Cirrus Logic Inc (CRUS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic's second quarter fiscal year 2025 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。歡迎參加 Cirrus Logic 2025 財年第二季財務業績問答環節。（操作員說明）謹此提醒，本次電話會議正在錄音以供重播之用。

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

我現在想將電話會議轉給切爾西·赫弗南 (Chelsea Huffer) 女士——投資者關係副總裁切爾西·赫弗南 (Chelsea Heffernan) 女士。你可以開始了。

Thank you, and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer and Ulf Habermann, our interim Chief Financial Officer. Today, at approximately 4:00 PM Eastern time, we announced our financial results for the second quarter, fiscal year 2025. 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.

謝謝你，下午好。參加今天電話會議的有 Cirrus Logic 執行長 John Forsyth 和臨時財務長 Ulf Habermann。今天，美國東部時間下午 4 點左右，我們公佈了 2025 財年第二季的財務表現。討論我們財務表現的股東信、收益新聞稿和本問答環節的網路廣播均可在本公司的投資者關係網站上取得。本次電話會議將由涵蓋我們公司的分析師提出問題。

Additionally, the results and guidance we will discuss on this call will include non-GAAP financial measures that may 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導將包括可能排除某些項目的非公認會計原則財務指標，這些非公認會計原則指標與其最直接可比較的公認會計原則指標的對帳已包含在我們的收益發布中，並且均可在該公司的投資者關係網站。

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 provide 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，這些陳述受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。透過提供此信息，本公司明確表示不承擔更新或提供任何預測或前瞻性陳述的義務，無論是由於新的發展還是其他原因。

Please refer to the press release and the shareholder letter issued today, which are available on the company's website and the latest form 10-K as well as other corporate filings registered with the securities and exchange commission. Additional discussion of risk factors that could cause actual results to differ materially from current expectations.

請參閱今天發布的新聞稿和股東信函（可在公司網站上取得）以及最新的 10-K 表格以及在證券交易委員會註冊的其他公司文件。對可能導致實際結果與目前預期產生重大差異的風險因素的額外討論。

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 welcome to everyone joining today's call.

謝謝切爾西，歡迎大家參加今天的電話會議。

As you've seen in the press release, Cirrus Logic delivered record revenue and earnings per share for the September quarter, revenue was $541.9 million near to the top end of our guidance range due to strong demand for products shipping into smartphones.

正如您在新聞稿中所看到的，Cirrus Logic 在 9 月季度的收入和每股盈餘創下了紀錄，由於智慧型手機產品的強勁需求，收入為 5.419 億美元，接近我們指導範圍的上限。

In a moment, I'm going to hand the call over to Ulf to discuss the financial results for the September quarter in greater detail, as well as our outlook for the December quarter. But before we get to that, I'd like to make a few remarks regarding our recent progress.

稍後，我將把電話轉交給 Ulf，更詳細地討論 9 月份季度的財務業績，以及我們對 12 月份季度的展望。但在此之前，我想就我們最近的進展發表一些評論。

As many of you are aware, our long-term strategy for growing the company is based around three broad principles. First, maintaining leadership in our core flagship smartphone audio business; second, continuing our expansion in areas of high performance mixed signal functionality in smartphones; and third, leveraging those audio and high performance mixed signal capabilities to penetrate and grow in new markets.

正如你們許多人所知，我們公司發展的長期策略是基於三大原則。第一，維持核心旗艦智慧型手機音訊業務的領先地位；其次，持續拓展智慧型手機高效能混合訊號功能領域；第三，利用這些音訊和高效能混合訊號功能來滲透和發展新市場。

In our flagship smartphone audio business this past quarter we were particularly excited to begin shipping our next generation custom boosted amplifier and our first 22 nanometer smart codec in recently launched smartphones.

在上個季度我們的旗艦智慧型手機音訊業務中，我們特別高興地開始在最近推出的智慧型手機中推出下一代客製化升壓放大器和首款 22 奈米智慧編解碼器。

The new amplifier provides significant power and efficiency improvements, while the smart codec in addition to being Cirrus Logic's first 22 nanometer product of any kind delivers meaningful advances in audio and mixed signal processing capabilities.

新擴大機提供了顯著的功率和效率改進，而智慧編解碼器除了是 Cirrus Logic 首款 22 奈米產品之外，還在音訊和混合訊號處理能力方面帶來了有意義的進步。

Together, these components showcase years of engineering dedication and close collaboration with our customer and they contribute meaningfully to the power efficiency and extraordinary audio quality of our customers new products. We anticipate that both components will ship from multiple smartphone generations and in doing so provide us with an enduring and substantial revenue stream in the years ahead.

這些組件共同展示了我們多年的工程奉獻精神以及與客戶的密切合作，它們為我們客戶新產品的功效和卓越的音訊品質做出了有意義的貢獻。我們預計這兩種組件將從多代智慧型手機中發貨，從而在未來幾年為我們提供持久且可觀的收入流。

Looking beyond audio, we're enthusiastic about the potential to grow content in smartphones with our high-performance mixed signal solutions. Our progress in this area is evident in the continued success of our camera controller product line.

