Cirrus Logic Inc (CRUS) 2023 Q4 法說會逐字稿

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.

女士們，先生們，謝謝你們的支持。歡迎來到 Cirrus Logic 2023 財年第四季度財務業績問答環節。 （操作員說明）作為提醒，正在錄製此電話會議以供重播。

I would now like to turn the conference over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may begin.

我現在想將會議轉交給投資者關係副總裁 Chelsea Heffernan 女士。 Heffernan 女士，您可以開始了。

Thank you, and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer; and Venk Nathamuni, Chief Financial Officer. Today, at approximately 4:00 p.m. Eastern Time, we announced our financial results for the fourth quarter and full fiscal year 2023. The shareholder letter discussing our financial results, the earnings press release and the webcast of this Q&A session are all available at the company's Investor Relations website. This call will feature questions from analysts covering our company.

謝謝，下午好。 Cirrus Logic 的首席執行官 John Forsyth 和我一起參加了今天的電話會議；和首席財務官 Venk Nathamuni。今天，大約下午 4:00東部時間，我們公佈了第四季度和整個 2023 財年的財務業績。討論我們財務業績的股東信函、收益新聞稿和本次問答環節的網絡直播均可在公司的投資者關係網站上獲得。本次電話會議將提出來自我們公司的分析師的問題。

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

此外，我們將在本次電話會議上討論的結果和指南將包括不包括某些項目的非 GAAP 財務指標。這些非 GAAP 措施與其最直接可比的 GAAP 措施的對賬包含在我們的收益發布中，並且都可以在公司的投資者關係網站上找到。

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 expressly disclaims any obligation to update or revise any projections or forward-looking statements, whether as a result of new development or otherwise. Please refer to the press release and the shareholder letter issued today, which are available on the Cirrus Logic website, and the latest Form 10-K as well as other corporate filings registered with the Securities and Exchange Commission for additional discussion of risk factors that could cause actual results to differ materially from current expectations.

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，公司明確表示不承擔任何更新或修改任何預測或前瞻性陳述的義務，無論是由於新開發還是其他原因。請參閱 Cirrus Logic 網站上提供的新聞稿和今天發布的股東信函，以及最新的 10-K 表格以及在美國證券交易委員會註冊的其他公司文件，以進一步討論可能導致風險的風險因素導致實際結果與當前預期存在重大差異。

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

現在我想把電話轉給約翰。

Thank you, Chelsea, and thank you, everyone, for joining today's call. As you have seen in the press release, in FY '23, Cirrus Logic delivered record full fiscal year revenue of $1.9 billion, up 7% year-over-year, driven by higher sales of components shipping in smartphones. Venk is going to discuss those results in greater detail shortly. But before we get to that, I'd like to take a moment to highlight the progress we've made on our long-term growth strategy over the last year.

謝謝切爾西，也謝謝大家參加今天的電話會議。正如您在新聞稿中看到的那樣，在 23 財年，Cirrus Logic 的整個財年收入達到創紀錄的 19 億美元，同比增長 7%，這主要得益於智能手機組件出貨量的增長。 Venk 將很快更詳細地討論這些結果。但在此之前，我想花點時間強調一下去年我們在長期增長戰略方面取得的進展。

The 3 key pillars of that strategy include: One, maintaining our leadership position in smartphone audio by continuing to deliver world-class products and outstanding execution to the strongest customers in the market. Two, increasing high-performance mixed-signal content in smartphones to build a growing footprint of products outside of audio. And three, leveraging our strength in audio and high-performance mixed signal to expand into additional applications and markets over time with new and existing components.

該戰略的 3 個關鍵支柱包括：第一，通過繼續為市場上最強大的客戶提供世界一流的產品和出色的執行力，保持我們在智能手機音頻領域的領先地位。第二，增加智能手機中的高性能混合信號內容，以擴大音頻以外產品的覆蓋範圍。第三，利用我們在音頻和高性能混合信號方面的優勢，隨著時間的推移，通過新的和現有的組件擴展到更多的應用程序和市場。

Looking at the first pillar of that strategy, Cirrus Logic remains a clear leader in smartphone audio. Today, 17 of the top 20 smartphone devices in DXOMARK's audio quality rankings use Cirrus Logic audio components. In Q4, several Android customers introduced flagship devices that utilize our boosted amplifiers, and we anticipate a number of new smartphones using our audio components to be launched later this calendar year.

從該戰略的第一個支柱來看，Cirrus Logic 仍然是智能手機音頻領域的明顯領導者。如今，DXOMARK 音頻質量排名前 20 名的智能手機設備中有 17 款使用了 Cirrus Logic 音頻組件。在第四季度，一些 Android 客戶推出了使用我們增強放大器的旗艦設備，我們預計將在本日曆年晚些時候推出一些使用我們音頻組件的新智能手機。

During the year, our team also began design of our next-generation custom-boosted amplifier and our next-generation 22-nanometer smart codec, both of which are now in advanced stages of development. We anticipate that these next-generation audio components will not only extend our leadership position in smartphone audio, but also deliver significant revenue for many years following their introduction.

在這一年中，我們的團隊還開始設計我們的下一代定制升壓放大器和我們的下一代 22 納米智能編解碼器，這兩者現在都處於開發的後期階段。我們預計這些下一代音頻組件不僅會鞏固我們在智能手機音頻領域的領先地位，而且在推出後的許多年裡還會帶來可觀的收入。

Turning to the second key element of our growth strategy, increasing high-performance mixed signal content in smartphones is critical for our success as it substantially expands our addressable market beyond audio. We believe that this product line represents a significant opportunity to grow and diversify our revenue. And to that end, in the past year, we saw both our R&D investment and the number of opportunities we're pursuing in this area increase. Over the last year, progress with our HPMS products included growing our penetration in haptics in Android, along with the introduction of an updated camera controller in Q2 FY '23. Indeed, since our first camera product was introduced in FY '21, we have grown the average content of our camera controllers in each subsequent generation of smartphones.

