Cirrus Logic Inc (CRUS) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic fourth quarter and full fiscal year 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 財年第四季及全年財務業績問答環節。（操作員指令）。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，我想將電話會議交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。

Thank you and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer, and Jeff Wollard, our Chief Financial Officer. Today at approximately 4 p.m. Eastern time, we announced our financial results for the fourth quarter and full fiscal year 2025. The shareholder letter discussing our financial results.

謝謝，下午好。參加今天電話會議的還有 Cirrus Logic 執行長 John Forsyth 和財務長 Jeff Wollard。今天下午 4 點左右東部時間，我們公佈了2025財年第四季和全年的財務表現。討論我們財務表現的股東信。

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 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.

收益新聞稿和本次問答環節的網路直播均可在該公司的投資者關係網站上找到。本次電話會議將討論我們公司的分析師提出的問題。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。

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. 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.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳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。請注意，在本次會議期間，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。

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. Please refer to the press release and 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 Security and Exchange Commission for additional discussion of our risk factors. That could cause actual results to differ materially from current expectations.

透過提供此訊息，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，無論其是否因新的發展而產生。請參閱今天發布的新聞稿和股東信，可在 Cirrus Logic 網站和最新的 10-K 表格上查閱，以及在美國證券交易委員會註冊的其他公司文件，以獲取有關我們的風險因素的更多討論。這可能會導致實際結果與當前預期有重大差異。

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. First, let me start by saying welcome to Jeff Woolard, who is joining us for his first earnings call with Cirrus Logic. Since we announced Jeff joining Cirrus back in February, I've learned from the many messages I've received just how highly Jeff is regarded by others in our industry.

謝謝你，切爾西，也謝謝大家參加今天的電話會議。首先，我要歡迎 Jeff Woolard，這是他與 Cirrus Logic 的首次財報電話會議。自從我們在二月宣布 Jeff 加入 Cirrus 以來，我從收到的眾多訊息中了解到 Jeff 在我們行業中受到的高度評價。

He brings extensive experience and deep domain knowledge to Cirrus, and we're thrilled to have him as part of the team. Moving on to company performance, as you've seen in the press release in the March quarter, Cirrus Logic delivered revenue of $424.5 million above the top end of our guidance range. For the full fiscal year 2025, Cirrus Logic delivered revenue of $1.9 billion up 6% year-over-year, driven by revenue associated with our latest generation products and higher smartphone unit volumes.

他為 Cirrus 帶來了豐富的經驗和深厚的領域知識，我們很高興他能成為團隊的一員。談到公司業績，正如您在 3 月季度的新聞稿中所看到的，Cirrus Logic 的營收為 4.245 億美元，高於我們預期範圍的最高值。2025 財年全年，Cirrus Logic 的營收為 19 億美元，年增 6%，這得益於我們最新一代產品相關的營收以及智慧型手機銷量的增加。

We are also proud to have delivered record GAAP and non-GAAP earnings per share for the full fiscal year. Additionally, during the year, we returned $261 million of cash to shareholders in the form of share repurchases. Another record for Cirrus Logic for a full fiscal year. In a moment I'll hand the call over to Jeff to walk us through the financial results for the March quarter and the full fiscal year in greater detail.

我們也很自豪地宣布，整個財年每股收益都創下了歷史新高。此外，本年度我們也以股票回購的形式向股東返還了 2.61 億美元現金。Cirrus Logic 再創下全年財報紀錄。稍後，我將把電話交給傑夫，讓他向我們更詳細地介紹三月季度和整個財政年度的財務表現。

But before I do that, I want to touch on the current macroeconomic environment and the subject of tariffs. As I think everyone is aware, the situation is highly dynamic and future trade actions could potentially impact our business. We are closely and thoughtfully monitoring developments. We are also actively working across our supply chain with the goal of supporting our customers' needs as they evolve.

但在此之前，我想先談談當前的宏觀經濟環境和關稅問題。我想大家都知道，情況瞬息萬變，未來的貿易行動可能會影響我們的業務。我們正在密切、認真地關注事態發展。我們也積極地在整個供應鏈中開展工作，以支援客戶不斷變化的需求。

And in parallel, we continue to invest in the geographic diversification of our supply chain that I have referenced previously, which we believe will help position the company and our customers to manage potential longer-term challenges stemming from the current trade environment. Now turning to our progress, I'd like to highlight some of the serious team's accomplishments over the past four quarters.

同時，我們繼續投資於我之前提到的供應鏈的地理多樣化，我們相信這將有助於公司和我們的客戶應對當前貿易環境帶來的潛在長期挑戰。現在談談我們的進展，我想強調過去四個季度裡團隊所取得的一些成就。

As many of you are aware, our long-term strategy for growth at Cirrus is based on three principles. The first of those is maintaining leadership in our core flagship smartphone audio business. The second, expanding the value and range of high performance mixed signal functionality in which we serve our customers in smartphones and similar products.

許多人都知道，Cirrus 的長期發展策略是基於三個原則。其中第一點就是保持我們核心旗艦智慧型手機音訊業務的領先地位。第二，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。

And the third principle is to leverage that world class expertise and intellectual property in both audio and high performance mixed signal areas in order to grow and broaden our business in new markets. I want to now speak to our recent progress in each of those areas. In our flagship smartphone audio business over the past year, most notably, we began shipping two new generation products, a boosted amplifier and a smart codec.

