CRUS - Earnings call transcript Q4 2024

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fourth Quarter and Full Fiscal Year 2024 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 call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. begin. may you Heffernan,

Chelsea Heffernan

good and afternoon. you, Thank

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

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

may that expressly uncertainties any a new and cause projections. forward-looking during obligation note or projections differ materially company this other session, By and or update to as risks any make projections statements, to from development providing statements result we information, forward-looking or that results otherwise. whether subject to the Please this disclaims of actual that revise may are

the differ XX-K of release well actual results today, the on Form filings issued and current could risk cause materially as Please available refer to other the from expectations. factors press and are as with which for website registered latest and Securities Commission the all shareholder to additional letter that the Logic corporate Exchange Cirrus discussion

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

John Forsyth

welcome and to call. Chelsea, you, everyone joining Thank today's

FY challenges, of billion, we in March year. top components, Cirrus press the Logic Logic year-over-year and disciplined full our $X.XX the Cirrus for $XXX.X revenue are both year guidance of execution smartphone those quarter stronger-than-anticipated due fiscal down applications. delivered market in seen proud grow to and end range X% million, full products. In share delivered of helped for GAAP quarter, non-smartphone reduction demand both Despite above you've a revenue to in per custom the to 'XX, that for of release, and the the general our As primarily due year-over-year earnings non-GAAP EPS non-GAAP grow

the Venk reins us the results on progress share a an moments the making the to few for quarters. will the we've take in been the details want I through year. call I X the before quarter the on in walk But past for and financial over, of turn strategy update our to

that principles: smartphones: based leadership capabilities progress business; signal growth X flagship communicated is audio we new number on mixed signal leveraging and X year, all core mixed audio our have made three, number functionality expanding and previously in around high-performance high-performance our broad areas penetrate strategy markets. We've maintaining into in number This two, to of smartphone one, our exciting fronts.

boosted amplifier most products, customer In processing innovative new design architecture, meaningful smart deliver codec will space. in saving in efficiency performance be amplifier and codec. and a significantly introduces will advances audio our smartphone completed an our boosted board while audio Logic's and similarly XX-nanometer improving customer. and mixed valuable system product to first The Cirrus signal our and year, The we past delivered to our flagship on to the business, work next-generation a notably smart capabilities

devices fall in this the engineering of and culmination the Taken work years these launch We in products anticipate devices of our collaboration with represent investment a of both will and many together, year. considerable close customer.

beyond Looking audio.

of third signal A enhance where generation controller enabler also signal new expect is to shipped of fall believe made our out a which on we camera XXXX processing continued performance can the in key by products, significant mixed controller develop We customer products. marquee we the featured customers' strategy way the our and itself certain road a taping IP HPMS our element our investments our in areas core will where HPMS controller in design in of in pave further map we investment, an Moreover, camera we early quarter, and for devices. last future. new enhancements the expertise features process node,

excited camera are power new progress while these about invest technologies a of made in in the we we we controllers, silicon development of in little these FY 'XX. both Beyond innovations. battery-related areas key in also further number continue in domains property introductions And a to product and out, and are intellectual and the

the encouraging specifically and valuable laptops. our designed we audio and in markets, this a that reach immediately In most designs FY signs for we HPMS boosted During sampled, amplifier that we shipped also new new highly relevant as be and won were 'XX, and IP a with, and new codec year, saw can market. into

laptop market and product. driver also a laptop-focused designed a products designs We converter won customer sampled the new with for haptic power

capabilities devices, these featured of of design, the power our codec, were create also the amplifier and Three towards part meaningfully being laptops. reference better customers boosted Lake contribute their to the converter, as Lunar Intel's and able

alternatives, sound competitive better, space. play louder, to board save Logic conserve life and Cirrus solutions Compared battery

the in the about While in building year we space, that the work is a are of still lot laptop there ahead of momentum we market. exit this optimistic us

remain and diversity supporting in we we operational of efficiency, the growth, and backdrop on execution. year, our own this hard both our our supply and future increasing competitiveness investment to disciplined committed the chain. customers worked within in efficiency, Against Throughout

the share our to to $X.XX. contributed in these during to along decrease during returned earnings non-GAAP actions, the share we per Additionally, a with rate increase the in $XXX of year-over-year $X.XX year And tax million cash a of combined year, shareholders in repurchases. form

financial and XXXX. over And the well with of for me for XXXX that, let fiscal provide year the the fourth an as as to quarter the call quarter results turn now our to full overview of first outlook fiscal Venk