談到我們增長戰略的第二個關鍵要素，增加智能手機中的高性能混合信號內容對我們的成功至關重要，因為它大大擴展了我們在音頻之外的潛在市場。我們相信，這條產品線代表了一個重要的機會來增加和多樣化我們的收入。為此，在過去的一年裡，我們看到我們的研發投資和我們在這一領域尋求的機會數量都有所增加。在過去的一年裡，我們的 HPMS 產品取得的進展包括提高我們在 Android 中觸覺的滲透率，以及在 23 財年第二季度推出更新的相機控制器。事實上，自從我們在 21 財年推出第一款相機產品以來，我們在每一代智能手機中都增加了相機控制器的平均含量。

More recently, in Q4, we completed the successful production qualification on our next-generation camera controller, which is expected to ship in the second half of this calendar year, continuing to build on our track record of innovation in this critical area of the user experience. The ultimate measure of successful execution of our HPMS strategy is revenue. And over the past 4 years, we have seen revenue derived from HPMS solutions increase from 12% to 38% as a proportion of total company sales and from $145 million to $726 million in dollar terms. We continue to believe that we are on a path where our HPMS business can generate at least half of our annual revenue in the future.

最近，在第四季度，我們成功完成了下一代相機控制器的生產認證，預計將在本日曆年下半年發貨，繼續鞏固我們在這一關鍵用戶領域的創新記錄經驗。成功執行我們的 HPMS 戰略的最終衡量標準是收入。在過去的 4 年裡，我們看到來自 HPMS 解決方案的收入占公司總銷售額的比例從 12% 增加到 38%，按美元計算從 1.45 億美元增加到 7.26 億美元。我們仍然相信，我們正走在一條道路上，我們的 HPMS 業務在未來可以產生至少一半的年收入。

That said, among the HPMS opportunities we have discussed, a new product that we mentioned in previous shareholder communications is being scheduled for introduction this fall is no longer expected to come to market as planned. As we have limited visibility of our customers' future plans for this product at this time, we're removing the revenue associated with this component from our internal model to reflect this change in our expectations. And while this is undeniably a setback, we are proud of our execution in this program, and we continue to believe that our strategy of expansion through HPMS products provides us with many exciting opportunities. I'd also note that our customer relationship remains very strong, and we continue to collaborate on a range of technologies and products across both the audio and HPMS domains.

也就是說，在我們討論過的 HPMS 機會中，我們在之前的股東通訊中提到的一種新產品計劃於今年秋天推出，預計將不再按計劃上市。由於目前我們對客戶對該產品的未來計劃的了解有限，因此我們將從內部模型中刪除與該組件相關的收入，以反映我們預期的這一變化。雖然這無疑是一個挫折，但我們為我們在這個項目中的執行感到自豪，我們仍然相信我們通過 HPMS 產品進行擴張的戰略為我們提供了許多令人興奮的機會。我還要指出，我們的客戶關係仍然非常牢固，我們將繼續在音頻和 HPMS 領域的一系列技術和產品上進行合作。

The third pillar of our strategy is to leverage our existing products, intellectual property and capabilities in order to enable new applications and penetrate new markets, thereby unlocking further opportunities for growth. We've spoken about the PC market as being one of these areas, which, despite its present cyclical softness, remains a largely greenfield opportunity for us, where we believe a number of secular trends can act as favorable tailwinds in the coming years. During the year, we continued to gain momentum with customers in this market, increasing the number of models we're designed into and sampling our first boosted amplifier and codec products that are optimized specifically for laptops to our customers. We expect the first end products with these components to start to come to market in the second half of FY '24.

我們戰略的第三個支柱是利用我們現有的產品、知識產權和能力來實現新的應用和滲透新的市場，從而釋放更多的增長機會。我們已經談到 PC 市場是這些領域之一，儘管它目前的周期性疲軟，但對我們來說仍然是一個主要的綠地機會，我們相信一些長期趨勢可以在未來幾年成為有利的順風。在這一年裡，我們繼續在這個市場上獲得客戶的支持，增加了我們設計的型號數量，並為我們的客戶提供了專門針對筆記本電腦優化的第一款升壓放大器和編解碼器產品。我們預計具有這些組件的第一批最終產品將在 24 財年下半年開始投放市場。

More recently, we taped out our first laptop-focused power solution. We continue to view the laptop market as a promising opportunity in the coming years as we look to capitalize on the favorable trends and expand our share. We also continue to evaluate further markets where our world-class expertise in mixed-signal innovation can benefit both new and existing customers.

最近，我們推出了第一個以筆記本電腦為中心的電源解決方案。我們繼續將筆記本電腦市場視為未來幾年的一個充滿希望的機會，因為我們希望利用有利的趨勢並擴大我們的份額。我們還將繼續評估更多市場，在這些市場中，我們在混合信號創新方面的世界級專業知識可以使新客戶和現有客戶受益。

In summary, we're proud to have delivered record revenue in FY '23 as we continued to execute on our strategic initiatives. With a pipeline of products coming to market over the next couple of years and our continued -- and continued design innovation in both existing and new product areas, we believe Cirrus Logic is well positioned to continue to diversify our product portfolio and to expand our addressable market.

總而言之，隨著我們繼續執行我們的戰略計劃，我們很自豪能夠在 23 財年實現創紀錄的收入。隨著未來幾年一系列產品進入市場，以及我們在現有和新產品領域持續不斷的設計創新，我們相信 Cirrus Logic 有能力繼續豐富我們的產品組合併擴大我們的可尋址範圍市場。

And with that, let me now turn the call over to Venk to provide an overview of our financial results for our fiscal Q4 FY '23 as well as guidance for Q1 FY '24.

有了這個，現在讓我把電話轉給 Venk，概述我們 23 財年第四季度的財務業績以及 24 財年第一季度的指導。

Thank you, John, and good afternoon, everyone. I'll start with a summary of our financial results for both our fiscal Q4 and full year fiscal '23 and then provide guidance for our fiscal Q1 '24. As John mentioned, we delivered record fiscal '23 revenue of $1.9 billion, which is up 7% from a year ago. The strong growth during the fiscal year was driven by higher ASPs as well as the continued benefit from prior year content gains in smartphones, which were partially offset by a softening in general market and smartphone demand.

