Cirrus Logic Inc (CRUS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic third 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，感謝你們的支持。歡迎參加 Cirrus Logic 2025 財年第三季財務業績問答環節。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。

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

現在，我想將電話會議轉給投資者關係副總裁切爾西·赫弗南女士。赫弗南女士，您可以開始啦。

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.

謝謝您，下午好。參加今天電話會議的還有 Cirrus Logic 執行長 John Forsyth；以及我們的臨時財務長 Ulf Habermann。

Today, at approximately 4:00 PM Eastern Time, we announced our financial results for the third 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.

今天，美國東部時間下午 4 點左右，我們公佈了 2025 財年第三季的財務表現。討論我們財務表現的股東信函、收益新聞稿以及本問答環節的網路直播均可在公司的投資者關係網站上查閱。

This call will feature questions from the analysts covering our company. 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.

這次電話會議將討論我們公司分析師的問題。此外，我們將在本次電話會議上討論的結果和指導將包括不包括某些項目的非公認會計準則財務指標。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表包含在我們的收益報告中，並且均可在本公司的投資者關係網站上查閱。

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 developments or otherwise.

請注意，在此會議期間，我們可能會做出預測和其他前瞻性陳述，這些預測和其他陳述受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，該公司明確表示不承擔更新或修改任何預測或前瞻性陳述的義務，無論其是由於新的發展還是其他原因。

Please refer to our press release in the shareholder letter issued today, which are (technical difficulty) in Cirrus Logic's 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 cause actual results to differ materially from current expectations.

請參閱我們今天發布的致股東信中的新聞稿，該新聞稿位於 Cirrus Logic 網站和最新的 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中，以進一步討論導致實際結果與當前預期存在重大差異的風險因素。

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. As you've seen in the press release, in the December quarter, Cirrus Logic delivered revenue of $555.7 million above the top end of our guidance range. In a moment, I'm going to hand the call over to Ulf to discuss the financial results for the quarter in detail, as well as our outlook for the March quarter.

謝謝切爾西，歡迎大家參加今天的電話會議。正如您在新聞稿中看到的，12 月季度，Cirrus Logic 的收入為 5.557 億美元，高出我們預期範圍的最高值。稍後，我將把電話交給 Ulf，詳細討論本季的財務表現以及我們對 3 月季度的展望。

But before we move on to that, I'd like to make a few comments about the recent progress we've made on our company strategy. As many of you are aware, our long-term strategy for growth at Cirrus is based around three principles.

但在討論這個問題之前，我想先就我們公司策略最近的進展發表一些評論。大家可能都知道，Cirrus 的長期發展策略是基於三個原則。

First, maintaining leadership in our core flagship smartphone audio business. Second, expanding the value and range of high-performance mixed signal functionality in which we serve our customers in smartphones and similar products. And third, leveraging that world-class expertise in IP in both audio and high-performance mixed signal areas to grow and broaden our business in new markets.

首先，保持我們核心旗艦智慧型手機音訊業務的領先地位。其次，擴大我們為智慧型手機和類似產品客戶提供的高效能混合訊號功能的價值和範圍。第三，利用音訊和高效能混合訊號領域的世界一流知識產權專業知識來發展和拓展我們在新市場的業務。

I want to now speak to our recent progress in each of those areas. In our flagship smartphone audio business, during the quarter, we were delighted with the success of our latest generation custom-boosted amplifier, and our first 22-nanometer smart codec, both of which began shipping in recent smartphones. These products represent years of engineering effort and a deep and collaborative relationship with our customer. We're proud of the crucial role they play in enhancing the power efficiency and exceptional audio quality of our customers' latest products.

現在我想談談我們在每個領域最近的進展。在我們的旗艦智慧型手機音訊業務中，在本季度，我們很高興看到最新一代定制增強放大器和首款 22 奈米智慧編解碼器取得了成功，這兩款產品均已在近期的智慧型手機中開始出貨。這些產品體現了我們多年的工程努力以及與客戶的深厚合作關係。我們為它們在提高客戶最新產品的電源效率和卓越音質方面發揮的關鍵作用感到自豪。

We also anticipate that these components will be used in multiple generations of smartphones over a number of years, giving us excellent longer-term visibility and an opportunity for sustained revenue contribution.

我們也預計這些組件將在未來幾年內用於多代智慧型手機，為我們提供出色的長期可見度和持續收入貢獻的機會。

Outside of our custom audio solutions, we also continue to engage with customers with our general market products on next-generation flagship smartphones. And during the December quarter, a leading Android OEM introduced their latest flagship smartphone featuring three Cirrus Logic components, including two boosted amplifiers and a haptic driver.

除了我們的客製化音訊解決方案之外，我們還繼續透過下一代旗艦智慧型手機上的通用市場產品與客戶互動。12 月季度，一家領先的 Android OEM 推出了最新旗艦智慧型手機，該智慧型手機配備三個 Cirrus Logic 組件，包括兩個增強放大器和一個觸覺驅動器。

Beyond audio, our goal is to continue to broaden our high-performance mixed signal content in smartphones, where we see a meaningful opportunity to not only expand our addressable market, but also to grow and diversify our revenue. Our progress in this area has been demonstrated through the continued success of our camera controller product line as the total value of our camera content has increased over the last few years.

除了音訊之外，我們的目標是繼續拓寬智慧型手機中的高效能混合訊號內容，我們認為這是一個有意義的機會，不僅可以擴大我們的潛在市場，還可以增加和多樣化我們的收入。隨著我們相機內容的總價值在過去幾年中不斷增長，我們在該領域取得的進步已透過我們的相機控制器產品線的持續成功得到體現。

With the latest generation of devices, we are benefiting from a more favorable overall mix of smartphones on the market that include these camera controllers. And this more favorable mix contributed to today's robust results. We also believe there is significant potential to continue to grow value in this area in the future, and we're today investing in a roadmap for further products and features in pursuit of that goal.

