Cirrus Logic (CRUS) 29 Jul 212022 Q1 Earnings call transcript

Company Profile

Participants

Thurman Case	Chief Financial Officer & Vice President of Finance
John Forsyth	President & Chief Executive Officer
Chelsea Heffernan	Director of Investor Relations
Tore Svanberg	Stifel
Ruben Roy	WestPark Capital
Blayne Curtis	Barclays
Ananda Barowa	New Capital
Matt Ramsay	Cowen
Duksan Jang	SIG
Rick Schafer	Oppenheimer
Rajvindra Gill	Needham

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic First Quarter Fiscal Year 2022 Financial Results Q&A Session. At this time, all participants are in a listen-only mode. After a brief statement, we will open up the call for questions from analysts. Instructions for queuing up will be provided at that time.

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

Thurman Case

Thank you, and afternoon. good

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

Now John. call turn over I'd to to like the

John Forsyth

of Thank you, volumes up Thurman. smartphones Cirrus year-on-year, XX% Logic in revenue by in and smartphone games an sales delivered driven FY content in Android, $XXX.X million, 'XX uptick in laptops. QX higher

product quarter, the of we sales and accelerating company ramped will number our devices shipments several for for laptop the position supported customers, and of momentum initiatives launches future the on that content new the executing in leading progress strategic our half the made both the Android advanced latter During of expected We believe of of the exciting term. in in sustained are great to penetration growth. increased a adoption of development we that the OEM, new longer year fuel of anticipation growth in the revenue

headway the and of single We company's opportunity power. high-performance extends broaden fast investment and our in the diversity significant growing and product we recently so Lion Semiconductor. this brings growth To long-term intellectual also The technology our we currently made charging adds acquired space, remains in very and footprint both Within our further mixed-signal wired ramping are line, mix. to and product control area potential. largest market portfolio brings capabilities considerable smartphones product to power wireless first-generation and system-level conversional Doing this positive property our into which category. new rapidly growth IC,

in growth controllers diversification. building our we while investments. we continued complementary flagship as in We customer further sustained With believe bringing coming our to to with aligns are mid-tier conversion audio, continued volume Android current innovations our enduring such of acquisition our opportunities the in both signal charger meaningful Lion is and also camera end the positioned and addition well and highly years. and investment well achieve our in markets strong leadership component target relationships, for With believe mixed and areas products shipping high-performance power in battery-centric haptics, the smartphones, power control and

our formalized in and growth the also progress stockholders would we've out and and executing our In can that its be our we in long-term and website. to setting In this governance in to published our environmental, which strategy, most matter ESG like sustainability, report, the strategy, of found employees, diversity, both the to our addition areas commitments customers, equity which short- first on work. social live I company doing ESQ and highlight governance recently our so, that communities

in We report theme many years. and that to on the also coming areas reported of so our the also time, in continue energy for improvements efficiency our monitor footprint company's for the place to usage carbon to help establishing on a put And for we unites and and in accountability progress structures these emissions goals first opportunities baseline set energy to emissions science-based future. reduction the of identify products, for the

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

Operator

question Stifel. of Instructions] the line First [Operator from Tore of Svanberg

now line is Your open.

Tore Svanberg

power? into a and obviously, on you're strong you sort results, into or little I got know the top function think you the new Good. especially a congrats application. completely a talk I guidance. charter bit more reach technologies. on your that working just But about you ambitions of new initially were extending your you Don, Thank could space, in when now

you. management how little the be a bit space. subsectors understand ambitious other perhaps us in are help power, long-term you Thank the going after to going in strategy So of power

John Forsyth

the time. Absolutely, Tore, for Yes. and thanks

So us. growth the vectors main I about for three previously talked

-- the in beginning, mixed strength one in what developing And focused we've audio recently, areas thirdly smartphone silicon. areas control and them then broadening getting conversion around now, our phones. we we continuing been vanilla that until beyond It's revenue not power the our into in believe haptics smartphones. is have signal we're in And then but audio, signal -- drive reach up of theme adjacencies to initial the working and the latterly, on Obviously, closed-loop on also more game, volume of controllers those custom it's mixed product for them more and highly One interested differentiated. is cameras were on. pushing working and adjacent and in been

the to in complement grow area. space want in out we're can and So limited have offerings close the a it. of we conversional it the what say In grow being have power control in to battery. about being very about market we it in course, to the to relatively But about and relatively to continue that that, we to the general addressable market power involved talked broaden we

and beyond of of Lion what demand picture for charging markets is differentiated a jigsaw us that potential piece the as the So, some serve highly in well as where broadening future. fast current a other to addressable the applicability appetite is it that lot market smartphones the having for growing technologies in and brings