第三個原則是利用音訊和高效能混合訊號領域的世界級專業知識和智慧財產權來發展和拓展我們在新市場的業務。現在我想談談我們在每個領域的最新進展。在過去一年我們的旗艦智慧型手機音訊業務中，最值得注意的是，我們開始推出兩款新一代產品，即增強放大器和智慧編解碼器。

The boosted amplifier introduced a highly innovative new architecture, significantly improving system performance and efficiency, while saving board space and delivering enhanced value to our customer. The Smart codec is Cirrus Logic's first 22 nanometer product and delivers meaningful advances in audio and mixed signal processing capabilities.

升壓放大器引入了高度創新的新架構，顯著提高了系統性能和效率，同時節省了電路板空間並為我們的客戶帶來了更高的價值。智慧編解碼器是 Cirrus Logic 的首款 22 奈米產品，在音訊和混合訊號處理功能方面取得了重大進展。

These new components represent the culmination of years of engineering dedication and close collaboration with our customer. We anticipate that the products will ship from multiple smartphone generations, providing a sustained revenue contribution in the coming years and allowing us to target our R&D resources on customer needs in new areas where we believe we can drive further innovation and growth.

這些新組件代表了我們多年工程奉獻和與客戶密切合作的成果。我們預計這些產品將適用於多代智慧型手機，在未來幾年提供持續的收入貢獻，並使我們能夠將研發資源集中在新領域的客戶需求上，我們相信我們可以在這些領域推動進一步的創新和成長。

Looking beyond audio and smartphones, we also made significant investments in certain high performance mixed signal areas where we believe our mixed signal design and signal processing expertise can meaningfully enhance our customers' products. Our progress in this area is evident in the continued success of our camera controller product line, and this year we benefited from an increase in unit shipments of our camera controllers.

除了音訊和智慧型手機之外，我們還在某些高效能混合訊號領域進行了大量投資，我們相信我們的混合訊號設計和訊號處理專業知識可以顯著增強我們客戶的產品。我們在這一領域的進步體現在我們的攝影機控制器產品線的持續成功上，今年我們受益於攝影機控制器單位出貨量的增加。

We also believe that advanced battery and related technologies represent excellent opportunities for us. And during the year, we continue to invest in several exciting R&D programs that are focused on these areas. While new product introductions in these domains are a little further out, we made excellent progress in the development of key intellectual property in these areas in FY25.

我們也相信，先進的電池和相關技術對我們來說代表著絕佳的機會。今年，我們將繼續投資幾個專注於這些領域的令人興奮的研發項目。雖然這些領域的新產品推出還需要一些時間，但我們在 2025 財年在這些領域的關鍵智慧財產權開發方面取得了顯著進展。

Our approach to running the business is to manage and invest for the long term. And we anticipate that the investments that we are making in these areas today will contribute to product diversification and the expansion of our revenue opportunities in the future. The third element of our strategy is growing in new applications and markets outside of smartphones.

我們的經營方式是長期管理和投資。我們預計，我們今天在這些領域的投資將有助於實現產品多樣化並擴大我們未來的收入機會。我們策略的第三個要素是在智慧型手機以外的新應用和新市場中發展。

We continue to be excited about the opportunities we see in the laptop business, and we are currently on track with our expectations in this market. During the year, we passed several important milestones, which included securing our first high volume mainstream design win with our latest PC codec. Increasing our direct engagement with PC OEMs, delivering new generation products to our customers, significantly expanding our pipeline of design wins and our funnel of opportunities, and further expanding our presence in leading reference designs.

我們繼續對筆記型電腦業務中看到的機會感到興奮，目前我們在這個市場上的預期已經實現。在這一年中，我們實現了幾個重要的里程碑，其中包括憑藉我們最新的 PC 編解碼器首次獲得大批量主流設計勝利。增加與 PC OEM 的直接合作，向我們的客戶提供新一代產品，大幅擴展我們的設計贏單管道和機會管道，並進一步擴大我們在領先參考設計中的影響力。

Beyond laptops, we also invested in our general market business, which spans a large number of customers across the professional audio, automotive, industrial, and imaging and markets. Following the launch of our latest generation of analog to digital converters last year, this fiscal year, we also added a series of new digital to analog converters and an ultra-high performance audio codec to this product family.

除了筆記型電腦之外，我們還投資了我們的一般市場業務，該業務涵蓋專業音訊、汽車、工業和成像市場的大量客戶。繼去年推出最新一代類比數位轉換器之後，本財年我們也為產品系列增加了一系列新型數位類比轉換器和超高效能音訊編解碼器。

We also sampled our latest timing products and a family of high performance analog front end products targeting imaging applications. These components all offer sustained differentiation with enhanced performance, lower power consumption, and new features. And we've received outstanding customer feedback on each of them. We believe they can be valuable contributors to our profitability in years to come.

我們也對最新的計時產品和一系列針對影像應用的高效能類比前端產品進行了抽樣。這些組件均具有增強的性能、更低的功耗和新功能，從而提供了持續的差異化。並且，我們收到了客戶對每款產品的正面回饋。我們相信，他們將來能夠為我們的獲利能力做出寶貴貢獻。

To summarize our progress over the past year, we're proud to have delivered strong financial results while also continuing our track record of combining innovation with disciplined execution. With an extensive intellectual property portfolio and our design innovation in both existing and new technology areas, we believe Cirrus Logic is well positioned to continue to diversify our product portfolio and to expand our addressable market in the future.

總結過去一年的進展，我們很自豪地取得了強勁的財務業績，同時繼續保持創新與嚴謹執行相結合的良好記錄。憑藉廣泛的智慧財產權組合以及我們在現有技術和新技術領域的設計創新，我們相信 Cirrus Logic 完全有能力繼續實現產品組合多樣化，並在未來擴大我們的潛在市場。

And with that, let me now turn the call over to Jeff to provide some color on our financial results for the fourth quarter and the full fiscal year 2025, as well as the outlook for the first quarter of fiscal 2026.

