Cirrus Logic Inc (CRUS) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic first quarter fiscal year 2026 financial results Q&A session. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the conference over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may begin.

女士們、先生們，感謝你們的支持。歡迎參加 Cirrus Logic 2026 財年第一季財務表現問答環節。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。現在，我想將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 4:00 PM Eastern Time, we announced our financial results for the first quarter of the fiscal year 2026.

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。今天美國東部時間下午 4:00 左右，我們公佈了 2026 財年第一季的財務業績。

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 the analysts covering our company.

討論我們財務表現的股東信函、收益新聞稿以及本次問答環節的網路直播均可在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。

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

此外，我們將在本次電話會議上討論的結果和指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，這些預測和其他前瞻性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。

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

請參閱今天發布的新聞稿和股東信，這些可在 Cirrus Logic 網站上獲取，以及最新的 10-K 表格，以及在美國證券交易委員會註冊的其他公司文件，以進一步討論可能導致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 have seen in the press release, in the June quarter, Cirrus Logic delivered revenue of $407.3 million, above the top end of our guidance range, driven primarily by strong end demand for smartphones incorporating our silicon. In a moment, I'll hand the call over to Jeff to discuss the financial results for the June quarter in detail, along with our outlook for the September 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，在 6 月份季度，Cirrus Logic 實現了 4.073 億美元的收入，高於我們預期範圍的最高值，這主要得益於對採用我們矽片的智慧型手機的強勁終端需求。稍後，我將把電話交給傑夫，詳細討論六月季度的財務表現以及我們對九月季度的展望。

Before we get to that, I'd like to make a few comments about the recent progress we've been making across our business. As many of you are aware, our long-term strategy for growth at Cirrus is based around three principles.

在討論這個問題之前，我想先就我們業務方面最近的進展發表一些評論。許多人都知道，Cirrus 的長期發展策略是基於三個原則。

First, we seek to maintain a strong leadership position in our core flagship smartphone audio business. Second, we aim to expand the value and range of high-performance mixed signal solutions with which we serve our customers in smartphones and similar products.

首先，我們尋求在核心旗艦智慧型手機音訊業務中保持強大的領導地位。其次，我們的目標是擴大高效能混合訊號解決方案的價值和範圍，為智慧型手機和類似產品的客戶提供服務。

And third, we are increasingly leveraging our world-class expertise and IP in both audio and high-performance mixed signal areas to grow and broaden our business in new markets.

第三，我們正越來越多地利用我們在音訊和高效能混合訊號領域的世界一流的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。

I want to now speak to our recent progress in each of these areas. In our flagship smartphone audio business, during the quarter, we were pleased with the positive impact of our latest generation custom boosted amplifier at our first 22 nanometer smart codec.

現在我想談談我們在各個領域最近的進展。在我們的旗艦智慧型手機音訊業務中，在本季度，我們對最新一代定制增強放大器在我們的首個 22 奈米智慧編解碼器上的積極影響感到滿意。

These components enable exceptional audio and voice experiences, along with significant power and efficiency improvements over previous generation products. We are proud to see these new devices contribute to the remarkable performance of our customers' products.

這些組件可實現卓越的音訊和語音體驗，與上一代產品相比，功率和效率均有顯著提升。我們很自豪地看到這些新設備為客戶產品的卓越性能做出了貢獻。

Outside of our customer audio solutions, we also continue to serve customers in the Android ecosystem. While the majority of our general market R&D efforts are directed toward developing products to new markets, we continue to enjoy success and strong customer relationships in Android, and expect new flagship smartphones featuring our components to launch in the second half of the calendar year.

除了我們的客戶音訊解決方案之外，我們還繼續為 Android 生態系統中的客戶提供服務。雖然我們大部分的一般市場研發工作都致力於為新市場開發產品，但我們在 Android 領域繼續取得成功並建立了穩固的客戶關係，並預計搭載我們組件的新款旗艦智慧型手機將於今年下半年推出。

Looking beyond audio, we're excited about the potential to grow content in smartphones with our high-performance mixed signal solutions, where we see a meaningful opportunity to not only expand our addressable market, but also to diversify our revenue.

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來增加智慧型手機內容的潛力感到興奮，我們看到了一個有意義的機會，不僅可以擴大我們的潛在市場，還可以實現收入多元化。

Our progress in this area has been demonstrated through the continued success of our camera controller product line. 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 functionality.

我們的相機控制器產品線的持續成功證明了我們在該領域的進步。我們看到該領域具有巨大的增值潛力，因為我們發現了更多增強系統性能和幫助實現高級相機功能的機會。

Beyond camera controllers, we also continue to invest in developing our capabilities around battery, power, sensing and other domains, and have a number of R&D programs underway in these areas. We anticipate that the investments that we are making in this space today will contribute to product diversification and expand our high-performance mixed-signal footprint in the future.

