Cirrus Logic Inc (CRUS) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic second-quarter fiscal year 2026 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，感謝你們的耐心等待。歡迎參加 Cirrus Logic 2026 財年第二季財務業績問答環節。（操作員說明）提醒各位，本次電話會議將會被錄音，以便重播。

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

現在我將把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，您可以開始了。

Thank you, and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer; and Jeff Woolard, our Chief Financial Officer. Today, at approximately 4:00 PM Eastern Time, we announced our financial results for the second quarter of fiscal '26. 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.

謝謝，下午好。今天與我一起參加電話會議的有 Cirrus Logic 的執行長 John Forsyth 和我們的財務長 Jeff Woolard。今天下午大約 4 點（美國東部時間），我們公佈了 2026 財年第二季的財務表現。討論公司財務表現的股東信、獲利新聞稿以及本問答環節的網路直播均可在公司投資者關係網站上找到。本次電話會議將回答通報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績效和指導意見將包括剔除某些項目的非GAAP財務指標。這些非GAAP指標與其最直接可比較的GAAP指標的調節表已包含在我們的獲利報告中，並且都可以在公司的投資者關係網站上找到。

Please note that during this session, we may make projections and other forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from projections. By providing this information, the company expressly disclaims any obligation to update or revise any projections or forward-looking statements, whether as a result of new 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，這些陳述存在風險和不確定性，可能導致實際結果與預測結果有重大差異。本公司提供此資訊即表明其明確聲明不承擔任何更新或修改任何預測或前瞻性聲明的義務，無論是由於新的發展或其他原因。

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 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，這些文件可在 Cirrus Logic 網站上查閱；另請參閱最新的 10-K 表格以及向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.

現在我想把電話交給約翰。

Thank you, Chelsea, and welcome to everyone joining today's call. As you've seen in the press release, Cirrus Logic delivered record September quarter revenue of $561 million, towards the top end of our guidance range driven by demand for components shipping into smartphones. In a few moments, I'll hand the call over to Jeff to discuss the financial results for the September quarter in detail, along with our outlook for the December quarter.

謝謝切爾西，也歡迎各位參加今天的電話會議。正如您在新聞稿中看到的，Cirrus Logic 9 月季度營收創下 5.61 億美元的紀錄，接近我們預期範圍的上限，這主要得益於智慧型手機零件出貨量的需求。稍後我會把電話交給傑夫，讓他詳細討論九月季度的財務業績，以及我們對十二月份季度的展望。

Before we get to that, I'd like to make a few comments about the recent progress we have been making across key areas of our business. As we have outlined previously, our long-term strategy for growth at Cirrus is based around three principles.

在深入探討這個問題之前，我想先就我們近期在業務的關鍵領域取得的進展談幾點看法。正如我們之前概述的那樣，Cirrus 的長期成長策略基於三個原則。

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

首先，我們力求在核心旗艦智慧型手機音訊業務領域保持強大的領導地位。其次，我們的目標是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解決方案的價值和範圍。第三，我們旨在利用我們在音訊和高效能混合訊號領域的世界一流專業知識和智慧財產權，在新市場發展壯大我們的業務。

I want to say a few words now about the progress we've made in the past quarter in each of these areas. In our flagship smartphone audio business, during the quarter, we experienced strong demand for our latest generation custom-boosted amplifier and first 22-nanometer smart codec. These products, introduced in the fall last year, represent years of engineering effort and a deep and collaborative relationship with our customer. We are proud of the crucial role they play in enhancing the power efficiency and exceptional audio quality of our customers' latest products.

現在我想就過去一個季度我們在這些領域取得的進展談幾句。在本季度，我們的旗艦智慧型手機音訊業務中，我們最新一代客製化增強放大器和首款 22 奈米智慧編解碼器獲得了強勁的需求。這些產品於去年秋季推出，凝聚了我們多年的工程努力以及與客戶之間深入的合作關係。我們為它們在提升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而感到自豪。

I think it is also worth highlighting a characteristic of this area of our business that isn't always apparent to those outside of the company. While we ship custom products into many consumer end devices, much of our custom silicon business offers returns over a significantly longer period than is typical of consumer products.

我認為還有一點值得強調，那就是我們業務這一領域的一個特點，這對公司外部的人來說並不總是顯而易見的。雖然我們向許多消費終端設備交付客製化產品，但我們的客製化晶片業務的大部分回報週期比典型的消費產品要長得多。

For example, these latest generation audio components that I've referred to superseded a codec and amplifiers that have been shipping in high-volume flagship phones for five and six years, respectively. We consider this longevity a significant strength of our business as it provides solid long-term visibility and sustained revenue contribution, along with the ability to leverage our R&D resources in new areas that can drive further innovation and growth.