現在，我將把電話交給傑夫，讓他介紹我們 2025 財年第四季和全年的財務業績，以及 2026 財年第一季的前景。

Thank you, John. Good afternoon, everyone. I'll start with a summary of our financial results for both our fiscal Q4 as well as our full fiscal year 2025 and then provide guidance for our Q1 fiscal year 2026. Revenue in Q4 fiscal year 2025 was above the high end of the guidance range at $424.5 million as a result of stronger-than-expected smartphone volumes.

謝謝你，約翰。大家下午好。我將首先總結我們 2025 財年第四季和全年的財務業績，然後為 2026 財年第一季提供指導。由於智慧型手機銷量超出預期，2025 財年第四季的營收高於預期範圍的高端，達到 4.245 億美元。

On a sequential basis, revenue was down 24% due primarily to a reduction in smartphone volumes. On a year-over-year basis, revenue was up 14% due to our higher smartphone unit volumes as well as an increase in revenue associated with our latest generation products. Fiscal year 2025 revenue of $1.9 billion was up 6% from a year ago.

與上一季相比，營收下降了 24%，主要原因是智慧型手機銷量下降。與去年同期相比，由於我們的智慧型手機銷量增加以及最新一代產品相關收入的增加，收入成長了 14%。2025財年營收為19億美元，比去年同期成長6%。

The increase was driven by revenue associated with our latest generation products and higher smartphone unit volumes. Turning to gross profit and gross margin. Non-GAAP gross profit in the March quarter was $227.1 million, and non-GAAP gross margin was 53.5%, on a year-over-year basis, gross margin increased largely due to more favorable product mix.

這一增長得益於與我們最新一代產品相關的收入以及智慧型手機銷售的增加。轉向毛利和毛利率。3月份當季非公認會計準則毛利為2.271億美元，非公認會計準則毛利率為53.5%，較去年同期，毛利率的增加主要得益於更有利的產品組合。

Non-GAAP gross profit for the fiscal year 2025 was $997.4 million and non-GAAP gross margin was 52.6%. The year-over-year increase in gross margin reflects a more favorable product mix. This was partially offset by unfavorable inventory reserve expense and higher supply chain costs. Now I'll turn to operating expenses. Non-GAAP operating expenses for the fourth quarter were $120 million.

2025財年非公認會計準則毛利為9.974億美元，非公認會計準則毛利率為52.6%。毛利率年增率反映了更有利的產品組合。但不利的庫存儲備費用和更高的供應鏈成本部分抵消了這種影響。現在我來談談營運費用。第四季非公認會計準則營運費用為 1.2 億美元。

On a sequential basis, OpEx was down $9.2 million primarily due to lower employee-related expenses, variable compensation and product development costs, which are largely associated with the timing of tape-outs. On a year-over-year basis, operating expense was up $3.5 million, mostly due to higher employee related expenses and variable comp.

與上一季相比，營運支出下降了 920 萬美元，主要原因是員工相關費用、浮動薪酬和產品開發成本降低，這些成本主要與流片時間有關。與去年同期相比，營運費用增加了 350 萬美元，主要原因是員工相關費用和浮動薪酬增加。

The increase was partially offset by a reduction in product development costs, primarily associated with the development and qualification of new products. Non-GAAP operating income for the quarter was $107.1 million or 25.2% of revenue. For fiscal year 2025 non-GAAP operating expenses were $494.1 million, up $23.7 million, primarily due to an increase in employee-related expenses and variable compensation.

這一增長被產品開發成本的減少部分抵消，主要與新產品的開發和鑑定有關。本季非公認會計準則營業收入為 1.071 億美元，佔營收的 25.2%。2025 財年非公認會計準則營運費用為 4.941 億美元，增加 2,370 萬美元，主要原因是員工相關費用和可變薪酬增加。

Non-GAAP operating income for the fiscal year 2025 was $503.3 million, as a result, fiscal year 2025 operating margin came in at 26.5%, up from 25% the prior year. Turning now to taxes. For the March quarter, our non-GAAP tax rate was 21.7%. However, for fiscal year 2025, non-GAAP effective tax rate was approximately 22.5% for the lower end of our guidance range.

2025 財年非公認會計準則營業收入為 5.033 億美元，因此 2025 財年的營業利潤率達到 26.5%，高於前一年的 25%。現在談談稅收。3 月季度，我們的非 GAAP 稅率為 21.7%。然而，對於 2025 財年，非 GAAP 有效稅率約為 22.5%，處於我們指導範圍的下限。

And lastly, on the P&L, non-GAAP net income in the fourth quarter was $90.6 million or $1.67 per share. For fiscal year 2025, non-GAAP net income was $416.6 million, resulting in record earnings per share of $7.54, up from $6.59 in our fiscal year 2024. Let me now turn to the balance sheet. Our balance sheet continues to remain strong, and we ended the fiscal year 2025 with nearly $835 million in cash and investments.

最後，就損益表而言，第四季非 GAAP 淨收入為 9,060 萬美元，即每股 1.67 美元。2025 財年，非 GAAP 淨收入為 4.166 億美元，每股盈餘創歷史新高，達 7.54 美元，高於 2024 財年的 6.59 美元。現在讓我來看看資產負債表。我們的資產負債表持續保持強勁，2025 財年結束時我們擁有近 8.35 億美元的現金和投資。

Our ending cash balance was up $134.9 million from the prior year, -- primarily due to strong cash flow from operations, which was partially offset by stock repurchases. We continue to have debt outstanding. Inventory balance at the end of the fourth quarter was $299.1 million, up from $275.6 million in Q3 fiscal year 2025.