謝謝約翰，大家下午好。我將首先總結我們第四財季和 23 財年全年的財務業績，然後為我們的 24 財年第一季度提供指導。正如約翰所提到的，我們在 23 財年實現了創紀錄的 19 億美元收入，比一年前增長了 7%。本財年的強勁增長是由更高的平均售價以及智能手機上一年內容收益的持續收益推動的，這部分被一般市場和智能手機需求的疲軟所抵消。

Fiscal fourth quarter revenue was $372.8 million, down 37% quarter-over-quarter and down 24% from a year ago, but came in slightly above the midpoint of our guidance range. The year-over-year and sequential decline in revenue reflects a reduction in smartphone volumes. The year-over-year decline was also due in part to the launch of a lower-priced smartphone in Q4 fiscal '22, which did not reoccur in Q4 fiscal '23 as well as lower sales of our general market products.

第四財季收入為 3.728 億美元，環比下降 37%，同比下降 24%，但略高於我們指導範圍的中點。收入的同比和環比下降反映了智能手機銷量的下降。同比下降的部分原因還在於 22 財年第四季度推出了價格較低的智能手機，這種情況在 23 財年第四季度沒有再次出現，以及我們的一般市場產品銷量下降。

Turning to gross margin. Non-GAAP gross profit for fiscal '23 was $958.2 million, and non-GAAP gross margin was 50.5%. Gross margin decreased year-over-year due to an increase in supply chain costs, partially offset by higher ASPs. Non-GAAP gross profit in the quarter was $186.7 million, and non-GAAP gross margin was 50.1%. On a sequential basis, gross margin was roughly flat. On a year-over-year basis, gross margin decreased as Q4 fiscal '22 included the benefit of selling through lower cost inventory built prior to price increases taking effect as well as higher ASPs.

轉向毛利率。 23 財年的非 GAAP 毛利潤為 9.582 億美元，非 GAAP 毛利率為 50.5%。由於供應鏈成本增加，毛利率同比下降，部分被更高的平均售價所抵消。本季度非美國通用會計準則毛利潤為 1.867 億美元，非美國通用會計準則毛利率為 50.1%。按順序計算，毛利率大致持平。與去年同期相比，毛利率下降，因為 22 財年第四季度包括通過在價格上漲生效之前建立的低成本庫存以及更高的平均銷售價格進行銷售的好處。

Non-GAAP operating expenses for the full fiscal year were $486.4 million, up 7% year-on-year, and non-GAAP operating income for fiscal '23 was $471.8 million or 24.9% of revenue. For the quarter, non-GAAP operating expenses were $119.8 million, at the low end of our guidance range as we continue to control discretionary spending. On a sequential basis, the decline in operating expense was primarily due to a reduction in variable compensation and discretionary spending, which was offset by higher product development and employee-related expenses. On a year-over-year basis, OpEx declined, primarily due to lower variable compensation and an increase in R&D incentives. This was offset by higher product development costs.

整個財年的非 GAAP 運營費用為 4.864 億美元，同比增長 7%，23 財年的非 GAAP 運營收入為 4.718 億美元，佔收入的 24.9%。本季度，非 GAAP 運營費用為 1.198 億美元，處於我們指導範圍的低端，因為我們繼續控制可自由支配的支出。按順序計算，運營費用的下降主要是由於可變薪酬和可自由支配支出的減少，這被產品開發和員工相關費用的增加所抵消。與去年同期相比，運營支出有所下降，這主要是由於可變薪酬較低和研發激勵措施增加。這被更高的產品開發成本所抵消。

Now let me turn to a couple of special onetime items this quarter that impacted our GAAP results. Number one, during the quarter, we reevaluated our intangible assets recorded in purchase accounting associated with the acquisition of Lion Semiconductor. The prolonged weakness in the China smartphone market has had an adverse impact on sales of our general market battery and power products associated with the Lion acquisition. As a result, the acquired intangible assets were written down by $85.8 million. Notwithstanding this intangible impairment, we continue to believe that this technology is relevant in other applications, and we are focusing our investment and resources in pursuit of these opportunities.

現在讓我談談本季度影響我們 GAAP 結果的幾個特殊的一次性項目。第一，在本季度，我們重新評估了記錄在與收購 Lion Semiconductor 相關的採購會計中的無形資產。中國智能手機市場的長期疲軟對我們與 Lion 收購相關的一般市場電池和電源產品的銷售產生了不利影響。因此，收購的無形資產減記了 8580 萬美元。儘管有這種無形的損害，我們仍然相信這項技術在其他應用中是相關的，我們正在集中我們的投資和資源來尋求這些機會。

Number two, we've been focused on improving operational efficiency and accordingly, have taken a number of steps, including reducing our global real estate footprint, product prioritization as well as some restructuring actions. As such, during the fourth quarter, the company recorded $10.6 million of lease impairments and restructuring charges. As previously mentioned, both of these charges were excluded from non-GAAP operating expenses.

第二，我們一直專注於提高運營效率，因此採取了一系列措施，包括減少我們的全球房地產足跡、產品優先級以及一些重組行動。因此，在第四季度，該公司記錄了 1060 萬美元的租賃減值和重組費用。如前所述，這兩項費用均不包括在非 GAAP 運營費用中。

Non-GAAP operating income was $66.9 million in the fourth quarter or 17.9% of revenue. As expected, due largely to a tax rule effective from the start of our fiscal year 2023 that requires companies to capitalize and amortize R&D expenses rather than deduct them in the current year, our fiscal year '23 non-GAAP effective tax rate was 23.5% for the full year.

第四季度非美國通用會計準則營業收入為 6690 萬美元，佔收入的 17.9%。正如預期的那樣，主要由於從 2023 財年開始生效的稅收規則要求公司將研發費用資本化和攤銷而不是在當年扣除，我們的 23 財年非 GAAP 有效稅率為 23.5%全年。

And finally, on the P&L, non-GAAP net income for fiscal '23 was $367.4 million, or $6.42 per share. Non-GAAP net income in the fourth quarter was $52.6 million or $0.92 per share.