除了音訊之外，我們還對利用我們的高效能混合訊號解決方案增加智慧型手機內容的潛力充滿熱情。我們在這一領域的進步體現在我們的相機控制器產品線的持續成功。

Since the introduction of our first camera controller in calendar year 2020, our camera content has continued to increase in value over time. With the recent smartphone launch, we are benefiting from a more favorable overall mix of smartphones on the market that include our camera controllers.

自 2020 年推出我們的首款相機控制器以來，我們的相機內容的價值隨著時間的推移而不斷增加。隨著最近智慧型手機的推出，我們受益於市場上更有利的智慧型手機整體組合，其中包括我們的相機控制器。

We see considerable potential to add further value in this area as we identify more opportunities to enhance system performance and help enable advanced camera features. Beyond camera controllers, we also believe that advanced power sensing and battery related technologies represent excellent opportunities for us and we continue to invest in a number of R&D programs that are focused on these areas.

隨著我們發現更多增強系統性能和幫助實現高級相機功能的機會，我們看到了在該領域進一步增加價值的巨大潛力。除了相機控制器之外，我們還相信先進的功率感測和電池相關技術為我們帶來了絕佳的機會，我們將繼續投資於一些專注於這些領域的研發項目。

We anticipate that the investments that we are making in this space today will contribute to product diversification and expand our footprint in these product categories in the future. The third element of our strategy is focused on expanding into new applications and markets outside of smartphones. In this area. We continue to be excited about the opportunities we see in our laptop business.

我們預計，我們今天在這一領域進行的投資將有助於產品多樣化，並在未來擴大我們在這些產品類別中的足跡。我們策略的第三個要素是專注於擴展到智慧型手機以外的新應用程式和市場。在這個區域。我們仍然對筆記型電腦業務中看到的機會感到興奮。

While we are still in the early stages of revenue contribution from our recently introduced laptop components. We were pleased with our progress during the September quarter. That progress included securing our first high volume mainstream design win with our latest PC codec which combines cutting edge hardware with advanced algorithms for superior audio playback.

雖然我們仍處於最近推出的筆記型電腦組件收入貢獻的早期階段。我們對九月季度的進展感到滿意。這項進展包括透過我們最新的 PC 編解碼器確保我們首次獲得大批量主流設計勝利，該編解碼器將尖端硬體與先進演算法相結合，實現卓越的音訊播放。

We're also proud to ship our first power product designed specifically for laptops in multiple Tier 1 customers devices. Additionally, during the quarter, we saw the introduction of a new laptop from a top tier laptop OEM that exemplifies the breadth of our content opportunity in this market. In that it features eight service logic components including a codec, multiple audio amplifiers and multiple power converter chips. We anticipate many more customer product introductions in the laptop space in the coming months and are excited about the opportunity this market represents.

我們也很自豪能夠在多個一級客戶設備中推出專為筆記型電腦設計的首款電源產品。此外，在本季度，我們看到頂級筆記型電腦 OEM 推出了一款新筆記型電腦，這體現了我們在這個市場上的內容機會的廣度。它具有八個服務邏輯元件，包括編解碼器、多個音訊放大器和多個電源轉換器晶片。我們預計未來幾個月將在筆記型電腦領域推出更多客戶產品，並對這個市場所帶來的機會感到興奮。

And with that, let me now turn the call over to Ulf to provide an overview of our financial results as well as the outlook.

現在，讓我將電話轉給烏爾夫，概述我們的財務表現和前景。

Thank you John and good afternoon everyone. I will start with a summary of our financial results for our second quarter, fiscal 2025, and then provide guidance for Q3 FY25. In Q2 FY25, we delivered record revenue for the September quarter of $541.9 million, near the high end of our guidance range.

謝謝約翰，大家下午好。我將先總結 2025 財年第二季的財務業績，然後為 2025 財年第三季提供指引。在 2025 財年第二季度，我們在 9 月季度實現了創紀錄的收入 5.419 億美元，接近我們指導範圍的上限。

On a sequential basis, revenue was up 45% due to higher unit volumes associated with new smartphone launches. On a year over year basis sales were up 13% driven by higher smartphone unit volumes and increased revenue associated with next generation products.

由於新智慧型手機發布帶來的銷量增加，收入環比增長了 45%。由於智慧型手機銷量增加以及與下一代產品相關的收入增​​加，銷售額較去年同期成長 13%。

Also, as we indicated in Q1 FY25 in our shareholder letter when comparing our September quarter to the equivalent quarter last year, we would note that in FY25 our September quarter begin and end it one week later. Therefore, it encompassed one week more of higher volume production associated with typical seasonal product ramps, turning to gross profit and gross margin.

此外，正如我們在股東信中在將 9 月季度與去年同期進行比較時指出的，我們在 2025 財年第一季中指出，我們的 9 月季度在一周後開始和結束。因此，它包括與典型季節性產品成長相關的一周以上的高產量，轉向毛利和毛利率。

non-GAAP gross profit in the quarter was $282.9 million and NON-GAAP gross margin was 52.2%. On a sequential basis, the gross margin increase of 160 basis points was mostly driven by favorable product mix, the 90 basis points increase year-over-year was largely due to favorable product mix. This was offset in part by higher supply chain cost. Now turn to operating expenses.