Tore Svanberg

Thank stride my past, you're heard Great. follow-up, mean here. of like as I've you market. I first be about bit but And you. starting hit notebook wins know as the I the it you've guys bigger this excited in the is a a sounds to the time had

notebook, I of starting your the to it are in in than we if opportunity amps perhaps know in as other design it's what little notebook and smartphone. is get wins content bit the you the products beyond So less think in probably well a market? But about haptics,

John Forsyth

Exactly. Yes.

-- is of that I replacing or about the the growth are Tore, being has laptop causing laptop talked our for partly mechanical new We sales actually, reason and of a we've that pretty the our think the pandemic. thinking buoyant we've back haptic about audio months lot us that. the across of market, track itself products. pads, the -- product over as the cover it's a excitement I on But been appreciate XX seeing there domain part is well. market entirely the spread devices been number is but so past of to

this at and shipping or amplifiers are in we into audio laptops. So point, drivers, haptic designing codecs

to our have you were very we the into track. the or we've customers were rate where laptop of back much we shipping though to today we coming five of either a date, significant ago, four more growth OEMs just and If five, top over down top seen as had one even the look out year designed a

us. So, smartphone well about it's spoken lot to in convergence both real strength ways the a particularly the that product with portfolio. there's the fits believe I the the extremely in exciting obviously previously a the between I've of segment do needs fact think segment, and and and that of our we architecture laptop

Tore Svanberg

thanks. Great,

Thurman, can share you quick details commitment on share GlobalFoundries? Any one us any for us? with Just the last with one supply numbers that you Thurman. agreement with could

Thurman Case

you as we the didn't the release numbers. -- not X-K, saw We're in

for terms so that's to in the about the talk talk things which got -- for that did We on we specifically of fee, forth, in bit have -- talk terms pricing can and about areas we about. other us and reservation competition in and prepaid sensitive we of a certain

John Forsyth

and that, So overwhelming us of have a wafer year up that against what on for this us lot the really well. about meet last seen secures demand agreement that that, that demand, is time particularly our this a in we've that where is I'll coming what in I'm a And excited to for supply year increase of secures over add challenge in Tore, and to year. we allocation what very baseline the that's significant meaningfully year as

supportive we've it growth really of very that it's -- of the continued talked So and about. initiatives strategic supportive momentum

Tore Svanberg

Congrats, good. Sounds again.

John Forsyth

Thank you.

Operator

line Next Capital. Ruben WestPark question from the Roy of of

Your line is open.

Ruben Roy

question. John, were you the discussion Tore. guys, Thank on for wanted laptop up taking you. to having firstly follow Thanks, my with I

you're particularly momentum. Just in little kind shareholder about strong a of the more. letter, wanted design In to bit dig talking

You getting one more OEMs, etc. talked Tier into about

going expenses you're team. have some about also expanding discussion products You as power-related operating up your

Lion and you -- It say, products? into a the new going for expansion for like be there's of XX, XX a You've out is and to market months, I of smartphones Is between sort it laptop acquisition. an real-time kind then laptops. primary look Or power got product area would sounds real the mix as area as need need laptops? the this

