Cirrus Logic Inc (CRUS) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fourth Quarter and Full Fiscal Year 2019 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 Mr. Thurman Case, Chief Financial Officer. Mr. Case, you may begin.

女士們，先生們，謝謝你們的支持。歡迎參加 Cirrus Logic 2019 年第四季度和整個財年財務業績問答環節。（操作員說明）作為提醒，正在錄製此電話會議以供重播。我現在想將電話會議轉交給首席財務官 Thurman Case 先生。凱斯先生，您可以開始了。

Thank you, and good afternoon. Joining me on today's call is Jason Rhode, Cirrus Logic's President and Chief Executive Officer; and Chelsea Heffernan, our Director of Investor Relations.

謝謝，下午好。Cirrus Logic 總裁兼首席執行官 Jason Rhode 與我一起參加今天的電話會議；和我們的投資者關係總監 Chelsea Heffernan。

Today, we announced our financial results for the fourth quarter and full fiscal year 2019 at approximately 4 p.m. Eastern. The Shareholder Letter discussing our financial results, the earnings press release, including a reconciliation of non-GAAP financial information to the most directly comparable GAAP information, along with the webcast of this Q&A session, are all available at the company's Investor Relations website at investor.cirrus.com.

今天下午 4 點左右，我們公佈了 2019 年第四季度和整個財年的財務業績。東。討論我們財務業績的股東信、收益新聞稿，包括非 GAAP 財務信息與最直接可比的 GAAP 信息的對賬，以及本次問答環節的網絡直播，均可在公司的投資者關係網站 investor 上獲得.cirrus.com。

This call will feature questions from analysts covering our company as well as questions submitted to us via e-mail at investor.relations@cirrus.com.

本次電話會議將包括有關我們公司的分析師提出的問題以及通過電子郵件 investor.relations@cirrus.com 提交給我們的問題。

Please note that during this session, we may make projections and other forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from projections. By providing this information, the company undertakes no obligation to update or revise any projections or forward-looking statements whether as a result of new developments or otherwise.

請注意，在本屆會議期間，我們可能會做出預測和其他前瞻性陳述，這些陳述受風險和不確定因素的影響，可能導致實際結果與預測存在重大差異。通過提供此信息，公司沒有義務更新或修改任何預測或前瞻性陳述，無論是由於新的發展還是其他原因。

Please refer to the press release today, which is available on the Cirrus Logic website and the latest Form 10-K and 10-Q as well as other corporate filings made with the Securities and Exchange Commission for additional discussion of risk factors that could cause actual results to differ materially from current expectations.

請參閱今天的新聞稿，該新聞稿可在 Cirrus Logic 網站和最新的 10-K 和 10-Q 表格以及向美國證券交易委員會提交的其他公司文件中獲取，以進一步討論可能導致實際風險的風險因素結果與當前預期存在重大差異。

Now I'll turn the call over to Jason.

現在我會把電話轉給傑森。

Thank you, Thurman. Before we begin taking questions, I'd like to make a few comments. For a detailed account of our financial results, please read the Shareholder Letter posted on our Investor Relations website.

謝謝你，瑟曼。在我們開始提問之前，我想發表一些評論。有關我們財務業績的詳細說明，請閱讀我們投資者關係網站上發布的股東信。

Cirrus Logic delivered revenue of $1.19 billion in FY '19 and $240.4 million in revenue for Q4 of FY '19. Although our strategic -- although our fiscal year revenue results were below original expectations, we executed on a number of strategic initiatives in FY '19 that we believe will enable Cirrus Logic to grow our served markets.

Cirrus Logic 在 19 財年實現收入 11.9 億美元，在 19 財年第四季度實現收入 2.404 億美元。儘管我們的戰略——儘管我們的財年收入結果低於最初預期，但我們在 19 財年執行了一系列戰略舉措，我們相信這些舉措將使 Cirrus Logic 能夠發展我們服務的市場。

We significantly expanded our penetration in the Android market, including the addition of a second 10% customer in the fourth quarter as sales of boosted amplifiers accelerated. Additionally, we gained momentum with our haptic driver product line as we continue to move beyond audio and voice into adjacent markets. Our components are now shipping in 6 of the top 10 smartphone manufacturers, including 4 in China. With a solid portfolio of components shipping today and extensive product roadmap and strong relationships with many of the leading OEMs in the markets we target, we believe Cirrus Logic is well positioned for future success.

我們顯著擴大了在 Android 市場的滲透率，包括在第四季度增加了第二個 10% 的客戶，因為升壓放大器的銷售加速。此外，隨著我們繼續超越音頻和語音進入鄰近市場，我們的觸覺驅動器產品線獲得了動力。我們的組件現已在 10 大智能手機製造商中的 6 家出貨，其中 4 家在中國。憑藉今天出貨的可靠組件組合、廣泛的產品路線圖以及與我們目標市場中許多領先 OEM 的牢固關係，我們相信 Cirrus Logic 為未來的成功做好了充分準備。

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

在我們開始問答之前，我還想指出，雖然我們了解與我們最大的客戶相關的強烈興趣，但根據我們的政策，我們不會討論有關我們業務關係的具體細節。

Operator, we are now ready to take questions.

接線員，我們現在準備好接受提問了。

(Operator Instructions) Your first question comes from the line of Ruben Roy from MKM Partners.

（操作員說明）您的第一個問題來自 MKM Partners 的 Ruben Roy。

Congrats on adding another significant customer. I'm wondering, Jason, in the past, you've talked about getting involved with new customers with new products, and obviously, boosted amps are the key growth drivers for you guys, I guess, over the next, let's call it, the medium term. You've talked about once you establish a beachhead, design activity could lead to other areas and other devices, so overall content growth at those new customers. I'm wondering if you would talk about design activity. And as you expand boosted amps into some of these new customers, are you seeing the potential to bundle other technologies and products into those customers as you're looking at -- into fiscal '20 and beyond?

