Cirrus Logic (CRUS) 3 Aug 202021 Q1 Earnings call transcript

Company Profile

Participants

Thurman Case	Chief Financial Advisor
Jason Rhode	Chief Executive Officer
John Forsyth	President
Chelsea Heffernan	Director, Investor Relations
Matt Ramsay	Cowen
Raji Gill	Needham & Company
Tore Svanberg	Stifel
Charlie Anderson	Collier Securities
Adam Gonzalez	Bank of America Securities
Ruben Roy	Benchmark
Christopher Rolland	Susquehanna International Group
Blayne Curtis	Barclays
Tore Svanberg	Stifel

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Cirrus Logic First Quarter Fiscal Year 2021 Financial Results Q&A Session. At this time, all participants are in a listen-only mode. After a brief presentation, we will open up the call for questions from analyst. Instructions for queuing up will be provided at that time.

As a reminder, this conference call is being recorded for replay purposes. to conference like Mr. over now would turn call the to I Case, Financial Thurman Advisor. Chief Mr. begin. may you Case,

Thurman Case

Thank you afternoon. and good

Joining most materially corporate the release, risk me President; the shareholder p.m. on release we results quarter Form Logic's factors results, other our at and with the feature and Chief latest the statements at made new note current cause and providing to this or Please to actual via the XX-K actual fiscal today's revise letter financial company comparable projections of letter materially Investor or otherwise. information announced differ of GAAP Q&A as our and call or By with including is Logic results projections. Officer; Director make this cause issued whether projections shareholder earnings financial may disclaims a Cirrus today, non-GAAP as at for the statements, Forsyth, the any during from call discussing questions Jason our that as expressly to John other for refer year forward-looking of to may website that financial any along website our press subject we that directly webcast to information, of Exchange additional filings the and covering Commission expectations. submitted analysts the that on which forward-looking update e-mail session session, differ uncertainties risks to result are Securities available company, obligation XX-Q information, Relations. discussion XXXX The reconciliation at will and are company's could from Relations Please Investor well the and developments the the results Heffernan, Executive Chelsea This investor.cirrus.com. are press Today, the Rhode, as investor.relations@cirrus.com. first this from Cirrus questions X:XX of well approximately all available company's as

Now to it I'll over turn Jason.

Jason Rhode

Thurman. you, Thank

and doing I'll Before for and this will we questions, the am begin of currently. the turn taking comments rest COVID-XX over John quarter. provide brief call the on I team the call remotely update then with not I on a to

expect in any any hands and be the with don't should of I technical issues, to you'll While have good there rest the team. be John

letter a impressed For our shareholder to the Investor to continue our and to employees of challenges please website. organization employees due remotely COVID-XX, Across I be efficiently. operate with this great the remaining posted job adapted our with Despite continue Relations detailed results they're well how the doing ensuring new environment. majority read a the account financial productive have associated of the working our on to we highly

meet chain to During our the development on production efforts and key quarter supply product schedules. continued executed we

We ensure safety continuing our have over our established provide outstanding of the to to and customers. continuity our results. while and to call comments now turn employees well-being I’ll protocols on John for to the enhanced maintaining business support

John Forsyth

demand robust Cirrus experienced of tablets million smartphones. certain shipping and QX for Jason. revenue you, XXXX as delivered Logic FY $XXX.X Thank products we in

and the across product encouraging design During customer engagements categories. quarter, and activity new existing were

to previously, smartphones. addition is in As in expectation our strong have building on position our we that noted

about and year. with remain next tape-out minimizing customers we our over deliver other in and combined future. robust optimistic this innovative devices has of number company experience, will phone our we those strengthen they Over domains of the compact When while in will momentum require a particularly user next roadmap expected products to power to with that a year, company's continue The voice premium consumption. gain quarter in to non-mobile continue applications to the products components portfolio sample the mixed-signal audio, a

also discuss would in to about do I intense not begin we like with we our ready largest interest accordance our that we customer policy, there the while specifics we're related our note take questions. Q&A, is business to understand Before Operator to now relationship.