John Forsyth

the question. a that's now, a opportunity particular, talked audio along enabling seem relevance But market But on up and our related appeal the the fast great focused to haptics products. that and laptop in really in that to the until technologies being acquisition think come with laptop well. products sure, of really really Lion about have, as the for lot as we've I and charging

for Part reflective primary a small market. So that team. the -- that, fact has Lion the been today just was target products of that relatively is the that smartphone the of

driven do you to those for mostly see by associated meet fast invest in I space me. compelling be the that with believe would can the be see have laptop revenue so is to And space quickly. a solutions I and demand solutions. to in idea opportunities going as scale and but desire for mean I power charging laptop power up the love that we smartphones, seeing mean to going Lion to the our -- well. to there I really power significant were very to are Initially, wouldn't a charge who love to charging it's

a head that's get around. think a easy their to very I thing for consumer

of in market there. that So help us our targeting audio spread of and laptop charging to position very the having a compelling haptics growth will, put across content power time, and broad hopefully in continue a

Ruben Roy

of guys next market. of give September be thanks of for from us correct, Lion. it you for two, a smartphone the And know quarter? an Android the of most you year about are seems the contribution what just like expecting number too can as don't coming idea quick quarter much one. revenues but the revenue Is will partial on their company, kind follow-up, that that Thanks. Okay, number And over that. I the

John Forsyth

with, right. First case The Lion devices that's of the technologies. going the And all yes, by begin is to driven with all, you're there. be Android revenue to

We by the year the of and deal but what end XX. closed would that said million of broken fiscal closure July year, that haven't between we rough remainder fiscal on the is out deal be the quarter, contribution $XX have the over

customers to and months nature they're that cover million. to December of half be couple seasonality fiscal typically the the then the year present a largest quarters of got of the Lion's just typically, the of and the you've given point the March So, the going quarter to. selling back are quarter, that of From $XX

triangulate from be something ballpark. in to So you that's able that right should the to

Ruben Roy

Right, got it. John. Thanks,

John Forsyth

you. Thank

Operator

you. Thank

of Barclays. Next question from the Curtis line Blayne of

Your line is open.

Blayne Curtis

that Hi, trajectory that gross question. kind gross Tom Is the to you taking profile in fiscal talk down guys. margin on long-term put Blayne your that Curtis. fiscal XXrd Thurman, GlobFo? Or the related my 'XX margin a about that's O'Malley for Thank new below rate. year year? into for you the of in what's you with talked is can This about out, guys release agreement you driving

Thurman Case

did that while. we letter we seeing supply in seeing for a we the increased Well, -- are we've I and and constraints, prices, that mean, mention we've seen talked are about

move 'XX into And and year of can to, and that as one all the the just we fiscal talked maximize us for -- wanted doing increase. things partner. it's As was we've that get us, not are about always said, is beginning this of have. lot comment a year, And going just be expect long just to of in And and that. that. been with is a associated across we costs as which this directional I the mean, under this we XX%, longer-term into complexities to particular supply make the a board, we there's that But for we working really, has kind that margins, to we'll our of take and our model time.

that's are we much So there. where pretty

Blayne Curtis

cost then, I maybe $XX up the as just before, step us would expect the the perspective there cost what may to help addition business, that on well. the you million into And as an of Can kind quarter. rest saw pretty and you horse, us in like OpEx well December look a significant that's the new September March. but John, some help but Thurman ramp due the from the Can with up year for not of beat the understand you frame Thanks. Obviously, a profile? helpful of to dead we Lion? see increases

John Forsyth

acceleration also add team more just The pretty a side. the a we're about let experiencing a second, I'll significant having folks, Lion in but XX is -- their but little on paint revenue picture Thurman color Yes. to there.

to would given really the And strong a we power expand able to -- of period that in R&D them, front decided so in opportunities we Lion would have to the we we're and our like the hiring space, like addition acquisition. in to

and help we've cost little more close past to in we're really the the which in the few what bring let that in managed we've weeks, initiative, the power charging excited focused given. add bulk But I'll XX -- about. which there on to step-up for that's over engineers to Thurman So, is the of with space you're something a guidance seeing color. us

Thurman Case

mean Yes. note costs. And to million on that, additional I $X.X of that was nonrecurring

a that's rate. not way So the to at look run

that And guidance associated the through see the shown we in and the what's in expenses, what quarter take up next see slight that primary a driving expect, step could overall pulled it a full of increase that's with the cost these quarter it. of You the really would we've we increases, out. we should and OpEx and but headcount is as

Blayne Curtis

Thanks for the tour, guys.