最後，在損益表上，23 財年的非 GAAP 淨收入為 3.674 億美元，即每股 6.42 美元。第四季度非 GAAP 淨收入為 5260 萬美元或每股 0.92 美元。

Let me now turn to the balance sheet. Our balance sheet continues to remain strong, and we ended the fourth quarter of fiscal year '23 with approximately $517.3 million in cash and cash equivalents. Our ending cash balance was up roughly $9.6 million from the prior quarter, primarily due to strong cash flow from operations, partially offset by stock repurchases during the quarter. We continue to have no debt outstanding. And also I'd note, we have $300 million undrawn on our revolver.

現在讓我談談資產負債表。我們的資產負債表繼續保持強勁，截至 23 財年第四季度末，我們的現金和現金等價物約為 5.173 億美元。我們的期末現金餘額比上一季度增加了約 960 萬美元，這主要是由於運營現金流強勁，部分被本季度的股票回購所抵消。我們繼續沒有未償債務。我還要指出，我們的左輪手槍有 3 億美元未動用。

Inventory was $233.5 million, up from $152.4 million sequentially, and days of inventory was 114 days in Q4 as we built product to support our customers' new product ramps. I'd note that our inventory position has been substantially below normal levels over the past couple of years due to supply constraints. And as indicated in our prior quarter's earnings call, we've been increasing our inventory position in order to shorten delivery times.

庫存為 2.335 億美元，高於上一季度的 1.524 億美元，第四季度的庫存天數為 114 天，因為我們構建產品以支持客戶的新產品量產。我注意到，由於供應限制，我們的庫存狀況在過去幾年中大大低於正常水平。正如我們在上一季度的財報電話會議中所指出的那樣，我們一直在增加庫存頭寸以縮短交貨時間。

Looking ahead to Q1 fiscal '24, we expect inventory to increase from the prior quarter as we begin to build ahead of seasonal product launches in the second half of the calendar year. We expect inventory to remain above historical levels over the next couple of quarters as we balance anticipated product demand and wafer purchase commitments that require us to build inventory on a more linear basis. I'd note that our current silicon products tend to ship for multiple generations of our key customers' end products.

展望 24 財年第一季度，我們預計庫存將比上一季度增加，因為我們開始在日曆年下半年推出季節性產品之前進行建設。我們預計未來幾個季度庫存將保持在歷史水平之上，因為我們需要平衡預期的產品需求和晶圓採購承諾，這需要我們在更線性的基礎上建立庫存。我要指出的是，我們目前的矽產品往往會為我們主要客戶的多代終端產品發貨。

Turning to cash flow. Cash flow from operations was $339.6 million for fiscal year '23 and CapEx was roughly $36.7 million, resulting in free cash flow for the year of $302.9 million. Free cash flow margin for the 12-month period ending in the March quarter was 16%, thanks to the excellent execution as well as collections performance by the team. Cash flow from operations was $48.3 million in the March quarter, and CapEx was roughly $11.6 million, resulting in free cash flow for the quarter of $36.6 million. Free cash flow margin for the March quarter was 10%.

轉向現金流。 23 財年的運營現金流為 3.396 億美元，資本支出約為 3670 萬美元，因此當年的自由現金流為 3.029 億美元。由於團隊出色的執行力和收款表現，截至 3 月季度的 12 個月期間的自由現金流量利潤率為 16%。 3 月季度的運營現金流為 4830 萬美元，資本支出約為 1160 萬美元，導致本季度的自由現金流為 3660 萬美元。 3 月季度的自由現金流利潤率為 10%。

On the share buyback front, in fiscal '23, we utilized $191.4 million to repurchase approximately 2.4 million shares of our common stock at an average price of $81.16. In Q4, we utilized $35 million to repurchase approximately 338,000 shares of our common stock at an average price of $103.70. As of the end of Q4 fiscal '23, we had $501.1 million remaining in our share repurchase authorization. Subsequent to Q4 fiscal '23, the company utilized $23.9 million to repurchase approximately 274,000 shares at an average price of $87.1 under the Rule 10b5-1 share repurchase plan. We expect to continue to return capital in the form of stock repurchases, which we believe will provide a long-term benefit to shareholders going forward.

在股票回購方面，在 23 財年，我們用 1.914 億美元以平均 81.16 美元的價格回購了大約 240 萬股普通股。在第四季度，我們用 3500 萬美元以平均 103.70 美元的價格回購了大約 338,000 股普通股。截至 23 財年第四季度末，我們的股票回購授權剩餘 5.011 億美元。在 23 財年第四季度之後，公司根據規則 10b5-1 股票回購計劃，動用 2390 萬美元以平均 87.1 美元的價格回購了約 274,000 股股票。我們預計將繼續以股票回購的形式返還資本，我們相信這將為未來的股東帶來長期利益。

And now on to the guidance. For Q1 of fiscal '24, we expect revenue in the range of $260 million to $320 million, reflecting lower smartphone units and weakness in general market product sales. We expect gross margin to range from 49% to 51%. Non-GAAP operating expense is expected to be down sequentially in the range of $114 million to $120 million due to higher R&D incentives and lower variable compensation, partially offset by higher employee-related expenses. I'd note, operating expense includes the full impact of our annual merit increase, which took effect at the beginning of the fiscal year. We will continue to control discretionary spending while investing strategically in product development to drive long-term growth.