除了攝影機控制器之外，我們還繼續投資開發電池、電源、感測和其他領域的能力，並在這些領域開展了多項研發項目。我們預計，我們今天在該領域的投資將有助於產品多樣化，並在未來擴大我們高效能混合訊號足跡。

The third principle of our strategy is to leverage our audio and high-performance mixed signal expertise into new applications and markets outside of smartphones, for example, in laptops. During the quarter, engagement with our laptop customers was strong, and we saw our next-generation PC amplifier and PC codec designed into several new laptops that are expected to begin initial shipments in late calendar '25.

我們策略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。在本季度，我們與筆記型電腦客戶的互動非常活躍，我們看到我們的下一代 PC 放大器和 PC 編解碼器被設計到幾款新筆記型電腦中，預計將於 2025 年末開始首次發貨。

These components expand our product portfolio's reach across price points and architectures, enabling us to support our customers' higher-volume mainstream programs. This, in turn, allows us to capture more of our serviceable addressable market and build additional revenue opportunities.

這些組件擴展了我們的產品組合在價格點和架構上的覆蓋範圍，使我們能夠支援客戶更大容量的主流專案。這反過來又使我們能夠佔領更多可服務的目標市場並創造額外的收入機會。

In the June quarter, we also announced a collaboration with Compal, a leading electronic design and manufacturing services company to address persistent audio challenges in laptops. Notably the mechanical rattle and audio distortion that often leads to poor and inconsistent audio quality.

在二月季度，我們也宣布與領先的電子設計和製造服務公司仁寶電腦 (Compal) 合作，以解決筆記型電腦中持續存在的音訊問題。值得注意的是，機械噪音和音訊失真通常會導致音訊品質不佳且不一致。

Further, we're also developing multiple new products that aim to significantly improve voice and audio capture functionality across a wide range of laptops. Beyond laptops, we also believe that there are great opportunities to expand our general market business, which spans a large number of customers across the professional audio, automotive, industrial and imaging end markets.

此外，我們也正在開發多種新產品，旨在顯著改善各種筆記型電腦的語音和音訊擷取功能。除了筆記型電腦之外，我們還相信有很大機會擴大我們的一般市場業務，該業務涵蓋專業音訊、汽車、工業和成像終端市場的大量客戶。

As part of this effort, during the quarter, we ramped production of our latest generation ADCs, stacks and an ultra-high-performance audio codec. Additionally, we expanded our professional audio portfolio with the launch of four new high-performance ADC and DAC products, making our high levels of performance and advanced features accessible across a wider range of applications and price points.

作為這項努力的一部分，在本季度，我們加大了最新一代 ADC、堆疊和超高效能音訊編解碼器的產量。此外，我們還推出了四款新型高性能 ADC 和 DAC 產品，擴展了我們的專業音訊產品組合，使我們的高性能和先進功能能夠在更廣泛的應用和價格範圍內實現。

Lastly, we recently began shipping our latest timing product to a leading automotive customer and to professional audio customers. We continue to be encouraged by the high level of customer interest across these areas of our business and by the strategic opportunities ahead of us.

最後，我們最近開始向領先的汽車客戶和專業音訊客戶運送我們最新的計時產品。客戶對我們業務領域的高度關注以及我們面臨的策略機會繼續令我們感到鼓舞。

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

現在，我將把電話轉給傑夫，讓他概述我們的財務表現和前景。

Thank you, John. Good afternoon, everyone. I'll start with a summary of our financial results for our fiscal Q1, and then provide guidance for our Q2 fiscal 2026. In Q1 fiscal 2026, we delivered revenue of $407.3 million, above the top end of our guidance range due to stronger than expected smartphone unit volumes.

謝謝你，約翰。大家下午好。我將首先總結我們第一財季的財務業績，然後為 2026 財年第二季提供指導。2026 財年第一季，由於智慧型手機銷售量強於預期，我們的營收達到 4.073 億美元，高於預期範圍的最高值。

On a sequential basis, revenue was down 4%, primarily due to lower smartphone unit volumes. On a year-over-year basis, sales were up 9%, primarily driven by sales associated with our latest generation products and higher smartphone unit volumes.

與上一季相比，營收下降了 4%，主要原因是智慧型手機銷量下降。與去年同期相比，銷售額成長了 9%，主要得益於我們最新一代產品的銷售和智慧型手機銷量的增加。

Turning to gross profit and gross margin. Non-GAAP gross profit in the June quarter was $214.3 million. The non-GAAP gross margin was 52.6%. On a sequential basis, the decrease was mostly driven by a less favorable product mix and a return to a more typical pricing environment. On a year-over-year basis, the increase in gross margin was largely due to a more favorable product mix.