恭喜您又增加了一位重要客戶。我想知道，Jason，過去，你曾談到用新產品吸引新客戶，顯然，升壓放大器是你們的主要增長動力，我想，在接下來，我們稱之為，中期。你已經談到一旦你建立了灘頭陣地，設計活動可能會導致其他領域和其他設備，因此這些新客戶的整體內容增長。我想知道你是否願意談談設計活動。當您將升壓放大器擴展到其中一些新客戶時，您是否看到了將其他技術和產品捆綁到您正在尋找的這些客戶的潛力 - 進入 20 財年及以後？

Yes. Thanks Ruben. That's a good question. That's -- yes, you're exactly right. So the neat thing about the amplifiers is they're just such a great fit. And the new ones in particular are such a great fit for the Android architecture, they slot right in very well. They're an extremely high-performance, low-power amplifier. They deliver a lot of great features and functionality. They sound fantastic. The stuff they're in is reviewed very well. And kind of to the direct point you're making, they provide a lot of opportunity for our team to be involved and help tune and help the customer achieve whatever their goal is for the particular product, which, increasingly, in a lot of devices we ship involves acoustic tuning and a lot of audio expertise and capability that not every customer has, and we do.

是的。謝謝魯本。這是個好問題。那是——是的，你完全正確。所以放大器的妙處在於它們非常適合。特別是新的非常適合 Android 架構，它們非常適合。它們是一種極高性能、低功耗的放大器。它們提供了許多出色的特性和功能。他們聽起來棒極了。他們所在的東西得到了很好的評價。有點直截了當，他們為我們的團隊提供了很多機會參與並幫助調整和幫助客戶實現他們對特定產品的任何目標，這些產品越來越多地出現在許多設備中我們交付的產品涉及聲學調諧和大量音頻專業知識和能力，並非每個客戶都擁有，而我們擁有。

So to the point you're referring, and I have said in the past, pretty much across the board, whenever our team has the opportunity to engage in detail with one of our customers' sets of engineers, they just do an incredible job. They do a great job of customer care and handholding and helping the customer be successful, and it's very rare that, that doesn't result in a customer looking for more opportunities to do business with us rather than less. So given the really ubiquitous nature of the appeal of the audio amps that's opened the door for things that are very closely related, such as haptics. And then in a bigger-picture way, if there's opportunities for smart codecs or participating in -- a lot of those same customers have accessories and other things. So yes, it's a great opportunity in and of itself and definitely a good entrée to do business with our customers in other product lines.

因此，就您所指的觀點而言，我過去曾說過，幾乎是全面的，只要我們的團隊有機會與客戶的一組工程師進行詳細交流，他們就會做得非常出色。他們在客戶關懷和支持方面做得很好，幫助客戶取得成功，這很少會導致客戶尋找更多而不是更少的機會與我們開展業務。因此，鑑於音頻放大器的吸引力真正無處不在，這為觸覺等密切相關的事物打開了大門。然後從更大的角度來看，如果有智能編解碼器或參與的機會——很多相同的客戶都有配件和其他東西。所以，是的，這本身就是一個很好的機會，絕對是與其他產品線的客戶開展業務的好機會。

Right. Jason, and just a quick follow-up to kind of bring it into sort of near term. When you think about fiscal '20, in the past again, you've talked about, with content growth, being able to grow in a flat smartphone unit market. Has anything changed with that -- changed that assessment? Or do you think that, that's still the case as you think about fiscal '20?

正確的。傑森，只是一個快速的跟進，將其帶入近期。當你想到 20 財年時，你又一次談到，隨著內容的增長，能夠在平坦的智能手機市場中增長。是否有任何改變——改變了評估？或者您是否認為，當您考慮 20 財年時情況仍然如此？

No. I think that's still very much the case. I don't -- there's really nothing changed about our outlook versus prior periods as far as the things that we're in and what we're in them with. So we feel very good about that front. And of course, like the rest of the world, we'll be curious to see -- more than curious perhaps to see how the smartphone market unfolds and how quickly some of these other new form factors come online and start to be meaningful in terms of volume. Feels like, if anything, the sentiment around that is more positive certainly than the last time we talked, and our sentiment relative to the things that are under our control remains extremely good.

不。我認為情況仍然如此。我不——就我們所處的事物和我們所處的事物而言，我們的前景與前期相比確實沒有任何變化。所以我們對這方面感覺很好。當然，就像世界其他地方一樣，我們會很想知道——也許不僅僅是想知道智能手機市場是如何展開的，以及其他一些新的外形因素以多快的速度上線並開始變得有意義體積。感覺就像，如果有的話，周圍的情緒肯定比我們上次談話時更積極，我們對我們控制的事情的情緒仍然非常好。

Your next question comes from the line of Charlie Anderson from Dougherty & Company.

你的下一個問題來自 Dougherty & Company 的 Charlie Anderson。

Congrats on the quarter. Jason, I wanted to start with -- there was a reference in the Shareholder Letter for, I think, the second consecutive time about an adjacent product or an adjacent area. And I think what you updated this time is that you're actually sampling now. I wonder if maybe you could just give us a little bit of thought behind how material that product might be. Is it still under the audio umbrella? Just any additional color on how important we should consider that development. And then I've got a follow-up.