Venkatesh Nathamuni

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

remained range $XXX.X revenue December quarter. to million primarily a stronger-than-seasonal due end down roughly at as QX as reduction was sequential year-over-year follows above the XX-week was XX% basis, our a in of in Revenue shipments you robust On a which, quarter, was On which quarter. smartphone a was the throughout guidance flat. March volumes, high revenue basis, recall, a

by was products, of Fiscal from year and in of The primarily billion year applications. a shipments X% revenue $X.XX driven our reduction was general decline custom 'XX market non-smartphone ago. in a down

was non-GAAP and to of profit the profit freight gross Gross margin. efficiencies Turning the $XXX gross quarter was above end XX.X%. guidance margin range chain supply Non-GAAP margin to due expense. in was our high gross lower million, gross and and mostly

increased lower including margin points, product while was basis offset supply a On on by costs, a product points XX partially mix, driven due a year-over-year chain a basis, largely sequential basis favorable XXX basis, by freight. increased to mix. gross gross by margin favorable This less

offset for And premiums, including profit less was of full margin non-GAAP a to the year XX.X%. reduction inventory and favorable expense gross reserves. million, all fiscal chain was in as product Gross gross 'XX wafer a absence $XXX.X as partially lower well by increased supply freight costs, margin Non-GAAP this mix. our due was a of in decline year-over-year

to compensation, OpEx fourth to was employee-related quarter Now variable declined well a week sequential I'll primarily salaries basis, expenses, due million, turn for $XXX.X expenses. to million, expense due increased R&D decreased mostly $X.X operating the incentives. Non-GAAP one on lower as fewer operating as

in incentives largely R&D to lower and quarter $XX.X a year-over-year costs. $X.X an compensation. variable development income increase down was in partially an million, XX.X% operating On of increase basis, for due million was This or Non-GAAP was operating revenue. by expense product the offset

This million the increased year, million, R&D in prior year, an down increase in non-GAAP well was partially was by employee-related as offset a variable $XX lower For compensation, full incentives, from to primarily expense the development expenses. fiscal product as reduction $XXX.X operating due expenses.

operating Non-GAAP slightly fiscal year revenue fiscal at despite up XXXX 'XX. margin for came million, headwind a prior 'XX fiscal income we in full XX%, the the operating from in was experienced year result, as $XXX.X fiscal year

taxes. to Turning now

For rate our non-GAAP was tax the March quarter, XX.X%.

in the full for tax rate which year, fiscal guidance. effective with previous was was line XX%, However, roughly non-GAAP our

tax million was net $X.XX revenue income net or and per increase The the per flowed share, as from higher $XXX.X $X.XX through by line. driven I And share on non-GAAP in that income to $X.XX Non-GAAP repurchases 'XX. or fiscal quarter alluded share execution, rate the the the fiscal profitability fourth lastly, up share $XX was bottom as per decrease to was non-GAAP for year, a disciplined in full earnings million P&L. as well And earlier. our the in

Let turn to balance now sheet. me the

equivalents. fiscal ended $XXX to and strong, nearly Our cash cash balance we continues million remain sheet 'XX in with and

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

million have our on to no and continue We debt have undrawn $XXX outstanding revolver.

the Inventory days was end with quarter 'XX. inventory in XXX the QX of $XXX.X XX The quarter million balance at ended days the million, of up $XXX.X and down was approximately fourth of we sequentially days inventory. from

half fiscal QX with year. as capacity elevated launches of the expect our begin continue accordance commitments in our support In seasonal we fiscal to calendar of wafer fulfill demand ahead customer be we inventory in agreement prior product purchase build increase and second the to expected 'XX, with inventory is to long-term GlobalFoundries. from 'XX, ahead, Looking in quarter we to as the

cash margin in $X.X Turning from resulting XX%. now quarter in CapEx Cash March million, the free roughly flow. flow cash million for non-GAAP the to and $XXX.X was roughly of operations was quarter flow

was to XX%, and free flow CapEx margin fiscal ending period of compared 'XX. operations $XX.X flow in XXX of free point the basis a in For March XX-month million, resulting quarter, flow roughly was cash $XXX.X improvement cash margin cash from roughly the in non-GAAP XX% million