Operator

Our from Cowen. Matt first with comes question Instructions] Ramsay [Operator

Matt Ramsay

domain are Good that for and I if working Jason details the some have you Chelsea team be conversion is really is power imagine or at updated I you. helpful. put examples. afternoon. that comments times out give you're you Thank could of John audio the you've I a and quarters of wonder, new know near don't might of last outside power here type about if the plenty letter this you there, about about those applications in the and couple also TAM in thank guys in saw for that would slides might Yes, the there this that comments if taping one that whichever. I IC product how hinted in TAM hinted step shareholder there's at/or or any know management some be? or of of and any term. as of and That you. on -- thinking pretty the There's back about talk new I

John Forsyth

thank that. this we've talked yes, you. And take opportunity I'll in back towards of particular calendar year. being about next Yes, Yes. end the as Matt,

for TAM to haptics say And more too ways we boosted of But power about and believe time the us space developed want considerable leveraging much our we've no that that there of is step amplifiers developed of a first innovations regard IP that right are our segment the We market long-term now, the over believe lot SAM seek we of the opportunity. of the between but some as investor relating and we a don't to to discussed, keeping materials of will through the go nontraditional where that of relating power. outlook highlighted opportunity get first to battery want some the updated the And road and that time is this In we've much in and we've that with for in opportunities for exciting opportunities So this don't adjacent further it's that and grow drivers. certainly in we into we there's and now far the continue a segments in that we secret product to very then. stuff a reflected obviously the entry lot too IP over very regarding being skis to us. value and of a deck. the to that

Matt Ramsay

pretty I at business business. in the results looks about putting the appreciate forward least quarters? you John. trend swag materially. and tonight that the with smartphone outlook on out, to June guess There's came non-Apple what's like next Thanks, the the obviously into Huawei? map them more Got my together and challenges Are it the think you. business it. first the there is road immediate shipping read of stuff. other quarter to things in the Huawei going And the on maybe question, follow-up just with sensitivity I than was Thank for But in model down and that their might smartphone few the you talk Android term. the could how in after

John Forsyth

Yes, good that's question. a

around Huawei and layers it pretty what's confounding were there make challenges the factors to signal that business. there frankly are think what difficult noise tell and of for sure there complexity I

on with a a from space suffered where headwind. lockdown a large More been able where it broadly, felt obviously the different of to stuff Huawei. kind reflection I have chunks you have execute of the the And of shipping As we seen that's think around previous progressive months license the we is still over Android the have some environment. in does that markets. we we what COVID-XX discussions, really the about past of We're part good just were already, momentum know create few in that, turbulence building but and that we've

the don't maybe on channels think I that So of a little Android susceptible. some more them vendors the control bit they has reliance that distribution have made

story Android the to very been amount as a that the few that, buffeting be and in us we go have within of upbeat about amplifiers stuff there. will fair community. But back I our and there's momentum we for hopefully fair of behind the of we particular haptics on a next the drivers and that quarters. amount think into continue the boosted And positive feel So

Jason Rhode

And net some has clearly base what minus There's it's positive because us the of for said. John amount a resulted challenges that plus in as the been because strength definitely that which of some of handset enjoyed of business chime that just to for and think, to customer would well side non-Android us significantly had to a likely add has while content overall I there. amount larger well I a the Android obviously fair in -- our

Matt Ramsay

appreciate guys, it. Thanks

Operator

And Company. Raji Gill our next & from with Needham comes question

Raji Gill

of space, questions. waterproof demand A my haptics haptics. taking buttons. demand by driven for traction for increased kind mechanical replacing of do what terms been these Yes, has in on thank for screen increased in you areas? wondering is related kind kind you as I'm question a The the And kind think of of major strategic think how products revenue we or next-generation haptics? percentage the growth a of to of kind haptics of devices,

