Financial Data and Key Metrics Changes - Cirrus Logic reported record revenue of $490 million for Q4 2022, a 67% increase year-over-year, and a full-year revenue of $1.78 billion, up 30% from the previous year [10][12] - Non-GAAP gross profit for Q4 was $259 million, representing a gross margin of 52.9%, which is up 240 basis points year-over-year [11] - Non-GAAP net income for Q4 was $118 million, or $2.01 per share, with full-year net income of $408 million, or $6.90 per share [12] Business Line Data and Key Metrics Changes - The growth in revenue was driven by high-performance mixed-signal content gains in smartphones and sales of fast-charging ICs, as well as audio products in laptops [10][11] - The company maintained its leadership position in smartphone audio and saw growth in laptop revenue compared to the prior year [7] Market Data and Key Metrics Changes - The supply chain environment remains constrained, with demand outstripping supply, particularly due to COVID-19 shutdowns in China [8] - The company anticipates continued strong demand for certain components in smartphones, contributing to expected revenue growth in the upcoming quarter [13] Company Strategy and Development Direction - The company focuses on three strategic pillars: maintaining leadership in smartphone audio, broadening sales of audio components in profitable applications, and leveraging mixed-signal engineering expertise for product diversification [6][7] - Future growth is expected from investments in high-performance mixed-signal areas, including power and charging solutions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about creating shareholder value through product diversification and long-term growth despite supply chain challenges [8] - The company expects gross margins to normalize around a long-term model of 50% due to shipping inventory built at higher costs [13][14] Other Important Information - The company ended fiscal year 2022 with $444 million in cash and cash equivalents, up $173 million from the prior quarter, and has no debt outstanding [12] - Cirrus Logic repurchased approximately $75 million of its common stock in Q4 and a total of $167.5 million during the full fiscal year [13] Q&A Session Summary Question: Seasonality expectations for the second half - Management noted strong results in the March quarter and guidance for the June quarter, but visibility remains limited due to supply constraints [19] Question: SoundWire technology and its market opportunity - Management discussed the potential of SoundWire technology in laptops, indicating it could lead to new product opportunities in boosted amplifiers and codecs [21][22] Question: Changes in June quarter guidance - Management attributed the higher confidence in June guidance to stronger-than-expected customer demand, despite initial expectations of a demand pause [26] Question: Progress in Android market - Management confirmed good progress in Android, particularly in boosted amplifiers and haptics, but noted ongoing supply constraints [41] Question: Programmability in power products - Management explained that as technology advances, more digital control logic will be integrated into power products, enhancing battery management and charging capabilities [43]

Cirrus Logic, Inc. (NASDAQ:CRUS) Q3 2022 Results Conference Call January 31, 2022 5:00 PM ET Company Participants John Forsyth - CEO Thurman Case - CFO Chelsea Heffernan - VP, IR Conference Call Participants Tore Svanberg - Stifel Matt Ramsay - Cowen Blayne Curtis - Barclays Ruben Roy - WestPark Capital David Williams - The Benchmark Company Christopher Rolland - SIG Rajvindra Gill - Needham & Company Ananda Baruah - Loop Capital Vivek Arya - BofA Securities Derek Soderberg - Collier Securities Operator Lad ...

Financial Data and Key Metrics Changes - Cirrus Logic reported record revenue of $465.9 million for Q2 FY2022, representing a 34% year-over-year increase, marking the highest revenue for the September quarter [8][9] - The company achieved year-over-year operating profit growth alongside record earnings per share [8] Business Line Data and Key Metrics Changes - The high-performance mixed-signal products segment contributed 30% of total revenue in the first half of FY2022, up 117% from the previous year [9] - The attach rate of camera controllers in smartphones has increased, contributing positively to revenue growth in the high-performance mixed-signal category [31] Market Data and Key Metrics Changes - The company is experiencing strong design momentum and diverse relationships across Android and other markets outside of smartphones, although supply constraints remain a challenge [35][36] - The company estimates a $400 million serviceable available market (SAM) in the notebook segment over the next five years, driven by strategic transitions in audio and video technology [19] Company Strategy and Development Direction - Cirrus Logic is focused on diversifying beyond audio, with significant milestones achieved in high-performance mixed-signal products, including new power conversion and control ICs [9] - The integration of Lion Semiconductor is expected to enhance the company's roadmap and expand its market reach, particularly in power products [12][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by supply chain disruptions but expressed confidence in long-term planning and customer relationships to navigate these issues [39][61] - The company aims to maintain a gross margin target of 50%, although it may dip slightly below this target in FY2023 due to pricing pressures and cost increases [60][82] Other Important Information - The company announced the retirement of CFO Thurman Case, who will assist in the transition to a new CFO [6][7] - Cirrus Logic has welcomed Raquib Hussein to its Board of Directors, enhancing its expertise in the semiconductor industry [8] Q&A Session Summary Question: Integration efforts with Lion Semiconductor - Management emphasized the priority of helping the Lion team execute on existing opportunities while exploring synergies with Cirrus Logic's technology [13][15] Question: Opportunities in the notebook market - Management indicated a $400 million SAM in the notebook segment, highlighting both opportunistic and strategic growth factors [19][18] Question: GlobalFoundries payment and capacity - The $255 million payment includes capacity reservation and wafer supply commitments, with expectations for increased capacity through 2026 [22][24] Question: Camera controller attach rates - Management noted a growing attach rate for camera controllers, with expectations for continued innovation and product updates [28][31] Question: Revenue outside the largest customer - Management reported a $50 million increase in revenue outside the largest customer, driven by design momentum and new wins [33][35] Question: Gross margin expectations - Management reiterated a target of 50% gross margin, with potential for slight dips due to market conditions [60][82] Question: Cash balance and financing needs - The company is comfortable operating with a cash balance above $200 million and does not foresee immediate financing needs [73][74] Question: Haptics opportunities - Management acknowledged modest expectations for haptics but is actively engaged with customers in AR and VR markets [76][78]

Cirrus Logic, Inc. (NASDAQ:CRUS) Q1 2022 Earnings Conference Call July 28, 2021 5:00 PM ET Company Participants Thurman Case - Chief Financial Officer & Vice President of Finance John Forsyth - President & Chief Executive Officer Chelsea Heffernan - Director of Investor Relations Conference Call Participants 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 Operato ...