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

an to as the $XXX million returned million at average of X.X price we For we year, repurchased fiscal shares of cash shareholders $XX.XX. full

in $XXX.X repurchase At QX of its 'XX, authorization. the remaining company the share fiscal had end million

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

the And now guidance. to on

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

the the out codec, gross as range amplifiers. gross our we current during to from We costs of XX%. we I'd half new that quarter as point ramp be expect XX-nanometer expect margin boosted the to lower to of to as like well incur towards new production range the margin to XX%

the strategically Non-GAAP operating and note expense to that employee-related a I'd $XXX to investing increase in quarter. during is year, expenses. to increase of We'll expected while to expense. partially due June merit growth. effect in by continue with $XXX sequentially drive development offset This an million the product million, discretionary takes to new long-term up annual range control start product from compensation variable development is lower fiscal our spending

XX%, be We fiscal tax rate higher to rate expect tax our our to approximately 'XX slightly than is which in fiscal non-GAAP 'XX. XX%

You expect We do new amounts. may to similar benefit had tax last benefit recall we large a onetime have fiscal our IRS 'XX. quarter guidance in from R&D applying capitalized onetime that not to a

In and closing, efficiencies operating Logic the discipline, thanks team entire to over increased contributed to the past efforts of earnings growth. the which Cirrus exercised per share fiscal collective year-on-year year, we

made best company We over term. opportunities profitability enable grow to continue with the we've and progress on long to this are pleased revenue the we'll year, focus both the the and to

to there not Q&A, is about relationship. like that we with understand discuss largest we business before customer, specifics company our I'd in policy, Logic begin And related we'll to the intense accordance our interest note Cirrus while

let to to me session. Q&A that, Chelsea start call the With now turn the

Chelsea Heffernan

Venk. Thanks,

limit now yourself start one and Please question single we the of ready the to portion Q&A are We take earnings questions. now follow-up. will Operator, to a call.

Operator

first your question Cowen. Ramsay And TD the from of line Instructions] [Operator with Matt comes

Matthew Ramsay

margin I wanted the start gross to Venk, on stuff.

maybe a being fine. on to ask, little of the bit boosted XX, range the below to you more a the that codec June would material business the as middle and you you're company. You be new bit wanted script becomes for through think that's the next the I all XX, mentioned little laptop introducing amplifiers, in going new to your months, XX the roll

X on margins? if of things cycle, on If margin you new that those just that much should us of product about front this and could quarter, and just kind kind thinking about but given I really anything puts just all care over through gross walk variables, consider there's we how don't the of the you're takes

Venkatesh Nathamuni

Yes. Thanks question, Matt. for the Yes.

strides of it So just slightly do current below midpoint, But as alluded in we over chain terms I script. the made see forth. last have supply overall significant out, costs margin, because to quarters, and and costs efficiencies improving in of pointed you so primarily the several freight the ramp prepared with our terms gross quarter, to correctly expect the we lowering of that you've seen in as the the

margin XX%. gross to That's be range with. still XX% long-term the comfortable continues that Our model to we're

improve to the we continue forward, but I just later into we'll obviously, on gross efficiencies the provide we Now performance. as think guidance visibility get more margin as we'll go

of it as be I today. the call, we think about you as fiscal And PC question expect the to making this progress, about millions tens the strides dollars. It's relates your then we somewhere in the some in good -- as still contribution previous low pointed 'XX mix talked we on in out, to earnings things of space PC are

the it some it as now, with and provide bigger our becomes it line updates average being corporate in margin. future in on as as of along. So further impact years, But gross revenue right of have our get will we think portion we'll a

Matthew Ramsay

Got OEMs. you mean, as bit breadth early it. niche at just than market where mean, maybe you give a I you I thought little larger the you what's you a bigger been Is strides and time? my how market sort thought? of early I I across this you'd in PC it of be term. for what's growing on mean, guess notebook early for are different experience and sort time? interest this relative down potentially the be as now sized near have guys over gone platforms could start you've you sort maybe path? the a of it's pleased the John, the new and in in over it's us to with and much the Or of the a bit this can progress notebook. follow-up,

John Forsyth

needle early few years We're but us for to previously. be we I've a us, it great with of there Matt. we to And see pleased a over we SAM going mover take to a certainly you, $X when mentioned attack Thank It's real the grow to look progress. time there. opportunity out, billion as for see

laptop number past in particular, the sampling back actually a and those positive think in market and If report, over both year, amplifier shipping users' the seeing into And then you launch quarter's look new end the I them for our then customer with we've really last codec of milestones, boosted since hit seeing design products. now hands.

