Earnings call transcript Q4 2023

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fourth Quarter Fiscal Year 2023 Financial Results Q&A session. [Operator Instructions].

As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the conference over to Ms. of President Vice Heffernan, Investor Relations. Chelsea Ms. may you begin. Heffernan,

Chelsea Heffernan

Thank good you, afternoon. and

at John on Nathamuni, Logic's Today, the Eastern fourth today's website. year results feature me full our Forsyth, we Chief X:XX announced Time, XXXX. The the call Officer. financial on quarter Venk Joining for and of from is Cirrus financial Q&A p.m. Officer; this Chief Financial fiscal our company's and webcast our approximately all the earnings company. available will the shareholder results, letter This Investor covering analysts Relations session questions discussing and Executive press call are release

the Additionally, available their on comparable release website. GAAP that guidance measures exclude all on discuss certain in Relations and measures items. are are most this directly included these will our to call results Reconciliations earnings the include measures financial and will Investor non-GAAP of company's we non-GAAP

we forward-looking development with are to Form expectations. discussion uncertainties other or as cause actual letter press available during latest information, and corporate revise may projections otherwise. the providing this website projections from that of could differ well note this Please cause may are as company from release refer as to materially current that to risk result shareholder Securities today, XX-K Please registered subject issued Commission, Logic filings differ the a projections. actual the the Exchange results and which By and results for the or factors on disclaims update obligation session, Cirrus other and the additional or that whether new to materially make any any to that statements, risks expressly of statements forward-looking and

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

John Forsyth

Chelsea, and call. for you, today's thank Thank joining everyone, you,

release, results Venk components $X.X highlight in I'd strategy higher those before 'XX, discuss revenue and press to get smartphones. year-over-year FY on to As to shortly. Logic to year. up full the record year is billion, progress shipping over the But our by sales growth in Cirrus the of we of made greater fiscal going delivered moment detail like we've seen a X% in last that, you take have long-term driven

of leveraging audio pillars position market. markets new in audio to mixed-signal Two, continuing world-class maintaining products to key one, the three, to growing footprint outstanding high-performance our products the in X leadership strategy and in that audio. with smartphones strongest include: content by and The mixed and of execution expand a to over smartphone components. customers increasing our time outside existing in and applications build additional of high-performance signal strength And deliver into

customers QX, used calendar strategy, rankings anticipate XX number several devices of Today, the at audio quality flagship new that of smartphones this utilize devices in clear in of audio amplifiers Cirrus leader smartphone Cirrus later DXOMARK components. components Android our Logic first a our be Looking audio smartphone the remains In launched a that pillar XX boosted to top audio. introduced and year. Logic we using

both of our smart years deliver next-generation these anticipate also are design amplifier components custom began smartphone introduction. our XX-nanometer During significant and not audio also year, their the next-generation many only will our We but position that revenue of advanced team in next-generation codec, development. of our extend following audio, in boosted stages now which leadership for

investment saw the and pursuing area our represents a in opportunities R&D audio. market our in this second high-performance critical element increasing the expands both our past of product mix line year, to to significant We number this And that revenue. in opportunity the as smartphones of addressable our strategy, beyond success key our growth that we're increase. believe diversify grow it substantially we is Turning and for to end, content

'XX. have our of Over grown introduction our we each controller content in our in FY of our the QX year, average products updated an was smartphones. subsequent haptics with 'XX, of in FY camera introduced camera along the since camera growing the controllers in progress HPMS and last with Indeed, Android, penetration first included product generation

a More ultimate HPMS company the to production to years, as measure year, have over track strategy camera is our recently, And of from XX% in past qualification million the next-generation the of to the $XXX area this increase of seen to experience. controller, from on we record in is of revenue. on and derived our total sales HPMS critical solutions QX, successful execution which in this X completed we our innovation calendar million expected half dollar in proportion user revenue XX% of of ship from The continuing $XXX successful second terms. build

believe our half We least our at business we continue are to that of a path revenue on generate where can in the HPMS future. annual

a is this in product communications we to new shareholder That expected mentioned market scheduled to is opportunities longer planned. HPMS discussed, have as for being said, that previous no among come the introduction fall we

strategy our with and on strong, products collaborate program, us both visibility we're HPMS setback, of are that associated proud we continue customers' component through of opportunities. this from with the this plans provides the exciting at across in for our internal audio removing our expectations. technologies remains our And believe execution note we we many continue of limited HPMS very while future is this undeniably a product range customer we our to in to this revenue As of have that products to and I'd and relationship change model this our a this reflect expansion and domains. also time,