現在開始指導。對於 24 財年第一季度，我們預計收入在 2.6 億美元至 3.2 億美元之間，反映出智能手機銷量下降和一般市場產品銷售疲軟。我們預計毛利率在 49% 至 51% 之間。由於更高的研發激勵和更低的可變薪酬，非 GAAP 運營費用預計將連續下降 1.14 億美元至 1.2 億美元，部分被更高的員工相關費用所抵消。我要指出的是，運營費用包括我們年度業績增長的全部影響，該增長在本財年開始時生效。我們將繼續控制可自由支配的支出，同時對產品開發進行戰略投資以推動長期增長。

Our fiscal '24 non-GAAP effective tax rate will continue to be unfavorably impacted by the tax rule that requires us to capitalize and amortize our R&D expense, and we expect the foreign tax credits to decrease. As a result, we expect our fiscal '24 non-GAAP tax rate will be approximately 24% to 26%. We continue to anticipate that the impact of capitalized R&D will become less unfavorable over time as additional years of R&D expenses are amortized for tax purposes. We also note that bills have recently been introduced in both the House and the Senate with bipartisan support that would restore full tax deductibility of R&D investments if passed.

我們的 24 財年非 GAAP 有效稅率將繼續受到要求我們將研發費用資本化和攤銷的稅收規則的不利影響，我們預計外國稅收抵免將減少。因此，我們預計我們的 24 財年非 GAAP 稅率將約為 24% 至 26%。我們繼續預計，隨著時間的推移，研發費用資本化的影響將變得不那麼不利，因為出於稅收目的攤銷了額外的研發費用。我們還注意到，最近在兩黨支持下眾議院和參議院都提出了法案，如果獲得通過，該法案將恢復研發投資的全部稅收減免。

In closing, we had a strong Q4 fiscal '23 and the full year fiscal '23 as we executed well to deliver these results. Going forward, we remain focused on improving operational efficiencies, exercising fiscal discipline and increasing shareholder value. Furthermore, we intend to continue to invest strategically in new product development as we see ongoing opportunities to increase our content and enable the company to grow both revenue and profitability over the long term.

最後，我們在 23 財年第四季度和 23 財年全年表現強勁，因為我們執行得很好，實現了這些結果。展望未來，我們將繼續專注於提高運營效率、執行財政紀律和增加股東價值。此外，我們打算繼續對新產品開發進行戰略投資，因為我們看到不斷增加內容的機會，並使公司能夠長期增加收入和盈利能力。

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

在我們開始問答之前，我想指出，雖然我們了解與我們最大的客戶相關的強烈興趣，但根據 Cirrus Logic 公司的政策，我們不會討論我們業務關係的具體細節。

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

有了這個，現在讓我把電話轉給切爾西開始問答環節。

Thank you, Venk. We will now start the Q&A portion of the call. (Operator Instructions) Operator, we are now ready to take questions.

謝謝你，文克。我們現在將開始通話的問答部分。 （接線員說明）接線員，我們現在準備好回答問題了。

(Operator Instructions) Your first question comes from the line of Matt Ramsay with TD Cowen.

（操作員說明）您的第一個問題來自馬特·拉姆齊與 TD Cowen 的對話。

The first question that I wanted to ask is around the agreement that you guys have with GlobalFoundries that you guys put in place for supply. And the question I've been getting is there were some things that you guys disclosed tonight around Lion Semi in China and maybe some of the challenges that have been there in the China smartphone market, and you discussed in the shareholder letter and John, in your comments, the content increase at your largest customer for this year that may not happen now.

我想問的第一個問題是關於你們與 GlobalFoundries 達成的供應協議。我得到的問題是，你們今晚披露了一些關於中國 Lion Semi 的事情，也許還有中國智能手機市場存在的一些挑戰，你們在股東信中討論過，約翰在你的評論，你今年最大客戶的內容增加現在可能不會發生。

I'm just wondering if there are variabilities in your revenue levels with items like that, that come and go? That's normal business, things happen, I get it. But the question is really what happens to the commitment that you have? And if you could talk us through, are there any ramifications for margins in the medium term? Or do you feel like you've got enough room there that, that won't really affect the P&L, and other products can ramp and make up for that? I just want to -- some of the terms there haven't been public, so I'm just trying to understand the sensitivities around revenue growth and that agreement.

我只是想知道您的收入水平是否存在變化，這些項目來來去去？這是正常的事情，事情發生了，我明白了。但真正的問題是，您的承諾會發生什麼變化？如果你能和我們談談，中期利潤率有什麼影響嗎？還是您覺得那裡有足夠的空間，不會真正影響損益，而其他產品可以增加並彌補這一點？我只是想 - 其中一些條款尚未公開，所以我只是想了解圍繞收入增長和該協議的敏感性。

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

是的。謝謝你，馬特，提出這個問題。我只是提前說一下，其中有一些正在進行中的工作。但關於我們與 GlobalFoundries 的關係和協議，我要說的是，我們有相當多的產品在 Global 使用相同的基礎工藝技術，包括放大器、觸覺和電源，所有這些都是非常長壽命的產品。我們將產品從該流程運送給多個客戶。其中許多產品，我們預計會在相當長的時間內發貨。

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

因此，這使我們在確定晶圓優先級、履行持續採購承諾和管理計劃變更方面具有一定程度的靈活性。短期內，顯然，我們正在努力——我們將與我們的客戶和鑄造廠密切合作，以平衡這些承諾與略有變化的需求模式，但這就是廣泛的情況。

Got it, John. I understand there's a fluid situation and sensitivities there. I guess as my follow-up question, and I realize this is sensitive, but one of the things that the company, I think, has done well is talk about the investments that you're making in new programs, specifically ones that are custom for any particular customer that you wouldn't make those investments until there was very high predictability and line of sight to those products being adopted.

知道了，約翰。我知道那裡的情況和敏感性都不穩定。我想這是我的後續問題，我意識到這很敏感，但我認為公司做得好的一件事是談論你在新項目上的投資，特別是那些定制的項目對於任何特定客戶，您不會進行這些投資，除非對所採用的產品具有很高的可預測性和視線。

And I don't -- I would anticipate none of that has changed. This is a onetime type of situation. I just wonder on the back end of that, what kind of -- what are the ramifications here and compensations maybe from the customer to a change in plans this late in the program? Are there anything, especially considering this is likely a relatively custom product, are there any things on the other side that help compensate the company for the investments that you guys have made? And if you could just talk about the philosophy there broadly, that would be helpful.