祝賀這個季度。傑森，我想開始——我認為，股東信中連續第二次提到了一個相鄰的產品或一個相鄰的區域。而且我認為你這次更新的是你現在實際上正在採樣。我想知道您是否可以給我們一些關於該產品的材料背後的想法。它還在音頻保護傘下嗎？關於我們應該考慮該發展的重要性的任何其他顏色。然後我有一個後續行動。

Yes, it's definitely important, generally, large kind of important. It's a different application than what we've served before, and we're just kind of alluding to it in vague terms for all the obvious kind of reasons. So we're still very excited about it. It's going extremely well. We expect that to be a meaningful benefit for us in the -- well, probably in that kind of FY '21 time frame.

是的，這絕對重要，一般來說，非常重要。它與我們之前提供的應用程序不同，出於各種顯而易見的原因，我們只是用模糊的術語來暗示它。所以我們仍然對此感到非常興奮。它進行得非常順利。我們希望這對我們來說是一個有意義的好處——嗯，可能是在那種 21 財年的時間框架內。

Okay. Perfect. And then you guys are sitting on a fair amount of cash. You probably have never had more financial flexibility as a company considering the amount of cash that you're generating as well. I wonder if maybe you could just update us your thoughts and philosophy around M&A appetite and philosophy. That'd be great.

好的。完美的。然後你們坐擁大量現金。考慮到您產生的現金數量，您可能從未像公司那樣擁有更多的財務靈活性。我想知道您是否可以向我們更新您關於併購意願和哲學的想法和哲學。那簡直太好了。

Yes. Same answer as always. Yes, we're definitely blessed with generating a lot of cash. We discuss it pretty actively at -- on frequent occasions amongst management, with the board. Nothing's really changed about our priorities there. We'd love to find M&A if we find quality companies where we believe it would be a great addition where it would be a key addition to our strategy where it's philosophically and culturally aligned with what we do. A great example -- we've done some great examples out in the past, including Wolfson. They're rare. They're very hard to find. Far more of them are things that don't end up adding a ton of shareholder value in the long term, and we're very careful to make sure we avoid those. In lieu of M&A, we like buybacks. Of course, we've been successful in implementing those over many years. We expect we will continue to do so. We've got a fair amount of authorization remaining on the current amount that's out there, and we expect we'll continue to evaluate that on an opportunistic basis. Just as a note for folks out there we don't engage in program trading on that front. Again, we do it opportunistically in an open market window and so forth. And so that results in lot of times where we'd like to buy shares back where we can't. But so be it, we're not in a giant rush about that either. But we like that. We've evaluated -- just if anyone's wondering, we certainly have evaluated dividends and other vehicles, but given the overall company circumstances, the opportunities we think we have to continue to grow, we think buybacks more flexible, and more appropriate vehicle continues to be that at this [point].

是的。一如既往的回答。是的，我們確實很幸運能產生大量現金。我們在管理層和董事會中經常討論這個問題。我們在那裡的優先事項並沒有真正改變。如果我們找到優質公司，我們很樂意找到併購，我們認為這將是一個很好的補充，它將成為我們戰略的關鍵補充，在哲學和文化上與我們所做的事情保持一致。一個很好的例子——我們過去做過一些很好的例子，包括 Wolfson。他們很少見。他們很難找到。從長遠來看，其中更多的事情最終不會增加大量的股東價值，我們非常小心地確保避免這些事情。代替併購，我們喜歡回購。當然，多年來我們已經成功地實施了這些。我們希望我們會繼續這樣做。目前，我們還有相當多的授權剩餘，我們希望我們會繼續在機會主義的基礎上對其進行評估。就像給外面的人的提示一樣，我們不參與這方面的程序交易。同樣，我們在開放的市場窗口等機會主義地這樣做。因此，這導致很多時候我們想回購我們不能回購的股票。但就這樣吧，我們也不是急於求成。但我們喜歡這樣。我們已經評估了——如果有人想知道的話，我們當然已經評估了股息和其他工具，但考慮到公司的整體情況，我們認為我們必須繼續增長的機會，我們認為回購更靈活，更合適的工具繼續就是在這個[點]。

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

你的下一個問題來自巴克萊銀行的 Blayne Curtis。

This is Tom O'Malley on for Blayne Curtis. Congrats on the good results. I had a quick one on the Android business. Obviously, in March, a really robust quarter. From what I can see, I think a record quarter with the 15% customer as well. I guess, my question heading into this fiscal year '20 is: Do you think that, that higher level of Android revenue kind of sustains? Or do you think that seasonality-wise, you see a dip-down in the first half, are they building back up to maybe a higher level for the year? Can you just kind of shape for us what you see there? Obviously, with a lot of the contribution coming from one customer, it's helpful to kind of have some color on what you expect from the rest as well.

這是布萊恩柯蒂斯的湯姆奧馬利。恭喜取得好成績。我很快就了解了 Android 業務。顯然，三月份是一個非常強勁的季度。據我所知，我認為 15% 的客戶也是一個創紀錄的季度。我想，我在 20 財年的問題是：你認為更高水平的 Android 收入會持續嗎？或者你認為季節性方面，你看到上半年有所下降，他們是否正在回升到今年可能更高的水平？你能為我們塑造一下你在那裡看到的東西嗎？顯然，由於很多貢獻都來自一個客戶，因此對您對其他客戶的期望也有所了解是有幫助的。

Right. Yes. It is very difficult to call as you, I'm sure, are very familiar with that, that segment of the market is pretty volatile and there is quite a lot of, I don't know if the right term is seasonality or product cycle, but some of both, probably. So the customer that we ramped heavily with in the March quarter, certainly, you would expect that, that being a major launch quarter, you expect that to be a pretty strong quarter overall. And then maybe later in the year, have some additional strength. But at the same time, we're layering in a fair number of new opportunities as well. We've alluded to in the letter that we're shipping now to the top 2 Android handset manufacturers, and that second one is doing pretty solid work at the moment, which is a good benefit for us. So how all of that nets out, we'll just kind of have to roll it through as we go quarter-by-quarter. But the nut of it is on a steady state, long-term basis, we expect the Android business to continue to grow.