我們的期末現金餘額比前一年增加了 1.349 億美元，主要原因是經營活動產生的現金流強勁，但股票回購部分抵銷了這一影響。我們仍有未償還的債務。第四季末的庫存餘額為 2.991 億美元，高於 2025 財年第三季的 2.756 億美元。

Days of inventory was up 40 days sequentially, and we ended the quarter with approximately 138 days of inventory. Looking ahead in Q1 fiscal year 2026, we expect inventory to decrease slightly as we continue to fulfill demand and manage our wafer purchase commitments for our long-term capacity agreement with Global Foundries.

庫存天數較上季增加 40 天，本季末庫存天數約 138 天。展望 2026 財年第一季度，我們預計庫存將略有下降，因為我們將繼續滿足需求並管理與 Global Foundries 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 $130.4 million in the March quarter, and CapEx was approximately $9.2 million, resulting in a non-GAAP free cash flow margin for the quarter of approximately 29%. For the 12-month period ending in the March quarter, cash flow from operations was $444.4 million, and CapEx was approximately $28.8 million, resulting in a non-GAAP free cash flow margin of 22%.

轉向現金流。3 月季度的營運現金流為 1.304 億美元，資本支出約為 920 萬美元，導致本季非 GAAP 自由現金流利潤率約為 29%。截至 3 月季度的 12 個月期間，營運現金流為 4.444 億美元，資本支出約為 2,880 萬美元，非 GAAP 自由現金流利潤率為 22%。

On the share buyback front, in Q4, we utilized $100 million to repurchase approximately 927,000 shares of our common stock at an average price of $107.85. For the fiscal year 2025, we returned $261 million of cash to shareholders as we repurchased 2.3 million shares at an average price of $112.33. At the end of Q4 fiscal year 2025, the company had $54.1 million remaining on its July 2022 share repurchase authorization.

在股票回購方面，第四季度，我們動用 1 億美元以平均 107.85 美元的價格回購了約 927,000 股普通股。 2025 財年，我們以平均 112.33 美元的價格回購了 230 萬股股票，向股東返還了 2.61 億美元現金。截至 2025 財年第四季末，該公司 2022 年 7 月的股票回購授權剩餘金額為 5,410 萬美元。

Subsequent to Q4 fiscal year 2025, the company utilized an additional $25 million to repurchase approximately 297,000 shares at an average price of $84.26 under a Rule 10b5-1 trading plan. Furthermore, in March 2025, the Board of Directors authorized the company to repurchase up to an additional $500 million of Cirrus Logic common stock.

2025 財年第四季之後，該公司根據 10b5-1 規則交易計劃，又動用了 2,500 萬美元，以平均 84.26 美元的價格回購了約 297,000 股股票。此外，2025 年 3 月，董事會授權公司回購最多 5 億美元的 Cirrus Logic 普通股。

We expect to continue to return capital in the form of stock repurchases, which we believe provide a long-term benefit to shareholders going forward. Before we provide guidance for the first quarter, I would like to reiterate what John said earlier. We are closely monitoring the current macroeconomic and trade environment, including the potential impact of tariffs.

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。在我們提供第一季的指導之前，我想重申約翰之前所說的話。我們正在密切關注當前的宏觀經濟和貿易環境，包括關稅的潛在影響。

Our outlook for the upcoming quarter is based on our current assessment of the environment as it stands today. And now to guidance. For Q1 fiscal year 2026, we expect revenue in the range of $330 million to $390 million, down 15% sequentially and 4% year-over-year at the midpoint. We expect gross margin to range from 51% to 53%.

我們對下一季的展望是基於我們對當前環境的評估。現在來談談指引。對於 2026 財年第一季，我們預計營收將在 3.3 億美元至 3.9 億美元之間，季減 15%，年減 4%。我們預計毛利率在51%至53%之間。

Non-GAAP operating expense is expected to range from $119 million to $125 million, up sequentially, largely due to employee expenses. We expect our fiscal year 2026 non-GAAP tax rate to be approximately 21% to 23%. In closing, we delivered solid financial results and made significant progress executing on our strategy to drive product and revenue diversification.

非公認會計準則營運費用預計在 1.19 億美元至 1.25 億美元之間，季增，主要原因是員工費用。我們預計 2026 財年非 GAAP 稅率約為 21% 至 23%。最後，我們取得了穩健的財務業績，並在實施推動產品和收入多樣化策略方面取得了重大進展。

Going forward, we will continue to invest in our existing business and key areas that we believe will grow shareholder value. And before we begin Q&A, I would like to note, while we understand there is interest related to our largest customer, in accordance with Cirrus Logic company policy, we will not discuss specifics about our business relationship.

展望未來，我們將繼續投資於現有業務和我們認為能夠增加股東價值的關鍵領域。在我們開始問答之前，我想指出，雖然我們理解我們最大的客戶存在相關利益，但根據 Cirrus Logic 公司的政策，我們不會討論有關我們業務關係的具體細節。

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

說完這些，讓我把電話交給切爾西，開始問答環節。

Thanks, Jeff. We will now start the Q&A portion of the earnings call.

謝謝，傑夫。我們現在將開始收益電話會議的問答部分。

(Operator Instructions). Gary Mobley, Loop Capital.

（操作員指令）。加里·莫布利（Gary Mobley），Loop Capital。

I didn't see your 10-K filing, perhaps it's not out yet, but maybe if you can give us a preview into what your largest customer represented for your fiscal year '25 revenue. And then more broadly, for all your customers, did you see any pull forward in the fourth quarter in their production, perhaps to get ahead of some tariff dates?