隨著最新一代設備的推出，我們將受益於市場上包含這些相機控制器的智慧型手機更有利的整體組合。這種更有利的組合促成了今天的強勁業績。我們也相信，未來該領域的價值具有巨大的持續成長潛力，為了實現這一目標，我們今天正在投資更多產品和功能的路線圖。

Beyond camera controllers, we've also seen strong interest in our capabilities around battery and power. Currently, we have a number of R&D programs underway related to these areas, and we continue to be excited about the long-term opportunities these areas represent for further growth and diversification of our revenue.

除了相機控制器之外，我們還看到人們對電池和電源功能的濃厚興趣。目前，我們正在進行與這些領域相關的多個研發項目，並且我們繼續對這些領域為我們的收入進一步增長和多樣化所帶來的長期機會感到興奮。

The third principle of our strategic plan is to leverage our audio and high-performance mixed signal expertise into new applications and markets outside of smartphones, such as laptops. Although we are still in the early stages of revenue contribution from our laptop components, we were pleased with the milestones we achieved during the past few months.

我們的策略計畫的第三個原則是將我們的音訊和高效能混合訊號專業知識應用到智慧型手機以外的新應用和市場，例如筆記型電腦。儘管我們的筆記型電腦組件收入貢獻仍處於早期階段，但我們對過去幾個月的里程碑感到滿意。

First, our audio solutions were featured as part of the Intel Arrow Lake reference design. Second, I made a significant number of laptop announcements at CES 2025, a leading laptop OEM introduced a high volume commercial mainstream laptop that utilizes the sound wire interface and features our latest PC codec and power conversion IC.

首先，我們的音訊解決方案是英特爾 Arrow Lake 參考設計的一部分。第二，我在 CES 2025 上發布了大量筆記型電腦產品公告，一家領先的筆記型電腦 OEM 廠商推出了一款大批量商用主流筆記型電腦，該筆記型電腦採用聲線接口，並配備我們最新的 PC 編解碼器和電源轉換 IC。

Lastly, we're excited to have started sampling our next-generation PC amplifier codec, which we anticipate will broaden up our portfolio earlier further and address a wider range of the laptop market as customers seek to deliver improved performance across tiers and retail price points.

最後，我們很高興開始對下一代 PC 放大器編解碼器進行採樣，我們預計這將進一步拓寬我們的產品組合，並滿足更廣泛的筆記型電腦市場需求，因為客戶尋求在各個層級和零售價格點上提供更好的性能。

While we're very excited about our potential for growth in the PC market, we also see opportunities to expand our business in other new markets. As part of this effort, during the quarter, we began sampling a series of timing products designed to enable superior audio experiences in automotive and professional audio applications. We're encouraged by the early customer interest and the strategic opportunities ahead of us in these markets.

我們對個人電腦市場的成長潛力感到非常興奮，同時我們也看到了在其他新市場擴展業務的機會。作為這項努力的一部分，在本季度，我們開始對一系列定時產品進行抽樣，旨在為汽車和專業音訊應用提供卓越的音訊體驗。這些市場早期的客戶興趣和我們面臨的策略機會令我們感到鼓舞。

Finally, before we get into the deep dive on our results, I'd like to take a moment to highlight the leadership announcement we made earlier today. We're delighted that Jeff Woolard will be joining Cirrus Logic as Chief Financial Officer later this month. Jeff brings considerable experience in the semiconductor industry, as well as a proven track record in finance, strategy, and M&A.

最後，在我們深入探討結果之前，我想花點時間強調我們今天早些時候宣布的領導力聲明。我們非常高興 Jeff Woolard 將於本月稍後加入 Cirrus Logic 擔任財務長。Jeff 在半導體產業擁有豐富的經驗，並且在財務、策略和併購方面有著良好的業績記錄。

I believe his deep industry knowledge and financial expertise will be a considerable as we continue to execute on our strategy to drive growth in our existing business while expanding into new markets. All of us at Cirrus are excited to have Jeff join the team.

我相信，隨著我們繼續執行推動現有業務成長同時拓展新市場的策略，他的深厚行業知識和金融專業知識將發揮重要作用。Cirrus 的所有人都很高興 Jeff 加入團隊。

I would also like to take this opportunity to thank all Ulf Habermann for his leadership as Interim Chief Financial Officer while we conducted this search. Ulf is an outstanding member of the Cirrus Logic organization, and I look forward to continuing with him in his role as Principal Accounting Officer, Treasurer, and Senior Vice President of Finance.

我還想藉此機會感謝 Ulf Habermann 在我們進行此次搜索期間擔任臨時財務長所發揮的領導作用。Ulf 是 Cirrus Logic 組織的傑出成員，我期待繼續與他合作擔任首席會計長、財務主管和財務高級副總裁。

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，我將把電話轉給 Ulf，讓他概述我們的財務表現以及前景。

Thank you, John, and good afternoon, everyone. I will start with the summary of our financial results for our third quarter fiscal 2025, and then provide guidance for Q4 FY25.

謝謝你，約翰，大家下午好。我將先總結我們 2025 財年第三季的財務業績，然後提供 2025 財年第四季的指導。

In Q3 FY25, we delivered revenue of $555.7 million, significantly above the top end of our guidance range. It's stronger than expected demand for products shipping into smartphones. On a sequential basis, revenue is up 3%, primarily due to higher smartphone unit volumes. On a year-over-year basis, sales were around 10%, primarily driven by lower smartphone unit volumes in part due to the timing of our fiscal quarters. This was partially offset by increased revenue associated with our latest generation products.

2025 財年第三季度，我們實現了 5.557 億美元的營收，遠高於我們預期的最高水準。智慧型手機產品的需求比預期的強勁。與上一季相比，營收成長了 3%，主要原因是智慧型手機銷量增加。與去年同期相比，銷售額下降了 10% 左右，主要原因是由於我們的財政季度時間導致智慧型手機銷量下降。這被我們最新一代產品帶來的營收成長部分抵銷。

Also, as we indicated in our Q2 FY25 shareholder letter, when comparing our December quarter to the equivalent quarter last year, we would note that in FY25, our December quarter began one week later. Thus, it encompassed one week less of the higher volume production associated with typical seasonal product [lamps]. Additionally, in FY25, our December quarter included one the last week of revenue when compared to the equivalent quarter the prior year as FY24 was a 53-week fiscal year.