該季度非 GAAP 毛利為 2.829 億美元，非 GAAP 毛利率為 52.2%。毛利率較上季成長160個基點主要得益於有利的產品組合，較去年成長90個基點主要得益於有利的產品組合。這在一定程度上被供應鏈成本上升所抵消。現在轉向營運費用。

non-GAAP operating expense for the second quarter was $126.8 million, on a sequential basis OpEx was up $8.8 million primarily due to higher variable compensation and product development costs. This was offset by a reduction in employee related expenses.

第二季非 GAAP 營運費用為 1.268 億美元，營運支出較上季成長 880 萬美元，主要是由於可變薪酬和產品開發成本增加。這被員工相關費用的減少所抵消。

On a year-over-year basis, operating expenses up $12.3 million largely due to higher employee related expenses, increased variable compensation and higher product development cost. Non-GAAP operating income for the quarter was $156.2 million or 28.8% of revenue. Turning now to taxes.

與去年同期相比，營運費用增加了 1,230 萬美元，主要是因為員工相關費用增加、可變薪酬增加以及產品開發成本增加。本季非 GAAP 營業收入為 1.562 億美元，佔營收的 28.8%。現在轉向稅收。

For the September quarter, our non-GAAP tax rate was 23.8% in-line with our previous guidance.

9 月季度，我們的非 GAAP 稅率為 23.8%，與我們先前的指引一致。

And lastly on the P&L, non-GAAP net income was $125.3 million resulting in a record earnings per share for the September quarter of $2.25, as the higher revenue and profitability flowed through to the bottom line. Let me now turn to the balance sheet.

最後，在損益表上，非 GAAP 淨利潤為 1.253 億美元，導致 9 月季度的每股收益達到創紀錄的 2.25 美元，因為更高的收入和盈利能力流入了利潤。現在讓我談談資產負債表。

Our balance sheet continues to be strong, and we ended the September quarter with $706.6 million in cash and investments. Our ending cash and investment balance is down $38 million from the prior quarter, primarily due to cash spent on share repurchases partially offset by cash generated from operations. We continue to have no debt outstanding and have $300 million undrawn on our revolver.

我們的資產負債表持續保持強勁，截至 9 月季度末，我們擁有 7.066 億美元的現金和投資。我們的期末現金和投資餘額比上一季減少了 3,800 萬美元，主要是由於用於股票回購的現金被營運產生的現金部分抵銷。我們仍然沒有未償債務，我們的左輪手槍上還有 3 億美元未動用。

Our inventory balance at the end of the second quarter was $271.8 million, up from $232.6 million in Q1 FY25. Days of inventory were down slightly sequentially, and we ended the quarter with approximately 96 days of inventory.

我們第二季末的庫存餘額為 2.718 億美元，高於 2025 財年第一季的 2.326 億美元。庫存天數較上季略有下降，本季結束時我們的庫存天數約為 96 天。

Looking ahead in Q3 FY25, you could expect a slight increase in inventory dollars from the prior quarter. We would also note as we move through FY25 and into FY26 we expect inventory to increase as we continue to fill the demand and manage our way for purchase commitments for long term capacity agreement with global foundries.

展望 2025 財年第三季度，您預計庫存金額將比上一季略有增加。我們還要指出，隨著我們進入 25 財年和 26 財年，我們預計庫存將會增加，因為我們將繼續滿足需求並管理我們與全球代工廠達成長期產能協議的採購承諾。

Turning to cash flow, cash flow from operations was $8.2 million in the September quarter and CapEx was roughly $2.7 million, resulting in non-GAAP free cash flow margin of roughly 1%. For the trailing 12-month period cash flow from operations was $579.6 million and CapEx was roughly $30.4 million. This resulted in non-GAAP free cash flow margin of roughly 29%.

談到現金流，9 月季度的營運現金流為 820 萬美元，資本支出約為 270 萬美元，導致非 GAAP 自由現金流利潤率約為 1%。過去 12 個月期間的營運現金流為 5.796 億美元，資本支出約為 3,040 萬美元。這導致非 GAAP 自由現金流利潤率約為 29%。

On the share buyback front in Q2, we utilized $50 million to repurchase approximately 356,000 shares of our common stock at an average price of approximately $140. At the end of Q2 FY25 the company at $224.1 million remaining in its share repurchase authorization. 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.

在第二季的股票回購方面，我們利用 5,000 萬美元以約 140 美元的平均價格回購了約 356,000 股普通股。截至 2025 財年第二季末，該公司的股票回購授權剩餘金額為 2.241 億美元。我們預計將繼續以股票回購的形式返還資本，我們相信這將為股東帶來長期利益。

Now onto the guidance. For Q3 FY25 we expect revenue in the range of $480 million to $540 million. I would like to take a moment to highlight a couple of factors influencing our revenue guide. First, when comparing our December quarter outlook to the equivalent quarter last year guidance reflects one last week of revenue as FY24 was a 53-week fiscal year.