So that's great.

codec, of that, design. Lunar in be alongside converter boosted further power years. and with engine can design wins believe had growth the we Intel reference great in And that course, do the integration amplifier for Lake product that a coming we that of the the along And

to So Lake us will 'XX. that Lunar a more calendar something difference in makes be of

the Lake the Lake top designs. working evaluating And in Lunar of of certainly the we'll of all OEMs building and that's So in hands lot view we various means with right of that going 'XX, and the now. said, 'XX as of see be come a market expect which X We're 'XX and what calendar they to are is we FY OEMs bulk will on stages P&L with, unchanged. Lunar that on during impact our in And forward. from our FY those

further we with think at. tens it said, look as opportunity but we low great to of Venk millions, of grow a as As that

Operator

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

Christopher Rolland

[indiscernible] Can hear me? you

Chelsea Heffernan

Can you over? start Chris, we couldn't hear you.

Christopher Rolland

Yes. Can you hear me now?

Chelsea Heffernan

Yes.

John Forsyth

can, We Chris.

Christopher Rolland

can. You

question that interest all be saying customer, the of your was about customer. largest I revenue Okay. to not my related despite in this will

the how How like XX% last year, fiscal million games? with handset we Is we area this And other think enter year, that? growth total. expectation? was think there? laptop about we reasonable should as $XXX like about Is and a about these next that So it wondering, I think I'm should

Venkatesh Nathamuni

Thanks for the question. Chris. Yes,

couple So for of I'll split clarity. some buckets the non-top customer a revenue into just smaller additional

high -- point, look into of at vary break So revenues. business, components. XX% I'll anywhere to it the XX% about composition And it the X if you XX% at of that probably to can is our from

to what very analog one we you in general it purpose catalog So a part general that will portfolio. not dissimilar of business is market what is high-performance the call see

is And been We've several has we just are that as predominantly sold to have, fairly signs quarters. some there. that And distribution. business seen last weak for business peers of the our seeing stabilization

seen quarters, Over as couple inventory we've and And economy of the market recover fairly such. will distribution that as think last improve. be the conditions and general stable I improves

overall the to tight very that's So macro.

business doing and would in customer some there market. happening the there, business participating wins We've had say in The is say, is would that Android non-big that Android the smartphone second well good we're and And space of business. whatever we're fairly I I today. in piece

the with really we're Lake good a OEMs, And multiple with third of progress few space, take PC even a piece a and alluded Intel but PCs, more made terms of years of mover. few reference the maybe There's seeing we've be in then design to lot for design as John adoption, it is wins. across quarters, wins to, some and just a forth, will and it so Lunar especially that needle momentum

revenue. to think I frame, customer. would top we fiscal substantially can the and our it fiscal that's of expand that's not portion have 'XX millions low related frame the the higher 'XX in than And dollars framed think as way of in I that our beyond. tens We business it But of in time

Christopher Rolland

you next-gen it's be $XX opportunities just mean growth. taped guys top. XX%-plus Okay. millions, other XX% guess But your would on And I of Low would then -- you I that tens moving and CLC. if -- millions, tens talked layer XX% million, I be these guess, about out on, of

or time talk though products, table your power out. about maybe to new not, functionalities is even as if ASP? the curious further new any and Just battery And

John Forsyth

Yes, the that Chris. that. first kind IP mentioned quarter you, get IP we, That's see a of a and controller customer process, silicon excited new we're did for new a new around arms our of road for our our Thank to a camera about I little past features. and map ahead -- process in on running new

So what camera That processing stabilization that desire end-user the portfolio and are continued over translates features our very other increased we higher into product time is capability. see focus in that to performance of part meaningful experience. for a

to continue of So rate camera that steady we ago. And over invest rich seen we'll continue it. of see, since years that map growth I think, time, road of have, first I in kind the a and think, pretty we've the there, introduction controller to X