而且我沒有 - 我預計這些都沒有改變。這是一次性的情況。我只是想知道在那個後端，什麼樣的 - 這裡的後果是什麼？客戶可能會在這個項目的後期改變計劃？有沒有什麼，特別是考慮到這可能是一個相對定制的產品，另一方面有什麼東西可以幫助補償公司對你們所做的投資嗎？如果你能廣泛地談論那裡的哲學，那會很有幫助。

Yes, sure. Thank you. Yes, I'm going to just step around the specifics of kind of live topics with the customer for obvious reasons. But I want to pick up your point there on the confidence we have generally had and communicated regarding investing in opportunities, especially around custom silicon with our largest customer. In fact, we -- when we step back from it, there's really an amazing track record of innovation and execution there over the past 1.5 decades, going from codecs to boosted amplifiers to haptics to camera controllers and then more recently, power conversion and control. That's been within the context of a really, really strong relationship.

是的，當然。謝謝。是的，出於顯而易見的原因，我將與客戶討論現場話題的具體細節。但我想談談你的觀點，即我們普遍擁有並就投資機會進行溝通的信心，尤其是與我們最大客戶的定制矽。事實上，我們 - 當我們退後一步時，在過去的 1.5 年裡確實有驚人的創新和執行記錄，從編解碼器到升壓放大器到觸覺到相機控制器，然後是最近的電源轉換和控制.那是在一種非常非常牢固的關係的背景下。

And this -- within that, this situation is really an anomaly. It really hasn't happened before. And I think the way we regard it, certainly, the way I look at it is it's a temporary setback, but it doesn't change our plan or strategy or confidence in that relationship and our desire to grab the opportunities that we see there for potential further growth.

而這個 - 在那個範圍內，這種情況確實是一種反常現象。這真的以前沒有發生過。我認為我們看待它的方式，當然，我看待它的方式是暫時的挫折，但它不會改變我們的計劃或戰略或對這種關係的信心以及我們抓住我們在那裡看到的機會的願望潛在的進一步增長。

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

您的下一個問題來自 Tore Svanberg 與 Stifel 的合作。

Yes, I had a question about HPMS and especially in relation to the write-down of Lion. And I think as you -- in your prepared remarks, I think you said you would like to use some of that technology in other applications. So I'm just trying to understand if there's still a lot of opportunities for power in smartphone? Or is there a shift now in the focus more on the notebook side for that type of IP?

是的，我有一個關於 HPMS 的問題，尤其是關於 Lion 的減記。我認為，在你準備好的發言中，我認為你說過你想在其他應用程序中使用其中的一些技術。所以我只是想了解智能手機是否還有很多機會？還是現在對這類 IP 的關注更多地集中在筆記本電腦方面？

Thank you, Tore. Leaning much more towards the latter. I think the smartphone opportunities around power, I think the larger opportunities for us there in the custom silicon space. We have obviously some Lion technology shipping today into Android smartphones. I think we've seen both with the softness of the market there and the rise and possible preference for domestic Chinese suppliers in that space. That's a fairly tough place to be. By comparison, we've seen some pretty exciting opportunities around charging and power conversion in the laptop space for the future and some possible other markets in due course as well. So definitely tilting much more towards those other markets.

謝謝你，托爾。更傾向於後者。我認為圍繞電源的智能手機機會，我認為在定制矽空間為我們提供了更大的機會。顯然，我們今天已經將一些 Lion 技術應用到 Android 智能手機中。我認為我們已經看到那里市場的疲軟以及該領域對中國國內供應商的崛起和可能的偏好。這是一個相當艱難的地方。相比之下，我們已經看到了未來筆記本電腦領域和其他一些可能的市場在充電和電源轉換方面的一些非常令人興奮的機會。所以肯定會更傾向於那些其他市場。

And Tore, I'll just add to what John said. In terms of the HPMS technologies that we have for our key customers, that has been primarily homegrown technology. And the IP that we had from Lion has been primarily focused on the China smartphone market, which, as you all know, has been in a pretty tough spot over the last several quarters. So the underlying technology and architecture is still pretty relevant. I mean we're focusing the Lion IP more towards the laptop opportunity, but the entirety of the HPMS products that we've built for our top customer and others has been based on homegrown IP and homegrown technology.

還有 Tore，我將補充一下 John 所說的內容。就我們為主要客戶提供的 HPMS 技術而言，這主要是本土技術。我們從 Lion 獲得的 IP 主要集中在中國智能手機市場，眾所周知，在過去幾個季度中，中國智能手機市場一直處於相當艱難的境地。所以底層技術和架構仍然非常相關。我的意思是我們將 Lion IP 更多地集中在筆記本電腦機會上，但我們為我們的頂級客戶和其他客戶構建的所有 HPMS 產品都是基於本土 IP 和本土技術。

Very good. And as my follow-up, I just wanted to sort of understand the content opportunities you still have for the second half in spite of this setback that you mentioned. So you did mention a new camera controller. So I'm just wondering if that's primarily the content increases that we should be expecting for the second half of this year.

非常好。作為我的後續行動，我只是想了解一下你在下半年仍然擁有的內容機會，儘管你提到了這個挫折。所以你確實提到了一個新的相機控制器。所以我只是想知道這是否主要是我們今年下半年應該期待的內容增加。

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

在智能手機領域，是的，是的，Tore，這是今年下半年從內容角度來看的那種亮點。顯然，我們也在 Android 領域和其他市場尋求內容機會。

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

你的下一個問題來自 Blayne Curtis with Barclays。

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

我只想問一些六月的一般季節性。我認為這是你所看到的最陡峭的下跌之一，尤其是在 3 月下跌之後。你能談談嗎？那是——是否有任何方面，那就是需要減少的客戶庫存？或者有點——我知道談論你最大的客戶很難，但為什麼 6 月份的季節性下降幅度更大？

Yes, Blayne, this is Venk. Let me respond to that. So if you look at the guidance that we provided for the June quarter, I think 2 major elements that contribute to that. One is there is a reduction in the smartphone volumes, but I would say there's also a significant contribution from the general market. So as you know, we have a fairly decent exposure to the general market, and that is highly correlated to macro and that's where we see some weakness in addition to the overall weakness in smartphones. But both of those are factored into our guidance, and that's what's driving the number.