此外，正如我們在 2025 財年第二季股東信中所指出的，當將我們的 12 月季度與去年同期進行比較時，我們會注意到，在 2025 財年，我們的 12 月季度開始晚了一周。因此，與典型的季節性產品相比，其產量減少了一周[燈]。此外，由於 2024 財年為 53 週的財政年度，因此 2025 財年 12 月季度的營收與去年同期相比只有最後一週。

Turning to gross profit and gross margin. Non-GAAP gross profit in the quarter was $298.1 million and non-GAAP gross margins was 53.6%. On a sequential basis, the gross margin increase of 140 basis points was mostly driven by a shift and makes towards higher margin products and to a lesser extent, lower supply chain costs. The 230 basis points increase year over year was largely due to a shift and mixed with higher margin products. This was partially offset by higher inventory reserves and supply chain costs.

轉向毛利和毛利率。本季非公認會計準則毛利為 2.981 億美元，非公認會計準則毛利率為 53.6%。與上一季相比，毛利率增加 140 個基點，主要是由於公司轉向利潤率更高的產品，而在較小程度上是由於供應鏈成本的降低。與去年同期相比，230 個基點的成長主要是由於轉變和高利潤產品的混合。這被更高的庫存儲備和供應鏈成本部分抵消。

Now, I'll turn to operating expenses. Non-GAAP operating expense for the third quarter was $129.2 million. On a sequential basis, OpEx was up $2.5 million, primarily due to higher employee-related expenses. This was upset by a reduction in product development costs. On a year-over-year basis, operating expense was up $3.6 million largely due to higher employee-related expenses. This was partially offset by an increase in R&D incentives. Non-GAAP operating income for the quarter was $168.9 million and 30.4% of revenue.

現在，我來談談營運費用。第三季非公認會計準則營業費用為 1.292 億美元。與上一季相比，營運支出增加了 250 萬美元，主要原因是員工相關費用增加。產品開發成本的降低對此感到不滿。與去年同期相比，營業費用增加了 360 萬美元，主要原因是員工相關費用增加。但研發激勵措施的增加部分抵消了這項影響。本季非公認會計準則營業收入為 1.689 億美元，佔營收的 30.4%。

Turning now to taxes. For the December quarter, our non-GAAP tax rate was 21.8%, in line with our previous guidance. And lastly, on the P&L, non-GAAP net income was $138.3 million resulting in earnings per share for the December quarter of $2.51.

現在來談談稅收。12 月季度，我們的非 GAAP 稅率為 21.8%，與我們先前的預期一致。最後，在損益表方面，非 GAAP 淨收入為 1.383 億美元，導致 12 月季度每股收益為 2.51 美元。

Let me now turn to the balance sheet. Our balance sheet continues to be strong, and we ended the December quarter with $816.6 million in cash and investments. Our (inaudible) cash and investments balance was up $110 million from the prior quarter and cash generated from operations was partially upset by share repurchases. We continue to have no debt outstanding and have $300 million undrawn on our revolver.

現在我來看一下資產負債表。我們的資產負債表持續保持強勁，截至 12 月季度，我們的現金和投資總額為 8.166 億美元。我們的（聽不清楚）現金和投資餘額比上一季增加了 1.1 億美元，營運活動產生的現金部分受到股票回購的影響。我們仍然沒有未償債務，有 3 億美元未動用循環信貸。

Inventory at the end of the third quarter was $275.6 million, up from $271.8 million in Q2 FY25. Days of inventory were up slightly sequentially, and we ended the quarter with approximately 98 days of inventory. Looking ahead in Q4 FY25, we expect an increase in inventory dollars from the prior quarter. We anticipate inventory will continue to increase and peak in the first half of FY26 as we continue to fulfill demand and manage our wafer purchase commitments for our long-term capacity agreement with GlobalFoundries.

第三季末的庫存為 2.756 億美元，高於 25 財年第二季的 2.718 億美元。庫存天數較上季略有增加，本季末的庫存天數約為 98 天。展望25財年第四季度，我們預期庫存金額將較上一季增加。我們預計庫存將繼續增加並在 26 財年上半年達到峰值，因為我們將繼續滿足需求並管理與 GlobalFoundries 簽訂的長期產能協議的晶圓採購承諾。

Turning to cash flow. Cash flow from operations was $218.6 million in the December quarter and CapEx was roughly $6.7 million resulting in non-GAAP free cash flow margin of roughly 38%. For the trailing 12-month period, cash flow from operations was $484.5 million and CapEx was roughly $27.3 million. This resulted in non-GAAP free cash flow margin of roughly 25%.

轉向現金流。12 月季度的營運現金流為 2.186 億美元，資本支出約 670 萬美元，非 GAAP 自由現金流利潤率約為 38%。過去 12 個月，營運活動現金流為 4.845 億美元，資本支出約 2,730 萬美元。這導致非 GAAP 自由現金流利潤率約為 25%。

On the share buyback front in Q3, we utilized $70 million to repurchase approximately 679,000 shares of our common stock at an average price of approximately $103. At the end of Q3 FY25, the company had $154.1 million remaining in its share repurchase authorization. We expect to continue to return capital in form of stock repurchases, which we believe will provide a long-term benefit to shareholders going forward.

在第三季的股票回購方面，我們利用 7,000 萬美元以平均約 103 美元的價格回購了約 679,000 股普通股。截至 2025 財年第三季末，該公司的股票回購授權餘額為 1.541 億美元。我們預計將繼續以股票回購的形式返還資本，我們相信這將為未來的股東帶來長期利益。

Now, onto the guidance. For Q4 FY25, we expect revenue in the range of $350 million to $410 million. GAAP gross margin is expected to range from 51% to 53%. Non-GAAP operating expense is expected to range from $119 million to $125 million. We expect our FY25 non-GAAP tax rate to be approximately 22% to 24%, unchanged from our previous guidance. The range is slightly higher than our FY24 tax rate, which was impacted by a favorable catch-up benefit related to updated [RES] guidance on the R&D capitalization rules.