IP In and that year and we've much seeing some the you there gets a on IP, general battery over customers in made space, engaged of see in silicon. in of how the design Clearly, our market. both power business power that lot are areas market being the with actively in productized. to We're of can progress past where

power hands And I business want example, reference For that's of and mentioned our of we're as as Lake converter the the excited of design. the a of many that. to But as that much Lunar part possible. our get into product across really customers we about

in to around As particular, I've of kind very we've battery interested previously, date done managing battery sensing and said what on around the we're in health. stuff building

more making this have good so that we're don't and product what now And the on timing space. looks progress like report in we're for map excited we but that, right road to

Operator

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

Tore Svanberg

for John. first, a question And congratulations flows. cash strong I on you, had the

smartphones, like ] I'm not edge best assume I voice interface for like about devices trickle starting LLMs down to question the with a that. asking at your anything the and to largest But edge. PCs that is [ AI So customer,

it different us to evolve you are far some to if But it be wondering, devices? could I starting to an color -- trickling could starting IP with from will that I know a designs down angles as new use be could are any lot as types perspective, voice, of on here. that designs something battery, to that share mean you of power, It But see new I those your I'm there's yes, could cases. LLMs is audio. just edge with just mean be architectural

John Forsyth

Tore. Absolutely, Yes.

I GenAI are around base, our assists generative positives voice one them. is customer where we That's a voice multiple we have the interaction see customers and AI. think opportunities and interested who multitude and one across interface with in of the space how the evolves certainly user of

that's at. and thing we're in one So interested very clearly that looking

than the think opportunity voice, I significant is but goes a other ways the set that very space. it for broader value silicon, signal that the AI really drive there us which path a through are care about can in our That's so of But we in Cirrus. part lot for important

upgrade not laptops. drives think it cycle, the -- course, I smartphones, watches, AR/VR an in and if only, of

I participate that. think we're benefit extremely well and positioned to from

edge on I a that going first of it's there's going that privacy more data going because bigger case. a secondly, as needed as alluded memory really to going are to, and we be in you and That latency device, think thing, batteries all, I probably think the AI that that processing really the means clear and it's and of bigger reasons, more well. and generative and be is, more processes be the on, see means of to lot to to client has on

into around puts constraints We -- solutions the And that kind tremendous a engineering couple things. habitually squarely board delivering is complex components mixed-signal and mixed-signal it integrating that board. really from of other One our space. very, so plays on of And the in very are does geometry space that. advanced

our well. investments the bull's along of client efforts. So to R&D efficiency as is again, I the with kind these of and in the increase probably that's think on that, a lot on and And space premium board in premium eye of going squarely devices power

think all AI. for around potential I the of levers opportunity things as in us together those of being set So

Tore Svanberg

my as great. that's No, follow-up. Yes. And

of I content. assume got you've means the those some How year should in sort amplifiers while. we products think mid-single-digit but codec declines the introduced market, the been shareholder course, sort declines? of to letter, sort and as of every we I should obviously think think -- higher those a your have obviously, you So for once products like to about of about ramping. smart ASP will that low But workhorse initially, said remain

John Forsyth

it's environment think typical years. few more than seen normal, more we're of precisely, though we've think say to Tore, kind over I past difficult do entering I a pricing the

reasonable our expect So certainly, this assumption. a And of suppliers. we think I

I have is somewhat our to think of down So increase efficiency coming to years. in us no for we for reason don't customers that expect the see reasons that it prices come to

same our moving operational But we're goal that I we're through pricing probably more and customers. curve. feature at own the something time, a back will into always there typical end environment the enhancements be to into also of our is an approaching our functions delivering but integration through other But offset think devices where efficiency, to

Operator

question Barclays. from of And your next [Operator line O'Malley with comes the Instructions] Thomas

Thomas O'Malley

customers. June generally understand wanted talked just quarter seeing any recognize others? work your the the inventory Do platforms to heard weaker largest the a to basis? your from on to just in inventory around couple due ask you that the in broader are June And timing a some market I headwinds to down. something about some of year-over-year from relation with want A I players about smartphone you in new we've benefit in customers ecosystem. just other