正確的。是的。很難打電話給你，我敢肯定，你對此非常熟悉，那部分市場非常不穩定，而且有很多，我不知道正確的術語是季節性還是產品週期，但可能兩者都有。因此，我們在 3 月季度大量增加的客戶，當然，你會期望，作為一個主要的發布季度，你預計這將是一個非常強勁的季度。然後也許在今年晚些時候，有一些額外的力量。但與此同時，我們也在層層疊加相當多的新機會。我們在信中提到，我們現在正在向前 2 大 Android 手機製造商發貨，而第二家目前正在做相當紮實的工作，這對我們來說是一個很好的好處。那麼所有這些是如何計算出來的，我們將不得不在逐季度進行的過程中逐步完成。但最重要的是，在穩定的、長期的基礎上，我們預計 Android 業務將繼續增長。

Great. And then just digging a little more there on the moving pieces, handsets. And then also in the Shareholder Letter, you mentioned the wireless ear bud at Android OEM. Can you just talk about the proliferation of your product set in the wireless earbuds? Clearly, it's gaining traction. Is it just a market trend, both with the big guy and also the big Korean guy as well? You talk about different areas where you're focused in. Do you think that generally that this is something that you think contributes to a lot of growth in fiscal year '20?

偉大的。然後在移動部件、手機上多挖一點。然後在股東信中，你提到了 Android OEM 的無線耳塞。您能談談您的無線耳塞產品系列的激增嗎？顯然，它正在獲得牽引力。這是否只是一種市場趨勢，既有大個子，也有韓國大個子？你談論你關注的不同領域。您是否認為總體而言，您認為這有助於 20 財年的大量增長？

I wouldn't say it's a huge growth number in '20, but it's -- we're in some good opportunities we -- that we, as you pointed out, are already shipping. We're in some additional ones that are not already shipping. I wouldn't expect it to be a huge needle mover for us in '20. But over time, you're exactly right. That form factor is very popular and for good reason and turns out that most of the -- most but not all the folks that are making those types of devices want it to be a great user experience and really the only thing they have to monkey with other than form factor is audio and voice. So us finding ways to help customers make wireless -- various earbuds that are a great audio and voice experience that deliver key features, that deliver security and so forth over time, we see as a great opportunity.

我不會說這是 20 世紀的巨大增長數字，但正如您所指出的那樣，我們正處於一些很好的機會中，我們已經在發貨。我們還有一些尚未發貨的產品。我不希望它在 20 世紀對我們來說是一個巨大的推動力。但隨著時間的推移，你是完全正確的。這種外形非常受歡迎，而且有充分的理由，事實證明，大多數——大多數但不是所有製造這些類型設備的人都希望它能成為一種很好的用戶體驗，而且實際上是他們唯一需要擔心的事情除外形因素外，還有音頻和語音。因此，我們想方設法幫助客戶製作無線耳機——各種耳塞，它們是一種出色的音頻和語音體驗，隨著時間的推移提供關鍵功能、提供安全性等，我們認為這是一個很好的機會。

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

您的下一個問題來自 Stifel 的 Tore Svanberg。

You mentioned surface audio playback in your Shareholder Letter. I was hoping you could elaborate a little bit more on that. What does it exactly mean for -- whether a content or whether it is Cirrus Logic's competitive positioning in the amplifier market overall?

你在股東信中提到了表面音頻播放。我希望你能詳細說明一下。它究竟意味著什麼——無論是內容還是 Cirrus Logic 在整個放大器市場中的競爭定位？

I mean, I wouldn't view it as a huge content differentiator versus a traditional speaker, for example, from us. But it is definitely an area where a customer needs -- that customers to make it sound good would need a lot of signal processing to go with that. These solutions have been around for a while, historically, largely driven by Paizo. Paizo is very problematic for a lot of reasons (inaudible) it's -- anyway there's a lot of higher voltages, there's other technical reasons why that's maybe not dead but extremely sleepy. So one of the things that's come to pass over the last little while is people are coming up with things that are a lot more like an LRA-type of an actuator that can be used to drive a surface audio type of experience. And so we see that as being a good way forward for manufacturers that are trying to get rid of holes in glass and so forth. So it's great for us to be able to help provide that signal processing capability. We see it as another advantage, both from the perspective of our team and the kinds of expertise that they have as well as the capabilities of the amplifier, which don't need us to go build a whole completely new amplifier to try that market out and see if customers actually salute.

我的意思是，我不會將其視為與傳統演講者（例如我們）相比的巨大內容差異化因素。但這絕對是客戶需要的領域——客戶要讓它聽起來不錯，就需要大量的信號處理來配合。這些解決方案已經存在了一段時間，從歷史上看，主要由 Paizo 推動。由於很多原因（聽不清）Paizo 是非常有問題的——無論如何有很多更高的電壓，還有其他技術原因為什麼它可能沒有死但非常困。因此，在過去的一段時間裡，人們想出了一些更像是 LRA 類型的執行器的東西，可以用來驅動表面音頻類型的體驗。因此，我們認為這對於試圖消除玻璃上的孔等的製造商來說是一個很好的前進方向。因此，能夠幫助提供信號處理能力對我們來說非常棒。我們認為這是另一個優勢，無論是從我們團隊的角度，還是從他們擁有的各種專業知識以及放大器的功能來看，都不需要我們去構建一個全新的放大器來嘗試這個市場看看顧客是否真的敬禮。

That's helpful. And as my follow-up, I think this is the first time in a while I've seen you actually be a little bit more concrete about your MEMS microphone supply chain and basically having the transition to Taiwan. Could you elaborate a little bit more on that? What does this mean from a timing perspective as far as MEMS microphone becoming more material part of revenue?