是的，Blayne，這是 Venk。讓我對此做出回應。因此，如果您查看我們為 6 月季度提供的指導，我認為有兩個主要因素對此做出了貢獻。一個是智能手機銷量下降，但我想說一般市場也做出了重大貢獻。因此，如您所知，我們對一般市場的敞口相當不錯，這與宏觀市場高度相關，這就是除了智能手機整體疲軟之外我們還看到一些弱點的地方。但這兩者都被納入我們的指導，這就是推動這一數字的原因。

I mean I guess -- sorry, I mean Apple just had better iPhone numbers. So -- and obviously, it's the biggest part. So the general weakness couldn't explain it. So is there a little more you can add to that thing?

我的意思是我猜 - 抱歉，我的意思是 Apple 只是擁有更好的 iPhone 號碼。所以 - 顯然，這是最大的部分。所以一般的弱點無法解釋。那麼，您還可以添加更多內容嗎？

Yes, Blayne, I think there's always some timing mismatches between what our customers report and obviously, how we build to the customer forecast and such. So I'd say, at a high level, you could attribute it to the smartphone volumes being down relative to prior years, and then there's a contribution from general market that's also not insignificant.

是的，Blayne，我認為我們的客戶報告與顯然我們如何構建客戶預測等之間總是存在一些時間不匹配。所以我想說，在較高的層面上，你可以將其歸因於智能手機銷量相對於前幾年有所下降，然後一般市場的貢獻也並非微不足道。

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

你的下一個問題來自 Christopher Rolland 和 Susquehanna 的台詞。

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

所以高通昨晚出局了。他們表示，從本質上講，原始設備製造商的更多旗艦採購被推遲到 3 月份，這將在 6 月和 9 月留下更多的缺口。我想知道這是否符合某些東西——至少你們看到的一種模式，以及我們應該如何考慮你們前進的順序？

Yes, Chris, this is Venk. Thanks for the question. So yes, we did see the Qualcomm report from yesterday. And in general, again, every company has a different dynamic based on the specific parts they ship and the lead times and such. So I wouldn't make a general comment, especially about our top customer, based on a competitor's announcement. But suffice it to say that as we see it, we are clearly modeling a reduction in smartphone volumes overall. And then in response to Blayne's question, there's also the general market sales that's having an impact. So couldn't call specifically the dynamics for one of our competitors and how that relates to their outlook for the year and for the quarter.

是的，克里斯，這是文克。謝謝你的問題。所以是的，我們確實看到了昨天的高通報告。一般來說，每家公司都有不同的動力，這取決於他們運送的具體零件和交貨時間等。因此，我不會根據競爭對手的公告發表一般性評論，尤其是關於我們的頂級客戶。但我只想說，正如我們所看到的，我們顯然正在模擬智能手機整體銷量的下降。然後在回答 Blayne 的問題時，一般市場銷售也產生了影響。因此，無法具體說明我們的一個競爭對手的動態，以及這與他們今年和本季度的前景有何關係。

Sure. I guess a follow-up and then another quick question. I guess my follow-up is could you see some of this weakness in June also leak into September? And then for my question around your non-lead customer revenue, your general market revenue as you were discussing, I think it was an all-time low or at least in certain years, all-time low. Can you walk us through the puts and takes? Do we get a nice bounce off the bottom? Do you expect this to be at the bottom? Or is there -- is June going to be a significant step down or a little step down or even a step up in general market revenue for you guys?

當然。我猜是跟進，然後是另一個快速問題。我想我的後續行動是你能看到 6 月的一些弱點也洩漏到 9 月嗎？然後關於你的非主要客戶收入的問題，你正在討論的一般市場收入，我認為這是歷史最低點，或者至少在某些年份，歷史最低點。你能告訴我們看跌期權嗎？我們從底部反彈了嗎？你認為這是在底部嗎？或者，對於你們來說，6 月的總體市場收入是否會顯著下降或略微下降甚至上升？

Yes. So 2 parts. First, from the standpoint of the guidance beyond the June quarter, obviously, we're not providing that right now. But I would add that, in general, the -- if you look at the past years' patterns, there is the second half build of our customers' products. And as we see things today, we don't see anything differently. So that's one.

是的。所以2個部分。首先，從 6 月季度之後的指導的角度來看，顯然，我們現在沒有提供。但我要補充一點，總的來說，如果你看看過去幾年的模式，就會發現我們客戶產品的下半年構建。正如我們今天所看到的那樣，我們並沒有看到任何不同的東西。這就是一個。

And then as it relates to the general market, we have seen some stabilization in the general market. Obviously, as we pointed out, general market has been weak not just for us, but certainly the companies in the semi space over the last couple of weeks that have reported have all cited inventory and build and so forth. For us, we do see some stabilization in the general market sales and -- but we're not ready to call a bottom. We do expect things will improve over the rest of the year, but it's hard to call the timing of when that inflection point happens.

然後，由於它與一般市場有關，我們已經看到一般市場有所穩定。顯然，正如我們所指出的那樣，整體市場不僅對我們來說疲軟，而且過去幾週報告的半空間公司肯定都提到了庫存和建設等。對我們來說，我們確實看到整體市場銷售有所穩定，而且——但我們還沒有準備好稱之為觸底。我們確實預計今年餘下時間情況會有所改善，但很難確定拐點發生的時間。

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

你的下一個問題來自 Ananda Baruah 與 Loop Capital 的合作。

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

我想，是的，兩個，如果可以的話。伙計們，回到準備好的評論，你在談論過去每年增加的控制器內容。你能稍微解開一下允許控制器內容增加的東西嗎？或者是什麼讓它每年都在增長？你們所做的純粹是創新嗎？您正在做的創新是否與產品上發生的其他創新有關？任何上下文都會有所幫助。然後我只是快速跟進。

Absolutely. I think the way to think about that is as of there being 3 primary drivers there of the growth in value. Number one is that the camera controllers increase -- we've seen an increase in attach rate over time just due to multiple cameras and so on. Secondly, as those richer camera systems with more cameras, more stabilization and so on work their way down through the tiers, we're then seeing multiple generations of devices shipping at the same time with more of our camera controller content. And then thirdly, to your point, we are driving innovation ourselves with the camera controllers. So they've been updated to increase the processing speed, increase the overall capabilities in relation to stabilization and autofocus and enable new features within the camera system. So there's really 3 drivers there. All of them play a part in seeing that step up in value that I mentioned in the opening remarks.