現在，開始指導。對於 2025 財年第四季度，我們預計營收在 3.5 億美元至 4.1 億美元之間。公認會計準則預計毛利率在51%至53%之間。非公認會計準則營業費用預計在 1.19 億美元至 1.25 億美元之間。我們預計 25 財年非 GAAP 稅率約為 22% 至 24%，與先前的預期相同。此範圍略高於我們的 FY24 稅率，受到與更新的 [RES] 研發資本化規則指南相關的有利補繳福利的影響。

In closing, we delivered strong results for the December quarter as we continue to execute on our strategy to grow our business and drive long-term shareholder value.

最後，我們繼續執行業務成長和推動長期股東價值的策略，在 12 月季度取得了強勁的業績。

Before we get into the Q&A, I would like to note that while we understand this intense interest related to our largest customer in accordance with Cirrus Logic's company policy, we will not discuss specifics about our business relationship. With that, let me now turn the call to Chelsea to start the Q&A session.

在我們進入問答環節之前，我想指出的是，雖然我們理解這種與我們最大客戶有關的濃厚興趣，但根據 Cirrus Logic 的公司政策，我們不會討論有關我們業務關係的具體細節。說完這些，現在請容許我把電話轉給切爾西，開始問答環節。

Thanks, Ulf. We will now start the Q&A portion of the earnings call. Please limit yourself to a single question and one follow-up.

謝謝，烏爾夫。我們現在將開始財報電話會議的問答部分。請限制自己只問一個問題和一個後續問題。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Tore Svanberg, Stifel.

(操作員指令) Tore Svanberg，Stifel。

Yes, thank you and congratulations on the results, especially the cash flows. I had a question regarding your timing business. John, it's obviously new, and I was just wondering, are you leveraging sort of the old MEMS IP you have here? Or should I think about the technology here as being something that you have more recently developed?

是的，謝謝你，並祝賀你所取得的成果，特別是現金流。我對您的計時業務有一個疑問。約翰，這顯然是新的，我只是想知道，你是否利用了這裡的舊 MEMS IP？或者我應該認為這裡的技術是您最近開發的技術？

Thank you, Tore. Yeah, this is not leveraging MEMS IP. When we got out of MEMS, we really did get out of MEMS. This is a new IP we've developed. With a few opportunities in mind that we see for this technology, one of those, we mentioned in a series of announcements last year around the pro audio market, and then one of the other key target markets for that is the automotive market.

謝謝你，托爾。是的，這並沒有利用 MEMS IP。當我們脫離MEMS時，我們確實脫離了MEMS。這是我們開發的新IP。我們認為這項技術有幾個機遇，其中之一就是我們在去年圍繞專業音響市場的一系列公告中提到的，另一個主要目標市場是汽車市場。

So that's very much a long-term project for us, just given the lead time and the lag in the auto industry. So we don't expect anything material, around that for several years, but we have over the past year seen really great interest from customers in audio parts for automotive, haptic parts for automotive, and timing products for automotive. And as in car networks have become more prevalent and there are more audio zones, and more speakers and more channels and so on, the need for low jitter clocks and great timing products increases, and that's what we're serving there.

因此，考慮到汽車行業的準備時間和滯後時間，這對我們來說是一個長期專案。因此，我們預計在未來幾年內不會出現任何實質進展，但在過去的一年裡，我們看到客戶對汽車音響部件、汽車觸覺部件和汽車計時產品表現出了極大的興趣。隨著汽車網路變得越來越普遍，音訊區域、揚聲器和頻道等等也越來越多，對低抖動時鐘和出色定時產品的需求也隨之增加，這就是我們所提供的服務。

So, as I say, it's very much a long-term project, although that particular product or some of those products have been already specified as part of a future platform by at least one Tier 1 OEM. So we're very optimistic about it long term, but it'll be some time before it moves the needle.

所以，正如我所說，這是一個長期項目，儘管該特定產品或其中一些產品已經被至少一個一級 OEM 指定為未來平台的一部分。因此，我們對其長期發展非常樂觀，但它還需要一段時間才能產生效果。

Very good. And as my follow up, so I do know you're in a fiscal year, but this is the beginning of a new calendar year. Obviously, you have constant growth sort of happening pretty consistently every year because of the cash getting (inaudible) and so on and so forth, but as we think specifically about calendar '26, is this going to be more sort of a unit growth year or is there some more material content growth that you could potentially speak to?

非常好。作為我的後續回答，我知道你們正處於財政年度，但這是一個新日曆年的開始。顯然，由於現金的獲取（聽不清楚）等等，您每年都會有持續的增長，但是當我們具體考慮日曆'26時，這是否會成為單位增長年，還是您可能會談到一些更有實質內容的增長？

I think we always stop shy of talking about unannounced customer products, obviously. But I have previously said this isn't a major content year for us on the smartphone side. That said, we always aim to be in a position to grow in a flat units environment. We don't want to be depending on units tailwinds. We can do better than that. So we do still see some favorable tailwinds over the next year.

我認為我們顯然總是羞於談論未公佈的客戶產品。但我之前曾說過，對於我們智慧型手機領域而言，今年並不是內容業務重要的一年。話雖如此，我們始終致力於在扁平單位環境中成長。我們不想依賴單位的順風。我們可以做得更好。因此，我們仍然看到明年會出現一些有利的順風。

One of those in the smartphone space, of course, is that cascading effect, in particular. We see that kind of continued year-on-year accretion of the value of our camera content. That gives us a favorable tailwind as we go into the next cycle. And then, of course, we're anticipating growing momentum in the laptop space this year as well.