Thurman Case

And invest beyond to this. we continue

in development. invest we'll to year continue product is and over, So the not

Operator

line you. the Capital. New Ananda of Barowa Thank And from next of question

line is open. Your

Ananda Barowa

question. taking jumped I call. Thanks in call few the I guys. another a minutes was afternoon, apologize. start. for on after I the Good

can So opportunity this there been the going has closed-loop Android in potential future? frame forward asked is the actually technology some an or in you opportunity at But point already. for the opportunity, controller or space

John Forsyth

this that us. in continue has space, the at business concentrating now, to of grow our silicon that our for biggest around we and But there over in that you point, And they're just in we're as general that value in the And in and part opportunity know. the opportunities and silicon been of on custom much time, right grow initial enhance to the set are of custom time. very know, the space You that's the opportunity plenty that feature front today. us, opportunities focus market. maybe And of in in major outside see

Ananda Barowa

space? That's entering the really in also precludes the from that imply nothing helpful. is -- necessarily But going Android that would from future you

John Forsyth

revenue enabling I value to time, that to of the our in in the we're drive to a be a part compelling the by pretty excited -- have, incredibly customers' pool be is resources particular see wouldn't about opportunities over continue which product we prominent obviously select we're that been choices say promotion relative it's something very make And camera path and nothing to and always because But help with such in would as marketing and have that example. proud that some has on grow experience. it hopefully for our to to date to of success. R&D difficult as we we continue certainly team

Ananda Barowa

quick I drivers before that. I a follow-up just incremental if you helpful nice regards is And And this are? the guidance. a could to That's apologize again, guidance But really I I addressed guess It's drivers, on. just guide the appreciate context. of was the talk what with the about jumped really up.

of get just to would sort I love the So of magnitude to that. the Thanks. contributors order

John Forsyth

Yes. into the to In quarters control of power the up cycle all as content into that in And of and volume. then of cameras, our a year, our going obviously for alone. prevalent represents the the guidance be the with the that going space new strongest number just controllers second moves typically of to reflective more ramping closed-loop adds cycle us IC. year of obviously, across pretty getting particular, its a And which second models is more that lot conversion through this is large

year In last market in space as Android over entire momentum But very the Android for is as Android positive last shop last up have on path was and laptop board. we've strongest the in was addition all meaningfully year. admittedly, well. a of not that, we the revenue year. The to signaled, the year across Android

-- just still back we've quarter our previous to delivered on you there. to 'XX, Android half relative So compare about XX% reported we it FY in the by up even if is what

as also in reflected So, Android good still the and momentum guidance still has for pretty that's well, coming quarter. the

Ananda Barowa

That's appreciate it. helpful. a I really lot. really Thanks

Operator

Next question of from Cowen. of Ramsay the Matt line

is line Your open.

Matt Ramsay

on calls apologize, Good everyone. John, I you. of Thank going tonight. afternoon, a Yes. bunch there's

might So you with if the or potentially times did this guys I if little company the days. was is bit pleased valuation your already was acquisition. I acquire that apologize. asked, the buy these a wonder that semi you anything that But three IP see you Thurman able the yourself could Lion I were I about thesis to and I for for. get leverage customers. revenue in semis around to products expanding surprised anyone can talk

interesting hear your valuation how So the process you were company it'd be on that and to buy able perspectives really the to for. Thanks. went attractive

John Forsyth

revenue Thank opportunity good to also the there we Yes, the that relative is valuation we on is the growth customer has I perspective. they're you, term the in Matt. great It's from a what relationships. very, solid a that team really solid near built and mentioned train some both feel a term. long really see very

yes, we're with happy of So I there, guess, valuation getting stance. the The to a that. and was everybody is complex excited getting always the process that -- about

on that. really, and was to I fit join complementarity got of I years a certainly think figure there between positive was how team it to of doing landed to solid opportunity. Cirrus. excited know what for to get Lion were specifics now, other And investors. that relationship a don't part add really they extremely we -- good parties the all the the sides I up become the team Lion a It's think by we've were Thurman, difficult real a any particularly developing had all if lot of with of into very and recognize and couple with we color and got But to you've bringing was market. There's particular here. what that