act enable opportunities to coming secular favorable areas, property intellectual about market as its greenfield number which as our applications and can thereby where these in of a softness cyclical in a trends largely us, strategy the being opportunity to present our PC despite unlocking believe is remains one pillar of tailwinds order new for we of capabilities penetrate the years. existing markets, third for products, spoken new We've and leverage growth. The further

boosted into During momentum the that our for customers to and sampling optimized this we customers. year, designed to in models products the continued with first amplifier are number increasing and specifically laptops market, codec we're gain our of

first 'XX. We of products expect the second with half start FY in come components these market to to end to the

recently, More taped laptop-focused out our first we power solution.

continue share. to to our the as favorable a We trends look in view on laptop and market promising as we the opportunity the coming expand years capitalize

expertise We in where both innovation new also existing can continue our evaluate customers. further world-class to and mixed-signal benefit markets

market our continued couple of and have In initiatives. we on a coming the years and our summary, to execute With strategic portfolio of products expand over delivered next both record -- believe design we're in in Logic proud positioned continue new market. we continued as is and to FY our to 'XX innovation addressable our existing revenue to to continued diversify product to Cirrus and product areas, pipeline well

call guidance that, turn as the 'XX. to provide overview with QX for now let to me QX And an FY financial well our our 'XX over of Venk FY as for fiscal results

Venkatesh Nathamuni

provide fiscal and you, year QX QX afternoon, summary Thank and 'XX. I'll for for of our our and good 'XX results John, everyone. full our then guidance both start fiscal a financial fiscal with

revenue as prior year year which well The As benefit offset smartphones, of general in demand. John was mentioned, a billion, growth the gains from ago. $X.X strong the were up a X% market higher as continued record during 'XX and year content driven from delivered fiscal ASPs which softening in is partially fiscal we by smartphone by

reflects midpoint Fiscal the but fourth quarter our of year-over-year in as revenue part came above launch The and of reduction down as smartphone products. QX a quarter-over-quarter QX range. fiscal was down did 'XX was year a and in XX% to well The lower volumes. lower-priced due sequential sales year-over-year slightly reoccur in also ago, $XXX.X in in revenue decline million, general XX% decline in smartphone of not which from 'XX, our fiscal guidance market the a

Turning non-GAAP profit Non-GAAP quarter Non-GAAP gross for chain increase supply by fiscal due was gross ASPs. to 'XX costs, and $XXX.X partially $XXX.X margin an was Gross higher decreased in gross and million non-GAAP to the profit in XX.X%. margin. year-over-year million, offset margin was gross of lower included fiscal a taking increases was was basis, well a gross gross higher through year-over-year flat. prior as basis, sequential cost margin benefit price inventory built gross 'XX effect margin margin ASPs. On QX as as to XX.X%. the selling On roughly decreased

million, XX.X% Non-GAAP fiscal $XXX.X year operating for up and expenses year-on-year, non-GAAP revenue. of fiscal were or operating income X% million the for full was $XXX.X 'XX

we and spending. at guidance in operating continue to to primarily compensation a decline For was higher spending, lower expense declined an discretionary low the discretionary and sequential incentives. employee-related costs. by basis, R&D expenses On quarter, and as range were the primarily due $XXX.X variable non-GAAP a reduction in year-over-year control development which was On of development offset higher OpEx variable operating to end million, the compensation product expenses. due increase in a by was product This basis, our offset

me of Number let in recorded a that accounting turn quarter, with with GAAP weakness items The and general products during acquisition on market, Now sales this the to our had results. quarter intangible one, assets the onetime market prolonged our in battery of the reevaluated special we purchase associated of impacted acquisition. our couple Semiconductor. smartphone has the an power Lion impact China Lion adverse associated

we're technology we As million. assets by down impairment, intangible were a that written applications believe and and opportunities. the is $XX.X pursuit focusing in our in resources investment of this intangible other acquired relevant this result, Notwithstanding to [indiscernible] these

as number improving real product we've have prioritization and actions. accordingly operational a our well focused including of two, Number taken been some as restructuring estate efficiency global footprint, reducing on steps,

quarter, and charges. million fourth $XX.X the the company recorded impairments of during such, As lease restructuring

charges both income previously million quarter non-GAAP operating in XX.X% from $XX.X As or revenue. expenses. fourth of operating the excluded mentioned, were these was Non-GAAP of