現在進入指導。對於 25 財年第三季度，我們預計營收在 4.8 億美元至 5.4 億美元之間。我想花點時間強調一下影響我們收入指南的幾個因素。首先，當我們將 12 月季度展望與去年同期相比時，指引反映了最後一週的收入，因為 2024 財年是為期 53 週的財年。

And second, as a result of the additional week, last year, the timing of the end of our fiscal quarters in FY25 has shifted. Therefore, the September quarter included one more week of higher volume production associated with typical seasonal product ramps. Moving on to gross margin.

其次，由於去年增加了一周，我們 2025 財年財政季度結束的時間發生了變化。因此，九月季度的產量增加了一周，與典型的季節性產品增加有關。轉向毛利率。

GAAP gross margin is expected to range from 51% to 53%. Non-GAAP operating expense is expected to range from $124 million to $130 million. On a sequential and year-over-year basis guidance reflects increases in product development costs which are partially offset by lower variable compensation and a reduction in employee related expenses. We will continue to control discretionary spending while investing strategically in product development to drive long term growth.

GAAP 毛利率預計為 51% 至 53%。非 GAAP 營運費用預計為 1.24 億美元至 1.3 億美元。環比和同比指引反映了產品開發成本的增加，但可變薪酬的降低和員工相關費用的減少部分抵消了產品開發成本的增加。我們將繼續控制可自由支配支出，同時對產品開發進行策略性投資，以推動長期成長。

We expect our FY25 non-GAAP tax rate to be approximately 22% to 24% unchanged from our previous guidance. This range is slightly higher than our FY24 tax rate which was impacted by a favorable catch-up benefit related to updated IRS guidance on the R&D capitalization rules.

我們預計 25 財年非 GAAP 稅率將與先前的指引保持一致，約為 22% 至 24%。該範圍略高於我們的 2024 財年稅率，該稅率受到與更新的 IRS 研發資本規則指引相關的有利追趕福利的影響。

In closing, we delivered outstanding results for the September quarter. We are pleased with the progress we have made this year. We remain focused on executing our strategy that we believe will enable the company to grow both revenue and profitability during the long-term.

最後，我們在九月季度取得了出色的業績。我們對今年的進展感到高興。我們仍然專注於執行我們的策略，我們相信這將使公司能夠長期增加收入和獲利能力。

Before we begin the Q&A, I would 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.

在開始問答之前，我想指出，雖然我們知道根據 Cirrus Logic 公司政策，人們對我們最大的客戶有濃厚的興趣，但我們不會討論有關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.

現在，讓我致電切爾西，開始問答環節。

(Event Instructions)

（活動須知）

(Operator Instructions) Christopher Roland, Susquehanna.

（操作員說明）克里斯多福羅蘭，薩斯奎哈納。

Hey guys, thanks for the question. So, I do think I understand the extra week in September and the effect there, but still, this is for for December a larger than typical seasonal decline. I guess maybe you can talk about the inner play there between content, your content expectations, what was actually delivered versus like build the patterns, whether you had chip ahead there versus just unusual weakness in units.

嘿夥計們，謝謝你的提問。因此，我確實認為我了解 9 月的額外一周及其影響，但 12 月的下降幅度仍然大於典型的季節性下降。我想也許你可以談論內容之間的內在作用，你的內容期望，實際交付的內容與構建模式，你是否有領先的籌碼與單位中不尋常的弱點。

And then as we think about March, I know you don't want to guide a quarter ahead, but given that seasonality is all messed up for December. March is typically down high 20s. How should we think about that? Just given the messed-up December. Thanks.

然後，當我們考慮 3 月時，我知道您不想提前一個季度進行指導，但考慮到 12 月的季節性因素一團糟。3 月的氣溫通常會下降 20 多度。我們該如何思考這個問題？剛剛經歷了混亂的十二月。謝謝。

Chris. I think the various kind of moving pieces make sense on December, but there's a bit of unpacking to do so. So let me just do that and then circle around to the rest of your question.

克里斯.我認為 12 月的各種活動都是有意義的，但要做到這一點還需要一些準備。因此，讓我先這樣做，然後再回答您的其餘問題。

So there are at least three factors when we look at the December year-on-year comps. So first, this September quarter that we're reporting had one more week of the higher volume production. That is associated with the peak ramp period for us.

因此，當我們查看 12 月的年比比較時，至少有三個因素。首先，我們報告的這個九月季度又多了一週的高產量。這與我們的高峰期有關。

As a consequence of it coming later in the year because FY24 was a 53-week fiscal year for us. So that's one factor just meant there was a week of higher volume, higher value stuff in September than we would normally see. Then the second thing to think about when comparing a year-over-year is that, of course, the December quarter in in fiscal '24 was a 14-week quarter. So that also influences the comps.

