Cirrus Logic Inc (CRUS) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic third-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 財年第三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 third-quarter fiscal year 2026. 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.

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 財年第三季的財務表現。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。

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. Reconciliation 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.

本次電話會議將回答通報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 the 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，無論因新情況或其他原因，本公司均無義務更新或修改任何預測或前瞻性聲明。

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（可在 Cirrus Logic 網站上查閱）以及最新的 10-K 表格和其他向美國證券交易委員會註冊的公司文件，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 reported outstanding results for the December quarter, delivering revenue of $580.6 million above the top end of our guidance range. This was driven by stronger than anticipated demand for components shipping into smartphones and a favorable mix of end devices.

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 公佈了 12 月季度的出色業績，收入比我們預期範圍的上限高出 5.806 億美元。這主要得益於智慧型手機零件出貨量超出預期以及終端設備組合的有利因素。

We were also proud to have delivered record GAAP and non-GAAP earnings per share in the third quarter. In a few moments, I'll hand the call over to Jeff to discuss the financial results for the December quarter in detail, along with our outlook for the March quarter. Before we get to that, I'd like to provide an update on the recent progress we've been making across the key pillars of our strategy.

我們也很自豪地宣布，第三季我們實現了創紀錄的GAAP和非GAAP每股盈餘。我稍後會把電話交給傑夫，讓他詳細討論12月季度的財務業績，以及我們對3月季度的展望。在深入探討這個問題之前，我想先介紹一下我們最近在策略的關鍵支柱方面取得的進展。

As I've outlined previously, our long-term strategy for growth at Cirrus is based around three principles. First, we seek to maintain a strong leadership position in our core flagship smartphone audio business.

正如我之前概述的那樣，Cirrus 的長期成長策略基於三個原則。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。

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.

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。

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.

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, we saw very strong demand for our latest generation custom boosted amplifier and 22 nanometers smart codec. These products are based on innovative new architectures that are designed to enable system-level improvements with each new smartphone generation, extending our product life cycles while also providing longer-term visibility and sustained revenue contribution.

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。在我們的旗艦智慧型手機音訊業務中，我們看到了對最新一代客製化增強放大器和 22 奈米智慧編解碼器的強勁需求。這些產品基於創新的新架構，旨在隨著每一代智慧型手機的推出實現系統級改進，從而延長產品生命週期，同時提供更長期的可見性和持續的收入貢獻。

In our high-performance mixed signal business, customer engagement around our camera controller road map remained strong during the December quarter. We are actively developing next-generation camera products that will deliver enhanced features, improved performance, and greater system efficiency, and we're excited about the opportunities in this space for the future.

在我們的高效能混合訊號業務中，客戶對我們攝影機控制器路線圖的參與度在 12 月季度依然保持強勁。我們正在積極開發下一代相機產品，這些產品將提供增強的功能、改進的性能和更高的系統效率，我們對未來在這個領域的機會感到興奮。

We also continue to invest R&D dollars in IP and capabilities around advanced battery and power applications, where we believe there is both opportunity to enhance existing content and grow content further. Across a range of areas, we see considerable opportunity to expand our value in smartphones with HPMS solutions and believe this will be an important driver for shareholder value creation in the coming years.

我們也將持續投入研發資金，用於先進電池和電源應用領域的智慧財產權和能力，我們相信這方面既有機會增強現有內容，也有機會進一步拓展內容。在許多領域，我們看到了利用 HPMS 解決方案在智慧型手機領域拓展價值的巨大機遇，並相信這將是未來幾年股東價值創造的重要驅動力。

Our third strategic priority is to leverage our audio and high-performance mixed signal expertise into new applications and markets outside of smartphones. We've made great progress here, particularly in PCs, where we continued to build momentum.

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。我們在這方面取得了巨大進展，尤其是在個人電腦領域，我們持續保持著成長動能。

Our progress in the December quarter included ramping the first shipments of our latest generation amplifier and codec in mainstream PC platforms ahead of new customer product launches an important milestone as we focus on expanding our footprint in higher volume mainstream PCs and capturing a larger share of our serviceable addressable market.

我們在 12 月季度取得的進展包括：在新客戶產品發布之前，我們已在主流 PC 平台上率先出貨了最新一代放大器和編解碼器，這是一個重要的里程碑，因為我們專注於擴大在大批量主流 PC 領域的市場份額，並佔據我們可服務目標市場更大的份額。

During the quarter, we also sampled a new component designed to enable and enhance the use of voice as an interface for future AI-enabled PCs, and we were pleased to see strong interest in this product from several leading OEMs and PC platform vendors.