$X.XX per deduct P&L, or largely was full companies 'XX year. or the the tax XX.X% fiscal of year quarter income start Non-GAAP capitalize income net due that was fiscal year And in $X.XX $XX.X expected, fiscal share. amortize 'XX the fourth year, to rate effective for non-GAAP R&D rule finally, on expenses in As rather million XXXX them $XXX.X million, our non-GAAP requires the than our tax was net effective per a share. from for current to and the

now Let turn sheet. me to the balance

continues of with $XXX.X approximately cash million ended the 'XX and fiscal equivalents. quarter sheet fourth remain in year cash and balance Our to strong, we

to due prior primarily roughly $X.X partially during strong ending Our offset stock operations, balance cash was from cash by the the flow quarter. from million quarter, repurchases up

at $XXX million We revolver. continue outstanding. debt have have we our on And no to also undrawn note,

$XXX.X was to the prior million $XXX.X has from customers' been that our was shorten QX delivery product as our indicated support in call, And position as levels inventory note constraints. to substantially new over built our days increasing to up I'd couple of inventory been order product Inventory ramps. sequentially, normal we've position million, and days we past our in inventory supply earnings years due times. below in of XXX quarter's

Looking build ahead inventory we the we in as prior to 'XX, product calendar seasonal from to to of ahead QX increase launches expect year. half fiscal second the of the quarter begin

to demand tend to and inventory as inventory above next more for ship remain couple multiple that generations products. of wafer expect a to customers' of required purchase levels we product I'd We key our our on us current over build quarters anticipated note linear that historical products balance basis. end the commitments silicon

quarter flow as resulting ending operations operations was in Turning in million. free of Free roughly $XX.X was in margin quarter, execution $XX.X year million, as cash excellent March cash free fiscal XX%, million of roughly flow. the flow CapEx the March resulting XX%. for team. from the cash Free flow and period quarter million. March year Cash was cash performance from collections was to cash for CapEx the flow the by for $XX.X the flow for in $XXX.X margin thanks was 'XX well flow the to $XXX.X million, for the and Cash quarter million was XX-month $XX.X

at On approximately $XX $XX.XX. 'XX, to utilized shares front, in million stock of of $XXX.X buyback average to our shares stock of we common XXX,XXX the of In utilized X.X an approximately our repurchase share $XXX.XX. average price QX, an common price repurchase million we fiscal million at

repurchase repurchase 'XX, As of to Rule shares we the approximately $XX.X price had million $XXX.X the share XXX,XXX fiscal under QX QX average our of the fiscal repurchase of XXbX-X to authorization. company an 'XX, in share million at utilized end Subsequent plan. remaining $XX.X

repurchases, continue stock to capital will shareholders the which a to to expect We believe provide benefit forward. of we return long-term form in going

the to guidance. on And now

For QX to revenue reflecting market in of range fiscal $XXX and 'XX, weakness we smartphone the million lower million $XXX in expect units product of general sales.

operating range expected impact to higher offset is incentives beginning expense operating of and I'd margin in higher gross to range of million year. annual includes the lower increase, merit down expect XX% due of the full We note took sequentially expense $XXX by million our to employee-related effect to the which XX%. $XXX R&D the partially fiscal from at expenses. be Non-GAAP compensation variable to

will discretionary spending growth. investing long-term We drive in continue control while to development to strategically product

'XX unfavorably non-GAAP tax be expense, rule capitalize decrease. fiscal to impacted effective foreign credits Our will by to the that requires to R&D expect a tax amortize we and tax the rate continue us and

As our expect tax a to be we 'XX result, approximately rate fiscal non-GAAP XX% will XX%.

over anticipate the continue purposes. R&D time R&D We will unfavorable expenses to as capitalized amortized of are additional for that of years become impact less tax

if investments have bipartisan in that Senate would support also We restore recently the introduced with bills deductibility that full been note R&D the tax both and passed. of House

full 'XX executed strong had we the these year to closing, In well fiscal results. deliver and fiscal we 'XX as QX a

operational Going term. value. development see long focused we company grow in content strategically discipline continue as and Furthermore, profitability shareholder we to revenue both forward, over remain exercising the we opportunities intend on to increasing enable to the new efficiencies, increase and to fiscal our and ongoing invest improving product

in And the note business policy, let Q&A is there like With call customer, will I'd start about understand before that we our accordance discuss relationship. we to intense to not our me interest company while begin specifics to turn Logic's Q&A, now related we with Chelsea to that, the session. Cirrus the largest

