Page 1

CIRRUS LOGIC® FINANCIAL NEWS Investor Contact : Thurman K. Case Chief Financial Officer Cirrus Logic , Inc. ( 512 ) 851-4125 Investor@cirrus.com Cirrus Logic Reports Q3 FY21 Revenue of $ 485.8 Million Smartphone Demand Fueled 30 Percent Year - Over - Year Revenue Growth - AUSTIN , Texas – Feb. 1 , 2021 – Cirrus Logic , Inc. ( Nasdaq : CRUS ) today posted on its website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the third quarter fiscal year 2021 , which ended Dec. 26 , 2020 , as well as the company's current business outlook . " Cirrus Logic delivered revenue above the high end of guidance in the December quarter , as we experienced strong demand for products shipping in recently introduced smartphones , ” said John Forsyth , chief executive officer . “ We are delighted with our customer engagement and design - in activity during the quarter , and remain focused on developing a roadmap of innovative products that will enable the company to capitalize on growing demand for audio and high- performance mixed - signal solutions . Given the strength of the current smartphone market cycle , and the new product introductions in the pipeline , we are excited about the outlook for the company . " Reported Financial Results – Third Quarter FY21 - • Revenue of $ 485.8 million ; • GAAP and non - GAAP gross margin of 51.8 percent ; • GAAP operating expenses of $ 121.8 million and non - GAAP operating expenses of $ 105.7 million ; and • GAAP earnings per share of $ 1.91 and non - GAAP earnings per share of $ 2.13 .