這很有幫助。作為我的後續行動，我認為這是一段時間以來我第一次看到你實際上更具體地了解你的 MEMS 麥克風供應鏈，並且基本上已經過渡到台灣。你能詳細說明一下嗎？就 MEMS 麥克風成為收入的重要組成部分而言，從時間的角度來看這意味著什麼？

Well, it's another couple of steps forward. FY '19 was a really good year of progress by the team. We are today shipping microphones, but it's -- we're shipping microphones that are kind of the ante to the game, not the main event. We intend to change the microphone market in the long, long term, and we've got a tremendous amount of support from customers to go do that. So the progress the team have made, both from a -- where the wafer is coming from, how do we achieve the kind of uniformity that we want, how do we achieve the kind of reliability, in every sense from drop test to even just the design process, we can turn up on the day we commit to do just like we do on the silicon side. Those are all works in progress, but we made a bunch of great progress in the past year on those fronts. And we've done it with vendors that are in much more of that very high-volume kind of sphere. I mean, we worked with some good partners in the past on microphones, but they haven't been as -- nearly as focused on a scalable, very large kind of business. We need them to -- these things are tricky. There's a lot of things that can go wrong with microphones. We need the very best suppliers, and we need them to be very logically located relative to one another and relative to where the things are going to ship in the long run. And so those are -- and then additionally, there's been a lot of IP that we've developed in the area of test that are needed to be able to ship these things in high-volume production and give our customers the same sort of happy experiences they have with us on the silicon side. So a bunch of great progress. We're not there yet, but the support we've got from the customers we're targeting remains extremely high, and I think the team is very focused and marching to a real good plan.

好吧，又向前邁進了幾步。19 財年是團隊取得進步的非常好的一年。我們今天正在運送麥克風，但它 - 我們運送的麥克風是遊戲的賭注，而不是主要事件。我們打算從長遠來看改變麥克風市場，我們得到了客戶的大力支持來實現這一目標。因此，團隊取得的進展，無論是從晶圓的來源，我們如何實現我們想要的一致性，我們如何實現可靠性，從跌落測試到甚至只是在設計過程中，我們可以在我們承諾做的那一天出現，就像我們在矽方面所做的那樣。這些都在進行中，但過去一年我們在這些方面取得了很大進展。我們已經與更多處於這種非常大批量領域的供應商一起完成了它。我的意思是，我們過去曾與一些優秀的合作夥伴在麥克風方面合作，但他們並沒有——幾乎沒有那麼專注於可擴展的、非常大的業務。我們需要他們——這些事情很棘手。麥克風可能會出現很多問題。我們需要最好的供應商，而且我們需要他們之間的位置非常合理，而且從長遠來看，這些供應商的位置也與貨物的運輸地點有關。所以那些是 - 然後另外，我們在測試領域開發了很多 IP，這些 IP 需要能夠在大批量生產中運送這些東西並給我們的客戶帶來同樣的快樂他們與我們在矽方面的經驗。所以一大堆進步。我們還沒有到那一步，但我們從目標客戶那裡得到的支持仍然非常高，我認為團隊非常專注，正在朝著一個真正好的計劃前進。

Your next question comes from the line of Adam Gonzalez from Bank of America Merrill Lynch.

你的下一個問題來自美銀美林的 Adam Gonzalez。

Congrats on the solid result and execution. I'm just following up on the Android comments from earlier. I'm just wondering if you see, perhaps, a second, at least, close to 10% customer ramping in the near to midterm, beyond the one that you already announced?

祝賀您取得了堅實的成果和執行力。我只是在跟進之前的 Android 評論。我只是想知道你是否看到，也許，至少，在近期和中期，客戶增加了近 10%，超出了你已經宣布的那個？

Sure. Yes. Yes, exactly. The potential is definitely there. I can say they're a volatile bunch, and I don't want to call that before it's there. That's certainly the goal though, and we think we've got both the engagements and the team and the products in place to do that over the next coming period. However long that takes, the potential's certainly there, and I know the team will execute well on everything that's under our control on that front.

當然。是的。對，就是這樣。潛力絕對是存在的。我可以說他們是一群不穩定的人，我不想在它出現之前就這麼說。不過，這當然是目標，我們認為我們已經有足夠的參與度、團隊和產品來在接下來的一段時間內做到這一點。無論需要多長時間，潛力肯定存在，而且我知道團隊將在我們控制的這方面的一切事情上執行得很好。

Got it. And then on digital headsets. There was a question asked about this earlier. But in the Shareholder Letter, you also cited potentially getting traction with your continuously adaptive ANC product. Just wondering if this could perhaps be implemented in the popular wireless earbud form factor at some point this year, perhaps, early next year? Or maybe that's too specific for a question, but just wondering any -- what your comments are there.

知道了。然後是數字耳機。早些時候有人問過這個問題。但在股東信中，您還提到了您的持續自適應 ANC 產品可能會受到關注。只是想知道這是否可以在今年某個時候（也許是明年初）在流行的無線耳塞外形中實現？或者這對於一個問題來說可能太具體了，但只是想知道任何 - 你的評論是什麼。

It's not something that we're heavily focused on in the short term. The noise canceling is inherently a reasonably high -- a relatively high-power function relative to tiny, tiny little batteries. I mean, it's not trivial power relative to handset batteries. By the time you put them in the form factor of an in-ear wireless device, most -- I think most people's priorities at the moment are power and then followed by power and more power. It's really a tremendous task to bring the functionality that's already there out with a reasonable battery life and so forth. So it's not that what we've got isn't applicable in that form factor. There's -- there doesn't appear to be a huge pull from our customer base on that front right now. They are trying to make sure that they deliver -- these types of devices deliver a really great voice experience, have a long battery life, provide clear audio quality in both directions, echo cancellations and don't howl when there's wind and things that are kind of you got to have it type features to be a valuable headset out in the wild. Somewhere down the road, that's certainly a possibility that we could circle back on the truly wireless kind of stuff.