例如，我提到的這些最新一代音訊組件，分別取代了在大批量旗艦手機中出貨五年和六年的編解碼器和擴大機。我們認為這種長期發展是我們業務的一項重大優勢，因為它提供了可靠的長期可見性和持續的收入貢獻，以及在新領域利用我們的研發資源來推動進一步創新和成長的能力。

Outside of our custom audio solutions, we also continue to serve a number of customers in the Android ecosystem. This past quarter, a leading Android OEM introduced its latest flagship smartphone featuring two Cirrus Logic-boosted amplifiers and a haptic driver. While the majority of our general market R&D investments are focused on developing products for new markets beyond smartphones, we continue to engage with customers on next-generation flagship smartphone products and expect additional designs from various customers to come to market in the future.

除了客製化音訊解決方案外，我們還繼續為 Android 生態系統中的眾多客戶提供服務。上個季度，一家領先的安卓 OEM 廠商推出了其最新的旗艦智慧型手機，該智慧型手機配備了兩個 Cirrus Logic 增強放大器和一個觸覺驅動器。雖然我們大部分的一般市場研發投資都集中在為智慧型手機以外的新市場開發產品，但我們仍然與客戶就下一代旗艦智慧型手機產品進行合作，並期待未來會有更多來自不同客戶的設計產品推向市場。

Looking beyond audio, we continue to diversify our revenue and expand our smartphone content with high-performance mixed-signal solutions. Customer engagement around our camera controllers remains strong, and we were excited to see this technology stand out as a key differentiator in the latest generation of devices.

除了音訊領域，我們還將繼續實現收入多元化，並透過高效能混合訊號解決方案擴展智慧型手機內容。使用者對我們相機控制器的參與度依然很高，我們很高興看到這項技術在最新一代設備中脫穎而出，成為一項關鍵的差異化優勢。

Today, we are engaged on a number of projects that we believe will bring even more feature and performance enhancements to this area in the future. Moreover, we also have several R&D programs that are focused on battery performance and health, and we continue to believe these areas represent an excellent opportunity for our mixed-signal expertise to bring innovation and value to our customers.

目前，我們正在進行多個項目，我們相信這些項目將在未來為該領域帶來更多功能和性能方面的提升。此外，我們還有多個專注於電池性能和健康狀況的研發項目，我們仍然相信這些領域代表著我們混合訊號專業知識為客戶帶來創新和價值的絕佳機會。

Our third strategic priority is to leverage our audio and high-performance mixed-signal expertise into new applications and markets outside of smartphones. We're making excellent progress here, especially in the PC market, where we are focused on continuing to grow our share across customers and product tiers.

我們的第三個策略重點是利用我們在音訊和高效能混合訊號方面的專業知識，拓展到智慧型手機以外的新應用和市場。我們在這裡取得了非常好的進展，尤其是在個人電腦市場，我們專注於繼續擴大我們在各個客戶群和產品層級中的份額。

During the quarter, we saw strong design activity across our PC portfolio and expect a range of consumer and commercial laptops featuring our components to come to market over the next year as the adoption of SoundWire device class audio accelerates. After establishing early success in high-end laptops, we are now expanding into mainstream programs to reach higher volume opportunities and capture a larger share of the addressable market.

本季度，我們在 PC 產品組合中看到了強勁的設計活動，隨著 SoundWire 設備級音訊的普及，預計未來一年內將有一系列採用我們組件的消費級和商用筆記型電腦上市。在高階筆記型電腦領域取得早期成功後，我們現在正擴展到主流產品線，以獲得更大的銷售機會並佔據更大的市場份額。

Building on our recent wins in mainstream commercial laptops, this quarter, we were particularly excited to secure our first mainstream consumer design, which is expected to ship next year. This success demonstrates the excellent progress we are making in our long-term strategy to grow beyond smartphones and positions us well for the continued momentum in the broader PC space. Additionally, we are excited about the long-term opportunity that voice represents as a natural way to interact with AI-enabled PCs, and we increasingly see PC OEMs turning to voice as a means to enhance their products.