John Forsyth

that kind is you've a course on Well, run in next-generation theme Android. the terms of yet hit of to in products, its

a the replacement we've say still of to of of good general a I to interest phone to to from seen experience sealed seen should think get I lot it. to around or and be – of lot of think point There's user button problems build in class. in that a I we've reducing smartphones, fully to solved a really kind in OEMs plain the

so being As the the drivers the which buttons such and handsets, are the we're user experience enrich experience, on. and haptics of more and seeing gaming as dynamic can controls gaming technologies incorporated into kind for virtual also for

buttons very about size haptics we We've be. and space other the well well. we're beyond we virtual speculative but when haptics automotive segments, in the in growth PC and in as haptics our Those what the drivers clearly opportunities it space think not are in where seen AR plenty in maybe I in the of comes for have opportunity longer-term smartphones, possibly with traditionally and the VR penetrated space market talked so certainly in can see technology. to

where So that the investor regarding, you again, our view on the out. TAM, we I'd haptics presentation break refer to

Raji Gill

just that. in for to the headset the And you gears space. Thank opportunity switching

space. headset as head move XXXX, expect at look technology digital dollar that – of differentiation the content technology, there. the increase as It's You've competitive in way a headset digital when in the I'm inroads of way how kind a forward wired wireless to made and you layering space. as kind you we wondering, kind dominant to bolster Calendar in to ANC do a market and good pretty space of significant

John Forsyth

question. great been a segment a we've That's by. Yeah. It's excited really

outstrip to demand tended compelling. I the that all direction been products – the just initially though of think I travel it's think have customers' even – is expectations numbers The launched our for key really small. in space have fairly and

So codecs, and developing specifically that in that Obviously, of in some we've products investing category that were we they the headset for where maybe initially been deploying wireless been are designed smart not we've truly category even device. device. of technologies, for of

end device. of we And back this begun incorporate launch the mentioned in new had quarter, our wireless obviously, year, technology. truly which last codec ANC Now wireless air sampling for in for amplifier truly buds, we letter next-generation have hybrid shareholder

customers' time line, where us if expect, now. you that's puts that in on a would So hands

device. next market Touchwood ANC technology you're to going products see come to of that Over into year, incorporating the category calendar

Raji Gill

It's question kind about the last margin. dipping Thurman guidance. gross basis just XX up on And for of sequentially the points, down

the what for you. that? Thank wondering, reasons Just

Thurman Case

we a Well, lot and takes puts with margin. of see gross

XX% wide generally had or So not that based quarter, that effect. but absorption levels to range most range certain outperforming quarters we certain anything for some can expense may expect we in And things normal very see that have level, and that on levels given our erosions. see ASP range XX%, of there XX% It been closer on we but to was our of although, profit. we of would give to levels we've of of at a was that And products any our this specific. be

Operator

Tore question Stifel. comes with from Svanberg our next And

Tore Svanberg

Yes. Thank you.

First seasonality on linearity. even question perhaps or

from openly So year. a shipments Cirrus your perspective? impact delays largest their that talked customer timing How about have of this does really

Jason Rhode

job It's put obviously Tore. customers' we call. to to quarter to October would related to guidance. launches. I our parts make really their September is our want Thanks, obviously, always, into tricky is docs on say, our transition don't details into manufacturers' customers' when need The just get to And they or docs our factored them. contract we sure

don't know. always So we

until be launch the what exactly date rest does. the availability know the never date we fact, or of In will world the

to the for try that's That something make relative and to doing. sure to base just strong I reasonably said, exactly care guide we pretty So they're on customer think what really expectations. that execute takes us

has think to I to publicly largely that with be their consistent things appear been a folks So little own launches. are what said by closer else

Tore Svanberg

but Very more emphasizing of good. my just Has And content you have you reading than and historically? perhaps are those what environment tablets than maybe starting more And your opportunities? notebooks sort shareholder there perception opportunities you're this really is work-from-home letter, to the see historically. reawaken