轉向毛利和毛利率。6 月當季非公認會計準則毛利為 2.143 億美元。非公認會計準則毛利率為52.6%。與上一季相比，銷售下降主要是因為產品組合不太有利以及定價環境回歸較為典型的原因。與去年同期相比，毛利率的成長主要得益於更有利的產品組合。

Now I'll turn to operating expenses. Non-GAAP operating expense for the first quarter was $119.5 million. On a sequential basis, OpEx was down $0.5 million, primarily due to a reduction in product development costs, largely due to the timing of expenses for new products. The decrease also reflects a reduction in variable compensation and lower facilities-related expenses. This was offset by higher employee-related expenses, mostly due to annual salary increases.

現在我來談談營運費用。第一季非公認會計準則營業費用為 1.195 億美元。與上一季相比，營運支出下降了 50 萬美元，這主要是由於產品開發成本的減少，而這很大程度上是由於新產品支出的時間表。這一下降也反映了浮動薪酬的減少以及設施相關費用的降低。這被更高的員工相關費用所抵消，主要是由於年度薪資成長。

On a year-over-year basis, operating expense was up $1.5 million, largely due to higher employee-related costs, mostly associated with annual salary increases. This is offset by lower product development costs. Non-GAAP operating income for the quarter was $94.9 million or 23.3% of revenue.

與去年同期相比，營運費用增加了 150 萬美元，主要是由於員工相關成本增加，其中大部分與年度薪資成長有關。這被較低的產品開發成本所抵消。本季非公認會計準則營業收入為 9,490 萬美元，佔營收的 23.3%。

Turning now to taxes. For the June quarter, our non-GAAP tax rate was 22.1%, in line with our previous guidance. And lastly, on the P&L, non-GAAP net income was $80.3 million, resulting in earnings per share for the June quarter of $1.51.

現在談談稅收。6 月季度，我們的非公認會計準則稅率為 22.1%，與我們先前的預期一致。最後，在損益表中，非 GAAP 淨收入為 8,030 萬美元，導致 6 月季度每股收益為 1.51 美元。

Let me now turn to the balance sheet. Our balance sheet continues to be strong, and we ended the June quarter with $847.8 million in cash and investments. Our ending cash and investment balance was up $12.9 million from the prior quarter as cash generated from operations was partially offset by share repurchases.

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，截至 6 月季度，我們的現金和投資為 8.478 億美元。我們的期末現金和投資餘額較上一季增加了 1,290 萬美元，因為營運產生的現金部分被股票回購所抵銷。

We continue to have no debt outstanding. Inventory at the end of the first quarter was $279 million, down from $299.1 million from the prior quarter. Days of inventory were down sequentially, and we ended the quarter with approximately 132 days of inventory.

我們仍然沒有未償還的債務。第一季末庫存為 2.79 億美元，低於上一季的 2.991 億美元。庫存天數連續下降，本季末我們的庫存天數約為 132 天。

Looking ahead, in Q2 fiscal '26, we expect inventory to decrease as we continue to fulfill demand and manage our wafer purchase commitment for our long-term capacity agreement with GlobalFoundries.

展望未來，在26財年第二季度，我們預計庫存將會減少，因為我們將繼續滿足需求並管理與GlobalFoundries達成的長期產能協議的晶圓採購承諾。

Turning to cash flow. Cash flow from operations was $116.1 million in the June quarter, and CapEx was $2.8 million, resulting in non-GAAP free cash flow margin of 28%. For the trailing 12 month period, cash flow from operations was $473.3 million and CapEx was $21.4 million. This resulted in a non-GAAP free cash flow margin of 23%.

轉向現金流。6 月當季的營運現金流為 1.161 億美元，資本支出為 280 萬美元，非 GAAP 自由現金流利潤率為 28%。過去 12 個月，營運現金流為 4.733 億美元，資本支出為 2,140 萬美元。這導致非公認會計準則自由現金流利潤率為 23%。

On share buybacks in Q1, we utilized $100 million to repurchase approximately 1 million shares of our common stock at an average price of $98.66. At the end of Q1 fiscal year 2026, the company had $454.1 million remaining on its share repurchase authorization.

在第一季的股票回購中，我們動用了1億美元，以平均98.66美元的價格回購了約100萬股普通股。截至2026財年第一季末，公司授權的股票回購餘額為4.541億美元。

Now on to guidance. For Q2 fiscal 2026, we expect revenue in the range of $510 million to $570 million. While we only provide guidance for one quarter, given our strong Q1 results and Q2 guidance, we want to share additional color on seasonality.