繼我們最近在主流商用筆記型電腦領域的成功之後，本季我們尤其興奮地獲得了我們的首款主流消費級設計，預計將於明年上市。這一成功表明，我們在實現智慧型手機以外的長期發展策略方面取得了卓越的進展，並為我們繼續在更廣泛的個人電腦領域保持成長勢頭奠定了良好的基礎。此外，我們對語音作為一種與人工智慧電腦進行自然互動的方式所代表的長期機會感到興奮，我們越來越看到電腦原始設備製造商將語音作為增強其產品的手段。

In this area, we are able to leverage our audio and voice expertise, which has been developed and refined in the smartphone market over many years to develop PC-specific products that deliver enhanced voice capabilities and performance, enabling features such as voice wake for AI applications even while the device is in an ultra-low power standby state. Our first product featuring this technology is expected to sample to customers in the December quarter.

在這個領域，我們能夠利用我們在智慧型手機市場多年來發展和完善的音訊和語音專業知識，開發出專為 PC 設計的產品，從而提供增強的語音功能和性能，即使在設備處於超低功耗待機狀態下，也能實現 AI 應用的語音喚醒等功能。我們首款採用這項技術的產品預計將於 12 月季度向客戶提供樣品。

Finally, in the PC space, we have in the last quarter, deepened and expanded our engagement across multiple PC platform vendors in order to accelerate our customers' time to market. We believe that our ability to provide consistent audio architectures and advanced features across multiple PC platforms is a great benefit to OEMs. Overall, we are very encouraged by the traction we are seeing in PCs and believe there is a meaningful opportunity ahead for us to grow in this market.

最後，在 PC 領域，上個季度我們深化並擴大了與多家 PC 平台供應商的合作，以加快客戶的產品上市速度。我們相信，我們能夠在多個 PC 平台上提供一致的音訊架構和先進功能，這對 OEM 廠商來說是一個巨大的優勢。總的來說，我們對目前在個人電腦領域的成長勢頭感到非常鼓舞，並相信未來在這個市場中我們將有很大的發展機會。

Beyond PCs, we are also seeing strong interest in our general market products, which serve a wide range of customers across professional audio, automotive, industrial, and imaging end markets. These products typically have long life cycles and gross margins well above our corporate average, and moreover, can frequently leverage the world-class low-power IP that we have developed in other areas of our business.

除了個人電腦之外，我們還看到市場對我們的通用產品表現出濃厚的興趣，這些產品服務於專業音訊、汽車、工業和影像等終端市場的眾多客戶。這些產品通常具有較長的生命週期和遠高於我們公司平均水平的毛利率，而且，它們通常可以利用我們在其他業務領域開發的世界一流的低功耗智慧財產權。

Our progress in this space was exemplified during the quarter in several areas. First, we gained design momentum with prosumer and automotive customers on all 14 variants of our latest generation ADCs, DACs, and ultra-high performance audio codecs and expect new end products utilizing these components to come to market over the next 12 months.

本季我們在多個領域都取得了進展。首先，我們憑藉最新一代 14 款 ADC、DAC 和超高性能音頻編解碼器，在專業消費電子和汽車領域獲得了設計動力，預計未來 12 個月內，採用這些組件的新終端產品將陸續上市。

Second, we had increased engagement with automotive and professional audio customers on our latest timing product family, which began shipping last quarter. And third, we are now sampling a family of high-performance analog front-end components targeting imaging applications, and the initial response has been positive.

其次，我們與汽車和專業音訊客戶就我們最新的定時產品系列進行了更多互動，該產品系列已於上個季度開始發貨。第三，我們目前正在對一系列面向成像應用的高性能模擬前端組件進行樣品測試，初步反應良好。

We are proud of our execution to date in these areas, and we'll continue to expand our product portfolios in order to drive profitable growth opportunities in these segments. And that concludes the latest progress update on our long-term growth strategy.

我們為迄今為止在這些領域所取得的成就感到自豪，我們將繼續擴大產品組合，以推動這些領域實現獲利成長機會。以上就是我們長期成長策略最新進展報告的全部內容。

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

現在我把電話交給傑夫，讓他概述我們的財務表現以及未來展望。

Thank you, John. Good afternoon, everyone. I'll now walk through our Q2 financial performance and provide guidance for Q3, including tax updates.

謝謝你，約翰。大家下午好。接下來，我將詳細介紹我們第二季的財務業績，並對第三季進行展望，包括稅務的最新進展。

In Q2 fiscal 2026, we delivered revenue of $561 million, which was toward the top end of our guidance range, driven by demand for components shipping into smartphones. On a sequential basis, revenue was up 38% due to higher smartphone unit volumes. On a year-over-year basis, sales were up 4%, primarily driven by higher smartphone unit volumes and sales associated with our latest-generation products.