John Forsyth

leverage great in that deal when enhancing and growth, in part continuing amplifier our if very look a what products – to those has home. space. – of of sockets spaces to renewed and that the I humanity at those our see continue that boosted to a markets. working also look as degree, being segments for that in the in drive strategy But we're we those at here point. can for our amongst progress sockets interest to To you much been Android, of was where, great targets we how prior base are of from of And I partly we broaden grow the But our would well. and the to other sure we win share say and about at matter about range there's sure discussing IP there customer count large this a investments are number But transition it's mean, how you hence smartphone certainly broaden as parts

which that. tablets of were course, mentioned believe our IP of notebooks categories, We've So we are And then and hearables are a short as other the part for of relevant well. investments to. wearables kind highly primary

Tore Svanberg

Okay. Thank you.

John Forsyth

Thank you, Tore.

Operator

question Charlie next with our Anderson Securities. from Collier And comes

Charlie Anderson

that to could got about a back power product. of us where you Yes, pie of serving product of custom larger secondarily, that questions. wonder, want expand move as the that some thinking areas are by And the some the And you're then I give start unique you I new as you new of that's speak it's What capability control. mixed-signal merchant's then go to thanks I could or for continue maybe bring first more if for to that's to my just product taking if if seen we've here, a wonder into you portion market. into just not the today? you the some not framework served something portions the larger I've follow-up.

Jason Rhode

a related that can one existing I'll it of of done. anything to new Yes last or of existing John market bit and those. market in you go handful first this the with good out thinks another or the our to All corp. right. We've existing take old an but with after of new of migrating are bits that adage areas. technology what is seen record That's taking technology technology of missed. And technology he then a of things we've take new into us want track new-new. I years try And if chime to got stay have the the migrated

custom a device. is it So

redirect be So seen for how think is a is have don't go necessary than current detail it's or the likely but a we lot remains able to it we have substantial significantly a this, because really obvious resources on got and bigger sooner – reasons a about were of lot It's it's that very that whole significant it. target what of been. a capability get desired actually working MEMS think tackle MEMS It and broadly critical this would fortunate for was into why. to and to want new But lot we we've exactly folks it's we the opportunity. that really to of

that historically quite bring ever of among and processing oriented that it's to in folks that squarely new us stand-alone So power, be other existing more of are type we've the wheelhouse us we've haptics lot have signal to we've sense right the our and bigger a opportunities. our well capabilities of into investments meet from this stand-alone – had really expertise made that Amps areas, kind opportunities things in in power targeted the which positioned a kind

bulk figure the to many say everybody kind it But since we year. would anyway only adjacencies what thing handsets the out a of handsets Jeff other that. and that So much strategy the in love of buys that is bunch what markets of aware can that hone out of and But that's and tried on every of we the let's units reflective there. there and Carl really that are bigger Coyle about of that's I'm very are John in to have up team than

So, mix go and in that on outside ball bring are that let's letting signal signal processing of voice. not on our signal other areas mix -- capabilities market or eye the our of bear really Well, that areas at look obviously, audio can other are areas off handset traditional to the strength.

we're but to lot whole love that have will more time. all excited We'd Something give really a you to in good detail be about.

Charlie Anderson

Okay, question color. great. I the you. then have all a And follow-up for Thank for Thurman you

a decent well. as sequentially you in was I year-over-year then measured think spike days and and inventory pretty

COVID-related any wonder there I provide there. inventory… that the sort anything saw trying transition-related? can that why if we So, or Just color of to Was you product was understand

Thurman Case

based and inventory by question up. on year me. our what are. work customers previous we is -- of across of needs take the and was normal it's the it affected -- from we Yes, border with demands our QX for couple decrease really last all we saw A and years QX their really It

the case our -- this In from partners them supply this quarter that have. schedules that particular we with chain but build and from and work it we think appropriate. and visibility, our spike, to so $XXX to at leaving million and our think is meet standpoint in significant we happened drive quarter a demand And don't we the

Charlie Anderson

Perfect. Thanks.

