Cirrus Logic, Inc. · NASDAQ:CRUS
Cirrus Logic — Corporate Update (October 2003)
21 slides from Cirrus Logic's corporate update, Oct 22, 2003
Slide 1: Cirrus Logic, Inc. Business Update
Cirrus Logic, Inc. October 22, 2003 Business Update
Slide 2: Safe Harbor Statement
Safe Harbor Statement Except for historical information contained herein, the matters set forth in this news release, including our estimates of third fiscal quarter revenues, combined research and development and selling, general and administrative expense levels, gross margin and cash levels, expe
Slide 3: Cirrus Vision
Cirrus Vision The Leader in Digital Entertainment Solutions that Enhance Consumers Enjoyment Worldwide
Slide 4: Expect Continued Revenue Growth in FQ3 as Video Recording Market Expands
Expect Continued Revenue Growth in FQ3 as Video Recording Market Expands FQ2 sales sequentially up 23% to $50.1 million - FQ3 sales expected to be up again 6% to 12% - Cautiously optimistic as demand visibility continues to improve Video recording expected to drive growth - Affordable, mass-mark
Slide 5: Cirrus Offers The Total System Solution
Cirrus Offers The Total System Solution Typical Consumer Application Example Outputs Inputs Video Converter Audio Audio Converter Digital Audio Video Converter Processor Processor Digital Signal in Amplifiers Audio & Video Digital Signal Out Mic in
Slide 6: Focused on Core Audio Strengths and High-Growth Video Opportunities
Focused on Core Audio Strengths and High-Growth Video Opportunities $6,000 $5,000 IC Market Size in $M eo $4,000 d Vi rding e co $3,000 R u di o D SP $2,000 A $1,000 Consumer Analog $- 2002 2003 2004 2005 2006 2007 Source IC markets: Video recording – IDC; Audio DSP – Forward Concepts; Consumer anal
Slide 7: Audio is Cirrus' Core Business
Audio is Cirrus’ Core Business Audio accounted for 84% of FQ2 sales - Introduced production-ready Dolby Pro Logic® Ilx DSPs - Introduced 23 new analog chips in last 18 months - #1 in digital audio for the 4th consecutive year* Audio provides attractive growth opportunities - Seasonal rebound sta
Slide 8: Keys to Success in Audio
Keys to Success in Audio Strong track record of supporting new audio standards that drive mass-market adoption, including 7.1 Dolby Digital Pro Logic ® IIx Audio Experience from being the No. 1 supplier of digital audio chips* Broad product line of audio analog ICs based on large Consumer pate
Slide 9: Cirrus Provides a Broad Portfolio of Audio Analog Products
Cirrus Provides a Broad Portfolio of Audio Analog Products DAC ADC CODEC Interfaces New New CS4334/5/8/9 CS4398 CS5331A CS42416/26 CS8405A 96dB, 96kHz 120dB, 192kHz, 94dB, 48kHz 110-114dB, 192kHz, S/PDIF Transmitter VC, SACD 96kHz New New CS4340 CS43122 CS5340 CS4223/24 CS8406 101dB, 96kHz 122dB, 19
Slide 10: Cirrus Customers Represent the World's Best Consumer Brands
Cirrus Customers Represent the World’s Best Consumer Brands Audio Audio
Slide 11: Evolving Audio & Infotainment Systems Opens Automotive Market for Cirrus
Evolving Audio & “Infotainment” Systems Opens Automotive Market for Cirrus The car is becoming an entertainment zone - World market for In-Car Audio and Audio Video “Infotainment” Systems is expected to grow from 90 million units in 2002 to 125 Processor Processor million units by 2008* Cirrus a
Slide 12: Emerging DVD Recording Products Creates Large Semiconductor Opportunities
Emerging DVD Recording Products Creates Large Semiconductor Opportunities 60 IDC raised DVD recorder 50 IDC market forecast in Sept. 2003 report World wide Units sold in M InStat 40 Gartner Growth accelerates 30 with first “affordable” CAGR recording products in 20 120-170% the second half of ca
Slide 13: Keys to Success for Digital Recording
Keys to Success for Digital Recording Providing the best-performing technology - Complete solution: DVD encoder, decoder and analog chips - Robust manufacturing kit with full-featured system software Strong technical customer support - US and Asian-based - Multiple recordable drives qualified -
Slide 14: Growing Base of Video Customer Brands Using Cirrus' Technology
Growing Base of Video Customer Brands Using Cirrus’ Technology Video
Slide 15: Cirrus Is Enabling Digital Recording for the Mass Markets
Cirrus Is Enabling Digital Recording for the Mass Markets Now supporting multiple DVD recording and PVR product introductions Growing list of brands DVD +RW Recorder supported by recent design wins Alba Digitech Profilo Telra Argus Ellion Roadstar BBK Mustek Sampo Cyberhome Philco Samsung Sony &
Slide 16: Initial DVD Recorder Sell-Through Feedback is Encouraging
Initial DVD Recorder Sell-Through Feedback is Encouraging Mustek, a top 5 DVD Recorder CyberHome DVD Recorder powered manufacturer*, selling in Europe Cirrus Logic video chipset *DVD manufacturing ranked by TSR
Slide 17: Increasing Feature/Value Solutions DVD Recording Roadmap
Increasing Feature/Value Solutions DVD Recording Roadmap ol u tion RAM t ur eS Jukebox F ea HDD DivX -RW CS98200 DVD Recorder shipments expected to CS92288 +RW reach 50 million units by 2006* Multiple Drives Integrated 1394 Single IC Valu CODEC e Solu Single tion Board $149 Retail *Source for shipme
Slide 18: September Income Statement
September Income Statement Net sales $ 50,130 Costs and expenses: Cost of sales 24,132 Research and development 20,427 Selling, general and administrative 12,203 Restructuring and other costs 395 Amortization of acquired intangibles 3,778 Patent infringement settlements, net (14,402) Total costs and
Slide 19: Balance Sheet Continues to Strengthen
Balance Sheet Continues to Strengthen No Debt Total Cash $127 million Net Receivables $ 22 million 40 DSO Net Inventory $ 25 million 3.8 turns Shareholders’ equity $163 million
Slide 20: December Quarter Outlook
December Quarter Outlook Revenue $53 - $56 million Gross Margin 50% - 52% R&D Expenses $31 - $33 million SG&A Expenses Cash $172 - $177 million* *Up $45-$50 million from September quarter and reflects receipt of $9 million from ATI Technology and $45 million for Western Digital in October 2003 for p
Slide 21: Key Messages
Key Messages FQ2 sales sequentially up 23% to $50.1 million - FQ3 sales expected to be up again 6% to 12% - Cautiously optimistic as demand visibility continues to improve Video recording expected to drive growth - Affordable, mass-market products ramping at our customers - $20 to $25 IC content