本季度，我們還試用了一種旨在實現和增強語音作為未來人工智慧 PC 介面使用的新組件，我們很高興地看到幾家領先的 OEM 和 PC 平台供應商對該產品表現出濃厚的興趣。

Finally, we were excited to see multiple new customer products introduced at the Consumer Electronics Show in January. They use a variety of our amplifiers, codecs, and haptic drivers. These product launches included our first win with a new customer in their high-end laptop platform that features up to six Cirrus Logic amplifiers and our latest generation codec, setting a new standard for the audio experiences end users can expect from PCs.

最後，我們很高興看到一月份的消費電子展上推出了多款新的客戶產品。他們使用了我們各種放大器、編解碼器和觸覺驅動程式。這些產品發布包括我們首次贏得新客戶的青睞，該客戶在其高端筆記型電腦平台上配備了多達六個 Cirrus Logic 放大器和我們最新一代的編解碼器，為最終用戶可以從 PC 獲得的音訊體驗樹立了新的標準。

While we are very pleased with our achievements in PCs, the company also continued to gain momentum in other applications within our general market business. A growing number of our new general market components span the professional audio, automotive, industrial, and imaging end markets. Leveraging our world-class IP, these products typically enjoy long product life cycles and gross margins that are well above our corporate average, and hence, act as a strong complement to the rest of our business.

雖然我們對在個人電腦領域的成就感到非常滿意，但公司在一般市場業務的其他應用領域也持續保持發展勢頭。我們越來越多的新型通用市場組件涵蓋了專業音訊、汽車、工業和成像終端市場。憑藉我們世界一流的智慧財產權，這些產品通常擁有較長的產品生命週期和遠高於公司平均的毛利率，因此，它們對我們其他業務起到了強有力的補充作用。

In the December quarter, we began sampling a new prosumer audio product family that will expand our addressable market by delivering solutions that span additional tiers and categories of products. This builds upon our portfolio of class-leading components that already service many of these markets today, particularly in professional audio and prosumer applications.

在 12 月季度，我們開始對新的專業級音訊產品系列進行樣品測試，該系列產品將透過提供涵蓋更多層級和類別的產品解決方案來擴大我們的目標市場。這進一步豐富了我們目前已服務於眾多市場（尤其是專業音訊和專業消費應用領域）的一流組件產品組合。

Further, we also announced a new series of automotive haptic components that are designed to consistently deliver a range of tactile responses in real time for applications across a wide range of in-cabin interfaces. Although we are in the early stages of participation in the automotive haptic market, we believe this represents an important growth opportunity for Cirrus Logic.

此外，我們還發布了一系列新的汽車觸覺組件，旨在為各種車內介面應用提供持續、即時的觸覺響應。儘管我們尚處於參與汽車觸覺市場的早期階段，但我們相信這對 Cirrus Logic 來說是一個重要的成長機會。

In summary, we are proud of our progress this past quarter as we continue to execute on our strategy to diversify our product portfolio and drive growth in new applications and markets.

總而言之，我們對上個季度的進展感到自豪，我們將繼續執行我們的策略，實現產品組合多元化，並在新的應用和市場中推動成長。

And that concludes the latest update on our long-term growth strategy. So let me now turn the call over to Jeff to provide an overview of our financial results as well as the outlook.

以上就是我們長期成長策略的最新進展。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 Q3 financial results and provide guidance for Q4.

謝謝你，約翰。大家下午好。接下來，我將詳細介紹我們第三季的財務業績，並對第四季業績進行展望。

In Q3 fiscal 2026, we delivered revenue of $580.6 million, which was above the top end of our guidance range, driven by demand for components, stripping into smartphones, and a favorable mix of end devices.

2026 財年第三季度，我們實現了 5.806 億美元的收入，高於我們預期範圍的上限，這主要得益於對智慧型手機零件的需求、拆解生產以及終端設備的良好組合。

On a sequential basis, revenue was up 4% due to higher smartphone unit volumes, partially offset by a decline in general market sales. On a year-over-year basis, sales were also up 4%, primarily driven by higher smartphone unit volumes. This was partially offset by previously anticipated pricing reductions and lower general market sales.

與上一季相比，由於智慧型手機銷量增加，營收成長了 4%，但部分被整體市場銷售額的下降所抵消。與去年同期相比，銷售額也成長了 4%，主要得益於智慧型手機銷量的成長。先前預期的價格下調和整體市場銷售下降部分抵消了這一影響。

Turning to gross profit and gross margin. Non-GAAP gross profit in the December quarter was $308.2 million and non-GAAP gross margin was 53.1%. On a sequential basis, the 60-basis-point increase in gross margin reflects the benefit of reduction in inventory reserves and to a lesser extent, supply chain efficiencies.