這不是我們在短期內重點關注的事情。降噪本質上是一個相當高的 - 相對於微小的小電池而言相對高功率的功能。我的意思是，相對於手機電池來說，這不是微不足道的力量。當你將它們放入入耳式無線設備的外形中時，我認為大多數人目前的首要任務是功率，然後是功率和更多功率。將現有的功能與合理的電池壽命等結合起來確實是一項艱鉅的任務。所以這並不是說我們所擁有的不適用於該外形尺寸。在這方面，我們的客戶群目前似乎沒有太大的吸引力。他們正在努力確保它們能夠提供——這些類型的設備提供真正出色的語音體驗、電池壽命長、雙向提供清晰的音頻質量、迴聲消除，並且在有風和其他東西時不會嚎叫有點像您必須擁有它的類型功能才能成為野外有價值的耳機。在未來的某個地方，我們肯定有可能回到真正無線的東西上。

(Operator Instructions) Your next question comes from the line of Christopher Rolland from Susquehanna.

（操作員說明）您的下一個問題來自 Susquehanna 的 Christopher Rolland。

Congrats on getting your second 10% customer. Just a question on voice biometrics. If you could talk about some of the progress there you're making on 28 nanometers. And just one point of clarification: When do you plan on shipping mics for volume?

恭喜您獲得第二個 10% 的客戶。只是關於語音生物識別的問題。如果你能談談你在 28 納米上取得的一些進展。只需澄清一點：您計劃什麼時候發貨麥克風？

We'll take the last point first, so I don't forget it. But we haven't specified that. We are shipping mics today. We'll let you know when we're a lot closer to seeing it actually be a needle mover from a revenue perspective. But as I say, we've made very good progress on that front in the last year. As far as voice biometrics, more progress there as well. We've now firmly moved into the realm of where customers are actually sticking them on boards and evaluating them in more in-depth ways. As we referred to in the past, it's an extraordinarily complex thing, and also the process of designing it in and figuring out what you're going to give it access to and so forth is also proportionally more complex than most of what we do. We're extremely pleased with the progress we've made on the security standards front over the past little while in terms of achieving good results and good progress with the FIDO folks. We see that as very closely tied to that -- those being a viable product in the long run that all of that processing needs to be done on the edge in-device that your secure information would not leave the handset or whatever it is that the device is integrated into. And so we've made great progress on all those fronts. The device is ready to go. We've demonstrated to our customers that it really can be a valuable part of the customer experience. So we look forward to seeing that make progress as well as capitalize on other variants of the same type of device over time in other applications.

我們先說最後一點，這樣我就不會忘記了。但我們沒有具體說明。我們今天運送麥克風。從收入的角度來看，當我們更接近於看到它實際上是一個針鋒相對的推動者時，我們會通知你。但正如我所說，去年我們在這方面取得了非常好的進展。就語音生物識別而言，那裡也取得了更多進展。我們現在已經堅定地進入了客戶實際將它們貼在板上並以更深入的方式評估它們的領域。正如我們過去提到的，這是一件非常複雜的事情，而且設計它的過程和弄清楚你要讓它訪問什麼等等的過程也比我們所做的大多數事情要復雜得多。我們對過去一小段時間在安全標準方面取得的進展感到非常高興，同時與 FIDO 人員取得了良好的結果和良好的進展。我們認為這與此密切相關——從長遠來看，那些是可行的產品，所有這些處理都需要在設備的邊緣完成，你的安全信息不會離開手機或任何它是設備集成到。因此，我們在所有這些方面都取得了很大進展。該設備已準備就緒。我們已經向客戶證明，它確實可以成為客戶體驗的重要組成部分。因此，我們期待看到隨著時間的推移在其他應用程序中取得進展並利用同一類型設備的其他變體。

Great. And then one on haptic. So can you guys talk about your design funnel there? And in terms of amp wins overall or perhaps even design activity, what percent are addressing haptics today versus speakers and the overall end market?

偉大的。然後是關於觸覺的。那麼你們能談談你們的設計漏斗嗎？就放大器贏得整體甚至設計活動而言，與揚聲器和整個終端市場相比，今天解決觸覺問題的百分比是多少？

Well, from a revenue and a production volume, the vast majority of it in the Android ecosystem is audio, we were -- that product was first, and we've made -- and frankly, the demand for that is more universal and also, in a lot of cases, is stereo. So the revenue piece is far more weighted towards the audio. Over the next while -- certainly, the design wins -- design ins and design wins, haptic is coming up very nicely behind that, again, proportional but given the fact that audio very often is stereo and haptic generally is not. But we're seeing the design in and design win progress very nicely on haptic. So extremely pleased with both those product lines. Can't say enough about the good work that the team did, both hardware, software, marketing, sales, you name it, across the board, it was really a world-class effort.

好吧，從收入和產量來看，Android 生態系統中的絕大部分是音頻，我們是——那個產品是第一個，我們已經做了——坦率地說，對它的需求更普遍，也，在很多情況下，是立體聲。因此，收入部分更傾向於音頻。在接下來的一段時間裡——當然，設計獲勝——設計插入和設計獲勝，觸覺在這之後非常好地出現，再次成比例，但考慮到音頻通常是立體聲而觸覺通常不是。但我們看到設計和設計在觸覺方面取得了很好的進展。對這兩條產品線都非常滿意。不能說團隊所做的出色工作，無論是硬件、軟件、市場營銷、銷售，你能想到的，全面來說，這真的是世界級的努力。

Your next question comes from the line of Ari Shusterman from Needham.