我沒有看到您的 10-K 文件，也許它還沒有出來，但也許您可以向我們預覽您的最大客戶對您 25 財年的收入有何影響。更廣泛地說，對於您的所有客戶，您是否看到他們在第四季度的生產有所提前，也許是為了趕在某些關稅日期之前？

Yes, Gary, on the customer concentration figure for the full year, I think that's 89%. And regarding the pull forwards, within the March quarter, it's obviously difficult for us to determine with certainty without a very accurate view of sell-through. But we believe we saw it to a very limited extent. That's to say some of our customers, I think, pulled forward some quantity of shipments, seemingly very small into the March quarter in order to have additional inventory in light of anticipated tariffs.

是的，加里，就全年的客戶集中度數據而言，我認為是 89%。至於三月季度的提前量，如果沒有非常準確的銷售情況，我們顯然很難確定。但我們認為我們看到的程度非常有限。也就是說，我認為我們的一些客戶將一些數量（看似很少）的貨物提前到 3 月份季度，以便在預期的關稅下擁有額外的庫存。

But we don't believe we saw any clear signs that there were pull-ins of the size that were material to the results that we're reporting today. And it's worth keeping in mind on that front that, of course, the tariffs themselves were announced after the end of the March quarter. So we believe that was a very limited impact on these numbers.

但我們認為，我們沒有看到任何明顯跡象表明，存在對我們今天報告的結果具有重大影響的規模的拉動。當然，值得記住的是，關稅本身是在三月季度結束後宣布的。因此我們認為這對這些數字的影響非常有限。

Okay. As my follow-up, I wanted to ask for a progress report on your PC related traction now that we're at a end of the fiscal year. And maybe you can give us a sense of the materiality for the full fiscal year and perhaps what you might be counting on for the current fiscal year we're just now starting.

好的。作為我的後續行動，由於財政年度即將結束，我想請您提供一份有關 PC 相關牽引力的進度報告。也許您可以讓我們了解整個財政年度的重要性，以及您對我們剛開始的當前財政年度的期望。

Yes, absolutely. We're definitely still very pleased with our progress here and excited about the opportunity ahead of us. On the revenue side, we had indicated that our expectations for fiscal '25 were to achieve low tens of millions of dollars revenue. That's what I put out there previously, and we tracked to what we said on that front.

是的，絕對是。我們對我們在這裡取得的進展仍然感到非常高興，並對我們未來的機會感到興奮。在營收方面，我們曾表示，我們對 25 財年的預期是實現數千萬美元的收入。這就是我之前提出的觀點，我們也跟蹤了我們在這方面的言論。

In fiscal '26, we expect to double our fiscal '25 revenue in the laptop space as we see more designs coming to market. And then as we look further forward, we believe that revenue number will continue to grow in the years to come. Over the past year, we also saw a significant expansion of our funnel of design activity, which, as you know, is a very good leading indicator of progress.

隨著越來越多的設計進入市場，我們預計 26 財年筆記型電腦領域的營收將比 25 財年翻倍。展望未來，我們相信未來幾年收入數字將持續成長。在過去的一年裡，我們也看到設計活動管道顯著擴展，正如你所知，這是一個非常好的進步領先指標。

So to give some color around that, on that front, we saw the number of programs and the number of SKUs that we're part of continue to increase over the period. To put it in context, in fiscal '24, we were shipping in a high double-digit number of SKUs. We grew that significantly in '25, in fiscal '25. And then in fiscal '26, we expect to be shipping in well over 150 different SKUs across the major laptop OEMs.

因此，為了說明這一點，我們看到我們參與的項目數量和 SKU 數量在此期間持續增加。具體來說，在 24 財年，我們運送的 SKU 數量達到了兩位數。我們在 2025 年，也就是 2025 財年，實現了顯著成長。在 26 財年，我們預計將向各大筆記型電腦 OEM 廠商提供超過 150 種不同的 SKU。

That also is complemented by the fact that more of those SKUs represent products and categories beyond the flagship and the premium categories. So as we penetrate into the midstream product categories, we also expect that volumes and hence revenues will increase. So between those indicators in the funnel and the revenue and then our continued close partnerships on reference designs, we certainly think we're very well placed for sustained growth in the future in this space.

此外，更多的 SKU 代表旗艦和高端類別以外的產品和類別，這也進一步證實了這一點。因此，隨著我們滲透到中游產品類別，我們也預期銷售和收入將會增加。因此，透過漏斗中的這些指標和收入，以及我們在參考設計方面持續密切的合作，我們當然認為我們在這個領域未來能夠持續成長。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

This is [Aaron Actel] in for Chris Rolland. You had previously talked about HPMS surpassing audio. Is that still the expectation? And is there a rough time frame for that transition? Audio and HPMS have had this 60-40 split for some time. So when do you foresee that kind of flipping?

我是 [Aaron Actel]，代替 Chris Rolland。您之前曾談到 HPMS 超越音訊。這仍然是我們的期望嗎？這種轉變有大致的時間框架嗎？音訊和 HPMS 的這種 60-40 比例已經有一段時間了。那麼您預期這種轉變何時會發生？

Yes. Thanks, Aaron. To the first part of the question, I do see that happening over time. I haven't put a particular time frame on it. As long as we can continue to grow both, and we're not going to get too worked up about at what point that transition takes place. But I've highlighted that in the past really as a way of indicating that we believe HPMS opens up a ton of new SAM expansion and growth opportunity for us.