Chelsea Heffernan

Thank Venk. you,

call. questions. Q&A now we We will portion now Operator, are take the Instructions]. to the ready of start [Operator

Operator

Instructions]. [Operator

comes line the Your Ramsey of first Matt Cohen. TD with from question

Matthew Ramsay

I maybe The been around there in agreement largest were are you there business, letter there variabilities the that I I've won't medium have you the you that, the do tonight talk wondering content really wanted at margins and GlobalFoundries the you that around some Semi just things you've the around get some products of affect things this the like I increase that place China in the is guys I'm the first getting in and been discussed Lion and that in really happen questions challenges want like got some that and ask and have in sensitivities ramifications not the John, with that, for that your items with there market, that to public, supply. there and make question And enough for of that put I'm other levels to the now. disclosed your for the trying guys revenue smartphone that year you may revenue that room China feel us guys is happens normal understand happen, through, have? ramp comments, in and question shareholder what your P&L there haven't it. if can just And up to terms come customer to go, so that's been for you are any commitments Or -- But agreement. growth in that? you term? just

John Forsyth

I'll anticipate that there relationship upfront, to the many multiple what you, now. which same work fair time. regarding of are have process of agreement products just very broad that of at technology have Matt, including that of we customers. with our But pieces products. we are this, long-lived right haptics shipping process shipping from and Yes. products, is say in for a power of amp, underlying And amount are GlobalFoundries and those we which pretty progress Global, all would And for I using question. products number Thank say

of gives obviously, through working of we're commitments that's of plan. the closely ongoing balance manage to and picture. -- with going commitments slightly customer we our us but very the foundries our wafers, working be term, level some pattern how the with and broadly with prioritize Near we're that purchase change So flexibility meet those to demand, changed

Matthew Ramsay

this wouldn't particular on of adopted. one the and the compensations there that, high sight and onetime understand follow-up the well about situation change anything, but that type product, has I And of has maybe there. custom the making investments This done don't you to investments wonder those are late the line situation. that kind plans helpful. it. back question, that for until none in there's program? a about I And was are help my you're custom of any side guys that in I the sensitive, ramifications the I considering that that I I are there I would company, Got sensitivities the talk anticipate in and compensate relatively that any just fluid a other the realize as think, things a on is talk just ones guess and if the of company for -- made? those to would specifically of programs, things investments a being could from is the of very Are customer customer this changed. new predictability likely there have be philosophy you especially make broadly, products is what here that there you end this what is

John Forsyth

you. sure. live want just largest of to the opportunities, Yes, of generally confidence on we Yes, pick But custom have the for customer. silicon especially Thank investing specifics our in obvious topics going up kind around I'm to communicated I there had point the your and with customer reasons. step around regarding with

way of relationship. past a when to at codecs look power decades, think I it, within camera and setback, certainly, haptics temporary this there's really innovation That's that really the and grab It desire back -- amplifiers plan but the amazing anomaly. growth. strong before. control. context conversion we to In in potential way we change a X.X within is from happened and relationship our we and to this it And our regard doesn't and hasn't an or really really, it, controllers or of And there recently, record fact, from the an there is execution opportunities for that -- strategy confidence further see we going been that, it the more over it's step situation then track really the I boosted to

Operator

Svanberg line comes question the with Tore next of from Your Stifel.

Tore Svanberg

you use a of I and the relation would other had you as technology about to -- in like HPMS prepared I you to write-down question think your remarks, especially in that Lion. I said And in applications. Yes, some of think

there's a smartphone, of there power lot I'm is for to the just if now for understand shift still trying more the side opportunities a on of So notebook devices? that type in or focus in

John Forsyth

Tore. Leaning much towards you, more the latter. Thank

opportunities power, the in opportunities custom I think space. smartphone the larger think I us around silicon there for the

fairly suppliers technology We Android some think softness some smartphones domestic preference conversion other have due possible tough a shipping future Chinese we've seen and some the markets opportunities for pretty as laptop comparison, to course possible that around Lion place there in seen the and of I space. charging for obviously both exciting in be. market well. the By with power in the today the rise That's and and we've into space