現在開始指導。對於 2026 財年第二季度，我們預計營收將在 5.1 億美元至 5.7 億美元之間。雖然我們只提供一個季度的指導，但鑑於我們強勁的第一季業績和第二季指導，我們希望分享更多有關季節性的細節。

We now anticipate that our sales will be more weighted towards the first half of the fiscal year. We would note that our unit and revenue forecast for the full fiscal year are relatively unchanged from previous expectations. GAAP gross margin is expected to range from 51% to 53%. Non-GAAP operating expense is expected to range from $131 million to $137 million.

我們現在預計我們的銷售額將更集中在財政年度的上半年。我們注意到，我們對整個財年的單位和收入預測與先前的預期相比基本上沒有變化。預計 GAAP 毛利率在 51% 至 53% 之間。非公認會計準則營業費用預計在 1.31 億美元至 1.37 億美元之間。

Turning to taxes. On July 4, the One Big Beautiful Bill Act was signed into law among other provisions, this bill permanently eliminates the requirement to capitalize and amortize US R&D expenditures and makes modifications to international tax rules. The effects of the new law are not reflected in our guidance for September quarter as we are evaluating the impact of the legislation.

談到稅收。7月4日，《一項偉大的美麗法案》簽署成為法律，該法案除其他條款外，永久取消了美國研發支出資本化和攤銷的要求，並對國際稅收規則進行了修改。由於我們正在評估該立法的影響，因此新法律的影響尚未反映在我們對 9 月季度的指導中。

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

最後，我們繼續執行發展業務和推動長期股東價值的策略，在六月季度取得了強勁的業績。在我們開始問答之前，我想指出，雖然我們理解大家對我們的最大客戶有濃厚的興趣，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 now turn the call over to Chelsea to start the Q&A session.

現在，我將把電話交給切爾西，開始問答環節。

Thanks, Jeff. We will now start the Q&A portion of the earnings call. Please limit yourself to a single question and one follow up. Operator, we are now ready to take questions.

謝謝，傑夫。我們現在將開始收益電話會議的問答部分。請限制自己只問一個問題並進行一次跟進。接線員，我們現在可以回答問題了。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員指示）克里斯多福羅蘭，薩斯奎漢納。

Hey guys, thanks for the question, and congrats on the results. I guess, with the results and guidance here, the results in particular, there's just a very big delta between what you're expecting and what actually happened.

嘿夥計們，感謝您的提問，並祝賀您所取得的成果。我想，根據這裡的結果和指導，特別是結果，你所期望的和實際發生的結果之間存在著很大的差距。

And so I just wanted to understand what's driving delta? Was it just conservatism in the guide? Or is this better units or better content or a better inventory build or tariff-related pull-ins? What was driving this delta?

所以我只是想了解是什麼推動了增量？這僅僅是指南中的保守主義嗎？或者這是更好的單位或更好的內容或更好的庫存建設或與關稅相關的拉動？是什麼導致了這種增量？

Thanks, Chris. Yeah, obviously, big picture is strong demand for smartphones, primarily, and there are no content surprises to us at this point in the cycle, but it is true that we're shipping more content in smartphones than ever before. So that strong demand had a significant effect on us.

謝謝，克里斯。是的，顯然，總體來看，主要是對智慧型手機的需求強勁，目前這個週期中，我們沒有任何內容上的驚喜，但確實，我們在智慧型手機上運送的內容比以往任何時候都多。因此強勁的需求對我們產生了重大影響。

Obviously, when we guide, we guide based on our best judgment using all the information we have available. Relative to guidance, I would say that in the last quarter, we saw demand remain really robust and sustained during a period of the year where that is not something that we typically see.

顯然，當我們進行指導時，我們會利用我們掌握的所有信息，根據我們的最佳判斷進行指導。相對於指導，我想說，在上個季度，我們看到需求在一年中的這段時間仍然保持強勁和持續，而這種情況並不是我們通常所看到的。

And so also factored into that, there was the launch of a lower cost product earlier in the year, which contributed to an extent. So we obviously shipped to customer demand, that means we don't have perfect visibility of how much might be related to, for example, tariff-related pull-ins or pull ahead of demand. We think that contributed somewhat to it, but it's difficult for us to put a number on.