接下來討論毛利和毛利率。12 月季度的非 GAAP 毛利為 3.082 億美元，非 GAAP 毛利率為 53.1%。從環比來看，毛利率成長 60 個基點，反映了庫存儲備減少的好處，以及在較小程度上反映了供應鏈效率的提高。

On a year-over-year basis, a 50-basis-point decrease in gross margin was largely due to the impact of previously anticipated pricing reductions, which were mostly offset by cost reductions.

與去年同期相比，毛利率下降了 50 個基點，這主要是由於先前預期的價格下調的影響，但成本降低基本上抵消了這一影響。

Now, I'll turn to operating expenses. Our non-GAAP operating expense for the third quarter was $133 million. On a sequential basis, OpEx was up $5.3 million, primarily due to higher employee-related expenses. This was partially offset by lower product development costs largely associated with the timing of tapeouts.

現在，我將談談營運費用。第三季非GAAP營運費用為1.33億美元。與上一季相比，營運支出增加了 530 萬美元，主要是因為員工相關支出增加。這部分被較低的產品開發成本所抵消，而較低的產品開發成本主要與流片時間有關。

On a year-over-year basis, operating expense was up $3.8 million, primarily due to higher employee related expenses and to a lesser extent, professional expenses. This was partially offset by a decrease in product development costs associated with lower wafer and tapeout expenses.

與去年同期相比，營運支出增加了 380 萬美元，主要是由於員工相關支出增加，其次是專業費用增加。但這部分被晶圓和流片成本降低所帶來的產品開發成本下降所抵銷。

Non-GAAP operating income for the quarter was $175.1 million or 30.2% of revenue.

本季非GAAP營業收入為1.751億美元，佔營收的30.2%。

Turning now to taxes. For the December quarter, our non-GAAP tax rate was 15.1%, which incorporates the impact of the One Big Beautiful Bill Act.

接下來談談稅務問題。12 月季度，我們的非 GAAP 稅率為 15.1%，其中包含了《一項偉大的美麗法案》的影響。

And lastly on the P&L, non-GAAP net income was $156.7 million, resulting in record earnings per share for the December quarter of $2.97.

最後，在損益表方面，非GAAP淨收入為1.567億美元，使得12月季的每股盈餘創下2.97美元的紀錄。

Let me now turn to the balance sheet. Our balance sheet continues to be strong, and we ended the December quarter with $1.08 billion in cash and investments. Our ending cash and investments balance was up $185.9 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 12 月季度末，我們擁有 10.8 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 1.859 億美元。我們目前沒有任何未償債務。

Inventory at the end of the third quarter was $189.5 million, down from $236.4 million in the prior quarter. Days of inventory were down sequentially, and we ended the quarter with approximately 63 days of inventory.

第三季末庫存為 1.895 億美元，低於上一季的 2.364 億美元。庫存週轉天數較上季下降，本季末庫存週轉天數約 63 天。

Turning to cash flow. Cash flow from operations was $290.8 million in the December quarter, and CapEx was $5.2 million, resulting in a non-GAAP free cash flow margin of 49%. For the trailing 12-month period, cash flow from operations was $629.6 million, and CapEx was $21.6 million. This resulted in non-GAAP free cash flow margin of 31%.

接下來談談現金流。12 月季度經營活動產生的現金流為 2.908 億美元，資本支出為 520 萬美元，非 GAAP 自由現金流利潤率為 49%。過去 12 個月期間，經營活動產生的現金流為 6.296 億美元，資本支出為 2,160 萬美元。這使得非GAAP自由現金流利潤率達到31%。

On the share buybacks in Q3, we utilized $70 million to repurchase approximately 591,000 shares of our common stock at an average price of $118.33. At the end of Q3 fiscal 2026, the company had $344.1 million remaining on its share repurchase authorization.

在第三季的股票回購中，我們動用了 7,000 萬美元，以平均每股 118.33 美元的價格回購了約 59.1 萬股普通股。截至 2026 財年第三季末，該公司股票回購授權額度還剩 3.441 億美元。

Now, on to guidance. For Q4 fiscal 2026, we expect revenue in the range of $410 million to $470 million. GAAP gross margin is expected to range from 51% to 53%. Non-GAAP operating expense is expected to range from $124 million to $130 million. The fiscal year 2026 non-GAAP effective tax rate is expected to range from 16% to 18%.

接下來，我們來看指導部分。我們預計2026財年第四季營收將在4.1億美元至4.7億美元之間。 （GAAP準則）預計毛利率將在 51% 至 53% 之間。預計非GAAP營運費用將在1.24億美元至1.3億美元之間。預計 2026 財年非 GAAP 實際稅率將介於 16% 至 18% 之間。

In closing, we delivered strong results for the December quarter. We remain focused on executing our strategy to drive long-term growth across our business and deliver shareholder value.