當然，在智慧型手機領域，其中之一就是連鎖效應。我們看到相機內容的價值在逐年持續成長。這為我們進入下一個週期提供了有利的順風。當然，我們預期今年筆記型電腦領域的成長動能也將增強。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, John, team, thanks for taking the question. Appreciate it. My question was about the linearity of the quarter. So you guys did a really good job last time around kind of talking about the differences between this December and December of 2023, and if I look at the difference between what would have been another week in sales, it looks like you guys actually did even a bit better than that in terms of where you had originally set up guidance. So can you talk about what happened?

嘿，約翰，團隊，感謝你們回答這個問題。非常感謝。我的問題是關於本季的線性。你們上次在談論今年 12 月和 2023 年 12 月之間的差異時做得非常好，如果我看一下另一周的銷售額之間的差異，看起來你們實際上做得比最初設定的指導要好一點。那麼你能談談發生了什麼事嗎？

You called out units specifically in the shareholder letter, but that's something that you saw kind of consistently as the quarter went along or did something change at some point in the quarter that got you to the better results here from a unit perspective?

您在致股東信中特別提到了單位，但這是您在季度過程中不斷看到的現象，還是在本季度的某個時間點發生了某些變化，從而讓您從單位角度獲得了更好的業績？

Yeah, Tom, thank you. That's a great question. Actually, one of the things that we saw during the December quarter was more sustained demand than would be typical for a December quarter pattern. So I've said elsewhere that it's not unusual, in fact, in the majority of years, we'd see some kind of demand modulation during the December quarter just as the channel gets stopped and there's a read on the demand at the end user level for the devices.

是的，湯姆，謝謝你。這是一個很好的問題。實際上，我們在 12 月季度看到的一個現像是，需求比 12 月季度的典型情況更持續。因此，我在其他地方說過，這並不罕見，事實上，在大多數年份，我們都會在 12 月季度看到某種需求調節，就在頻道停止並且設備最終用戶層面的需求讀數時。

Actually, what we saw in this quarter was really the demand that we saw from our customer was very steady and. In fact, increased slightly relative to when we guided, and then, of course, that was one of the factors along with new content from us there that drove the strong results.

實際上，我們在本季看到的是來自客戶的需求非常穩定。事實上，相對於我們指導的時候，略有增加，當然，這是推動強勁業績的因素之一，也是我們提供的新內容之一。

And then, if I look at your June quarter as well as in the March quarter, I know that you guys can't tell what devices you're being shipped into but you can see mixed, particularly given that you've updated the codec in this last generation. So has there been any mix shift to any more of the legacy product that you're shipping at the end of the December quarter or into the March quarter to this point?

然後，如果我看一下你們的 6 月份季度以及 3 月份季度，我知道你們無法分辨你們的產品被運送到哪些設備上，但你們可以看到混合情況，特別是考慮到你們已經更新了上一代編解碼器。那麼，到目前為止，您在 12 月底或 3 月季度發貨的傳統產品的組合是否發生了變化？

I just want to understand if there's any mixed dynamic that's changing here into the March quarter at all. Thank you.

我只是想了解三月季度的混合動態是否發生了變化。謝謝。

I don't think we've seen anything pronounced from a mix shift perspective. Obviously, we can quite clearly identify what's shipping into new devices, but when it comes to older generation devices or any products which you're using -- devices that we're shipping that have been in the market for some time, we have a relatively low-resolution view of that.

我認為從混合轉變的角度來看我們還沒有看到任何明顯的變化。顯然，我們可以非常清楚地識別出新設備中裝運的是什麼，但對於老一代設備或您正在使用的任何產品（我們裝運的已經在市場上銷售了一段時間的設備），我們對此的了解相對較少。

We don't know exactly -- how that breaks down. But I think if you look, so far as I'm aware, if you look from the December quarter through to now, we didn't see anything significant change from a mix shift perspective.

我們並不確切知道它是如何分解的。但我認為，據我所知，如果你看一下從 12 月季度到現在，從組合轉變的角度來看，我們沒有看到任何重大變化。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark Company。

Hey, good afternoon. Thanks for taking my questions and congrats on a really solid quarter. I guess my first question is just on the gross margin side. Clearly, a few different drivers there and you pointed at some of those in the script, but if I'm not mistaken, it's like a record high, at least as far as my model goes back. So just kind of curious what the drivers are there and how much of that is really driven by the new products maybe into your largest customer versus some of the products that are going into some of these other markets you've had success in or with?

嘿，下午好。感謝您回答我的問題，並祝賀您本季取得了豐碩的業績。我想我的第一個問題只是關於毛利率方面。顯然，那裡有幾個不同的驅動因素，你在腳本中指出了其中一些，但如果我沒記錯的話，這就像是一個歷史新高，至少就我的模型而言。所以我只是很好奇其中的驅動因素是什麼，其中有多少是由新產品真正推動的，也許是由您最大的客戶推動的，還是由一些產品進入您已經取得成功的其他市場推動的？

Yeah, of course. So we don't break out in detail all the moving pieces associated with gross margin. It's obviously, though, a function in large part of our supply chain costs and overall product mix, and it can move around a lot in particular in periods of introduction of new products.

是的，當然。因此，我們不會詳細列出與毛利率相關的所有變動因素。但顯然，這在很大程度上決定了我們的供應鏈成本和整體產品組合，而且它可能會發生很大的變化，特別是在推出新產品的時期。

If you look back over the whole fiscal year or over the past few quarters, in fact, in a relatively short span of time, we've gone from guiding gross margin below our long run average to, in this case, reporting gross margin above our long run average. And when we were going below a long run average, that was at the beginning of the ramp of new products, and you typically do see headwinds on supply chain costs at that time. And there's a huge amount of work to kind of get that yield curve, progress along the yield curve, improve test times and so on.

如果回顧整個財政年度或過去幾個季度，事實上，在相對較短的時間內，我們的毛利率已經從指導毛利率低於長期平均水平，到在這種情況下報告毛利率高於長期平均水平。當我們的成本低於長期平均時，正是新產品剛開始湧現的時候，你通常會看到那時供應鏈成本面臨阻力。為了獲得殖利率曲線、沿著殖利率曲線發展、改善測試時間等等，還有很多工作要做。

And that's a big part of what the team has focused on over the past few months since we started ramping these products to do the best job we can on efficiency and driving down supply chain costs. So that obviously plays a big part along with overall product mix in driving the results that we reported.