此外，今年稍早推出了一款成本較低的產品，這也在一定程度上起到了一定作用。因此，我們顯然是根據客戶需求發貨的，這意味著我們無法完全了解有多少可能與例如與關稅相關的拉動或提前需求有關。我們認為這對此有一定影響，但很難給出一個具體的數字。

Thanks John. I guess secondly, I wanted to kind of check in on your diversification efforts outside of your largest customer. On the PC side, I wanted to know how big the Compal thing was in driving new designs, and then check in with the auto opportunity as well. And anything else that you can point to there, is it going better than you would expect that diversification effort?

謝謝約翰。其次，我想了解您在最大客戶之外的多元化努力。在個人電腦方面，我想知道仁寶在推動新設計方面發揮了多大作用，然後也看看汽車方面的機會。還有什麼您可以指出的嗎？多元化努力是否比您預期的要好？

Yeah, thanks, Chris. We're certainly very excited about the progress that we're making. Also, I'll cover our first -- that's still very early stage for us. To be clear, we've been shipping in the automotive market for some time, but it's really not something we've been investing in. It's been legacy products and so on.

是的，謝謝，克里斯。我們對於所取得的進展感到非常興奮。此外，我將介紹我們的第一個——這對我們來說還處於非常早期的階段。需要明確的是，我們進入汽車市場已經有一段時間了，但這並不是我們真正投資的領域。它一直是遺留產品等等。

We've started reinvigorating that. It's going to take some time given the design cycles that we're all familiar with in that market. But I think we see plenty of opportunity there. There's fairly obvious ones that you would associate with us around audio and haptics and so on, just improving the in-cabin experience.

我們已經開始重振這一點。考慮到我們都熟悉的該市場的設計週期，這需要一些時間。但我認為我們在那裡看到了很多機會。很明顯，您會將我們與音訊、觸覺等聯繫起來，以改善車內體驗。

And that's an area where we do have great engagement with customers. We also mentioned in the commentary for this quarter, the design in of the timing products that we -- I think we just launched late last year. Again, that's not a needle mover today revenue-wise, but it will -- those products will ship for a long time.

這是我們與客戶保持良好互動的領域。我們也在本季的評論中提到了我們去年年底剛推出的計時產品的設計。再說一遍，從今天的收入角度來看，這不會帶來什麼實質的推動，但這些產品將會在很長一段時間內持續銷售。

Automotive is one of the target markets for them. And I think it's a great indicator of one of the strengths of the company given that we have a vast array of IP and capability at pretty advanced geometries for the kind of mixed signal stuff that we do, most of which has been targeted and develop for our major markets around smartphones.

汽車是他們的目標市場之一。我認為這充分體現了公司的一個優勢，因為我們擁有大量的 IP 和能力，並且能夠在相當先進的幾何結構下完成我們所從事的混合信號產品，其中大部分都是針對智慧型手機這一主要市場進行開發的。

But we're able to take a lot of that IP and a lot of that design capability and refresh and upgrade existing kind of legacy product segments and see very positive adoption and response from our customers to that. And that's what we've seen with timing where we went from, I think, publicly launching those products not that long ago to talking this quarter about those being designed in to a Tier 1 automotive customer and there is plenty of other activity around those products, within both automotive and other segments as well.

但我們能夠利用大量的智慧財產權和設計能力，更新和升級現有的傳統產品領域，並看到客戶對此非常積極的採用和回應。這就是我們所看到的時機，我認為，我們從不久前公開推出這些產品，到本季度談論這些產品是為一級汽車客戶設計的，而且在汽車和其他領域，圍繞這些產品還有許多其他活動。

On the PC side, yeah, we continue to track to the kind of progress path and milestones that I've talked about previously. I think we're very excited about what that can turn into for us over time. So we previously mentioned we were low tens of millions of revenue in fiscal '25, expecting that to roughly double in fiscal '26 based on the designs that have already been secured.

在 PC 方面，是的，我們將繼續追蹤我之前談到的進展路徑和里程碑。我認為我們對隨著時間的推移這將為我們帶來什麼變化感到非常興奮。因此，我們之前提到，我們在 25 財年的收入只有數千萬美元，根據已經獲得的設計，我們預計 26 財年的收入將大約翻一番。

In the past quarter, we saw design activity around new codec and amplifier products, which we talked about sampling previously, but it's great to see those getting designed into products which -- the very first of which will hit the market even later this calendar year.

在過去的一個季度中，我們看到了圍繞新編解碼器和放大器產品的設計活動，我們之前談到過這些產品的採樣，但很高興看到這些產品被設計成產品 - 其中第一個產品將在今年晚些時候上市。

The Compal thing, I think we just demonstrated that in May. So yet to see how that translates into kind of top line impact, but it is addressing a persistent, long standing challenge in PC design. Obviously, relative to, for example, our largest customer, the way products are designed and manufacturers in the PC space is quite different.