總之，我們在12月季度取得了強勁的業績。我們將繼續專注於執行我們的策略，以推動業務的長期成長並為股東創造價值。

Before we begin the Q&A, I would like to note that while we understand there is intense interest related to our largest customer, in accordance with Cirrus Logic company policy, we will not discuss specifics about our business relationship.

在開始問答環節之前，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 over 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。

Thanks, Jeff. (Event Instructions)

謝謝你，傑夫。（活動須知）

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes, thank you. Congrats on the record earnings and especially those impressive cash flows. First question is, you came in $50 million higher for this quarter. You're guiding quite a bit better than seasonal for the March quarter. So it's hoping you could just add a little bit more color to what's going on. I mean, I understand obviously your largest customer and the higher mix, but any more color you could show us because those are pretty big beats.

是的，謝謝。恭喜公司取得創紀錄的獲利，尤其是令人印象深刻的現金流。第一個問題是，你們本季的營收比上一季增加了5,000萬美元。你們三月的業績指引比往年同期表現好得多。所以，希望你能為正在發生的事情增添一些色彩。我的意思是，我當然明白你們最大的客戶和較高的佔比，但你們能否再透露一些細節，因為這些都是非常重要的資訊。

Yeah, Tore, it's Jeff. I think from a seasonality perspective, it does still look like from Q3 to Q4 in the range of where we've been historically transitioning between those two quarters. I think the color commentary is really -- while the seasonal shape is the same, we just were further away from the peak than we thought when we gave guidance last quarter. So I think the peak of units and a favorable mix is really the story there. It really is just, we were not -- we just didn't call the peak, and we were a little further away from the top than we thought.

是的，托雷，我是傑夫。我認為從季節性角度來看，第三季到第四季的過渡期仍然與我們歷史上在這兩個季度之間的過渡期大致相同。我認為，關鍵在於——雖然季節性形態相同，但我們距離高峰比我們在上個季度給出指引時預想的要遠。所以我認為銷售量達到頂峰以及有利的市場組合才是關鍵。事實的確如此，我們當時並沒有——我們只是沒有喊到頂峰，而且我們離頂峰比我們想像的要遠一些。

Sounds good. And as my follow-up for you, John, you mentioned some interest in the voice as an interface for AI. I assume that's primarily in the notebook market, but perhaps there's some interest in other applications as well. And when should we expect the companies to start seeing revenues from a technology like that?

聽起來不錯。約翰，我還有一個後續問題：你提到對語音作為人工智慧的介面很感興趣。我估計這主要針對筆記型電腦市場，但或許在其他應用領域也有一些需求。我們應該何時才能看到這些公司從這項技術中獲得收益？

Yeah, thanks, Tore. In the first instance, yes, I was referring to, in particular, a product that we've been sampling to PC OEMs, which is focused on really significantly enhancing the voice interface for interaction with conversational agents and AI through their laptops. So that's something that today is obviously pretty limited.

是啊，謝謝你，托雷。首先，是的，我特別指的是我們一直在向 PC OEM 廠商提供樣品的一款產品，該產品旨在顯著增強用戶透過筆記型電腦與對話代理和人工智慧進行互動的語音介面。所以，這方面在今天顯然非常有限。

We believe we can bring a lot in terms of new features and performance improvements to that. We started sampling the first product targeting the PC market, which is aiming to do that to customers, and the interest has been really strong. That obviously gives us the opportunity to grow the value of some of the products that we ship into the PC space.

我們相信，我們可以在新功能和性能改進方面帶來很多東西。我們開始對第一款面向 PC 市場的產品進行試用，該產品旨在為客戶帶來這種體驗，而且市場反應非常熱烈。這顯然給了我們提升部分面向個人電腦市場產品價值的機會。

Specifically, when you look at that voice product, it's a codec with a lot of smart voice features and processing capability on it. That could represent anywhere up to something of the order of double the value of the preceding generation of codec when you look at it from an ASP perspective.

具體來說，當你查看該語音產品時，你會發現它是一個具有許多智慧語音功能和處理能力的編解碼器。從 ASP 的角度來看，這可能意味著其價值是上一代編解碼器的兩倍左右。

It also has the potential, I think, to be just stickier and obviously, have a direct impact on the user experience, so we're excited about that in the PC space.

我認為它還有可能更具黏性，並且顯然會對用戶體驗產生直接影響，因此我們對此在 PC 領域感到興奮。

Us sampling it right now means that that's really going to be something that we see in calendar '27 and '28. It's obviously part of a road map of products that we're working on and looking at around that area.