Venkatesh Nathamuni

the question. Yes. Tom, for thanks

in So call a to last new right? pattern returned or semblance bookings would typical in terms that that's And normalcy, some what of our happened the we're the it see, years at introduction of those so, quarter. to you on very X based seasonal the X from that we to pandemic, little last we've say So ignore quarters. year, if there's I to X.X during when especially product in look or tends our the patterns, related I X beginning June be would customer, top say patterns

to them Now calls, some patterns about of earnings on our with peers dynamics very what them with hard of bookings space, as are what it's our in especially smartphone that our we recognize had inventory some mentioned for of have and because the And really you I didn't. different. issues us, talk compare their the peers see some

ability very at to well, in our And tend others, from something a I know patterns incredibly and history I customer, prognosticate. what visibility closely that don't we least have of this compare XX-year the working to you it's products much and forth. have with longer with we As new had we've think of so we're terms getting to think

Thomas O'Malley

Super just on full at year year, nice with really customers, then here you sensitive the roadmap just helpful. being look cetera, new I growth if know that this I et normally kind content I a kind And year-over-year. content-rich but codecs, seeing new I'm expected I in the amps. look at and of the year, see not of would full a And have environment

of for increases what this in it more maybe are given I'm To you're looking your extent Can the here, like year you about just on talk smartphones side, you're because numbers next conservatism seems your would expect units? a audio headwinds terms I at just in of revenue introducing bit for calendar growth model general what And kind describing. guys content baking in couple when total little the in quarters? expectations regarding you of to the there the over

John Forsyth

Thanks, guiding right just Obviously, now. the we're Tom. quarter

the we about do now. beyond we we also, have content But that, feel can't year. I fall. To as full have point, to your good numbers giving get what this of skis you right that our speak assumptions for course, units, may guidance the So too on think we you not we're on that's we over prudent. far don't out said, And coming

Venkatesh Nathamuni

And what Tom, -- terms to I quarter, we sort. of the likely ordering what just are, of with with. provide something if most John is the we things guidance, particularly we current add and equipped what when guidance outcome. into in not historical the And said. it's account to patterns Yes. the that beyond we what the But We could, think looking to seasonalities try factors provide we take all were that

Chelsea Heffernan

time And have we for one question. last

Operator

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

Ananda Baruah

that codec. the is than those you the have amplifier could maybe of new and the smart guess And on the typical seasonality John, the great technology see equal, quarter. this half through along lines things being given year? I question, you better All congrats boosted calendar execution back ramping the

John Forsyth

think I position guide right to that a Ananda. in now, I'm don't

think I the a ramp. orders does of around on lot of the depend that scheduling

As significant a with with boosted and well. really being you the device X of a material then as codec amplifiers of per attach one lot would a That's imagine, ramp the it's material. rate --

that in to go our that comment results up position relative how be to in we a typical as exactly will But so out And showing seasonality, think pans we're don't in forward. detail. I

Ananda Baruah

And then quick just is, your about pivoting a follow-up of to back opportunities. helpful. GenAI given sort That's commentary just

points touch stronger its does base company it position of place from participation. you areas the into have needs, customer multiple the me. expand the to that a And could that's various Given potential in

John Forsyth

so. certainly I hope

I the think think customer number to will a customers AI-centric those who of be bringing many base, generative our consumers. devices existing are of with brands I

that across So so I as of can I we're GenAI can multiple of deeper and well I think forward. very of product target categories watches, view. point on. those some mentioned from But where smartphones, we and there where customers that relevant AR/VR, relevant penetration can laptops be go are positioned think we we achieving be

significantly cycle products. power think that which just GenAI we're in participation in still IP prime and of I in a innings. will today, of lend example. markets, well highly delivering a expertise product In the of early And have plus increased extremely to terms efficiency both relevant the being Laptops solutions itself engineering those some we are

we that So participants the yes, in is I'm cycle. certainly answer. that be can hopeful active

Chelsea Heffernan

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

John Forsyth

report Logic. Cirrus for for the We and areas of continued main front interest progress in focus. and in excited our customers very the XXXX whose excellence pleased significant us across us, trust In in of do supplier the to Logic the thank place employees opportunities Thank drives worldwide commitment we you, remain they your what is we made our to in partner and fiscal that results to like and to they summary, success. everything to of see thank report I'd you our a we Chelsea. in Cirrus these strategic we're as about all the all collective continue for quarter

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

the I'd thank everyone in participating to for like Goodbye. call today.

Operator

That call. conference concludes today's

You may now disconnect.

Cirrus Logic (CRUS) 7 May 242024 Q4 Earnings call transcript