關於仁寶的事情，我想我們剛剛在五月進行了演示。雖然目前還不清楚這將如何轉化為某種形式的營收影響，但它正在解決 PC 設計中一個長期存在的挑戰。顯然，相對於我們最大的客戶，個人電腦領域的產品設計方式和製造商有很大不同。

You end up with a lot of challenges when it comes to getting the best audio around mechanical rattle distortion and so on. And we've got a lot of expertise in tuning. We'd really like to vastly improve the audio experience in laptops because it's been subpar for so long. And that announcement we did with Compal is squarely aimed at helping customers do that and deliver much, much better experiences to their customers in audio.

當要獲得最佳音訊效果並克服機械雜訊失真等問題時，您會面臨許多挑戰。我們在調音方面擁有豐富的專業知識。我們確實希望大幅改善筆記型電腦的音訊體驗，因為它長期以來一直低於標準。我們與仁寶公司共同發布的公告正是旨在幫助客戶做到這一點，並為他們的客戶提供更好的音訊體驗。

And just one final -- I guess one final milestone to talk to on the PC side, just to give a little more color of the progress. I think one of the most important things in the PC space is getting into the mainstream category. So you've got the kind of horizontal axis, which is getting across the customers, getting across as many customers as we can.

最後，我想談談 PC 方面的最後一個里程碑，以便更清楚地了解進展。我認為 PC 領域最重要的事情之一就是進入主流類別。所以，你就有了一種橫軸，那就是接觸客戶，接觸盡可能多的客戶。

So we're shipping in the top six laptop OEMs. But then the vertical axis is very important for volume is getting down into the mainstream category. If you look back at FY24 when we were kind of starting this laptop strategy and starting to see that customer engagement, we had very little revenue at that time, roughly like $2 million or something came from mainstream devices, it was effectively rounded to zero.

因此，我們的產品已銷往全球六大筆記型電腦原始設備製造商。但是垂直軸非常重要，因為音量正在下降到主流類別。如果你回顧一下 24 財年，當時我們剛開始實施這項筆記型電腦策略，並開始看到客戶參與度，那時我們的收入很少，大約只有 200 萬美元左右來自主流設備的收入，實際上四捨五入為零。

In this fiscal year, we expect that to be more like closer to 10x that, driven by mainstream. And I highlight that because that's a really good milestone and indicator of the fact that we can break into the high volume product tiers, which are really going to be significant for driving revenue.

在本財年，我們預計在主流的推動下，這一數字將接近 10 倍。我強調這一點是因為這是一個非常好的里程碑，表明我們可以打入高容量產品層級，這對於推動收入成長確實具有重要意義。

David Williams, The Benchmark Company.

大衛威廉斯（David Williams），基準公司。

Hey, good afternoon, and thanks for taking my question. So lots of great color there on the last question. I guess, if we kind of think about the volumes and the content and just kind of the puts and takes around the first half being more weighted versus the second half, is there a way to kind of, I guess, qualify the magnitude of that? And maybe what -- how to think about the difference between the content and the volume differential?

嘿，下午好，感謝您回答我的問題。最後一個問題有很多精彩之處。我想，如果我們考慮一下交易量、內容以及上半年相對於下半年的投入和產出比，有沒有辦法確定其規模呢？也許是什麼——如何看待內容和體積差異之間的差異？

Let me give a bit of color. Obviously, we just guide one quarter at a time, but I do want to give color to this. Clearly, we're coming off a record June and then a very strong September guide, which overall reflects strong demand for our smartphone products generally -- which is generally a very, very positive picture for us, but there are a few factors which we think are giving a somewhat different shape to the seasonality this year that you should keep in mind when thinking about your models for the rest of the year.

讓我稍微解釋一下。顯然，我們每次只指導一個季度，但我確實想為它增添色彩。顯然，我們在 6 月份創下了紀錄，然後在 9 月份取得了非常強勁的業績，這總體上反映了市場對我們智慧型手機產品的強勁需求——這對我們來說總體上是一個非常非常積極的景象，但我們認為有幾個因素使今年的季節性有所不同，在考慮今年剩餘時間的機型時，您應該牢記這些因素。

So I'll just touch on each of the factors that we think are playing a part there. One of them I mentioned already, we think the pull-ins contributed to some extent from our position in the value chain, it's pretty much impossible to say precisely how much because we ship to customer demand. But we believe we've likely seen a pull forward of some level of demand and common sense says that has to come from somewhere.