2026 財年第二季度，我們實現了 5.61 億美元的收入，接近我們預期範圍的上限，這主要得益於智慧型手機零件出貨量的需求。由於智慧型手機銷量增加，營收季增 38%。與去年同期相比，銷售額成長了 4%，主要得益於智慧型手機銷售的成長以及最新一代產品的銷售。

Turning to gross profit and gross margin. Non-GAAP gross profit in the September quarter was $294.7 million, and non-GAAP gross margin was 52.5%. On a year-over-year basis, the increase in gross margin was largely due to a more favorable product mix. This was partially offset by higher inventory reserves.

接下來討論毛利和毛利率。9 月季度的非 GAAP 毛利為 2.947 億美元，非 GAAP 毛利率為 52.5%。與前一年相比，毛利率的成長主要歸功於更有利的產品組合。較高的庫存儲備部分抵消了這一影響。

Now I'll turn to operating expenses. Our non-GAAP operating expense for the second quarter was $127.7 million, coming in below the low end of our guidance range. This was due to lower product development costs, mostly driven by shifts in project time lines. Employee-related expenses were also lower than expected. On a sequential basis, OpEx was up $8.2 million, primarily due to higher variable compensation, product development costs, mostly due to tape-outs, and facilities-related costs.

現在我將談談營運費用。我們第二季的非GAAP營運費用為1.277億美元，低於我們預期範圍的下限。這主要是由於產品開發成本降低，而產品開發成本降低又主要得益於專案時程的調整。與員工相關的支出也低於預期。與上一季相比，營運支出增加了 820 萬美元，主要原因是可變薪酬增加、產品開發成本（主要是流片）以及設施相關成本增加。

This was partially offset by a reduction in employee-related expenses. On a year-over-year basis, operating expense was up $0.9 million, primarily due to an increase in employee-related expenses, which are mostly related to annual merit increases. This was partially offset by lower product development costs. Non-GAAP operating income for the quarter was $167 million, or 29.8% of revenue.

員工相關費用的減少部分抵消了這一影響。與去年同期相比，營運支出增加了 90 萬美元，主要是因為員工相關支出增加，而這些支出大多與年度績效加薪有關。較低的產品開發成本部分抵消了這一影響。本季非GAAP營業收入為1.67億美元，佔營收的29.8%。

Turning now to taxes. During Q2, we recorded the favorable tax impact of the One Big Beautiful Bill Act, which reinstated immediate expensing of domestic R&D. This change was retroactive to the start of fiscal year '26 and contributed to our lower non-GAAP tax rate of 14.6% for the quarter. And lastly, on the P&L, non-GAAP net income was $150 million, resulting in an earnings per share for the September quarter of $2.83.

接下來談談稅務問題。第二季度，我們記錄了《一項偉大的法案》帶來的有利稅收影響，該法案恢復了國內研發費用的即時扣除。這項變更追溯至 2026 財年開始，並促成了我們本季非 GAAP 稅率降至 14.6%。最後，在損益表方面，非GAAP淨收入為1.5億美元，9月季度的每股盈餘為2.83美元。

Let me now turn to the balance sheet. Our balance sheet continues to be strong, and we ended the September quarter with $896 million in cash and investments. Our ending cash and investments balance was up $48.3 million from the prior quarter as cash generated from operations was partially offset by share repurchases. We continue to have no debt outstanding.

現在讓我來看資產負債表。我們的資產負債表依然強勁，截至9月底，我們擁有8.96億美元的現金和投資。由於經營活動產生的現金部分被股票回購所抵消，我們本季末的現金和投資餘額比上一季增加了 4,830 萬美元。我們目前沒有任何未償債務。

Inventory at the end of the second quarter was $236.4 million, down from $279 million in the prior quarter. Days of inventory were down sequentially, and we ended the quarter with approximately 81 days of inventory. Looking ahead, in Q3 fiscal 2026, we expect inventory to decrease slightly quarter over quarter.

第二季末庫存為 2.364 億美元，低於上一季的 2.79 億美元。庫存週轉天數較上季下降，本季末庫存週轉天數約 81 天。展望未來，我們預計 2026 財年第三季庫存將較上季略有下降。

Turning to cash flow. Cash flow from operations was $92.2 million in the September quarter, and CapEx was $4.5 million, resulting in non-GAAP free cash flow margin of 16%. For the trailing 12-month period, cash flow from operations was $557.3 million, and CapEx was $23.1 million. This resulted in a non-GAAP free cash flow margin of 27%. On the share buybacks, in Q2, we utilized $40 million to repurchase approximately 362,000 shares of our common stock at an average price of $110.55. At the end of Q2 fiscal 2026, the company had $414.1 million remaining on its share repurchase authorization.