是的。謝謝，亞倫。對於問題的第一部分，我確實看到這種情況隨著時間的推移而發生。我還沒有設定具體的時間框架。只要我們能夠繼續發展兩者，我們就不會對轉變發生的時間點過於激動。但我過去曾強調過這一點，實際上是為了表明我們相信 HPMS 為我們開闢了大量新的 SAM 擴展和成長機會。

And that's been a very important part of the company's story over the past few years, and it will continue to be going forward. I think we're at a period where, to your point, yes, there's a bit of a pause in that ratio. HPMS has been growing very rapidly. And we're at a bit of a kind of pause in that ratio between the two, but that's -- to put that in context, a lot of that is because we're in a year where we've undergone a major refresh of our audio-based content.

這是公司過去幾年發展歷程中非常重要的一部分，並將繼續延續下去。我認為我們正處於這樣一個時期，正如您所說，這個比例確實出現了一些停頓。HPMS 發展非常迅速。兩者之間的比例暫時處於停滯狀態，但從大體上講，這很大程度上是因為我們今年對基於音訊的內容進行了重大更新。

So with the new codec and new boosted amplifiers coming out last fall, those represented a growth in the value of our audio content, which, of course, we're super happy about. And we expect those to run for several years. But they definitely represented a step-up in the value of the audio content, which obviously has a knock-on effect in that, -- in relation to the HPMS audio balance.

因此，隨著去年秋天新編解碼器和新增強放大器的推出，這些代表著我們的音訊內容價值的增長，當然，我們對此感到非常高興。我們預計這些措施將持續數年。但它們確實代表了音訊內容價值的提升，這顯然會產生連鎖反應——與 HPMS 音訊平衡有關。

Great. And as my follow-up, auto is a new market for you guys. So how large of an opportunity is this for the company? And when can you start seeing revenues here?

偉大的。我的後續問題是，汽車對你們來說是一個新市場。那麼這對公司來說是一個多大的機會呢？什麼時候可以開始看到收入？

So we've actually been shipping products into audio for some time, but they have principally been what we would regard as legacy products. The reason you've heard a little bit more from us on this topic more recently is because we started to refresh some of those products and look at where there may be other additional opportunities in the automotive space for us.

因此，我們實際上已經將產品運送到音訊領域一段時間了，但它們基本上都是我們所認為的傳統產品。您最近之所以聽到我們更多關於這個主題的報道，是因為我們開始更新其中一些產品，並尋找汽車領域可能為我們帶來的其他機會。

So I guess the, -- some of the examples there would be the timing products we announced late last year, which we've already seen very good customer engagement and some adoption of in the auto space. And we've also launched in the past year new high-performance audio products where one of the key target markets for those is, again, in the automotive space.

所以我想，其中的一些例子就是我們去年年底發布的計時產品，我們已經看到了非常好的客戶參與度和在汽車領域的一些應用。去年我們也推出了新的高性能音訊產品，其中一個主要目標市場是汽車領域。

We do think there's a good long-term opportunity here. I'm going to hedge a little on the time frame for that becoming a real needle mover because, of course, auto can take a while. But the foundations are very attractive to us. We believe we can bring innovative audio solutions, timing solutions, haptic solutions and products and other areas that can really make a difference in automotive.

我們確實認為這裡有一個很好的長期機會。我將對成為真正推動者的時間框架進行一些限制，因為自動操作當然需要一段時間。但這些基礎對我們來說非常有吸引力。我們相信我們可以帶來創新的音訊解決方案、計時解決方案、觸覺解決方案和產品以及其他能夠真正改變汽車產業的領域。

And when we kind of step back from it and look at the overall opportunity, it certainly has the potential to represent the best part of $1 billion additional SAM for us in the coming years.

當我們退一步考慮這個問題並審視整個機會時，它肯定有潛力在未來幾年為我們帶來 10 億美元額外的 SAM。

(Operator Instructions). Thomas O'Malley, Barclays.

（操作員指令）。巴克萊銀行的托馬斯·奧馬利。

I wanted to understand to the extent that you can the camera controller content road map in the future. Obviously, you don't talk about specific customers, but I had to noticed from some teardowns over the last couple of months that it does look like you've seen some proliferation in the low end of the portfolio with camera controller content.

我想盡可能地了解未來相機控制器內容的發展路線圖。顯然，您沒有談論特定的客戶，但我從過去幾個月的一些拆解中註意到，您確實看到產品組合中低階相機控制器內容有所激增。

So like should we be thinking about the future of camera controllers being something where you need multiple across each camera? Have you kind of reached a point where that doesn't continue? But to the best of your extent, like to the best of your ability, can you kind of describe where does that camera controller content hit a wall just because I'm seeing some really nice gains there already. And I was surprised to see it this year as well. You guys haven't talked about it at the low end at least.

那麼，我們是否應該考慮未來的攝影機控制器是每個攝影機都需要多個控制器？您是否已經到達了不再繼續下去的地步？但是，盡您所能，盡您所能，您能否描述相機控制器內容在哪裡遇到障礙，因為我已經看到了一些非常好的收益。今年看到它我也感到很驚訝。至少你們還沒有談到低端問題。

Yes. Thanks, Tom. I guess one thing you may be alluding to there is that when we had the last call, there was a certain product which wasn't on the market and hadn't been tone down from any -- by anybody, which is now on the market and represents the first time we've had camera controller content in a kind of lower-priced phone from one of our most significant customers.

是的。謝謝，湯姆。我想您可能提到的一件事是，當我們上次打電話時，有一款產品尚未上市，也沒有被任何人降級，但現在已經上市，這代表著我們第一次從我們最重要的客戶之一那裡獲得了一種價格較低的手機中的攝像頭控制器內容。

And we're obviously delighted about that. That was pretty significant to us. But then to your broader question, we see considerable continued opportunity in this space. I think the way to think about it is that there are at least three vectors by which we can grow value here. One, of course, is attach rate. And as attach rate increases, that's good for us, but you may also be thinking about whether or not that represents saturation.