因此，我只想談談我們認為在其中發揮作用的每個因素。其中之一我已經提到過，我們認為拉動在一定程度上得益於我們在價值鏈中的地位，但由於我們是根據客戶需求進行發貨的，因此幾乎不可能準確地說出拉動程度。但我們相信，我們可能已經看到某種程度的需求提前，而常識告訴我們，這種需求必定來自某個地方。

Secondly, although we don't have the perfect visibility of this, we do think it's possible that with a more complex and diverse global manufacturing supply chain on the part of certain of our customers, that we may have seen and maybe seeing a need for parts to be available and on hand a little earlier than normal, which again, would just pull forward some of the revenue ramp.

其次，儘管我們對此並不完全了解，但我們確實認為，由於某些客戶的全球製造供應鏈更加複雜和多樣化，我們可能已經看到並可能看到對零件的需求比平時更早一些可用，這又會提前拉動部分收入的增長。

And then finally, and this is certainly, I think, perhaps a secular trend for us. As you know, the quantity of our camera content has been growing over time. And that content is part of the longer supply chain process than our other products because it's typically incorporated into modules and the manufacturing time lines associated with that longer.

最後，我認為這對我們來說可能是長期趨勢。如您所知，我們的相機內容的數量一直在不斷增長。而且該內容是比我們的其他產品更長的供應鏈流程的一部分，因為它通常被納入模組中，並且與之相關的製造時間線更長。

Which means that we ship the camera parts earlier than we ship the other parts that don't go into modules, and that pulls a larger part of our revenue forward. So if you look actually last year, we also saw a comparatively stronger September quarter, and that, again, in part, reflected this trend.

這意味著我們運送相機部件的時間比運送不屬於模組的其他部件的時間要早，這可以提前帶來我們更大一部分的收入。因此，如果你回顧去年，我們也看到 9 月季度表現相對強勁，這再次在一定程度上反映了這一趨勢。

So I think we just guide to what we can see. But as we commented and Jeff commented in his prepared remarks, we do see these factors all playing a part in tilting the demand pattern more towards the first half of the calendar year rather than the back half as it perhaps used to be for us. That said, as Jeff mentioned, there's nothing about that shift in patent has changed our overall view and expectations for the full year.

所以我認為我們只是引導我們所能看到的東西。但正如我們和傑夫在其準備好的發言中所說，我們確實看到這些因素都在使需求模式更傾向於日曆年的上半年，而不是像我們過去那樣傾向於下半年。話雖如此，正如傑夫所提到的，專利的轉變並沒有改變我們對全年的整體看法和預期。

Great. Lots of great color there. I appreciate it. And then just kind of thinking about the AI opportunities, and you've talked to this before, but just kind of curious if there's new areas or new products potentially that you could work into the AI trend or especially at your largest customer, but even beyond that, maybe in the laptop space or even on the Android side, anything I think to that future opportunity would be helpful. Thanks.

偉大的。那裡有很多美麗的色彩。我很感激。然後只是思考人工智慧的機會，你之前已經談過這個問題，但我只是好奇是否有新的領域或新產品可以融入人工智慧趨勢，特別是針對你最大的客戶，但甚至除此之外，也許是在筆記型電腦領域，甚至在 Android 方面，我認為任何對未來機會有幫助的事情都會有所幫助。謝謝。

Yeah, I think on the product side, all of the above. I think we definitely want to be a part of the set of enablers that our largest customer uses critical for AI features. We, for sure, see that as being potentially something that brings a kind of paradigm shift in how people use laptops. I think it can be very significant there.

是的，我認為從產品方面來說，以上都是。我認為我們絕對希望成為我們最大客戶所使用的 AI 功能的關鍵推動因素的一部分。我們當然認為這可能會為人們使用筆記型電腦的方式帶來某種範式轉移。我認為這具有非常重要的意義。

And I think other device categories are going to emerge around these technologies, which we haven't seen yet. And we really want to be addressing all of those. So first and foremost, I think we're big fans of voice-centric devices and enabling voice technology.

我認為圍繞這種技術還會出現其他我們尚未見過的設備類別。我們確實希望解決所有這些問題。因此，首先，我認為我們是語音中心設備和語音技術的忠實粉絲。

We think AI is fundamentally really unlocks the conversational interface, and that can be -- whether that's through your phone, through your laptop or through some of the yet to be invented or announced device, we believe that we can play a very important part in that. That's absolutely our wheelhouse, voice capture, voice processing and so on.

我們認為人工智慧從根本上真正解鎖了對話式介面，無論是透過手機、筆記型電腦還是透過一些尚未發明或發布的設備，我們都相信我們可以在其中發揮非常重要的作用。這絕對是我們的專長，語音捕捉、語音處理等等。

And then the other area where we think we can make a big impact is power. Everybody is fully aware of the amount of power that's running AI features at the edge inference and so on consumers. And we both provide technologies which are incredibly power-efficient on the voice and audio side and power specific products which help customers get more out of batteries.