絕對地。我認為考慮這一點的方法是，價值增長有 3 個主要驅動因素。第一是相機控制器的增加——我們已經看到隨著時間的推移附加率的增加只是由於多個相機等等。其次，隨著那些具有更多攝像頭、更多穩定性等的更豐富的攝像頭系統在層層中向下工作，我們隨後會看到多代設備同時出貨，其中包含更多的攝像頭控制器內容。第三，就你的觀點而言，我們正在通過相機控制器推動創新。因此，它們已經更新，以提高處理速度，提高與穩定性和自動對焦相關的整體功能，並在相機系統中啟用新功能。所以那裡真的有 3 個司機。他們所有人都在看到我在開場白中提到的價值提升方面發揮了作用。

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

這是超級有用的上下文。我很感激。我想只是快速跟進，Venk。我知道你不會在 6 月季度之後提供指導。但是，在毛利率方面，我們應該關注哪些力量會在我們度過這一年時以某種方式影響毛利率？對我來說就是這樣。

Yes. Thanks, Ananda. I'd say at a high level, as you've seen us over the last several quarters, we've been kind of in the 49% to 51% range. It's been more towards the high end. And as we see things right now, there's nothing that will cause us to change that range. So again, not providing guidance beyond the June quarter, but our plan is to be in the 49 -- our model is to be in the 49% to 51% range so that we can optimize between revenue growth and profitability.

是的。謝謝，阿南達。我想說的是高水平，正如你在過去幾個季度看到的那樣，我們一直在 49% 到 51% 的範圍內。它更傾向於高端。正如我們現在看到的那樣，沒有什麼可以讓我們改變這個範圍。因此，再一次，不提供超過 6 月季度的指導，但我們的計劃是在 49%——我們的模型是在 49% 到 51% 的範圍內，這樣我們就可以在收入增長和盈利能力之間進行優化。

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

你的下一個問題是巴克萊銀行的 Blayne Curtis 的後續問題。

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

我只是想就馬特的問題提出後續問題。我認為新產品，給定週期時間，你可能已經開始了。所以我很好奇如何思考，是否會有一種產品會出現在資產負債表上？而且我知道它是流動的，所以你可以弄清楚它是否會進入未來的產品。但我的意思是你如何看待這種動態？因為我假設你在發現它不會出現在手機中之前就開始使用晶圓了。

Yes, Blayne, this is Venk. You're absolutely right. So we had started building wafers based on lead times and production ramp schedules. But we are in discussions with our customer for disposition of this, and we'll provide an update when we can. But you're right. At a high level, though, I think one thing that's really important to point out is if you look at inventory overall, our inventory position has been substantially below normal levels, right? So -- as we indicated in the prior call, we've been increasing it. And we do expect that to trend higher because we do have to build products ahead of our customers' product ramps.

是的，Blayne，這是 Venk。你是絕對正確的。因此，我們已經開始根據交貨時間和生產坡道計劃來製造晶圓。但我們正在與我們的客戶討論如何處理這個問題，我們會在可能的時候提供更新。但你是對的。不過，在較高的層面上，我認為需要指出的一件非常重要的事情是，如果你從整體上看庫存，我們的庫存狀況已經大大低於正常水平，對吧？所以——正如我們在之前的電話會議中指出的那樣，我們一直在增加它。我們確實希望這種趨勢會更高，因為我們確實必須在客戶的產品量產之前製造產品。

But another point to keep in mind is that with the exception of this product that we talked about not being in the model going forward, our existing and current silicon products do tend to ship for multiple generations of our key customers' end products, and that's something that is kind of different from a traditional model. So overall, as it relates to this product that's no longer going to be shipped, we are in discussions with our customer in terms of how to disposition.

但要記住的另一點是，除了我們談到的這個產品不在未來的模型中之外，我們現有和當前的矽產品確實傾向於為我們的主要客戶的多代最終產品發貨，那就是與傳統模型有點不同的東西。所以總的來說，由於它與不再發貨的產品有關，我們正在與客戶討論如何處置。

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

至此，我們將結束問答環節。我現在將把電話轉回給約翰，聽取他的最後評論。

Thank you, Chelsea. In summary, we're pleased with our progress in FY '23 as we executed across our 3 areas of strategic focus: first, maintaining our leadership position in smartphone audio; second, increasing high-performance mixed signal content in smartphones; and thirdly, leveraging our strength in audio and high-performance mixed signal to expand into additional applications and markets with new and existing components.

謝謝你，切爾西。總而言之，我們對 23 財年的進展感到滿意，因為我們在 3 個戰略重點領域執行：首先，保持我們在智能手機音頻領域的領先地位；第二，增加智能手機中的高性能混合信號內容；第三，利用我們在音頻和高性能混合信號方面的優勢，利用新的和現有的組件擴展到更多應用和市場。

We remain very excited about the opportunities that we see in front of us, and we thank you all for your continued interest in Cirrus Logic. Before we close, I'd also like to note that we will be participating in the Cowen Conference in New York on May 31 and the Stifel Conference in Boston on June 6. Please check our investor website for the details. I'd like to thank everyone for participating today. Goodbye.

我們對眼前的機遇感到非常興奮，我們感謝大家對 Cirrus Logic 的持續關注。在結束之前，我還想指出，我們將參加 5 月 31 日在紐約舉行的 Cowen 會議和 6 月 6 日在波士頓舉行的 Stifel 會議。請查看我們的投資者網站了解詳情。我要感謝大家今天的參與。再見。

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

今天的電話會議到此結束。您現在可以斷開線路。