我們對此感到非常高興。這對我們來說意義重大。但對於您更廣泛的問題，我們看到這個領域還有相當大的持續機會。我認為思考這個問題的方式是，至少有三個向量可以幫助我們增加價值。第一個當然是附加率。隨著附加率的提高，這對我們來說是好事，但您可能也在考慮這是否代表飽和。

However, we've also seen in the evolution of our camera controller's generation-by-generation, that there is value in increasing the processing the product can do and in providing, for example, additional channels to drive more lens elements or increased drive strength to drive different kinds of mechanical components within the camera assembly.

然而，我們也看到，在相機控制器一代又一代的演進過程中，增加產品的處理能力和提供例如額外的通道來驅動更多的鏡頭元件或增加驅動強度來驅動相機組件內不同類型的機械部件是有價值的。

All of those things have been a part of the story of what got us to where we are today with camera controller content. And when we look out into the future, those factors will continue to be highly relevant for us. So we have a rich road map. We've got plenty of stuff in development there that we believe will continue to grow value for us in this space.

所有這些都是我們在攝影機控制器內容方面取得今天成就的一部分。當我們展望未來時，這些因素仍將對我們至關重要。所以我們有一份豐富的路線圖。我們正在開發大量產品，我們相信這些產品將在這個領域繼續為我們創造價值。

Got you. Super helpful. And if I look at the last fiscal year, you guys looked like you grew your largest customer nearly double digits, which is kind of what you described, very strong content year to the point that you were just making about audio versus HPMS. Obviously, there's some in both, but a big contributing factor there. If you look at the future and you look at content broadly, when you look at the next fiscal year, can you just as we're starting here, give us a feel for what we should be thinking about?

明白了。超有幫助。如果我回顧上個財年，你們最大的客戶似乎成長了近兩位數，這就是你們所描述的，這是內容非常強勁的一年，以至於你們只專注於音訊而不是 HPMS。顯然，兩者都有影響，但其中一個影響因素很大。如果您展望未來並廣泛地看待內容，當您展望下一個財政年度時，您能否在我們剛開始時讓我們了解我們應該考慮什麼？

You were very communicative last year. Obviously, the codec and the AMP upgrades. But this year, I think there's just been a little less detail to the extent that you can give us a little color on just the base case expectations for this year. That would be super helpful.

去年你非常善於溝通。顯然，編解碼器和 AMP 升級了。但今年，我認為細節稍微少了一些，以至於您無法給我們一些有關今年基本預期的詳細資訊。那將會非常有幫助。

Yes, sure. Look, I think I actually have been communicative. It may just not be quite so much of an eye-catching story this cycle. But to be clear, we're always working a very, very thoughtful line. We do not want to disclose anything about our customers' products, obviously. And this year, for us, is more of a waterfall year. We're on the back of a very big audio component refresh across the major audio components.

是的，當然。瞧，我認為我其實已經很善於溝通了。在本週期中，它可能不再是一個那麼引人注目的故事。但要明確的是，我們一直在採取非常非常周到的措施。顯然，我們不想透露有關客戶產品的任何資訊。而今年，對我們來說，更像是瀑布之年。我們正在對主要音訊組件進行非常大的更新。

And as we get into further cycles of those products being in the market, representing more of the SKUs that are on sales, that's all good for us. So that's very attractive. And then as we go forward in future years, we do believe there's opportunity to continue to grow value, as I said, in the camera controller space. And then we think long term, there's plenty of growth opportunity in power and battery-related features as well.

隨著這些產品進入市場的進一步循環，代表著更多的 SKU 在銷售，這對我們來說都是好事。所以這非常有吸引力。然後，隨著未來幾年的前進，我們確實相信，正如我所說，在相機控制器領域有機會繼續增加價值。我們認為，從長遠來看，電源和電池相關功能也有很多成長機會。

Tore Svanberg, Stifel

托爾·思文伯格（Tore Svanberg），Stifel

John, I know you commented on sort of maybe some pull-in from customers in the March quarter. What about what you've seen so far in the June quarter? Obviously, anything that is reflected in your guidance. But just wondering if you've seen any abnormal behavior in bookings from your customers?

約翰，我知道你評論了三月份季度可能吸引到的一些客戶。到目前為止，您對六月季度的觀察結果如何？顯然，任何事情都會反映在您的指導中。但只是想知道您是否發現客戶在預訂時有任何異常行為？

And what are some of the variables that you are contemplating as we navigate through this quarter? Is it mainly your customers moving manufacturing? Or what exactly are you eyeing to get a better read on what's going on near term?

在我們度過這個季度時，您正在考慮哪些變數？主要是您的客戶轉移製造業嗎？或者您究竟在關注什麼，以便更了解近期發生的事情？

Yes, this is Jeff. For the June quarter, we're guiding with what we see from what our customers are telling us. Are they pulling in or not? It looks pretty normal from a quarter for us. So things look relatively stable. As far as the geographic question, customers have been trying to diversify and move some of their supply chains. And our approach is we are geographically distributed.

是的，這是傑夫。對於六月季度，我們將根據客戶回饋的情況做出指導。他們有沒有加入？從我們的角度來看，這看起來相當正常。所以情況看起來相對穩定。就地理問題而言，客戶一直在嘗試實現供應鏈多樣化並轉移部分供應鏈。我們的方法是按地理分佈。

We are trying to increase that. But we want to make sure we engage with our customers where their supply chain is and where they need us.

我們正在努力提高這一水平。但我們希望確保我們在客戶的供應鏈所在以及他們需要我們的地方與他們接觸。

Great. And for you, John, I know you mentioned in your shareholder letter some of these general purpose or general market products. What exactly are your ambitions there? I mean is this something that eventually can become 10% of your revenues? I mean I know that's probably premature now, but it does sound like you're trying to leverage your IP to do more.