結果是它在今年稍後到來，因為 2024 財年對我們來說是一個為期 53 週的財政年度。因此，這是一個因素，意味著 9 月的一周成交量、價值都比我們通常看到的要高。然後，在進行同比比較時要考慮的第二件事當然是，24 財年的 12 月季度是一個為期 14 週的季度。所以這也會影響比賽。

And then a final point which I think I talked to on the last call is that in the December quarter, last year, we saw more Android production than we would normally see. In that period that was due to a large Android customer ramping their product earlier than they normally do. So, there were various factors that that contributed to a record-breaking December last year. And then obviously, to the comps that that we faced this December.

我想我在上次電話會議中談到的最後一點是，去年 12 月季度，我們看到的 Android 產量比通常情況下要多。在此期間，這是由於大型 Android 客戶比平常更早推出了他們的產品。因此，有多種因素促成了去年 12 月破紀錄的業績。顯然，我們今年 12 月面臨的比賽也是如此。

But I think when you look across the sequence of -- obviously, the quarter boundary is different as it relates to the ramp. But the numbers taken together, can look fairly robust. So if you take the first three fiscal quarters of this year, using the midpoint of our December guide, then that compares that's got slightly slightly up on the first three fiscal quarters of last year.

但我認為，當你縱觀整個序列時——顯然，四分之一邊界是不同的，因為它與坡道有關。但把這些數字放在一起，看起來相當穩健。因此，如果您使用我們 12 月指南的中點來計算今年前三個財政季度的數據，那麼與去年前三個財政季度相比略有上升。

For example, so as you say that the seasonal picture is somewhat different, but more than anything that's a function of these factors that I I've outlined. So when it comes to the March seasonality and our expectations there, yeah, to your point, as you know, I need to make the comment that we don't guide more than one quarter out.

例如，正如您所說，季節性情況有些不同，但更重要的是我概述的這些因素的函數。因此，當談到三月的季節性和我們的預期時，是的，正如您所知，就您的觀點而言，我需要發表評論，我們不會指導超過四分之一的情況。

And the December quarters and the March quarters are the hardest to guide for us because they really depend on what the demand looks like as we go through the holiday period for the various key products that have been recently launched. So as a consequence of that, as you allude to historically, there's been a fairly big spread of seasonality there.

12 月季度和 3 月季度對我們來說是最難指導的，因為它們實際上取決於我們在假期期間對最近推出的各種關鍵產品的需求。因此，正如您在歷史上提到的那樣，那裡的季節性分佈相當大。

We've seen anything from down 11% to down 40% I think over the past several years with probably an average shaking out around 30 -- 30%. But we really have no color to give on March at this point. So I'll have to leave it there for now and obviously update you with much more detail when we get around to reporting the December quarter.

我認為在過去幾年裡，我們看到了從下降 11% 到下降 40% 的情況，平均下降幅度可能在 30 - 30% 左右。但目前我們對三月確實沒有什麼好說的。因此，我現在必須將其留在那裡，並在我們開始報告 12 月季度時向您提供更多詳細資訊。

Understood John. Maybe the next one for Ulf. So on the way for obligations, I think they're like mid-500s in '24. You get some relief next year, I think high-300s, the inventory that you're building, that's I imagine on that 24 number just as it's higher as we move into next year would you expect any inventory build or are we all out of the clear there on that side. And then anything else, any other pain points or things to think about on the way for obligations? Thanks.

理解約翰。也許是烏爾夫的下一個。因此，在履行義務方面，我認為他們就像 24 年的 500 年代中期。明年你會得到一些緩解，我認為你正在建立的庫存高達300 美元，這就是我對24 個數字的想像，就像我們進入明年時它會更高一樣，你會期望任何庫存增加還是我們都用完了那邊清澈見底。那麼在履行義務的過程中還有什麼其他的痛點或需要考慮的事情嗎？謝謝。

I mean, yeah, so we have to fulfill those way for obligations as you stated and you can see, our minimum lease, -- our minimum commitment schedules out there as well in the case. But yeah, we expect to build inventory into early Q -- into early FY26 as well, but that's all inventory that we expect to sell long term, right? That's all-long-term selling products that we're building in that with global.

我的意思是，是的，所以我們必須履行您所說的義務，您可以看到，我們的最低租約，我們的最低承諾時間表也在這種情況下。但是，是的，我們預計在 2026 財年年初建立庫存，但這就是我們預計長期出售的所有庫存，對嗎？這是我們在全球範圍內打造的所有長期銷售產品。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, thank you. So John, I appreciate you can't talk a lot about your largest customer, but it is a bit of an unusual time where, they're kind of updating their operating systems and their product cycles kind of on the go. Right.

是的，謝謝。所以約翰，我很感激你不能談太多你最大的客戶，但這是一個不尋常的時刻，他們正在不斷地更新他們的作業系統和產品週期。正確的。

So I'm just wondering if that has created any unusual linearity for you, whether it's staging inventory or lead times. Because it is a bit unusual. So I'm just wondering if that has created anything unusual for you as a supplier.

所以我只是想知道這是否為您帶來了任何不尋常的線性，無論是分期庫存還是交貨時間。因為它有點不尋常。所以我只是想知道這是否為作為供應商的你帶來了任何不尋常的事情。

I think it's a little hard to judge that Tore, the biggest impact I think for us, that shapes this September, December transition is really the fact that September comps, our September quarter ended a little later. We think that's the major factor there.