我們認為可以產生重大影響的另一個領域是電力。每個人都充分意識到運行邊緣推理等消費者所需的人工智慧功能所需的電力。我們既提供在語音和音訊方面極為節能的技術，也提供專用電源產品，幫助客戶充分利用電池。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you. So I just had a follow-up question on where you talked about seasonality there, John. And maybe I missed this from Jeff's comments, but I mean typically, first half, first calendar is 40% and then second half 60%. So are we kind of looking more sort of at a 45%, 50% profile? Is that how we should think about it? 45%, 55% versus 40%, 60%?

是的，謝謝。所以我只是想問一個後續問題，關於你在那裡談論的季節性，約翰。也許我忽略了 Jeff 的評論，但我的意思是，通常情況下，上半年，第一個日曆佔 40%，下半年佔 60%。那我們是不是比較傾向 45% 或 50% 的概況呢？我們該這樣思考嗎？45%、55% 對比 40%、60%？

Well, I think as you want to think about it is just to reiterate what John said, what has been typical as we have more camera content, and that becomes a bigger piece of the total revenue pie. It is shipped earlier. So if you think about that trend of -- it is a change what you had seen in years past, the camera content, bigger piece of the pie gets shipped earlier.

好吧，我想正如你所想的，這只是重申約翰所說，隨著我們擁有更多的相機內容，這已經成為一種典型現象，並且成為總收入中更大的一部分。發貨較早。所以，如果你想想這個趨勢——這是你過去幾年所看到的變化，相機內容，更大的份額被更早地交付。

And then certainly, there was some amount of pull in, which is hard for us to determine. So I think as you think about that moving forward, it's not -- it's really a mix of the camera content in the total pie, and how that has just shifted forward from where we have to place in our customer supply chain.

當然，還有一定程度的拉動，但這對我們來說很難確定。因此，我認為，當你考慮未來的發展時，它並不是——它實際上是整個餅圖中相機內容的混合，以及它如何從我們必須放置在客戶供應鏈中的位置向前移動。

Got it. And related to that, you mentioned you expect inventories to be down sequentially in the September quarter. So does that also have something to do with that? Or is it just purely the GlobalFoundries commitments that are sort of trailing off?

知道了。與此相關，您提到預計 9 月季度庫存將環比下降。那麼這也與此有關嗎？或者只是 GlobalFoundries 的承諾正在逐漸減少？

Yeah. It's mostly the GlobalFoundries commitments trailing off as we continue to work through that and manage both our customer demand and our GS contract. So we'll continue to see that going down. As we said in the last call, we had a peak there. And that's really all that is. And we'll get closer to our inventory sweet spot as we work through that.

是的。主要是 GlobalFoundries 的承諾逐漸減少，因為我們將繼續努力解決這個問題並管理我們的客戶需求和 GS 合約。因此，我們將繼續看到這一趨勢下降。正如我們在上次通話中所說的那樣，我們在那裡達到了頂峰。這就是全部了。隨著我們努力解決這個問題，我們將越來越接近庫存的最佳點。

Great. Thanks, Tore. That was the last question. So now I'll turn the call back to John for final comments.

偉大的。謝謝，托爾。這是最後一個問題。現在我將把電話轉回給約翰，請他發表最後的評論。

Thank you, Chelsea. In summary, Cirrus Logic delivered outstanding results for the June quarter, driven by strong demand for components shipping into smartphones. We also continue to make great progress in each major area of our long-term strategy, and the team at Cirrus remains very excited about the opportunities in front of us.

謝謝你，切爾西。總而言之，由於智慧型手機零件需求強勁，Cirrus Logic 在 6 月季度取得了出色的業績。我們也在長期策略的各個主要領域繼續取得巨大進展，Cirrus 團隊對我們面前的機會感到非常興奮。

I'd like to thank you for your continued interest in our progress, and I'd like to thank all of our employees around the world for their incredible dedication to innovation and to supporting our customers' success.

我要感謝你們對我們進步的持續關注，我要感謝我們在世界各地的所有員工對創新和支持客戶成功的非凡奉獻。

Before we close, I'd also like to note that we will be participating in the KeyBanc Technology Leadership Forum in Deer Valley on August 12. Please check our investor website for the details. I'd like to thank everybody for participating today. Goodbye.

在結束之前，我還想指出，我們將於 8 月 12 日參加在鹿谷舉行的 KeyBanc 技術領導論壇。請查看我們的投資者網站以了解詳情。我要感謝大家今天的參與。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，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。