偉大的。約翰，我知道您在致股東的信中提到了一些通用或一般市場​​產品。您在那裡的具體目標是什麼？我的意思是這最終會成為您收入的 10% 嗎？我的意思是，我知道現在可能為時過早，但聽起來你確實想利用你的 IP 做更多的事情。

And related to that, I also saw you're sampling some timing products. Is that tied to the IP that you had for MEMS-based microphones? Or are these completely different IP blocks?

與此相關，我還看到您正在對一些計時產品進行採樣。這是否與您擁有的基於 MEMS 的麥克風的 IP 有關？或者這些是完全不同的 IP 區塊？

Yes. Sorry, on the timing side, no, completely different, completely non-MEMS and happy, that's the case. But regarding the more general comment about that part of our business. Could it be 10% in the long run? I don't see why not. If we look at that I guess if I back up, I can explain to you what we're trying to do there and how we got here.

是的。抱歉，從時間方面來看，不，完全不同，完全非 MEMS，很高興，就是這樣。但關於我們業務的這一部分的更普遍的評論。從長遠來看，這個數字能達到 10% 嗎？我不明白為什麼不行。如果我們看一下，我想如果我回顧一下，我可以向你解釋我們在那裡試圖做什麼以及我們是如何到達這裡的。

We historically had kind of long-tail catalog business, which certainly has in the past represented. You go back a bit, it has been like 15% of our business at one point. But it was relatively uninvested in. And the reason for that was when we were a smaller company with less R&D bandwidth, we were just running to keep up with our largest customers.

我們歷史上曾有長尾目錄業務，這在過去確實具有代表性。回顧一下，它一度占到我們業務的 15%。但其投資相對較少。原因在於，當我們還是一家規模較小、研發資源較少的公司時，我們只是為了跟上最大的客戶。

As we've scaled and as we've seen our IP and the kind of catalog of IP that we have expand further and further, we've recognized that there were opportunities in that space to leverage some of what we have and kind of breathe more life into some of the business that we've got there. So certainly, the case when we're doing a lot of custom silicon for some of our largest customers, that those can be very kind of sinusoidal in terms of the resource demands on the organization.

隨著我們規模的擴大以及我們的 IP 和 IP 目錄類型的不斷擴展，我們意識到該領域有機會利用我們現有的一些資源，為我們在那裡開展的一些業務注入更多活力。因此，當我們為一些最大的客戶生產大量客製化矽片時，就組織的資源需求而言，這些矽片可能呈現正弦曲線狀。

So you go through periods where you need a huge spike in R&D bandwidth and then that backs off and you have something of a kind of down slope in terms of the R&D demand. So one of the things that we started looking at a little while ago was to what extent we could exploit that along with the cutting-edge IP we've been developing in a lot of our kind of larger business to go after segments within that kind of general market business.

因此，你會經歷一段時期，需要大幅增加研發頻寬，然後又會減少，研發需求就會呈現下降趨勢。因此，不久前我們開始研究的事情之一是，我們可以在多大程度上利用這一點，以及我們在許多大型業務中開發的尖端知識產權，來進軍這類一般市場業務中的細分市場。

And to date, that's produced some very good results. If you judge those results by customer engagement and customer adoption, across a series of very high-performance audio products, timing products and analog front ends for imaging applications in a variety of verticals, we've really had a lot of interest there. And so any one of those doesn't move the needle from a revenue point of view, but they are really healthy gross margin, well above the corporate average gross margin, and they run for a very long time.

到目前為止，這已經取得了一些非常好的成果。如果透過客戶參與度和客戶採用度來判斷這些結果，那麼在一系列用於各種垂直領域的成像應用的高性能音訊產品、計時產品和模擬前端中，我們確實對此很感興趣。因此，從收入的角度來看，其中任何一個都不會產生影響，但它們的毛利率確實很健康，遠高於企業平均毛利率，並且運行了很長時間。

And once they get designed in, they typically run and run. So our approach there is that over time, as we continue to leverage our IP and resources to build that up, it can be a very, very healthy complement to the rest of our business.

一旦設計完成，它們通常就會不斷運作。因此，我們的方法是，隨著時間的推移，隨著我們繼續利用我們的智慧財產權和資源來建立它，它可以成為我們其他業務的非常非常健康的補充。

Great. With that, we'll end the Q&A session. And I will now turn the call back to John for closing remarks.

偉大的。我們的問答環節就此結束。現在我將把電話轉回給約翰，請他作最後發言。

Thanks, Chelsea. In summary, we're pleased to have reported solid results for the quarter and to have made significant progress across our main areas of strategic focus in fiscal 2025. I'd like to extend my appreciation to the entire Cirrus Logic team, and to our supply chain partners and our customers around the world. Their commitment, support and partnership, coupled with our outstanding execution drove these results.

謝謝，切爾西。總而言之，我們很高興地報告本季的穩健業績，並在 2025 財年的主要策略重點領域取得了重大進展。我要向整個 Cirrus Logic 團隊以及我們的供應鏈合作夥伴和全球客戶表示感謝。他們的承諾、支持和合作，加上我們優秀的執行力，推動了這些成果。

We're excited about the opportunities in front of us, and we thank you for your continued interest in our progress. I'd like to thank everyone for participating today. Goodbye.

我們對眼前的機會感到興奮，並感謝您對我們進步的持續關注。我要感謝大家今天的參與。再見。

[Since] today's conference call. Thank you for joining. You may now disconnect.

[自]今天的電話會議以來。感謝您的加入。您現在可以斷開連線。