我認為有點難以判斷 Tore，我認為對我們來說最大的影響，塑造了今年 9 月、12 月的過渡，實際上是 9 月的比較，我們 9 月的季度結束得晚了一點。我們認為這是主要因素。

Obviously, with new content coming online this year. And as I referred to in the, -- in my opening remarks, a more favorable mix regarding camera controllers there is a lot of build over the past few months. Obviously, it's a significant amount of material and content which we ramp there.

顯然，今年會有新內容上線。正如我在開場白中提到的，在過去的幾個月裡，關於相機控制器的更有利的組合已經建立了很多。顯然，我們在那裡提供了大量的材料和內容。

But I think we're still in the very early innings of, of those products. There's obviously still, actually, some very exciting features yet to be launched and we've yet to go into the holiday period. So I wouldn't want to call it more than that until we're on the other side of that period. Tore.

但我認為我們仍處於這些產品的早期階段。事實上，顯然還有一些非常令人興奮的功能尚未推出，而且我們還沒有進入假期。因此，在我們到達那個時期的另一邊之前，我不想再多稱呼它。撕。

No, that's fair and just as a follow up and I'll use sort of what's happening in the laptop to try to understand what could potentially happen in the smartphone. I know it usually happens the other way around. But you did talk about selling in and a new laptop now, basically a codec amplifiers and power conversion ICs. And I'm a little bit intrigued about the power conversion ICs. Is this something that, you expect to expand on in the smartphone market in 2025?

不，這是公平的，只是作為後續行動，我將利用筆記型電腦中發生的情況來嘗試了解智慧型手機中可能發生的情況。我知道通常情況恰恰相反。但您確實談到了現在出售一台新筆記型電腦，基本上是編解碼器放大器和電源轉換 IC。我對電源轉換 IC 有點感興趣。您預計 2025 年會在智慧型手機市場拓展這項業務嗎？

That's a great question. So let me talk about that product in particular. And then, and maybe also just put it within the context of all the product offerings that we have in the laptop space right now. We're shipping today audio codex amplifiers, haptics drivers. And now in this quarter, we began shipping power conversion chips as well.

這是一個很好的問題。那麼讓我特別談談該產品。然後，也許也可以將其放在我們目前筆記型電腦領域提供的所有產品的背景下。我們今天出貨音訊 Codex 擴大機、觸覺驅動器。現在在本季度，我們也開始出貨電源轉換晶片。

So those four different product categories which we're really excited about. I think on a previous call, I highlighted when one of our customers launched a product with seven series logic chips in it, which included Haptics drivers, amplifiers in the Codec. It did not include power chips. So now I'm talking about [eight], which includes codec amplifiers and power chips, but no Haptics. So hopefully one day we will be here talking to you about a laptop that contains all of these.

我們對這四種不同的產品類別感到非常興奮。我想在之前的電話會議上，我強調了我們的一位客戶推出了一款包含七個系列邏輯晶片的產品，其中包括觸覺驅動器、編解碼器中的擴大機。它不包括電源晶片。所以現在我談論的是[八]，其中包括編解碼器放大器和電源晶片，但沒有觸覺。因此，希望有一天我們能在這裡與您談論一款包含所有這些功能的筆記型電腦。

But of course, we are very excited about the range of opportunities that having all these products represents. The power chip itself has its origins in some of the IP that we acquired as part of the [ion] semiconductor transaction a few years ago. It's a switch cap DCDC converter with very, very high efficiency compared to legacy products and architectures for DCDC conversion.

當然，我們對所有這些產品所代表的一系列機會感到非常興奮。電源晶片本身起源於我們幾年前作為[離子]半導體交易的一部分獲得的一些智慧財產權。與 DCDC 轉換的傳統產品和架構相比，它是一款開關電容 DCDC 轉換器，具有非常非常高的效率。

What that really translates into is less power being lost through heat and less heat being generated within the laptop and needing to be dissipated so very attractive, both from the user perspective and the industrial design perspective. And that's really a big part of what got it on the Lunar Lake reference design. And that's driving these, some of these initial design ins that we've seen. It's not always necessarily a one-to-one attach rate.

這實際上意味著更少的熱量損失的功率，以及更少的筆記型電腦內產生的熱量，並且需要散發得非常有吸引力，無論是從用戶角度還是工業設計角度來看。這確實是 Lunar Lake 參考設計的重要組成部分。這就是我們所看到的一些初始設計的推動力。它並不總是一對一的附加率。

We've seen in that case, that I talked about with the OEM that launched a product with eight chips in it. There are three of our power conversion chips in there and they're, -- that represents a significant quantity of revenue and ASP for us.

我們已經看到了這種情況，我與 OEM 進行了交談，該 OEM 推出了帶有八個晶片的產品。那裡有我們的三個電源轉換晶片，它們代表了我們的大量收入和平均售價。

As to whether or not that kind of chip finds its way into smartphones. We do sell power related products in smartphones today, both some one custom chip as you know, it's not a classic power conversion chip like, like this one.