Operator

come Bank next Securities. our Gonzalez with of Adam question America And will from

Adam Gonzalez

my taking for thanks Yes, question.

year-on-year some term. play a with So, of content comment, opportunities there still that some you'd given extent be were can gain customer there or the cited a out, the content rumors -- to customer some to out that be do in you accessorized supply out that could this of sort have you this you better been largest Thanks. if lack for before? coming net the content position of to your To new think of you

Jason Rhode

Yes sure. guidance on going I customers' rumors definitely know saying what we're for really not mean launch and plans. on quarter what We we're gave comment we're our to there. It's market you comment We not the get scenario was going into guidance. our that's that. about baked to the going and to into

Adam Gonzalez

Got it.

presentations have I there problem. investor on No at shifting Is smartphone it top that just said you Okay. question just top supplier I function you. I to top the cited of you're that then you just question coming think is a but think anything seven And a the eight. the be in second from is or OEMs? the deck, OEMs, prior smartphone to Thank

John Forsyth

nature much road past top volumes Adam on. and seen those And of read honestly, are players Android Yes. small. five designs couple of is kind being that has models the get maps and of I smaller the moving or that once the quarters -- pulled to It's at you I over smartphone the or more of so in point environment, into the led this we've too share around market the in pretty canceled of economic or past total context market smartphone the wouldn't the the that.

of bottom list, the the So, dropped I for at the at of list bottom think fact, end in us off. one down that

a I for from think not really there's anything revenue us. significant there perspective

Adam Gonzalez

great. you. That's Thank

Operator

Benchmark. our And from next Roy question comes with Ruben

Ruben Roy

new thanks discussion in Jason if wondering first Jason following that investors competitive shareholder think sets functionality? on you letter you're your around the new that in product right this and the John or as new I as would assume that that customers, that mentioned I'm that something we product And products question. means some on on the means Hi think for is nature. working at taking these should about up differentiation about with about is just custom my working think Thanks. mentioned question. is least you actual the if that we the you're that's of

Jason Rhode

-- custom a exactly to Well, custom largely having to maybe really really, -- customer developing difficult understand a any due only out investment. most just custom our I by that of a our to large device a would whenever guess, customers is good with us record That's a a then but are to that a own of really not high. right, pretty the didn't not I it and track it I the think, quite of trying our them. say customer we've customer detailed to be would to and good fact is time, highlight about conversations device lot and it's for investment large I do about anything especially custom point they're and we I but is that ultimately customers specific time And shipping waste waste just is that bit trying their without done

do are purely -- obviously all train and that timing to very already about. forth, to we of intent type the consider real product. the just opportunity from pipe we least that people stuff talked accustomed so wrong it's need risk highlight the to thing at not baking, time a it's go and and could aren't mean, things that but consider time, there's and we've factors So I

really excited So something about. we're

Ruben Roy

socket available And Yes. helpful, guess, is like the that's was I for It that's going. I Jason. product. a there where sounds

that important. So, something that's I think, is

as we audio, and focused the the couple look the years? next non audio and guys as things like enhanced audio, follow-on of -- investments versus have, think to shareholder and focus product about that. non a about talked that, about as as the map ahead investments, think you How in versus to we even investors you road think should functionality we over amps Just boosted audio about of

John Forsyth

exclusively Well, what more gone technology. closed-loop products, here and has the around And been non-audio, audio for and shipping from sure, our R&D of that, and distributed almost drivers audio a beyond investment on. having between course, haptics then, really so evenly substantial increasingly to as we've business we the we Again, to of non-audio that, that in controller referred non-audio beyond our of domain. XXXX, in we're domain as then the again, have calendar end in landing been being in and opportunity further a development discussing back this