你的下一個問題來自 Needham 的 Ari Shusterman。

I'm asking for Raji Gill. Can you talk a little bit about some of the trends you are seeing in the China smartphone market? In the past few months, any signs of stabilization? Any color would be greatly appreciated.

我要找 Raji Gill。您能談談您在中國智能手機市場看到的一些趨勢嗎？在過去的幾個月裡，有什麼穩定的跡象嗎？任何顏色將不勝感激。

Sure. So I mean, I think we talked about this on the last call. It's difficult for us to speculate much on are things stabilizing or otherwise there because most of what we're participating in is relatively new to us. So customers in China tend to be, from our perspective, quite volatile and whatnot no matter what's going on, so -- in a lot of cases for us. And these are -- we're shipping in -- customers that either we're in not as much stuff before or we're in with a lot more content now or so forth. So it's kind of all new. A lot of it's new for us. So making a relative judgment about it stabilizing or not is not something I've got a bunch of great insight on. But at the same time, we did see a lot of strength in some of those customers in the March quarter, where, in fact, in a couple of cases where we were chasing supply all the way through the quarter and expect to continue to do so for a while. So again, you enjoy the volume with that. They are not generally known for being exceptionally good at forecasting, which I don't know how they would be frankly because just with the business models that they've got, I don't think provides a tremendous amount of visibility. As we've talked about in the past, no matter how much you read about it in the news, speculation about how much the next phone of anyone that anyone ships is going to ship, you never know until somebody puts it on the market, and we see many customers actually line up and buy the thing. And I think that is obviously true in China as well. So they clearly have had some successes that surprised some of the customers we're dealing with over there, because again, we've seen quite a lot of upside in the past little while. So it certainly doesn't seem bad to us, but I don't know how to compare it in terms of a relative statement or a stabilization.

當然。所以我的意思是，我認為我們在上次通話中談到了這個問題。我們很難推測事情是否正在穩定，因為我們參與的大部分事情對我們來說都是相對較新的。因此，從我們的角度來看，中國的客戶往往非常不穩定，無論發生什麼，所以 - 在很多情況下對我們來說。這些是——我們正在運送——客戶，我們以前沒有那麼多的東西，或者我們現在有更多的內容等等。所以這是全新的。很多對我們來說都是新的。因此，對它穩定與否做出相對判斷並不是我有很多深刻見解的事情。但與此同時，我們確實在 3 月季度看到其中一些客戶的實力很強，事實上，在一些情況下，我們在整個季度都在追逐供應，並希望繼續這樣做所以一會兒。因此，您再次享受它的音量。他們通常並不以特別擅長預測而聞名，坦率地說，我不知道他們會如何，因為僅憑他們擁有的商業模式，我認為並不能提供大量的可見性。正如我們過去談到的，無論你在新聞中讀到多少，猜測任何人的下一部手機將發貨多少，直到有人將它投放市場，你永遠不會知道，我們看到很多顧客真的排隊買東西。我認為這在中國顯然也是如此。所以他們顯然取得了一些成功，讓我們在那裡打交道的一些客戶感到驚訝，因為在過去的一段時間裡，我們再次看到了很多好處。所以它對我們來說當然看起來並不壞，但我不知道如何根據相對陳述或穩定來比較它。

And one more question regarding gross margin outlook. In regards to gross margin, what would you say are some of the risks to hitting like your targets? And just your current target of 49% to 51% is -- should we assume that's like a -- I guess, your target gross margin moving forward, I guess, for the rest of (inaudible) for long term?

還有一個關於毛利率前景的問題。關於毛利率，您認為達到目標的一些風險是什麼？你目前的 49% 到 51% 的目標是——我們是否應該假設這就像——我想，你的目標毛利率向前發展，我想，對於長期的其餘部分（聽不清）？

Well, I mean things can definitely move in the long term. I'll certainly refer you to the risk factors you can find in our filings for a whole bunch of different things that we certainly try very hard to make sure don't happen, but they can. We think that that's a decent range just to model us in until we give you a different number. We're very meticulous about not biting off business that we think will materially move us off of where we think the model works, which is somewhere in the range near where we are today. So I wouldn't expect anything dramatic, unless as usual, the sort of asteroid strike-type stuff that you see in the risk factors happens. But again, we're trying hard to make sure that doesn't happen.

好吧，我的意思是從長遠來看，事情肯定會發生變化。我肯定會向您介紹您可以在我們的文件中找到的各種不同風險因素，我們當然會非常努力地確保這些風險因素不會發生，但它們確實會發生。我們認為這是一個不錯的範圍，只是為了模擬我們，直到我們給你一個不同的數字。我們非常謹慎，不會放棄我們認為會從實質上使我們離開我們認為模型有效的地方的業務，這在我們今天所處的範圍內。所以我不希望發生任何戲劇性的事情，除非像往常一樣，你在風險因素中看到的那種小行星撞擊類型的事情發生了。但同樣，我們正在努力確保不會發生這種情況。

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

您的下一個問題來自 Stifel 的 Tore Svanberg。

Just 2 follow-ups. First of all, Jason, sorry for putting you on the spot. Sometimes, beginning of the year, you kind of give us, at least directionally, where you think revenues will go for the year. I know it's pretty early on here, but do you think this could be a growth year?