至於這種晶片是否會進入智慧型手機。今天，我們確實在智慧型手機中銷售與電源相關的產品，如您所知，這都是一種客製化晶片，它不是像這個這樣的經典電源轉換晶片。

And in the general market, we are by and large focused on, -- I don't think we'll see quite this chip coming to smartphones by and large in the smartphone space, we're focused on a couple of things really, really high precision stuff, either side of the battery.

在一般市場上，我們總體上專注於——我認為我們不會看到這種晶片在智慧型手機領域大體上應用到智慧型手機上，我們實際上專注於幾件事，非常高精度的東西，電池的兩側。

And then in the general market, we're typically focused on selling products that we have today given that the R&D dollars that we, -- we're deploying in the power space, we feel a better deployed targeting the laptop market as we see that as being a larger overall opportunity for us.

然後在一般市場上，我們通常專注於銷售我們今天擁有的產品，因為我們在電源領域部署的研發資金，我們認為針對筆記型電腦市場進行了更好的部署，正如我們所見這對我們來說是一個更大的整體機會。

Thomas O'malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey guys, thanks for taking my question. My first one is just on seasonality until the last fiscal quarter as well. I know you guys want to stay away from guiding there, but just if I take kind of the better end of the historical seasonality kind of down 11 in the March quarter.

嘿夥計們，謝謝你提出我的問題。我的第一個問題只是關於季節性，直到最後一個財政季度。我知道你們不想在那裡指導，但如果我認為歷史季節性的較好結局是 3 月份季度下降 11 的話。

And I look at where that puts you as a business, like you're still kind of growing mid-single digits in fiscal year '25. So I don't think you've updated really your expectations on the content side for this year. And I think that, you had a couple of really nice upgrades there.

我會看看這對你的企業來說意味著什麼，就像你在 25 財年仍然保持中個位數的成長。所以我認為您並沒有真正更新對今年內容方面的期望。我認為，你們在那裡進行了一些非常好的升級。

So what would, what would explain the difference, I guess between the initial outlook of a strong content year and kind of that fiscal year even at the best type of seasonality in March, not being up the kind of high single digits, low double digits.

那麼，我想，即使在三月最好的季節性情況下，強勁內容年的最初前景和該財年的某種程度之間的差異，也無法解釋這種差異，而不是高個位數、低兩位數的成長。

Well, we really just guide based on what we see. Tom, I'm not going to guide further out, but we really just based that on what we see in terms of backlog from our customers and our conversations throughout the supply chain. So we really just have to see how we go through this holiday period.

嗯，我們實際上只是根據我們所看到的進行指導。湯姆，我不會進一步指導，但我們實際上只是基於我們在客戶積壓方面看到的情況以及我們在整個供應鏈中的對話。所以我們真的只需要看看我們如何度過這個假期。

We certainly have delighted with the execution, the ramp, and the quality of the products that we've brought to market on this cycle. And then of course, we have a more favorable mix in the camera space. But yeah, we'll just have to see how that translates into results as, as we go forward and get on the other side of the, the December quarter.

我們當然對本週期推向市場的產品的執行、進度和品質感到滿意。當然，我們在相機領域有更有利的組合。但是，是的，當我們繼續前進並進入十二月季度的另一邊時，我們只需要看看這如何轉化為結果。

Helpful. And then on the PC side, you had talked about tens of millions of dollars, kind of exiting this year. Could you maybe talk about, how that's been tracking so far? And then as you look kind of into next year, are you still in kind of the tens of millions of dollars range or do you think that you have more confidence kind of sitting here today versus where you were three or six months ago on that side? Thank you.

有幫助。然後在個人電腦方面，你談到了數千萬美元，今年就退出了。您能否談談到目前為止進展如何？然後，當你展望明年時，你是否仍然處於數千萬美元的範圍內，或者你認為今天坐在這裡比三、六個月前更有信心？謝謝。

Thanks Tom. Well, the phrase tens of billions obviously encompasses a fairly, fairly broad range. My comment about this fiscal year was that we were tracking to, -- we were targeting low tens of millions. We're tracking to that. I'm very pleased to say and we do think, we're in the very early stages of seeing our kind of PC focused products.

謝謝湯姆。嗯，百億這個詞顯然涵蓋了相當相當廣泛的範圍。我對本財年的評論是，我們的目標是低數千萬。我們正在追蹤這一點。我很高興地說，而且我們確實認為，我們正處於看到以 PC 為中心的產品的早期階段。

This this generation of products that we've developed across the different domains that I talked about. We're in the early stages of seeing them come to market now, but we are seeing them come to market and I anticipate early in the coming calendar year, we'll see a really great range of product launches from customers incorporating more serious content.

這就是我們在我談到的不同領域開發的這一代產品。我們現在正處於看到它們進入市場的早期階段，但我們正在看到它們進入市場，我預計在明年年初，我們將看到客戶推出一系列真正包含更嚴肅內容的產品。

So those will land in terms of revenue impact more in, -- they'll have more greater impact on fiscal '26 obviously. So we'll give more color on that in due course as we get closer to fiscal '26. But so far, it's certainly tracking with our expectations and the momentum we have is really exciting. So we're anticipating a meaningful step up in, in fiscal '26 from where we've been tracking in fiscal '25.