So, we at our is don't we've say out exactly product had engagements to build in But use categories them of IP fair customers -- customer a this existing amount break and and although, it's that can adjacent from key to percentages point, focused substantial spaces. we key are. and R&D sharing insights how what that existing the leverage of areas on

and then continue and that through We that closed-loop are haptics become to it's other the and building system. which be a in relevant problems very the in the to controller we're committed first growing solving lot to are those highly obvious, our the space, customers spaces but ones through our of of leadership beyond audio parts in

to as So that can. we we're best seeking leverage

Ruben Roy

that John. detail, for Thanks Great.

Operator

Christopher next question Susquehanna Group. with our Rolland from And comes International

Christopher Rolland

story socket of Thurman. Cirrus. at phone was trying time slides. This we guys. when But at for long-term launches. and of revenue one flagship is flagship predict your phones to is And and This we Jason looking for forget about I Hi, start both year the bingo the

increased that I And guys top top CAGR customer think, time, your over customer. XX-year is XX% at have Your concentration line. you actually

line my relationship, the top How guess, long But and you what is, top term this for any your know your you Thanks. if Thurman primary opportunity? years is a with think road be, of of what Jason customer? next it. given do I your could kind So, specificity you map, this have question frame about on for and XX more we CAGR a CAGR, should

Jason Rhode

have can got industry we've I know in in out. Well, We've front as we've my not in ball does does said case the as and done know it, a in in that goes that a large to array customers ones or predict thankfully, the lose. aligned always go doesn't But, very which I'm very of one win industry confident that have. that continue of will and best quite more anyone to we're or -- Yes. are the pretty semiconductor the we far years the going that clearly one It's with those we've do out field of I about us and XX technology lot see that years. the We're opportunities There's I I opportunities far rich of as migrate audio voice. as well. we over mean, IP good crystal the on do for our we as excited executed beyond ever really what the extremely and a of our that past. next don't couple

still going on excited questions much as and voice forward. about answered previous one think audio John the as as we're I of

and clearly Some served perhaps. -- of are well more and these other areas less bigger well

So bigger incremental opportunities for us.

but lead handful one years customer And It's should other. it know over forward. the going engagements opportunities don't the thing we great of to many, always interesting. or compare XX% after how I great to So CAGR last the see do however

big you'd five than expect of three of kind or two four and things don't target turn out and You business. nature better well. them turn the of of And out them the as that's

in technically a differentiated are and pretty competitive We field. highly

build efforts. the thing in what to least foot customer keep more front we'll but single that won't go to than the we're failure need and than sure it people. of we continue we won't at and aiming -- we're or the win on much hopefully win we win more we'll we -- does big on every to as going able after, results -- economy or after just go than our of making in one to terms history own based game we depends be business that hire will to in, And So often at success lose would CAGR we Put our on exactly great other. continue

territory. ball put about So as that's probably we without much that color as can think crystal anyway into on I getting

Christopher Rolland

Okay.

I and there's the from control good. Thurman, your if side great. intermediate last IC. Yes. but second And about to power anything and clarification that I mean term a could question, on Sounds for don't you be just larger assumptions in customer then that the conversion had would question know that planning the Thurman growth just talk if some you in

AC about controls have for the power example We market even opportunity talking traditional what conversion, traditional that big with the we're power conversions market of here? to charging? ballpark AC conversion Is typical DC Is to DC about? talking we're a the that The DC. in of charging or that that kind chip DC there, communications to

Jason Rhode

think Well I on touch questions in two just your you there. asked to –

The get our going from into to what our one largest about going we're kind get not of we're first speculating to growth what customer. --

As technology as are a the -- to a application. would in new nicely exists that value a new say to already new there's dovetail charger. IP something I happened And really It's It's of going we not capabilities, thing not conversion, power they that that customer some just it a today. kind thinks far have. It's from. drive

exist universe an really be and hard appropriate something in clue would even today. the to kind about it hard to because it it's of of doesn't So give get you

not -- would And definitely ideal so be be doing a not perspective. customer from relationship that would

leave that of So kind we'll there.