Matt Ramsay

Thanks, increased I my already in on you John. if for 'XX had some those know and in shift the of Appreciate call There's wonder -- know on it. done mix products margin maybe haven't also mixed letter. outlined the signal. some being but I follow-up fiscal work guess in XX-nanometer. guys I timing there's guys question, and some an there's opportunities about the folks for toward I some come shareholder asked gross non-smartphone that yet, on you announced

If detail through maybe you walk cost Is side? driving little more on those it what's of it? input mix could on just some there all no margins? Thanks. element is a the Or us to like

John Forsyth

supportive prefer buy we've you're been, But on related coming side, broadly movements And the corporate -- have on obviously, really you the at don't is kind is costs new as has the over more have your challenges, you're anything where It's to past the we The few working if Matt. margin have the time of some mix. cost the market seen we've quarters noted product going to to of would stuff. model. because people want to to

for products, demand potentially our a taking of mark. environment lot that supply below are anticipate a have we continued where the but fairly We us headwinds some complex XX

wanted and we of is in model model products robust overall be front get the out very market to supportive corporate that at. to So to that to continue set we've the we're very, business message side demand bringing The of that that the you. just -- and new

Matt Ramsay

very much for it. the Thanks Appreciate John. details,

John Forsyth

Thank you.

Operator

question Jang line of Next the SIG. of from Duksan

open. is line Your

Duksan Jang

chain? with great. handset all, there, kind night had be This that Or is supply Thurman, constraints about of some actually your looking perhaps you comments if talked some at could chain downstream supply the or are are some these Chris constraints, Hi. own and you from about you potentially would upstream. supply We elaborate SIG. last Rolland,

John Forsyth

comes lot as out deeply -- major our strategic customers we to that think have we've experienced really And of way shape in general a is to it capacity, associated of and the long-range that. planning when we we If are to with factor -- customers need the simply. jump comes effort, take I have on, than we business to foundry our sales. foundries, on have, relationships we our our about could customers team our currently environment supply. the put just have partners way working ensure We and our securing that, so get would the Chris, we that talk for maybe working Well, that's could selling. biggest biggest on supply our to relation as pretty our products, business limiting demand we about get more invariably, customers. it are but the customers. sell short of in sets but is stripping the which I it more to the on could and much and When through other constrained more supply how that wafer is our The horizon a is stuff largest can, relatively we principally, to a more working parts bunch with a spanning we very short-term, our everything and and of on with supply kind of the

Duksan Jang

Understood. yet, that categories And haven't as that. driver you, have products that or here. What it there new products And you're to something I like Cirrus the a three well? looking disclosed most one excited forward, are to you if call or incremental about years Thanks. that could product are growth the John, be while for drive

John Forsyth

expand for We're about space the our of really on I having continue smartphones to success very obvious to broad give I and will some audio the over and there's to in which of you for limit really mentioned areas. of been things we've the the believe amount the the our detail strokes, we excited the audio found we will in opportunity haptic road reasons, earlier with audio how particular map, to share. customers then a that But in as whole host receptive business call, drive to us. laptop We've solutions. in last in just That in continue well tablets other especially the year, wearables. and I seen progress good the market in

technologies AR/VR in the are there. that audio have products of and out other We most

if we -- our closed-loop be do So positioned. had notable back controller conversion success about higher we'll a in signal But that's controller, power than fire, we're we of on. I something the see very high-performance bringing but unit control, in I excited alongside think are this mix in ever can market build very, that we that space. We've meaningfully to the really catches that what and pay closed-loop that, now controlling market with basis year very half the as can something value the has on well

a around there the we have customers So, in that to is lot there. conversations with technology, do

So to-do list. very big we have a

I the We that. a development, test and into road very bringing service the that solutions. of rich only charging IP think have They picture to of team really set has a more and products have fast Lion map added vehicles test compelling

go It's think how I explore have to for portfolio exciting. the and as that product products today able being other we with integrating also complements our possibilities that that we forward. really positive That's going in parts to really a other to content revenue of with going Android from continue market, to that's grow and the space be our with general perspective. OEMs the and

Duksan Jang

Thanks, John.