我們現在開始嘗試，這意味著我們將在 2027 年和 2028 年的日曆中看到它。這顯然是我們正在研發和研究的該領域產品路線圖的一部分。

And yeah, to your broader point, although that's something which specifically I was referring to in the context of the PC market, I think those are features which are going to be relevant elsewhere as well. And one of the areas where we've had some great engagement with customers is around AI devices, that we're anticipating coming to market over the next couple of years. And I think, again, that's a place where over time, we'd like to be bringing voice and voice-enabling features.

是的，就你提出的觀點而言，雖然我指的是個人電腦市場背景下的具體情況，但我認為這些功能在其他領域也同樣適用。我們在人工智慧設備領域與客戶進行了非常有效的溝通，我們預計這些設備將在未來幾年內上市。而且我認為，隨著時間的推移，我們希望在這個領域引入語音和語音功能。

David Williams, StoneX.

David Williams，StoneX。

Oh, sorry. Just one moment here.

哦，對不起。稍等片刻。

Christopher Rolland, Susquehanna International Group.

克里斯多福羅蘭，薩斯奎哈納國際集團。

Hi, thanks for taking my question. This is Dylan Ollivier on for Chris. Congrats on the great result.

您好，感謝您回答我的問題。這裡是迪倫·奧利維爾，替克里斯為您報道。恭喜取得如此佳績！

So for my first question, it seems so from your shareholder letter, it seems like the revenue at your largest customer represented a higher percentage of your mix at 94%. So this would imply that your revenue outside of this flagship declined pretty significantly quarter of a quarter. I was wondering if you had any color on what sort of caused that decline and if you anticipated to remain at that run rate or take back up.

對於我的第一個問題，從你們的股東信來看，你們最大客戶的收入似乎佔你們收入組合的較高比例，為 94%。所以這意味著，除了這款旗艦產品之外，你的收入在一個季度內大幅下降。我想知道你是否了解造成這種下滑的原因，以及你是否預計會保持這種下滑速度還是會回升。

Yeah, thanks. Thanks, Dylan. I'll start us off here, and Jeff can chime in if he has additional commentary. But yes, definitely, this is an area we'd like to add color on. Partly, of course, that proportion of our revenue is very high because of the strengths of the product launch from our largest customer.

嗯，謝謝。謝謝你，迪倫。我先來，如果傑夫有補充意見，他可以再補充。是的，這絕對是我們想要增添色彩的領域。當然，我們收入的比例非常高，部分原因是因為我們最大客戶的產品發布非常成功。

But there have been some other temporary factors that have acted as headwinds in our general market business, which we're mostly through now, but I think it's worth calling out for our investor community.

但還有一些其他的暫時性因素對我們的整體市場業務造成了不利影響，我們現在基本上已經度過了這些時期，但我認為有必要向我們的投資者群體提一提。

One of those, when you look at the strategic shift that we made away from focusing on Android a few years back, that obviously has led to a decline over time in our Android revenues. That's the single biggest contributor to the year-over-year decline from our general market revenue perspective there.

其中之一，就是幾年前我們不再專注於 Android 的策略轉變，這顯然導致了我們的 Android 收入隨著時間的推移而下降。從我們整體市場收入的角度來看，這是導致同比下降的最大單一因素。

There is another factor, which is that we have a long tail of products, rather large number of products, which address automotive, industrial, prosumer, imaging segments where the products themselves are 10-plus years old and typically based on old process nodes in many cases in facilities which are no longer going to be functioning. So a number of those have been coming to their end of life, which resulted in customers ordering ahead, giving us some sales momentum, but ultimately that gets unwind as those products are end of life.

還有一個因素，那就是我們有大量的產品，涵蓋汽車、工業、專業消費、成像等領域，這些產品本身已有 10 年以上的歷史，而且通常基於舊的工藝節點，在許多情況下，這些工藝節點所在的工廠已經不再運作。因此，其中許多產品已經接近使用壽命的終點，導致客戶提前下單，為我們帶來了一些銷售動力，但最終隨著這些產品接近使用壽命的終點，這種勢頭會逐漸消失。

Now, we've been -- in parallel to all that, of course, we've been strategically investing in new growth markets like the PC market and in new product families in the past few years that will more often make up for those headwinds. So that all the PC opportunity that I've talked about, other opportunities in AI devices that I alluded to, and then these products which we've been announcing periodically and sampling to customers and beginning to ramp around pro audio, imaging, timing, and so on.