Christopher Rolland

Thanks.

Operator

And our question from Blayne comes Barclays. from next Curtis

Blayne Curtis

had taking questions that. of then for thanks back want the I to I just to go inventory couple guys, and Hi a around my question.

particularly and think June. I record for level it's So

the So any curious on look the even of I new you do. that a sure, year, out is was board it you in we the goes or as have of asked module. guess to I the not And kind rest of one I'm just there do if customer the some product guess

So you're building a people anything us through should of and expecting terms you are in we in is if later there contemplate seasonality? that launch Obviously can inventory June, that. walk

sometimes I'll And on throw comment as you do that out well. December there

Jason Rhode

it's whether a of be inventory Well record need as and early would to not books that. track or actually eating have we things the frame ton I or time. as not they're a the -- mean late would of of -- available? that by time to in or been -- end eating details the be -- when Obviously building of don't it, on all cash we have anything June. on for over know else. of We need things we've We We ton prepared where necessarily it the good a got towards far launch been

that So lot generally non-product of pretty ramp of comfortable really face it. just is can't if a you not the really in there's the enough try you of especially this just do to to the not do peak, of A short it. big time world a build we're trying to for where fashion. ahead lead flat simply for you in get capacity devices in simply a -- stuff There's

have detailed You ahead those to with we conversations get the just of things are it. good about And have customer it.

exactly thing lot than our parts at times have financial a we it's are of our things expected, hands, get there's bit make going of our to When any hit a moving least strong of ahead inventory a bear, brand-new that that strength. things trying a a on can't to And we that we're a ramp customer lot run faster what thankfully So on unpredictable can case that little many do a position in a sell. when with we it's whenever were does and major run -- slower faster the the that how sure on be but to than to they grandpa. we're of able customers they're than want really their little to just are

-- So the the see of is don't short side to summary. things, I inventory would here anyway, guess I particularly on big I there's anything think

Blayne Curtis

think think then Thanks. The the to on earlier it's one -- on questions. all-time And low. was guess Android wanted it I I I I an side. of ask the And

I So historically must there's been levels know someone as well. But I a be I lot fairly at Huawei. think think low customer two, your number of highlighted

a like put this. very So adoption been just this to at levels. minimis I'm the just things There's trying boosted story I'm I'm of guess But a trying I de rectify looking to two. your of at amps.

Jason Rhode

your I not is well launch in two I customer point side our the done. the Android That think history. most say would just to on pretty number spectacular was

for in that of the particular very spring them. was we're should pre-eminence their they stellar of market, positioned think them returned segment a not well to I but definitely for

Blayne Curtis

you. Thank

Jason Rhode

Blayne. you, Operator? Thank

Operator

Schafer our And next from or question Rick with Oppenheimer.

Unidentified Analyst

my for Hi. Rick. for Andrew Thanks This question. Humel [ph] taking is on

get thoughts progress that any opportunity to an wanted for time business. if could new market broader or I update there's you. I'm if on biometric see of the perspective timing revenue voice Just to the product? wondering over from on a Thank just the

John Forsyth

Yes sure.

has long-term a it pretty authentication fact in anti-spoofing we said, that standardization than of adoption of year. whole encompasses do we're been We're place market very currently relating to technology with meaningful so the we've when that's entire slower have the about the dialogue something voice about label certain technologies that voice markedly biometrics the develop. about previously those step technologies. that's around only customers adoption feeling That last to believe that, about being forward used around authentication on. we hoped. and and The took it's that suite optimistic a but that the voice outcome. been would authentication, was technology talked -- slow And of we the in have FIDO we've good And -- client-side the for still voice certified So

revenue the talking relating for in not those business able that imported course to now, within is that. to timeframe drive due about us. likelihood certain we're products which about for will specific So incorporated being talk we of technologies be Right

Unidentified Analyst

Thanks. Great.