接下來談談現金流。9 月季度經營活動產生的現金流為 9,220 萬美元，資本支出為 450 萬美元，非 GAAP 自由現金流利潤率為 16%。過去 12 個月期間，經營活動產生的現金流量為 5.573 億美元，資本支出為 2,310 萬美元。這使得非GAAP自由現金流利潤率達到27%。在股票回購方面，第二季我們動用了 4,000 萬美元，以平均每股 110.55 美元的價格回購了約 36.2 萬股普通股。截至 2026 財年第二季末，該公司股票回購授權額度還剩 4.141 億美元。

Now on to guidance. For Q3 fiscal 2026, we expect revenue in the range of $500 million to $560 million. Gross margin is expected to range from 51% to 53%. Non-GAAP operating expense is expected to range from $128 million to $134 million. The fiscal year non-GAAP effective tax rate is expected to range from approximately 16% to 18%.

接下來是指導部分。我們預計 2026 財年第三季營收將在 5 億至 5.6 億美元之間。預計毛利率將在 51% 至 53% 之間。非GAAP營運費用預計在1.28億美元至1.34億美元之間。預計本財年非GAAP實際稅率將介於16%至18%之間。

In closing, we delivered strong results for the September quarter. We remain focused on executing to our strategy and delivering long-term value to shareholders. Before we begin 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.

綜上所述，我們九月的季度業績表現強勁。我們將繼續專注於執行我們的策略，並為股東創造長期價值。在開始問答環節之前，我想指出，雖然我們理解大家對我們最大的客戶非常感興趣，但根據 Cirrus Logic 公司政策，我們不會討論我們業務關係的具體細節。

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

接下來，我將把電話交給切爾西，讓她開始問答環節。

(Event Instructions)

（活動須知）

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Congratulations on the results. I know you can't, obviously, talk specifically about your largest customers' business. But this year has been quite unusual from a seasonality perspective. So I was just wondering if you could share any thoughts with us on seasonality going forward. I mean, will 2026 potentially be sort of back to normal? Again, anything you could share with us would be really helpful.

恭喜你取得好成績。我知道你顯然不能具體談論你最大客戶的業務。但從季節性角度來看，今年的情況相當特殊。所以我想請您分享您對未來季節性方面的看法。我的意思是，2026年有可能恢復正常嗎？再次感謝您能與我們分享任何訊息，這將對我們非常有幫助。

Yeah, Tore, this is Jeff. I think if you recall, we talked about last quarter, a change in the seasonality shape of our business, primarily driven by the camera content becoming a bigger portion of the total revenue, which shifts a little earlier as well as -- as we talked about some pull-ins at the last quarter call. I think if you look at our results this quarter and our guidance for next quarter, that story remains the same that the shape is a little bit pushed into the first half versus what has been traditionally. And that's driven by just camera content being a greater piece.

是的，托雷，這是傑夫。我想如果你還記得的話，我們上個季度討論過我們業務季節性結構的變化，這主要是由於攝影機內容在總收入中所佔比例越來越大，而且這種變化也提前了一些——正如我們在上個季度電話會議上討論的一些收購項目一樣。我認為，如果你看看我們本季的業績和我們對下季度的預測，你會發現情況依然如此，業績成長的勢頭比以往有所提前，集中在上半年。而這完全是因為攝影機拍攝的內容更加豐富。

While we did give some insight last quarter on our view for the year, because we had thought it was important for everyone to understand that change, that has played out between our results and our guidance. And at this point, we are only giving guidance for the next quarter, but we don't see anything from here out that would change, historically, what that seasonality looks like for the rest of the fiscal year.

雖然我們在上個季度確實對今年的展望給出了一些見解，因為我們認為讓每個人都了解我們的業績和預期之間的變化非常重要。目前，我們只能對下一季做出預測，但從歷史數據來看，我們認為從現在開始，不會有任何因素改變本財年剩餘時間的季節性走勢。

Great. That's very helpful. And as my follow-up for you, John, in the shareholder letter, you stated again, there's potential opportunities on the power/battery side in the smartphone market. Any updates there? Again, I know you can't talk about specific design wins, but clearly, battery management is becoming quite crucial for next-generation smartphones. So any updates there would be helpful.

偉大的。那很有幫助。約翰，作為你的後續問題，你在致股東的信中再次提到，智慧型手機市場的電源/電池方面存在潛在機會。那邊有什麼最新進展嗎？我知道你不能談論具體的設計成果，但很明顯，電池管理對於下一代智慧型手機來說正變得至關重要。所以，任何相關方面的更新都會很有幫助。

Yeah, that continues to be an area that we're excited about. And as you know, we've been investing in for some time. We do think that we have some really compelling IP in that space. And I think we've seen some validation of that from the comments reflected back to us from customers when we've been sharing silicon with them and details on what we've been developing.