當然，同時，在過去幾年裡，我們也一直在對個人電腦市場等新興成長市場和新產品系列進行策略性投資，這些投資將更有效地彌補這些不利因素。因此，我之前提到的所有個人電腦機遇，我之前提到的人工智慧設備的其他機遇，以及我們一直在定期發布並向客戶提供樣品，並開始圍繞專業音頻、成像、計時等擴大規模的這些產品。

So I think the positive thing is that where we're at now, to between FY26 and FY27, that -- those are the point where a lot of those new products are starting to shift. And so when we look out over the next few years, we have a very healthy growth ramp for our general market business, which of course, includes the PC space, but goes well beyond that as well.

所以我認為正面的一面是，從現在到 2026 財年到 2027 財年，很多新產品開始轉變。因此，展望未來幾年，我們的一般市場業務將迎來非常健康的成長，這當然包括個人電腦領域，但遠不止於此。

Yeah, the only thing I'd add is we're still very pleased with where we're at from a PC perspective and how we're growing there per our plans and think there is a lot of runway for us to continue to grow that business. And the products that we've refreshed that John mentioned, well, early, we're very pleased with the customer traction they're getting and the design wins we're getting and think again, there's a lot of room to grow there. And it's just against those headwinds, but we're very pleased with the progress in those segments.

是的，我唯一要補充的是，從個人電腦的角度來看，我們對目前的狀況以及我們按照計劃取得的增長感到非常滿意，並且認為我們還有很大的發展空間來繼續發展這項業務。約翰提到的我們更新的產品，嗯，早期來看，我們對它們獲得的客戶認可度和我們獲得的設計訂單都非常滿意，而且我認為，這方面還有很大的成長空間。雖然面臨諸多不利因素，但我們對這些領域的進展非常滿意。

Yeah, thanks. That's helpful. And that's actually a nice segue for my next question because I wanted to pivot to the PC opportunity. So first of all, I mean, you addressed it a little bit, but I was wondering if you had any color on how you're tracking to what you've previously said for your revenue opportunity in PCs and fiscal '26 and to see if you had any expectations for fiscal '27.

嗯，謝謝。那很有幫助。這其實正好引出了我的下一個問題，因為我想談談個人電腦方面的機會。首先，我的意思是，您已經稍微談到了這一點，但我想知道您是否能具體說明一下，您在個人電腦領域的收入機會以及 2026 財年的情況與您之前所說的相比如何，以及您對 2027 財年有什麼預期。

Yeah. I think it's a little early to put something on the scoreboard for fiscal '27, and we'll see how the next quarter goes. But I previously said that we expected PC revenue in fiscal '26 to roughly double from the low tens of millions that we saw in fiscal '25. And I think that continues to be our ballpark expectation there.

是的。我認為現在就對 2027 財年做出成績還為時過早，讓我們看看下一季度的情況如何。但我之前說過，我們預計 2026 財年 PC 營收將比 2025 財年的幾千萬美元翻倍。我認為這仍然是我們對那方面的大致預期。

I think we'll exit the fiscal year with very good growth momentum into fiscal '27. So I don't want to put a number on that yet, but we're feeling very good about the momentum that we've got across the customer base there.

我認為我們將以非常好的成長勢頭結束本財年，並延續到 2027 財年。所以我現在還不想給出具體的數字，但我們對我們在當地客戶群中獲得的成長勢頭感到非常滿意。

And that's really -- that optimism is driven by what we see when we look at key indicators around the PC space. So firstly, we're shipping with the top six PC vendors at this point, or laptop vendors, I should say. And then we also look at penetration of the mainstream category or mainstream tier. I've highlighted that as being important. In fiscal '27, we expect that the revenue driven by mainstream platforms will roughly double for us. There'll be a very significant proportion of the overall revenue that we see from this PC space.

而這種樂觀情緒其實是由我們從個人電腦領域的關鍵指標中看到的情況所驅動的。首先，我們目前與排名前六的PC廠商（或應該說是筆記型電腦廠商）合作出貨。然後我們也會考察主流類別或主流層級的滲透率。我已經強調了這一點的重要性。在 2027 財年，我們預期主流平台帶來的營收將大致翻倍。我們將從個人電腦領域獲得非常大比例的總收入。

And then another indicator that is a really good kind of leading indicator for our market penetration, I think is the adoption of the SDCA interface, the SoundWire Device Class Audio. Because coming into this year, SDCA represented only about 15% to 20% of the overall PC market. By the end of this calendar year, we expect that to be closer to 50%, and that will continue to increase. And in those SDCA slots, we've been winning to date somewhere of the order of 75% of the sockets.