Operator

comes with from next our Svanberg And Instructions] question Stifel. [Operator Tore

Tore Svanberg

Yes. Thank you.

kind are share of controller that beginning could the a going you there? this the the closed-loop in perhaps did is ramping the us disclose more some you road. of follow-up, September with of be But past also in Any to opportunities quarter. you updates said Just that you've down production

John Forsyth

the set challenges in controller where do system. for lot we more I'd closed-loop the customers future add reiterate how And figure in way of we meaningful sentiment. this us. customers' key and more something of our active Tore, dialogue in the land that updates, We a everything, when a both out that socket our do solve about product have in go technologies but to of is -- really and that a to case that Not certainly to and specific serving value where may then we're or in technology the the can that we particular of what in part sense of general

tiers we're add spectrum ability We variants of beginning continue to produce expect. you features, span -- where that that at and content of see the that price the to more points add believe probably is would space in to a the opportunity meaningful full we'll as and long-term more

continue at market we look to for optimistically So that potential us.

Tore Svanberg

Very Jason. power good. the conversion, And on ahead, yes, go

Jason Rhode

in type would throw the were would I about we that's that just for same of XXX% there on there I throw in sentiment new power that talking said what earlier. this John just application exact

Tore Svanberg

that follow-up because have -- people the is that going to to power conversion was that opportunity? to be sort long-term my Yes, have now, a again of do do continue you that opportunity after all staffed this will opportunity or go you you hire up

John Forsyth

circumstances many our customers, on product our pulling efforts our can and that -- current and to time. our there in absolutely of that customer that built target with actually which sense reckoning hit set bit in the we the from But in the are feature ways extraordinary be by over A team sizable the and really with both there. dialogue have enhanced

to to time. opportunities broader more So and over more SKUs, that grow R&D, yes, we'll grow around area. And R&D more continue hopefully, leads that applicability

Tore Svanberg

Thank Great. you. on Congrats two those new opportunities.

John Forsyth

Thank you, Tore.

Operator

questions conference there the And Instructions] would to Chelsea time. this like no Heffernan. are Mrs. over back turn further at [Operator to I

Chelsea Heffernan

We operator. you regarding color you, some today opportunity one for received Can the provide question closed-loop John? Thank controllers.

John Forsyth

I can. Yes.

of the between that also points listeners area value question plan at to grow game closed-loop presentation of it's combined. was things some -- up us a investor segment broadly different hit opportunity which feature could our opportunity and one is apart. time. which from nine is certainly XX-XX billion think about it, in our is two talks execute I variants available and our simplicity's over customers reckoning. about for for that on those to normal We But probably closed-loop which $X try to talks for we last around slide various haptics website sake, the the would on I there those produce There's part price Tore controllers regard product where the we'll in which our refer investor break controllers.

us. Now order opportunity is general reflective that's precise super the we see in segments of number. of billion But around not that obviously those $X of a kind of ahead

Chelsea Heffernan

questions. more No Thanks. Great.

you it to So John. over back I'll turn

John Forsyth

our Thank QX 'XX. you, with in All are we in pleased Well right. progress Chelsea. summary, FY

details. expand well maintaining to customers are positioned teams design execute robust engage KeyBanc a for product quarter. believe As an next and target. the of by while key participating pipeline company and maintain be Oppenheimer and the that continue organization. we level like year, to to and we with will across on our high our development, of coming over note market differentiated With to in share to markets throughout extraordinarily by Please actively we website that investor products strong the our we the hosted conferences check customer this the relationships in also our performance activity I'd

to like Goodbye. were can today. of you section not our Ask-the-CEO everyone you participating I'd have to thank that addressed, submit us If investor any website. for them questions the via

Operator

conclude does participation. that for call. you Thank And today's your conference

now disconnect. You may

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