自從我們開始增加這些產品的產量以來，這也是過去幾個月團隊一直關注的重點，我們盡力提高效率並降低供應鏈成本。因此，這顯然與整體產品組合一起在推動我們報告的結果方面發揮了重要作用。

Thanks and appreciate the color there. And as a follow-up, just kind of curious if you could size the market for the laptop side? Sounds like you've got some new products that are kind of moving down the tiers, more maybe for the broader market. Can you talk maybe about that, your expectations there and maybe what the laptop market could potentially be if we look at a couple of years in terms of revenue?Thank you.

謝謝並欣賞那裡的色彩。作為後續問題，我只是有點好奇您是否能估計一下筆記型電腦市場的規模？聽起來你們的一些新產品正在向下層級發展，也許更適合更廣泛的市場。您能否談談這一點？你。

Yeah, absolutely. So from a units perspective, if you take the overall laptop market and say, they call it between 200 million and 220 million units depending on your research source. We think we should be able to address some approaching half of that. And the products, the new products that we referenced in the shareholder letter are an important part of that strategy in supporting a wider range of price tiers and a wider range of configurations of content, different audio architectures, and so on.

是的，絕對是如此。因此從單位角度來看，如果您以整個筆記型電腦市場為例，他們稱其數量在 2 億至 2.2 億台之間，具體取決於您的研究來源。我們認為我們應該能夠解決其中大約一半的問題。我們在股東信中提到的產品、新產品是該策略的重要組成部分，它支援更廣泛的價格層級、更廣泛的內容配置、不同的音訊架構等等。

So we think the way we categorize the tiers is really anything above the kind of $800 price point is highly relevant to us, and of course there'll be cases where we're aiming at products below that. But that really does put you firmly in the kind of mainstream bracket and gives you roughly half the market to shoot for. Within that range of units, there'll be, there'll be a fairly broad spectrum of different content configurations.

因此，我們認為，我們對層級進行分類的方式實際上與 800 美元以上的任何價格點都與我們高度相關，當然也有一些我們瞄準低於該價格點的產品的情況。但這確實會讓你穩穩地處於主流地位，並讓你擁有大約一半的市場份額。在該單位範圍內，將會有相當廣泛的不同內容配置。

It could be anything from a single piece of content that maybe be rounding to a dollar up to a high-single digits where we have a mixture of amplifiers, haptics, power converters, and a codec. So when we think further out about the size of the market, I'm not going to put a revenue number or couple of years out, but we do see a kind of continued, solid growth opportunity for us here.

它可以是任何東西，從單一內容（可能四捨五入到一美元到高個位數），其中我們混合了擴大機、觸覺、電源轉換器和編解碼器。因此，當我們進一步思考市場規模時，我不會給出未來幾年的收入數字，但我們確實看到了持續、穩健的成長機會。

I said, the previous color I've given on our kind of revenue ramp in the PC space has been that it was kind of de minimis in fiscal '24 and then we were targeting low tens of millions in fiscal '25. So as I mentioned in the letter, we're tracking in line to that as we approach the kind of home straight of fiscal '25. And then we expect that to -- depending on the overall demand picture, based on the designs that we have secured to date, we would expect that to roughly double during fiscal '26.

我說過，我之前對我們個人電腦領域收入成長的預測是，24 財年的收入處於最低水平，而 25 財年我們的目標是達到數千萬美元。因此，正如我在信中提到的那樣，隨著 25 財年的臨近，我們正在按照這一思路進行追蹤。然後我們預計，根據整體需求情況，根據我們迄今為止獲得的設計，我們預計在 26 財年這一數字將大約翻一番。

And then beyond that, we see a good opportunity for meaningful step-up in revenue from there in subsequent years.

除此之外，我們也看到了未來幾年收入大幅增加的良好機會。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Thank you, operator. So you guys used to talk about HPMS being potentially a parity with audio as a percentage of revenue at some point in the future and then obviously, this is a strong cycle for audio for you guys. I think audio is 62% of total.

謝謝您，接線生。所以你們曾經談論過 HPMS 在將來的某個時候可能與音頻在收入百分比上達到同等水平，那麼顯然，對於你們來說，這是一個音頻的強勁週期。我認為音訊佔總量的 62%。

I guess my question is, do you still expect HPMS to match audio at some point in the future and what might be a rough timeframe for this? Is it a year or two years or much more than that? And what has to happen for parity there between those segments? Thanks.

我想我的問題是，您是否仍期望 HPMS 在未來某個時候能夠與音訊相匹配，大致的時間範圍是什麼時候？是一年、兩年還是更久？那麼，要怎麼做才能達到這些部分之間的平等呢？謝謝。

Yeah, thanks, Chris. I do think so, yeah. It's not in a year, I don't think, but as we look a bit further out within our planning horizon, it is certainly something that we think is a very real opportunity. We are in a period where actually our audio content accelerated a bit in this fiscal year. We're obviously very happy about that. So the kind of parity point was really to convey how large of an opportunity we see with HPMS. It's not that we don't want to grow audio as well, obviously.

是的，謝謝，克里斯。是的，我確實這麼認為。我認為這不是一年之內就能實現的，但當我們在規劃範圍內放眼更長遠的未來時，我們就會發現這確實是一個非常現實的機會。我們正處於一個這樣的時期：本財年我們的音訊內容實際上有所加速。我們顯然對此感到非常高興。所以這種同等點其實是為了傳達我們在 HPMS 中看到的機會有多大。顯然，這並不是說我們不想發展音頻業務。

But when we look further out, really, HPMS actually represents the larger part of the sound that we see ahead of us. So in our investor presentation, you'll see we talked about a roughly $9 billion SAM in 2028 that we think is in front of us and audio comes in at just a little over a third of that. So we see significant opportunity to expand in HPMS, and that is kind of disproportionately large relative to audio.