另一個能夠很好地反映我們市場滲透率的指標是 SDCA 介面（SoundWire 設備類音訊）的採用情況，我認為這是一個非常好的領先指標。因為在今年年初，SDCA 僅佔整個 PC 市場的 15% 到 20% 左右。預計到今年年底，這一比例將接近 50%，並且還會繼續增長。在這些 SDCA 插槽中，我們迄今為止贏得了約 75% 的插槽。

So certainly, even if that figure gets diluted a bit as it goes more across the portfolio, it indicates how well-positioned we are to take advantage of the SDCA opportunity. So we see that transition underway now at scale. And that's also visible in the sheer number of programs that we're active in in the PC space.

因此，即使隨著投資組合的擴大，這個數字可能會被稀釋一些，但這仍然表明我們有能力抓住 SDCA 的機會。所以我們現在看到這種轉變正在大規模地發生。這一點也可以從我們在個人電腦領域積極參與的項目數量之多看出。

You look back to fiscal '25, we had 19 SDCA programs that came to market. In fiscal '27, there'll be over 60. So when we look across those indicators and the momentum that we're exiting the fiscal year with, we feel really good about the opportunity and what's ahead of us there.

回顧 2025 財年，我們有 19 個 SDCA 專案推向市場。2027 財年，將超過 60 個。所以，當我們審視這些指標以及我們在本財年結束時的發展勢頭時，我們對未來的機會和前景感到非常樂觀。

David Williams, StoneX.

David Williams，StoneX。

Hey, good afternoon and congrats on the really solid results here. And I guess maybe first, just kind of thinking about the guidance where you guys are, are you seeing any major supply constraints that could have impacted either the quarter or the outlook?

嘿，下午好，祝賀你們取得了非常優異的成績。我想首先，就你們目前的業績指引而言，你們是否看到任何可能影響本季業績或前景的重大供應限制？

We don't currently see any supply constraints. I think things are tighter in the industry, and so we'll continue to manage that. We do have the benefits. A lot of our products are -- have a very long life, so if we need to shuffle things around to make sure we can manage that capacity on both sides, we're able to do that. But right now, there's no constraints.

目前我們沒有發現任何供應限制。我認為行業競爭更加激烈，所以我們會繼續應對這種情況。我們確實享有這些好處。我們的許多產品壽命都很長，所以如果我們需要調整一下，確保我們能夠管理好雙方的產能，我們也能做到。但目前沒有任何限制。

Okay, great. And then maybe a little bit longer term, but just thinking about the automotive opportunity, it sounds like the zonal architectures and just the increased haptics maybe in in-cabin would be a big opportunity. Is there a way to kind of think about when you could start seeing the revenue real contribution from that? And then how do think that market plays out over the next two to three years in terms of dollar content for Cirrus? Thanks.

好的，太好了。從長遠來看，就汽車產業而言，區域架構以及車內觸覺回饋的增強，或許會帶來巨大的機會。有沒有辦法大致估算一下什麼時候才能真正看到它帶來的收入貢獻？那麼，您認為未來兩到三年內，Cirrus 在該市場的收入（以美元計）會如何發展？謝謝。

One of things you're alluding to there, I think, is that during the quarter, we announced a family of haptic products that deliver high-definition haptics experiences for automotive. So that's part of a range of products that are either in development or announced or sampling to customers for the automotive space covering timing, audio, haptics, telematics, and some other areas where we believe we can innovate and really bring some highly differentiated solutions to market.

我認為你提到的其中一點是，在本季度，我們發布了一系列觸覺產品，可為汽車行業提供高清觸覺體驗。所以，這是我們正在開發、已經發布或正在向客戶提供樣品的一系列汽車領域產品的一部分，涵蓋計時、音訊、觸覺、遠端資訊處理以及我們認為可以創新並真正為市場帶來一些高度差異化解決方案的其他領域。

I haven't put a timeframe or a revenue target for us out there publicly yet in the automotive market, but I'd say a couple of things. One is that we think there's a really healthy SAM when you look across those areas that I talked about. We're in '26 today. If you look out to '29, we think the SAM is -- our products is certainly north of $800 million.

我還沒有公開宣布我們在汽車市場的時間表或收入目標，但我有幾點想說。一是我們認為，當你縱觀我剛才提到的那些領域時，你會發現 SAM 非常健康。今天是1926年。展望 2029 年，我們認為 SAM（銷售、市場和市場規模）—我們的產品肯定超過 8 億美元。

And the other thing I'd say is just a general philosophical and strategic point about how we approach going after new markets. We have to be able to see multiple pathways to participation in a new market becoming at least a 10% business for us over time. So anything that we're going after and talking about, then you can be sure that we've got various ideas and grounds for belief that we can ultimately build that into a 10% business level.