是的，我們一直對這個領域充滿熱情。如您所知，我們已經投資了一段時間。我們確實認為我們在該領域擁有一些非常有吸引力的知識產權。我認為，當我們與客戶分享晶片和我們正在開發的產品細節時，他們回饋的評論也印證了這一點。

We've got a number of irons in the fire there. And as you alluded to, the majority of those are related to those areas around the battery where we think we can make a difference to power efficiency as a whole to system performance as batteries go through their life cycle, both on a daily basis and a long-term basis, and to battery health long term as well. So we don't have anything to say today concretely about design wins and how that's going to get commercialized, but we continue to believe that we've got some very valuable IP, and we are obviously itching to get that out into the market.

我們有很多項目正在同時進行中。正如您所提到的，其中大部分都與電池周圍的區域有關，我們認為在這些區域，我們可以對電池在其生命週期內的整體電源效率、系統性能（包括日常使用和長期使用）以及電池的長期健康狀況產生影響。所以今天我們沒有什麼具體的設計獲獎情況以及如何將其商業化可以透露，但我們仍然相信我們擁有一些非常有價值的知識產權，我們顯然渴望將其推向市場。

David Williams, The Benchmark Company.

David Williams，基準公司。

Congrats on the quarter. Maybe first just on the OpEx side, you kind of mentioned that it was lower in this quarter for some pushouts. And it looks like some of that's kind of coming into the third quarter. Is it fair to assume that all of the OpEx expected in the second quarter is pushed into that third quarter? Or is there anything else maybe funny going on that we should be thinking about there?

恭喜你本季取得佳績。首先，就營運支出方面而言，您提到本季一些外推項目的營運支出有所下降。看起來其中一些情況會在第三季有所改善。是否可以合理假設第二季預計發生的所有營運支出都轉移到了第三季？或者，那裡是否還發生了其他有趣的事情，值得我們注意？

No, I think that's a reasonable take. We are pretty disciplined in our OpEx. And what we saw -- we did obviously come in below the guide and some of that was just delays in our spending, not necessarily delays in execution. So that product development cost can be a little lumpy. It's not a miss because it wasn't low because of execution.

不，我認為這是個合理的看法。我們在營運支出方面非常自律。我們看到的情況是——我們顯然低於預期，其中一些只是支出方面的延誤，不一定是執行方面的延誤。因此，產品開發成本可能會有些波動。這不算失誤，因為擊球點並不低，而是因為執行力不足。

Some expenses that we had planned, we were just actually able to avoid. And so that came -- also drove our results, OpEx results being below guide. So a lot of that is just a timing issue. So we will continue to stay disciplined on that. But that being said, it was a push. But if we see other opportunities that we think have -- we have high confidence in to create value, we will be comfortable increasing that in the future.

我們原本計劃的一些開支，實際上都避免了。因此，這也導致了我們的業績，營運支出結果低於預期。所以很多時候只是時機問題。所以我們會繼續在這方面保持自律。但即便如此，這也是一次努力。但如果我們發現其他我們認為有很高的信心能夠創造價值的機會，我們將來會很樂意增加投資。

Okay. Good. And then maybe just on the non-flagship customer, your largest customer revenue, that contribution in the quarter was maybe a little bit lower than we had anticipated. But just trying to get a sense of the progress in the general markets and in that computing space, how we should think about that revenue trending maybe through this year? And just generally, what that growth trajectory should look like outside of your largest customer?

好的。好的。然後，或許就非旗艦客戶而言，也就是你們最大的客戶收入，該季度的貢獻可能比我們預期的要低。但只是想了解一下整體市場和電腦領域的進展情況，我們該如何看待今年的收入趨勢？總的來說，除了最大的客戶之外，這種成長軌跡應該是什麼樣的呢？

Yeah. I think on the picture for this quarter, in particular, there are a number of things going on there. And I think the softness in the Android space is certainly part of it, and that's been widely reported. We don't invest a huge amount in Android as a strategic business area for us, but it still remains a valuable contributor. So to some extent, we saw some impact from that.