因此，這些將在收入方面產生更大的影響，顯然它們將對 26 財年產生更大的影響。因此，隨著 26 財年的臨近，我們將在適當的時候對此進行更多說明。但到目前為止，它確實符合我們的預期，而且我們所擁有的勢頭確實令人興奮。因此，我們預計 26 財年將比我們在 25 財年追蹤的情況更有意義的進步。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, thank you for taking the question. Yeah, I guess just one for me, is there any context or useful way any context you can provide or sort of useful way to think about as you think forward with on this is on the smartphone side. If the growth coming forward -- and this is big picture, this is not next year, but it will be driven both from, I guess the content side or the unit side, more disproportionately, I guess really trying to think about where the bigger opportunity is for the company? If there, -- if one is bigger than the other? Thanks.

是的，謝謝你提出這個問題。是的，我想對我來說只有一個，你可以提供任何背景或有用的方式，或者當你思考這個問題時，在智慧型手機方面有什麼有用的方式來思考。如果成長即將到來——這是一個大局，這不是明年，但它將由內容方面或單位方面驅動，更不成比例，我想真的在努力思考更大的目標在哪裡機會對公司來說？如果有的話，－－如果一個比另一個大？謝謝。

Thank you, Ananda. Well, we run the company on the basis that we want to be able to grow and be positioned for growth. If units are flat, that's our objective. Obviously, if there's a unit’s tail wind so much the better if there's a significant upgrade cycle because of the features our customers are delivering them, that's great.

謝謝你，阿難。嗯，我們經營公司的基礎是我們希望能夠成長並為成長做好準備。如果單位持平，那就是我們的目標。顯然，如果有一個單位順風，如果有一個重要的升級週期，因為我們的客戶正在提供它們的功能，那就太好了。

But we want to be positioned well, even if smartphone units remain flat. And although that won't mean necessarily content additions every year, we do on a second cycle, obviously get a tailwind because multiple generations of phones are on sale at any given time and we get into the second cycle of new content.

但即使智慧型手機銷售持平，我們也希望保持良好的定位。儘管這並不一定意味著每年都會增加內容，但我們在第二個週期中顯然會順風順水，因為多代手機在任何給定時間都在銷售，我們進入了新內容的第二個週期。

But we also believe when we look forward that there are significant opportunities for both incremental additions to sockets that we have today, which add more value and for the capturing of new sockets that we haven't served before.

但我們也相信，當我們展望未來時，我們現在擁有的套接字的增量添加（這會增加更多價值）和捕捉我們以前未提供過的新套接字都有很大的機會。

And so when I talk about some of our R&D investments in those areas, and obviously, some of that is, -- for example, camera, some of that is in the power space. And and there are others beyond that, that's the kind of thing I have in mind.

因此，當我談到我們在這些領域的一些研發投資時，顯然，其中一些是——例如相機，其中一些是在電力領域。除此之外還有其他的事情，這就是我想到的事情。

So we do believe there are great opportunities out there where we can lead on technology, lead on architecture, deliver better solutions than our customers have had in the past and obviously bring our execution to bear on that as well. So I think the opportunity even in a flat units world remains very constructive for us over the long run.

因此，我們確實相信，存在著巨大的機會，我們可以在技術上領先，在架構上領先，提供比客戶過去更好的解決方案，並且顯然也可以讓我們的執行力發揮作用。因此，我認為，即使在單位扁平的世界中，從長遠來看，這個機會對我們來說仍然非常有建設性。

That that's really, really useful context. I really appreciate it. Yeah, that's it for me. That's great. Thank you so much.

這是非常非常有用的背景。我真的很感激。是的，對我來說就是這樣。那太棒了。太感謝了。

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

至此，我們將結束問答環節。現在我將把電話轉回給約翰，讓他作最後的發言。

Thank you Chelsea. In summary, in Q2 fiscal '25 Cirrus Logic delivered record revenue and earnings per share for the September quarter. And continued our solid progress in each of the three key areas of our long-term strategy.

謝謝切爾西。總之，在 25 財年第二季度，Cirrus Logic 在 9 月季度的營收和每股盈餘創下了紀錄。並繼續在長期策略的三個關鍵領域取得紮實進展。

We remain very excited about the opportunities in front of us and we thank you for your continued interest in our progress. I'd also like to thank all of our employees for their incredible dedication and commitment.

我們對眼前的機會仍然感到非常興奮，並感謝您對我們進展的持續關注。我還要感謝我們所有員工的奉獻和奉獻精神。

Before we close, I'd also like to note that we will be participating in Barclays 22nd annual Global Technology Conference on December 12, in San Francisco. Please check our investor website for the details on that.

在結束之前，我還想指出，我們將參加 12 月 12 日在舊金山舉行的巴克萊第 22 屆年度全球技術會議。請造訪我們的投資者網站以了解詳細資訊。

Finally, I'd like to thank everybody for participating today. Goodbye.

最後，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。您現在可以斷開連線。