但當我們進一步觀察時，實際上，HPMS 代表了我們前方所見的大部分聲音。因此，在我們的投資者演示中，您會看到我們談到了 2028 年大約 90 億美元的 SAM，我們認為這個數字就在我們面前，而音訊僅佔其中的三分之一多一點。因此，我們看到了 HPMS 巨大的擴展機會，相對於音訊而言，這個機會是異常大的。

And as I've said previously, that will be a mixture of components, whether that's a camera or haptics or power-related. We have a number of irons in the fire on the HPMS front, and believe that they all represent a good opportunity to drive growth.

正如我之前所說，這將是多種組件的混合，無論是攝影機、觸覺還是電源相關的。我們在 HPMS 方面有很多準備，相信它們都代表著推動成長的良好機會。

Thank you, John. And also in the letter, it's a good segue into power. So you spoke about a number of R&D programs for battery and power management. I guess first of all, I was wondering if you could talk about the investment when you think that investment in R&D might peak. And then, are these products ready for revenue today? Or when might we see these products ramping for revenue?

謝謝你，約翰。而且在這封信中，這也為權力提供了良好的過渡。您談到了一些有關電池和電源管理的研發項目。首先，我想知道您是否可以談談您認為研發投資可能達到高峰時的投資情況。那麼，這些產品今天可以開始獲利了嗎？或者什麼時候我們才能看到這些產品的收入大幅增加？

Thank you, Chris. We are shipping a range of power-related products for revenue today, both in our custom silicon business and in the general market. So power is something that we ship into both Android devices and laptops, for example. But when we talk about the investments that we're making kind of below the water line like that you're not -- that are invisible to outsiders as yet, we do think there are a number of other power areas where there is opportunity to grow.

謝謝你，克里斯。目前，我們正在透過客製化矽片業務和一般市場銷售一系列與電源相關的產品來獲取收入。例如，我們將電源注入 Android 裝置和筆記型電腦。但是，當我們談到我們在水線以下進行的投資時，就像外界還看不到的那些投資一樣，我們確實認為還有許多其他具有成長機會的強大領域。

And typically, so I'll call this out since you mentioned power management, typically we think less of conventional power management and more around power control, conversion, and sensing with particular focus on stuff around the battery. So either side of the battery, but really leveraging our extremely high precision sensing capability and our ability to kind of package that with a lot of digital enabling fine grain control and signal processing alongside the analog.

通常，既然您提到了電源管理，我會指出這一點，通常我們較少考慮傳統的電源管理，而更多地考慮電源控制、轉換和感應，特別關注電池周圍的東西。因此，在電池的任何一側，但真正利用我們極高精度的感測能力和我們將其與大量數位功能封裝在一起的能力，實現細粒度控制和訊號處理以及模擬。

So where we're at today in relation to those is we have some great IP in silicon. Some of that has been shown to customers, some of it will be shown to customers before too long. And we're kind of working the playbook, which is very familiar to us, to take those innovations forward to stock it. So we're still some way off that and we'll obviously, kind of give more color as things progress.

因此，就這些而言，我們今天所取得的進展是，我們在矽片上擁有一些很棒的 IP。其中一些已經向客戶展示，一些也將在不久後向客戶展示。我們正在按照我們非常熟悉的劇本進行工作，將這些創新推向市場。因此，我們距離這個目標還有一段距離，而且我們顯然會隨著事情的進展提供更多的資訊。

But we're very familiar with the process around securing high value sockets in HPMS. You're not going to win one without showing very, very innovative IP in silicon. And so at this point, we feel we're in a good spot with IP that we've got in test silicon and we're looking forward to taking it forward from here.

但我們非常熟悉 HPMS 中高價值插座的安全流程。如果你沒有展現出非常創新的矽片 IP，你是不可能贏的。因此，目前，我們感覺我們在測試矽片上的 IP 處於一個很好的位置，我們期待著從現在開始繼續向前發展。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hi, everybody, thanks for taking my question. I know you're not going to give too many details or any with respect to your largest customer, but clearly, there's a lot of early speculation that maybe that largest customer might move to a multi-lens horizontal configuration for camera, especially the premium tier, maybe some thinner designs in the lower tier and maybe even some foldable designs and without maybe talking about your customers specifically there.

大家好，謝謝你們回答我的問題。我知道您不會透露太多有關您最大客戶的細節，但顯然，有很多早期猜測認為，也許最大的客戶可能會轉向多鏡頭水平配置的相機，特別是高端產品，也許在較低層級採用一些更薄的設計，甚至可能是一些可折疊的設計，也許您沒有具體談論您的客戶。

Maybe you can just talk in general about how those types of configurations and designs might affect your content in camera haptics, power-related content and whatnot?

也許您可以大致談談這些類型的配置和設計將如何影響您的相機觸覺內容、與電源相關的內容等等？

Well, we're certainly very proud of what we've done over the past few years in helping to enable innovation in cameras. The launch last fall was our fifth successive generation of camera controller, of customer product shipping with our camera controllers in there and there've been some really, really meaningful innovations in that time.

嗯，我們當然對過去幾年為推動相機創新所做的努力感到非常自豪。去年秋天我們推出了第五代攝影機控制器，客戶產品配備了我們的攝影機控制器，在此期間我們已經有了一些非常非常有意義的創新。

I would say that's one of the areas when I look across all our engineering. That's one of the areas where we work most tightly with our customer teams on future roadmap technologies. So you can be sure that we have a substantial amount of investment going into enabling more features and more functionality for the future, but it's clearly something that would be extremely discreet about it -- about what's involved in that.