是的。我認為，就本季的圖表而言，尤其有很多事情正在發生。我認為安卓領域的疲軟肯定是其中一部分原因，這也已被廣泛報導。雖然我們沒有將 Android 作為策略業務領域投入巨資，但它仍然是我們重要的貢獻者。所以在某種程度上，我們看到了這方面的影響。

And then when we look to the rest of our general market business, certainly, the biggest kind of growth area that we see there right now is the PC, as you alluded to. And we're continuing to track the way we expected there, or broadly in line with that. We're still kind of early in the ramp for that as regards the business it can become for us in the future. But we've passed a number of really, really excellent milestones this year and then in this past quarter as well, which kind of indicate the great progress we're making there, and we continue to be very excited about what's going on in the PC space.

然後，當我們審視其他一般市場業務時，正如您所提到的，目前我們看到的最大成長領域當然是個人電腦。我們繼續按照預期的方向發展，或者說大致符合預期。就它未來能為我們帶來的業務發展而言，我們目前還處於起步階段。但今年以及上個季度，我們已經取得了一些非常非常好的里程碑，這表明我們在該領域取得了巨大的進步，我們對個人電腦領域正在發生的事情感到非常興奮。

I think one of the things we called out in the shareholder letter that's a particular highlight is the win in mainstream consumer laptop because those mainstream devices, as I've highlighted previously, they really deliver so many more units than the devices in the flagship and premium tiers. And so a big part of our objective is to penetrate down through the tiers and be well penetrated in both the commercial and the consumer mainstream segment, and then obviously expand to as much content in those devices as we can get.

我認為我們在致股東信中特別強調的一點是，我們在主流消費筆記型電腦領域取得了勝利，因為正如我之前強調的那樣，這些主流設備的銷量確實比旗艦級和高端設備多得多。因此，我們目標的重要組成部分是向下滲透到各個層級，並在商業和消費主流領域都取得良好的滲透，然後顯然要盡可能地擴展到這些設備上的內容。

Earlier in the year, we reported that we won our first mainstream commercial laptop and then we've now added to that with success in the consumer space. So I think that proves we can do it, and that's going to be one of multiple drivers that help us continue to accelerate in the PC space.

今年早些時候，我們報道了我們贏得了第一台主流商用筆記型電腦，現在我們又在消費領域取得了成功。所以我認為這證明我們可以做到，而且這將是幫助我們在個人電腦領域繼續加速發展的眾多驅動因素之一。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作說明）克里斯多福羅蘭，薩斯奎哈納。

This is Dylan Ollivier on for Chris Rolland. So for my first question, so last quarter, you said that you didn't have any material changes to your smartphone unit outlook for the year despite your better results. Would you now have any changes to your unit outlook? Or are units still tracking in line?

這裡是迪倫·奧利維爾，代克里斯·羅蘭為您報道。所以我的第一個問題是，上個季度，您表示儘管業績有所好轉，但您對全年智慧型手機銷量的預期並沒有任何實質變化。您現在對單位前景有任何改變嗎？或者說，各部門的進度還是正常嗎？

Yeah. I'm going to stick with sort of that previous answer of we obviously had a good quarter here driven by smartphone units, and we explained the shape between the last two quarters. And we're only guiding for the next quarter, but at this point, we think seasonality looks like it historically has. We don't see anything to change our view on the upcoming seasonality.

是的。我還是會堅持之前的回答，很明顯，我們本季業績不錯，這主要得益於智慧型手機銷量的成長，我們也解釋了過去兩個季度之間的業績變化。我們目前只對下一季做出預測，但就目前而言，我們認為季節性因素看起來與歷史上的情況類似。我們認為沒有什麼能改變我們對即將到來的季節性變化的看法。

Great. So secondly, I'd love to hear more about these new products that you talked about that you're developing for AI PCs. So does this expand your SAM? And when can we expect revenue here? Are you getting a lot of initial interest from customers?

偉大的。其次，我很想了解更多關於您提到的正在為人工智慧電腦開發的新產品的資訊。那麼這會擴大你的SAM嗎？我們什麼時候能獲得收益？您是否獲得了大量客戶的初步興趣？

Yeah. Actually, that's an area which I think has become much more significant in our modeling of our PC SAM more recently rather than -- or at least compared to when we set off down the road of getting into the PC market. The interest across our customer base in voice-related features is really pretty significant as a major enabler for AI. I mean, I think if you step back just for a second to look at all the drivers, which are currently kind of accelerating our momentum in the PC space, there's one I alluded to in the previous answer, which is just our penetration down through product tiers to get into higher volume segments.

