic Technology Offering
Slide 5: Focused Analog Mixed-Signal Company
Focused Analog Mixed-Signal Company Stable Revenue Mix Product/Customer Diversity Typically long analog product life cycles Strong Business Foundation Proprietary product base & 941 U.S. patents Strong balance sheet & Complete Outsourced Improving Financial Performance Reached 60% gr
Slide 6: Strong Earnings Growth
Strong Earnings Growth EPS (non-GAAP)* 0.11 0.10 0.09 0.08 0.08 0.05 Q1 Q2 Q3 Q4 Q1 Q2 FY06 FY06 FY06 FY06 FY07 FY07 Actual Consensus * As reported by First Call. Detailed reconciliations of non-GAAP financial information to the most directly comparable GAAP information are included in the financial
Slide 7: Blue Chip Customer Base
Blue Chip Customer Base fsisix iriver =X [one AV DB EASITECH METTLER TOLEDO ty ELYMER @ LG Electronics SHARP ONKYO iD Panasonic SONY. —— Ss CIRRUS LOGIC
Slide 8: Diversified Revenue Mix
Diversified Revenue Mix Q1 FY2007 By Region By Customer ROW Europe 10% 18% China & Top 10 Taiwan ~ 35% 24% Top 100 N. America ~ 75% Korea & 34% Japan 14% Worldwide 2,500+ Presence Customers
Slide 9: 100% Outsourced Foundry, Assembly and Test
Our Focused Analog Mixed Signal Value Chain Over 600 6 Foundries, 4 Assembly Over 2,500 Active and 6 Test Partners Active Products Customers 100% Outsourced Foundry, Assembly and Test
Slide 10: Diverse Audio and Industrial Applications
Diverse Audio and Industrial Applications Consumer Audio Industrial Measurement Home Portable DVD DTV Weigh Theater Gas, Liquid Patient Audio Scale Measurement Monitoring Pro- Audio Automotive Seismic Power Meter Keyboard Mixer Satellite Amplifier Seismic Sensors Digital Meter Radio Key Growth Areas
Slide 11: Cirrus Logic Seismic IC Products
Cirrus Logic Seismic IC Products Land Survey Marine Survey 4-D Seismic Higher Resolution Systems More Channels/ Less Power Lowest systems cost Up to 8 ICs per Sensor Offering Complete Analog Signaling Chain Mux, Amplifier, Modulator, Digital Filter, DAC Market Leader for over 10 year
Slide 12: Cirrus Logic Content Available for a DTV Application
Cirrus Logic Content Available for a DTV Application New D/A D/AConverter Converter Power PowerStage Stage Launched LaunchedininApril April 94Mu A/D A/DConverter Converter +30% Class-D Class-D 34Mu CAGR CODEC CODEC 2005-2009 Sampling SPDIF SamplingCYQ3 CYQ3 SPDIF Interface Interface 2005 2009 Audio
Slide 13: Cirrus Logic's Expansion into the Portable Audio Market
Cirrus Logic’s Expansion into the Portable Audio Market Total Low Power Market Calendar Multiple New 2007 Low Power ICs ( New Portable ADC 1st Design Wins Launched Feb 2006) (multiple OEMs Calendar Launch of 1st Flash/HDD) 2006 Low Power IC December (CS42L51) 2005 June 2005 Source: IMS research Sept
Slide 14: Key Operating Performance Rising
Key Operating Performance Rising Operating Revenue per Stockholders Profit (non-GAAP)* Employee Equity +5% +$65K +$46M $428K 12% $277M $363K $231M 7% Q1 Q1 Q1 Q1 Q1 Q1 FY06 FY07 FY06 FY07 FY06 FY07 *= reconciliation of non-GAAP financial information to the most directly comparable GAAP information i
Slide 15: September Quarter Target
September Quarter Target As of July 26th, 2006 June Q Sept. Target Revenue $45.2M $47M to $51M GM% 60.1% 58% to 60% R&D and SG&A $22.9M* $22M to $24M* * Includes ~ $1.4M of stock based compensation. Detailed reconciliations of non-GAAP financial information to the most directly comparable GAAP infor
Slide 16: Focused Analog Mixed-Signal Company
Focused Analog Mixed-Signal Company Stable Revenue Mix Product/Customer Diversity Typically long analog product life cycles Strong Business Foundation Proprietary product base & 941 U.S. patents Strong balance sheet & Complete Outsourced Improving Financial Performance Reached 60% gr