另外，我想談談我們在開拓新市場方面所秉持的一般哲學和策略觀點。我們必須能夠看到參與新市場的多種途徑，隨著時間的推移，該市場至少能為我們帶來 10% 的業務。所以，無論我們正在追求和討論什麼，你都可以確信，我們有各種各樣的想法和理由相信，我們最終可以將其發展到 10% 的業務水平。

(Operator Instructions) Gary Mobley, Loop Capital.

（操作說明）Gary Mobley，Loop Capital。

Hey, thank you. This is Alec calling for Gary. My question to you is, how should we think about your seasonality in fiscal '27 given your biggest customer staggered (inaudible) across the high end and low end of the models?

嘿，謝謝。這是亞歷克在打電話給加里。我的問題是，鑑於您最大的客戶在高端和低端車型上分佈不均，我們應該如何看待您在 2027 財年的季節性問題？

Well, we're only giving guidance for the next quarter. But at this point in time, when we look at the long-term forecast signals we have, we don't see anything that significantly changes our historic seasonality.

我們目前只提供下一季的業績指引。但就目前而言，當我們審視我們所掌握的長期預測訊號時，我們沒有發現任何會顯著改變我們歷史季節性的因素。

Got it. Thank you for that. And just as a quick follow-up. Do you -- how do you view the rising cost of your largest customers, and how does that influence negotiations, how does that influence component pricing negotiations for you?

知道了。謝謝。最後再補充一點。您如何看待最大客戶成本的不斷上漲？這會對您在零件定價談判中產生怎樣的影響？

I'm going to assume you're referring to the much talked about increase in memory pricing there and what the knock-on effect might be for us.

我猜你指的是備受關注的記憶體價格上漲，以及這可能對我們產生的連鎖反應。

I think it comes down to this. Look, I've highlighted previously that we've been in a normalized pricing environment for some time now. So that means we've been working collaboratively with our customers on pricing over the past several quarters and will continue to do so. That's really a standard part of our business.

我覺得問題就出在這裡。你看，我之前已經強調過，我們已經處於正常化的價格環境一段時間了。這意味著在過去的幾個季度裡，我們一直在與客戶合作制定價格，並將繼續這樣做。這確實是我們業務的常規環節。

Actually, on a year-over-year basis, as you've seen in the shareholder letter, the 50 basis points that gross margin contracted by was largely due to pricing reductions, anticipated pricing reductions, which were obviously greater than that, but we have to work very hard to offset those pricing reductions with cost reductions and efficiencies in our supply chain and so on.

實際上，正如您在股東信中所看到的，同比來看，毛利率下降了 50 個基點，這主要是由於降價，或者說預期降價，而實際降價幅度顯然更大。但我們必須非常努力地透過降低成本和提高供應鏈效率等方式來抵消這些降價的影響。

I guess, I'd also -- so we're very much in the kind of normal pricing environment where I would say some of our larger customers are not exactly known for being gentle in pricing negotiations no matter what's happening with commodity prices. So this is very much business as usual for us.

我想，我也會——所以我們目前處於一個非常正常的定價環境中，而我們的一些大客戶在價格談判中並不以溫和著稱，無論大宗商品價格如何波動。所以這對我們來說一切照舊。

I think over time, as we look forward, we anticipate we'll see further pricing adjustments to our products. We'll continue to work on the supply chain to drive cost improvements that will help maintain gross margin. And the effects of that will continue to be reflected in our guidance as they have been today.

我認為隨著時間的推移，展望未來，我們預計我們的產品價格將會進一步調整。我們將繼續致力於供應鏈管理，以降低成本，從而幫助維持毛利率。而這些影響將繼續體現在我們的指導方針中，正如它們今天所體現的那樣。

There are no further questions at this time. I will now turn the call back to Chelsea Heffernan.

目前沒有其他問題了。現在我將把電話轉回給切爾西·赫弗南。

Thank you, operator. With that, we will end the Q&A session, and I will now turn the call back to John for his final remarks.

謝謝接線生。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 outstanding results for the December quarter, driven by a strong demand for smartphones. We're extremely pleased with our progress on each pillar of our long-term strategy and remain focused on executing our technology road map to drive profitable growth across our business and to deliver long-term shareholder value.

謝謝你，切爾西。總而言之，在智慧型手機強勁需求的推動下，Cirrus Logic 在 12 月季度取得了優異的業績。我們對長期策略各支柱所取得的進展感到非常滿意，並將繼續專注於執行我們的技術路線圖，以推動業務的獲利成長，並為股東創造長期價值。

I'd like to thank everyone for participating today. Thank you. Goodbye.

感謝大家今天的參與。謝謝。再見。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。