So definitely towards . markets. other tilting those much more

Venkatesh Nathamuni

I'll John add just Tore, said. And to what

which, that know, that several for the a terms technology. we quarters. the on has HPMS been that primarily all the has Lion pretty homegrown we of focused last key had as tough China the our And over primarily from In smartphone IP market, in you been been customers, has spot technologies have

that on entirety customer and has still HPMS the towards focusing IP the based IP technology pretty the products but underlying is the relevant. technology. mean for and laptop more homegrown opportunity, top I we've architecture and our So the built been the of others Lion homegrown we're

Tore Svanberg

understand content spite that for good. wanted of And the mentioned. just as still in you I half my to opportunities the setback of the sort you second Very have follow-up,

So you did mention a new camera controller.

if second year. wondering that's this content primarily just should I'm increases we that of expecting for the the So be half

John Forsyth

and space, the And then both in perspective other markets Android Tore, the -- year. pursuing kind space content highlight of In of from the this the content opportunities well. as yes, obviously, is smartphone that's the that half second we're yes, in

Operator

of next Curtis Blayne Your Barclays. from question line with comes the

Blayne Curtis

some seasonality just the to general I June. of want ask for

of needs to of your talk be particularly that, just Is in decline I after because customer, declines think that one can the any about was to much seen down? is this inventory down speak why in that? aspect largest sharper of steeper seasonal you there the you've -- March is know -- that that's kind June? but worked it's to Or I customer how tough

Venkatesh Nathamuni

Venk. Yes, Blayne, is this

to respond that. me Let

So there contribution also provided think that guidance would if the elements One X to you general for market. is that from a at I a smartphone quarter, June reduction that. the volumes, the the look contribute there's is significant the in we I major say but

a some -- number. of the what's is you correlated driving as our weakness highly So know, the addition see we where those and we smartphones. that's macro decent that the to both market, to to in fairly that's . overall weakness into But and in have exposure general factored guidance, and are

Blayne Curtis

I had I better mean Apple numbers. sorry, mean just iPhone

part. So the biggest -- it's obviously, and

weakness general explain the So it. couldn't

So little you thing. that there can more to add a

Venkatesh Nathamuni

Blayne, Yes, and between mismatches think always build report there's how timing customers obviously, the such. customer we and our forecast some to what I

high that's contribution relative also from not and to So then level, a there's years, general volumes I'd smartphone being a at down market insignificant. to you could prior the attribute say it

Operator

Your with next Rolland Christopher Susquehanna. of the question comes from line

Christopher Rolland

I pattern was sequentials something wanted about seeing for that that how more kind out. for guys you are of September. said June pulled a last into Qualcomm OEMs March would purchases So that they flagship more and of and of was a and guys consistent if by their moving And that should And gap to night you that forward? leave were essentially it -- think least know we with at

Venkatesh Nathamuni

this the question. for is Thanks Chris, Venk. Yes,

times different specific did based and the yesterday. in Qualcomm has lead parts the dynamic we on the general, a report of company every yes, And from the see So again, such. and ship

Blayne's to volumes modeling having in customer it, a So overall. we based impact. suffice I response And clearly we to reduction wouldn't top say it are a sales make see our announcement. then smartphone a an also about on in general But as especially market question, that's the general that there's competitor's comment,

and So for of couldn't quarter. how outlook one for relates their competitors to that call year and specifically for our the the dynamics the

Christopher Rolland

is, in into guess question. revenue June for -- leak quick another And a around your my you I I of customer could follow-up see Sure. general September? also you and were guess, some as my then weakness then your this non-lead revenue, market follow-up discussing. question,

low. this general -- I an or is through June down us Do down or to bottom be think you to Do was step it or little guys? you it's revenue all-time even years, expect low going in at Can all-time certain get in significant least bottom? we step a walk off the there at the you a is a the a puts for be and takes? market or bounce up nice step

Venkatesh Nathamuni

Yes.

parts. two So

the -- First, from half if quarter, look year's the And general, standpoint obviously, differently. that, you the we the would anything patterns, today, second the the in we at build I providing beyond there of June see as customers' things now. of add But see products. guidance that we're don't is past not right our

all is relates So in but the that's last seen market company and of in cited the general so couple reported as weak, and the general general us, semi out, the some we not space for builds market. pointed over just Obviously, inventory one. we to And then have certainly, has been the stabilization as forth. that it have weeks have market,

happens. bottom. -- we're inflection market in and of the some improve point not but we to it's us, the rest stabilization call when hard but do the expect see that general call We sales year, to do of timing ready things will the a over For