Operator

the Next question Oppenheimer. from line of Rick Schafer of

Your open. line is

Rick Schafer

just the kind which expecting of four like acceleration. you're a about And in for on acceleration puts on are Android my like double-digit any the guys give sounds firm things guys other it year, growth the that factoring and year? puts growth how there as that takes well. on that But you're color over guidance. I want talked you touch sounds what organic a full an now you for you annual kind could you still growth the perspective. factors a of That are other And are thinking know year going and the last sure just are laptop -- Hummel on of start, little into growth. I quarter, layering basis. It on for to Andy buying, growth. about of year last points math in now But I'm is To other for This Rick. or supply well guys and lot wafer is about

John Forsyth

growth spot accelerated we Well, quarter's actually I made, pretty initial the think on anticipating commentary that year. reiterated was and we're which summary we for your fiscal in this full the was comment

have ahead that. growth X% Lion 'XX. to of made And that layered before be into 'XX. in So the We we yes anticipate for we fiscal comment that fiscal we year full

the about the that. even Obviously, chain upbeat really conservative we're we're lot from guiding, market. So, But point your control. a any view that, taking feeling on of we very comments the overhang of on When still chain, we're that with of variables supply about assumptions some account. relatively into don't there's everything supply

So and material of that the of quarter for we going in for comments implied be can the then, making with it our that have we the of what But year and obviously, guided. we foundry to supply given when we our for in allocation obviously rest very firm supply a most great step-up that supply comes significant we our about have to where time with confidence strategic a look our for us supply into wafer -- feel the into go growth. pretty a in foundry we quarter ability the out, a partner agreement grow chunk that, as by added is wafer reflects we guidance to chain those significant partners further the on footing that's 'XX. as the calendar the then, And We're confidence business gives next represents entering position.

Rick Schafer

which you mentioned in going models on than included that customer that can Is you Okay, full And Is the ramp, it great. it's is there any it not product? think really thick to of end? think there any your just about then, helpful. going other to the control include Is that? But higher past the ramp. add we with broader way go or power color fall, the in it? the to new as aren't be portfolio this about That's I biggest think IC

John Forsyth

Yes.

is them, have one-to-one naturally broadly lot in reason each, making which we're the it's for relationship product, be said attach which couple one disclose a devices think you think to know one, think of thoughts, but it on that details products I is, we don't because hit I customers' get-go. and the about will consistent with one, if I can and of think okay, the phone. from a way when which I of wouldn't did Number And in. wanted rate things, there's now. phones, with elsewhere, a a one $X being we tell this with the It's number about a that the every we we would

Rick Schafer

great. taking right, All questions. for my Thanks

John Forsyth

Thank you.

Operator

line [Operator of Instructions] Gill Next question of Needham. from Rajvindra the

open. is line Your

Rajvindra Gill

Lion. thank And acquisition on congratulations of you. Yes, the

I good think really that's a acquisition.

that of on Just its historical us staying you a wondering if terms rate. give growth could in business, sense

Lion going for You had to mentioned it's about million. generate that $XX

going sense we there the expansion is going is the is year? of it ramp that power accelerating. the be attach main was increasing historically? it that Android these calendar be to the mentioned to there's or a be in to Any And to how rates of terms of it Android? that do mainly of going driver, the into next is lot what You outside market going ICs What ramp about business think

John Forsyth

Yes.

that of first So been the growth recent charging meaningful growth especially is very all, a sure historic a I'm the fast company not pretty market. has small they're given rate in rapid

of would curve gradient So forever, straight if obviously, that and normal. But the looks that that incredible. you a drew be line it took on

of they've the demand an over seen the devices, really, just the of user fact around by of competitive incredible -- of that's differentiation or that, phone driven acceleration years, lot speed a that really couple along. there's and charging they've higher -- goes of the Android the end at and experience a So years, especially past X.X seen

developing that the the the would of driving that still say the that, plenty continuing products it's revenue coming of which year, in Android taking Lion for developed, and headroom team to be I we, design still the market. most course, wins the -- momentum in solutions alongside want of there's So going market to that and products be is for to the