我想說，這是我回顧我們所有工程時關注的領域之一。這是我們與客戶團隊在未來路線圖技術方面合作最緊密的領域之一。因此，您可以肯定，我們投入了大量的資金來為未來提供更多的特性和功能，但很明顯，我們會非常謹慎地對待此事——關於其中涉及的內容。

When we think about different form factors, form factor devices, devices with hinges, and so on because we've been shipping in folding devices for several years now, for example, and what we see is that represents great opportunities for us in -- certainly in audio and potentially, haptic space. Because typically, well, for a variety of reasons, one would be that you don't necessarily want too much stuff going across the hinge if you can avoid it.

當我們考慮不同的外形尺寸、外形尺寸的設備、帶鉸鏈的設備等等時，因為我們已經推出了好幾年的折疊設備，我們看到這為我們在音頻和潛在的觸覺領域帶來了巨大的機會。因為通常情況下，出於各種原因，其中之一就是如果可以避免的話，你不一定希望太多的東西穿過鉸鏈。

Another reason why it creates opportunity is that often the devices have multiple modes of uses when they're folded and when they're unfolded. That leads to, quite often in the case of audio functionality, that leads to more microphones, different configurations of microphones, and requirements for processing in different device orientations and so on. And all of that kind of drives new features and new requirements for us.

它創造機會的另一個原因是，設備在折疊和展開時通常具有多種使用模式。這通常會導致音訊功能需要更多的麥克風、不同的麥克風配置以及在不同設備方向上進行處理的要求等等。所有這些都為我們帶來了新特點和新要求。

That's what we've seen in kind of novel form factor devices that we've been shipping in for a few years.

這就是我們在幾年來推出的新型設備中所看到的。

Okay, appreciate that. For my follow-up, I want to ask about the Android win that you highlighted in you're prepared remarks. I think you mentioned three audio products in use there, and I presume this is for some of your general purpose products because I don't think you really go into the (inaudible) market with applications specific products or custom products.

好的，非常感謝。作為我的後續問題，我想問一下您在準備好的發言中強調的 Android 勝利。我覺得您提到了那裡使用的三種音頻產品，我推測這是針對一些通用產品，因為我認為您並沒有真正帶著特定應用的產品或定制產品進入（聽不清楚）市場。

So my question is, with this general purpose approach into the Android market, are there ample opportunities and could it ever be a sizeable portion of revenue for you?

所以我的問題是，透過這種通用方法進入 Android 市場，是否有足夠的機會，並且它能否為您帶來可觀的收入？

When we think about Android, I've been pretty clear over the past couple of years that we treat that largely on an opportunistic basis and the reason for that is that we anticipated headwinds in China, largely due to geopolitical reasons and because we feel there are larger opportunities for us elsewhere.

當我們考慮 Android 時，過去幾年我一直很清楚，我們主要是以機會主義的態度對待它，原因是我們預計中國會遇到阻力，這主要是由於地緣政治原因，而且我們覺得其他地方有更大的機會。

So for example, in the laptop space. So as of right now, we don't make a lot of R&D investment in the Android space, but we continue to win flagship sockets in both audio and haptics, with multiple Android OEMs based on products that we have today. And those are leveraging IP that we've developed over the years and shifted into many Android phones.

例如在筆記型電腦領域。因此，截至目前，我們還沒有在 Android 領域進行大量的研發投資，但我們繼續在音訊和觸覺領域贏得旗艦地位，並且有多家 Android OEM 基於我們現有的產品。這些都是利用我們多年來開發並轉移到許多 Android 手機的 IP。

So we continue to serve our customers there and grow revenue where we can and win sockets where we can and where that's kind of economically attractive to us. But the focus for our R&D investment is on growing in other markets.

因此，我們將繼續為那裡的客戶提供服務，並在可能的情況下增加收入，在可能的情況下贏得插座，這對我們來說具有經濟吸引力。但我們的研發投資重點是其他市場的成長。

And we have time for one more question.

我們還有時間再回答一個問題。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yeah, thanks, Chelsea. Just one follow-up, your SG&A has been consistently around 6% revenue, 6%, 7% revenue here for many, many years. I'm just wondering as you continue to venture into new markets, do you have to invest in sort of a new sales organization? Or should we think of your entrance into the [automotive] market, for instance, kind of more similar to laptop where it's more based on a reference design where you don't need that big of a sales force?

是的，謝謝，切爾西。我只想問一下，你們的銷售、一般及行政費用多年來一直穩定在 6%、6%、7% 左右。我只是想知道，當您繼續開拓新市場時，您是否必須投資某種新的銷售組織？或者我們應該認為您進入的[汽車]市場更類似於筆記型電腦，它更多地基於參考設計，不需要那麼龐大的銷售團隊？

I would say, Tore, if you think about it, the SG&A level that we're at, we're pretty comfortable with. I don't see that significantly changing into the future even if we tackle new markets. We do have opportunities to also look at where our existing investments are. We allocate that a bit and I don't see us growing that to support those markets.

我想說，托爾，如果你仔細想想，我們對目前的銷售、一般和行政費用水準感到非常滿意。即使我們開拓新市場，我也不認為未來會發生重大變化。我們確實有機會審視我們現有的投資所在。我們分配了一些資金，但我不認為我們會成長資金來支持這些市場。

Great, thank you.

太好了，謝謝。

And with that, we will end the Q&A session, and I will now turn the call back over to John.

我們的問答環節就此結束，我現在將電話轉回給約翰。

Thank you, Chelsea. In summary, in Q3 fiscal year '25, Cirrus Logic delivered outstanding results for the December quarter as we experience strong demand for components shipping into smartphones. We continue to make solid progress in each of the three key areas of our long-term strategy and remain very excited about the opportunities in front of us.

謝謝你，切爾西。總而言之，在 25 財年第三季度，Cirrus Logic 在 12 月季度取得了出色的業績，因為我們對智慧型手機零件的需求強勁。我們在長期策略的三個關鍵領域繼續取得紮實進展，並對我們面臨的機會感到非常興奮。

I'd like to thank you for your continued interest in our progress and to thank our employees for their incredible dedication and commitment. Thank you for participating today. Goodbye.

我要感謝您對我們進步的持續關注，並感謝我們的員工的令人難以置信的奉獻和承諾。感謝您今天的參與。再見。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。