Operator

Baruah Your comes from next line Ananda question Capital. Loop of the with

Ananda Baruah

I the it two, were increasing what Or annual Guys, basis. Is sort And going innovation the been controller be sort about that is guys just Is would to on yes, you an it follow-up. content basis? Can little unpack increase? then doing? the to Any annual of that you of context to you an talking just has in controller product? happening the quick that's you're guess, a innovation allows on other a could. if on are to past what helpful. the remarks, I there connected purely back doing have increase it that's prepared I content, bit it innovation allowing

John Forsyth

Absolutely.

I think the is is -- in the of of and growth attach rate being time so controllers way increase multiple on. X the there increase one we've that Number camera as seen to that the in drivers just think to an about over primary cameras value. due

innovation richer seen multiple and their Secondly, devices And point, driving same then cameras, as through we way controller more our tiers, of camera then at camera with to down those work content. the camera more we've systems shipping of on stabilization so with are with the time ourselves thirdly, more the your generations controllers.

new system. to capabilities been autofocus So they've overall camera the in increase updated stabilization enable within to and increase features speed, the and the processing relation

X there's So really drivers there.

in in play that seeing them I remarks. opening mentioned a value of up All that the step in part

Ananda Baruah

-- not out we what could quarter. Venk. quick going that keep me. helpful the influence That's that on just the past margin, I are for year? follow-up, that. margin gross eye give one super we I guidance what it move or way forces the an And for of that's the the should June through are another gross guess sort as I a you're context. And But appreciate understand to the

Venkatesh Nathamuni

more to And Thanks, that to the Ananda. a the high been XX% you've of It's cause end. range. Yes. change been will towards seen over quarters, we've right range. us we last at as I'd the now, in that us level, see things several as kind XX% high say nothing there's

to -- be in revenue our again, XX% profitability. can is but June between that guidance so not optimize and So XX% plan our range providing the the be to models growth beyond quarter, the we to XX in

Operator

from Curtis a is of Your follow-up next Blayne question Barclays.

Blayne Curtis

follow-up wanted question. Matt's just ask on a to I

I the times, new think probably given you started cycle product, it.

I you So can it's I curious sheet? is live going I'm there figure the assume that's a in there of going about if a I out to it just before kind how you the you be that out goes on going you be do But to future think phone. to would into. dynamic? started know Because so fluid it how product wasn't wafers product think is balance to and And mean about, figured

Venkatesh Nathamuni

Yes, Venk. Blayne, this is

right. absolutely You're

But we position wafers not mind about because that's expect and to that we as of customer ramp kind in when we'll ramps. production on So do it. higher do substantially if increasing have been you important that But to going and talked key being current been At lead a level, are call, started existing silicon tend really for end model. we've something different to point this building product generations a in forward, though, we from products thing our discussions our So and our of model look is I of that's high a customers we indicated multiple disposition of do below to to And with can. build customers' But traditional our exception ship times we out is an we point another at product prior ahead schedules. is normal for the and as in levels, of you're keep we our trend the products that with has -- had think that update right. products, provide this, based overall, inventory right? one inventory

how be in are our with So to shipped, product this no of discussions to overall, terms it that's disposition. we going in longer relates as customer to

Operator

turn the remarks. John call we to with And his final I now for that, back the session. will Q&A will end

John Forsyth

signal in our additional focus: with leadership you, to strength smartphones; as high-performance increasing high-performance existing expand In audio; Chelsea. position our our components. we and smartphone our Thank we're first, second, audio mixed of new across in X strategic summary, leveraging and in areas executed and signal FY mixed thirdly, content maintaining in markets with applications progress pleased 'XX into and

continued very excited in of for we remain front We the your you opportunities see in and us, that about interest we Logic. Cirrus all thank

I'd Conference for that the to investor thank Before in note also we like Boston XX on to Goodbye. the Conference X. I'd in Stifel details. our website will May we York close, for Please Cowen check everyone like and New in on June the participating today. participating be

Operator

conference This call. today's concludes

disconnect your lines. You may now

Cirrus Logic (CRUS) 4 May 232023 Q4 Earnings call transcript