只有 2 個跟進。首先，傑森，很抱歉讓你難堪。有時，在年初，您至少會向我們提供您認為今年收入的方向。我知道現在還早，但你認為今年會是增長的一年嗎？

I think it can be a growth year. I don't know how -- as I was just saying on the last answer, I don't know how to predict how many phones are going to ship in Q3 and Q4. So me -- so we just decide at some point, we want off the roller coaster, we'll leave that for you guys to add your value on -- from a market perspective of what might or might not happen. We're just not wise enough to guess how many phones are going to ship. So -- and we're obviously pretty closely tied to that. There are years that we've had in the past where our content increases so significant that we're able to more confidently point that, "Hey, no matter what happens, we're going to grow." And this isn't -- this year isn't in that category, obviously. There is a -- we're substantially more excited, I will say, about that content story, both in applications that we haven't historically been in, for next year, for FY '21, as well as new content and form factors that we have been in historically for next year. So we're extremely excited about FY '21. This year, there are areas where we've got new content. There is obviously new customers coming online. It's just hard to guess how that nets out against the overall handset market. As I said earlier, I will say, it does seem like the sentiment, external to us just the sentiment that we're all looking at the same stuff or it even seems like it's a little more positive now than it was a quarter ago. But we'll just -- we'll see how it all nets out over time.

我認為這可能是增長的一年。我不知道如何——正如我剛才在上一個答案中所說的那樣，我不知道如何預測第三季度和第四季度將出貨多少手機。所以我 - 所以我們只是在某個時候決定，我們想要過山車，我們會把它留給你們來增加你的價值 - 從市場的角度來看可能會發生或不會發生的事情。我們只是不夠聰明，無法猜測將出貨多少手機。所以 - 我們顯然與此密切相關。在過去的幾年裡，我們的內容增長如此顯著，以至於我們能夠更加自信地指出，“嘿，無論發生什麼，我們都會成長。”這不是——今年顯然不屬於這一類。我要說的是，對於那個內容故事，我們更加興奮，無論是在我們歷史上從未參與過的應用程序中，明年，21 財年，以及新的內容和形式因素我們明年一直在歷史上。所以我們對 FY '21 感到非常興奮。今年，我們在某些領域獲得了新內容。顯然有新客戶上線。很難猜測這對整個手機市場有何影響。正如我之前所說，我會說，這看起來確實像是一種情緒，對我們來說只是一種情緒，我們都在看同樣的東西，或者它現在看起來比一個季度前更積極一些。但我們只是 - 我們會看到隨著時間的推移這一切是如何產生的。

That's very helpful. And excuse my ignorance, but you mentioned the Android release P and Q. Could you elaborate a little bit on why that is important for voice biometrics? I just don't have the technology.

這很有幫助。請原諒我的無知，但你提到了 Android 版本 P 和 Q。你能詳細說明一下為什麼這對語音生物識別很重要嗎？我只是沒有技術。

Sure. To be -- I can't say I'm super expert in it either, but the Android folks have just been -- have definitely had a realization somewhere along the way is that the security stuff is really, really critical that it needs to be architected in a FIDO type of way and that there needs to be broad support for that in the OS. So yes, I mean, I think it's more reflective of just the awareness that, that's in there and then building in the hooks and so forth. So -- I don't know exactly the details of what has been added to P and Q, but it's kind of reflective of the net of all that.

當然。要成為——我也不能說我是這方面的超級專家，但 Android 人員剛剛——肯定已經意識到安全問題真的非常重要，它需要以 FIDO 類型的方式構建，並且需要在操作系統中廣泛支持它。所以是的，我的意思是，我認為它更能反映出人們的意識，那就是，它就在那裡，然後建立在鉤子上等等。所以 - 我不確切知道 P 和 Q 中添加的內容的詳細信息，但它有點反映了所有這些內容。

There are no further questions at this time. Ms. Chelsea Heffernan, I turn the call back over to you.

目前沒有其他問題。Chelsea Heffernan 女士，我把電話轉給你。

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

謝謝你，運營商。沒有其他問題了，所以我現在將電話轉回給 Jason。

All right. In summary. While FY '19 was a challenging year financially, the company executed on multiple initiatives that we believe will contribute to growth in the coming years. We significantly increased our share in Android, executed on numerous new product development activities that are expected to come to market over the next 12 to 18 months and strengthened key customer relationships with an extensive product roadmap, spanning audio, voice and other adjacent markets, such as haptics. We are dedicated to delivering differentiated products that will enable us to capitalize on the increasing demand for complex, analog and digital signal processing that we believe will drive our long-term success. I would also note that we will presenting at the Cowen Technology, Media & Telecom Conference in New York on May 29 and the Stifel Cross Sector Insight Conference in Boston on June 12. Live webcast of these events will be available at investor.cirrus.com. If you have any questions that were not addressed today, you can submit them to us via the Ask the CEO section of our Investor website. I'd like to thank everyone for participating today. Goodbye.

好的。總之。雖然 19 財年在財務上是充滿挑戰的一年，但該公司執行了多項我們認為將有助於未來幾年增長的舉措。我們顯著增加了我們在 Android 中的份額，執行了許多預計將在未來 12 到 18 個月內投放市場的新產品開發活動，並通過涵蓋音頻、語音和其他相鄰市場的廣泛產品路線圖加強了關鍵客戶關係，例如作為觸覺。我們致力於提供差異化產品，使我們能夠利用對複雜、模擬和數字信號處理日益增長的需求，我們相信這將推動我們的長期成功。我還要指出，我們將在 5 月 29 日在紐約舉行的 Cowen 技術、媒體和電信會議以及 6 月 12 日在波士頓舉行的 Stifel Cross Sector Insight 會議上發表演講。這些活動的網絡直播將在 investor.cirrus.com 上提供。如果您有任何今天沒有解決的問題，您可以通過我們投資者網站的“詢問首席執行官”部分提交給我們。我要感謝大家今天的參與。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。