是的。實際上，我認為，與我們剛開始進入 PC 市場時相比，最近我們在 PC SAM 建模中，這一領域的重要性已經大大增加。我們的客戶群對語音相關功能的興趣非常濃厚，因為語音是人工智慧的重要推動因素。我的意思是，如果你稍微退後一步，看看目前推動我們在 PC 領域發展的所有因素，其中有一個因素我在之前的回答中提到過，那就是我們通過產品層級向下滲透，進入更高銷量的細分市場。

There's another factor which we alluded to in the shareholder letter, which is the propagation of the SoundWire device class audio interface and standard. So we're seeing that increasingly propagate across designs that generally is something that's favorable to us, and that's something that we've designed to and that we can deliver a lot of features around.

我們在股東信中也提到了另一個因素，那就是 SoundWire 設備類音訊介面和標準的推廣。因此，我們看到這種趨勢在設計中日益普遍，這通常對我們有利，這也是我們設計的方向，我們可以圍繞它提供許多功能。

Then as we also mentioned in the prepared remarks, we've also been expanding our support across multiple PC platform vendors. So again, that's kind of expanding our reach and the number of devices that our products can get into, and the number of reference designs that enable our customers to pick up our silicon and create products around very rapidly.

正如我們在準備好的發言稿中所提到的，我們也一直在擴大對多家 PC 平台供應商的支援。所以，這在某種程度上擴大了我們的覆蓋範圍，增加了我們的產品可以應用的設備數量，以及參考設計的數量，使我們的客戶能夠快速地採用我們的晶片並圍繞其創建產品。

And then the fourth of these drivers would really be the voice features that we see coming over the horizon. And that's been a more recent topic of conversation with OEMs, but it's a significant one, and it's one where our IP is really best-in-class. We're able to provide significantly better voice and audio capture, noise reduction, voice cleanup, voice detection, speaker detection, and so on. And then you combine that with our low-power codec technologies, we can enable features like waking up the entire system, being able to speak to the system even when it's in an ultra-low power standby state and so on.

第四個驅動因素其實是我們即將看到的語音功能。最近我們和 OEM 廠商一直在討論這個主題，但這確實是一個重要的主題，而且我們在這個領域的智慧財產權確實是一流的。我們能夠提供顯著更佳的語音和音訊擷取、降噪、語音清理、語音偵測、說話者偵測等功能。然後，結合我們的低功耗編解碼器技術，我們可以實現喚醒整個系統、即使在系統處於超低功耗待機狀態時也能與系統通訊等功能。

So I mean, this is all part of the SAM that we model out in the investor presentation out into the future that we think can be -- continue to be really significant for us in the PC space. But I think given where we're at and the IP we have in the voice area, in particular, I would expect us to really benefit from that. Specifically in the last quarter, we started sampling the first device specifically focused on enabling those features to customers. So it will be a while before those start showing up in end products, but we have a great road map around those features in particular.

所以我的意思是，這都是我們在投資者演示中展示的SAM模型的一部分，我們認為它在未來對於我們在PC領域來說可能仍然非常重要。但我認為，鑑於我們目前的狀況以及我們在語音領域擁有的IP，特別是，我預計我們將從中受益匪淺。具體來說，在上個季度，我們開始對第一台專門用於向客戶啟用這些功能的設備進行樣品測試。因此，這些功能還需要一段時間才能出現在最終產品中，但我們針對這些功能製定了非常完善的路線圖。

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

謝謝你，迪倫。問答環節到此結束。現在我將把電話轉回給約翰，請他作最後總結發言。

Thank you, Chelsea. In summary, Cirrus Logic delivered record revenue for the September quarter while also continuing to make excellent progress on each pillar of our long-term strategy. I'd like to extend my appreciation to all of our employees worldwide for the hard work and commitment to excellence that has delivered these results. And I'd like to thank our customers for their trust and support.

謝謝你，切爾西。總而言之，Cirrus Logic 在 9 月季度實現了創紀錄的收入，同時在長期策略的各個支柱方面也繼續取得了優異的進展。我要感謝全球所有員工的辛勤工作和對卓越的不懈追求，正是他們的努力才取得了這些成果。我還要感謝各位顧客的信任與支持。

We're excited about the opportunities ahead for Cirrus, and we thank you for your continued interest in the company. Before we close, I'd also like to note that we will be participating in the Barclays Global Technology Conference on December 11. Please check our investor website for the details.

我們對 Cirrus 的未來發展機會感到興奮，並感謝您一直以來對公司的關注。在結束之前，我還想提一下，我們將參加 12 月 11 日舉行的巴克萊全球科技大會。詳情請查看我們的投資者網站。

Thank you, everyone, for participating in our call today. Goodbye.

感謝各位今天參加我們的電話會議。再見。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。