I think it's the for speed content. is and still battery of still increasing amount we through that the of a to relevant. going and charging what go are period going by higher and So is that's and power that is the meaningfully where higher stepping pretty value the And drives demand mean into that technologies higher, up

can it anything So, charging. of $X.XX top associated products of flagship tiers into entry that from $X.XX look and right the if across charging, and kind fast value end selling say very mid-tier be the at level Lion kind and the device differentiated, you of a fast with is of to up level

So the that is to performance to top end targets and move. continue the at bar going

believe beyond laptops capture spaces And are that value and much will as really we there alongside to goal opportunities to battery such as device in well. serve that we've as primary be the as that of said, as So great and continue possible. that, other to

Rajvindra Gill

was for to And how the different were the other being thinking versus and versus in seasonality. Thurman, for the discussion past differences times smart timing to like guide? around last I'm controller a components quarter led there controllers camera camera Kodak relative lead the wondering revenue, then camera the codec. difference And the terms caused the shorter, for smart lead about September the times we're lead that of some of times in which

Thurman Case

chain Well, I talked is we quarter route. supply last think a different what it about was

sell camera contract maker we in. So into the directly, sells module then module into manufacturer a we sell the who with controllers that normally

as the timing us, it orders more up and but working it module the as process. We like. process of nor more with didn't backlog that that gotten for better recognize all much were adjustment We're or that that we're period understanding and we've it. what you we're getting we So an we've this that's -- seeing. did those the was -- would sold said. -- the into what We revenue through match that looks understand maker the seeing flow always comfortable And

into And that's our lot really anything from year. you results so think We wouldn't write change that what this to not a I that. of going see

Rajvindra Gill

you. Thank it. Appreciate great. Okay,

Operator

you. Thank

line of the question line your Svanberg Sir, from open. Next is of Stifel. Tore

Tore Svanberg

kind had to just just I trying of understand on John, you. the a market follow-up Thank and Yes. opportunity. Lion

where mainly now, wireless charging. move adapter not I products their are So And you in businesses the a and [ph]. that My assume device itself in is lot towards right their big mentioned a obviously, there's GAN the charging. in of understanding, fast

opportunity could the you market if on that just elaborate So would great. be

John Forsyth

can that smartphones have edge with for is products the of of factor Yes. used speed side metric critical on a absolutely what's most Right. that to charging charging of efficient. got the is whole gap conjunction the the Lion side. the The right the clearly what's limiting devices or you appropriate work for leading It's Wire technology device, for [ph] phone heat one there, side today, appropriate is And what -- seamless budget you because not it's their the with. at in see for the switch and the dissipation, But of charging in for host device world architecture reasons. if is be either is you've it GAN fast efficiency things thermal rate the at these Tore. look the more which you kind have that charge mobile wired or one on about the wireless tracking. key you limiting whole things of

given conversion battery its If very of of more technologies, matters which very again, that a a generating inherently you But technology with in put lot I is kind where attractive. trade-off power efficiency in then efficient efficiency the charging heat, well, efficient. is Lion's and wireless space leadership the you the have the where demonstrated the as things less budget also of is one power something less can for mean is into you're Lion thermal has speed

Tore Svanberg

John. you, Thank it. Got

John Forsyth

you. Thank

Operator

like are I [Operator the Instructions] questions. There no over call to to would Chelsea Heffernan. turn now further

Chelsea Heffernan

back no are to questions, turn John. There the call additional so operator. I'll you, Thank

John Forsyth

Thank you, Chelsea.

Lion quarter, Those in IC several products, and acquisition our other in initiatives. the of we while summary, included the Conversion in So also longer-term and control of the great Semiconductor. on significantly laptops increased Power ramping sales smartphones, strategic progress June of making our

growth growth products hosted to market. high mix note the high-performance our diversify With and of the like signal Oppenheimer investor our KeyBanc meaningfully addressable pipeline that audio year of quarter. coming this ramping the We check details. products website business, we expand a be continue offer expect I anticipate signal these mixed for would of strong will initiatives our conferences we performance to in 'XX. and that we range drive by in revenue fiscal months, also accelerated Please to participating in and

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

Operator

you participating. Thank for that you. everyone today's And conference. Thank concludes

all may You disconnect. now

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