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- **Record Q3 performance**: $580.6M revenue (15% YoY growth), $2.97 EPS, and 53.1% gross margin highlight strong execution.
- **Strategic growth engines**:
  - **PC expansion**: 60+ SDCA programs in FY27, targeting mainstream PC penetration doubling in FY27.
  - **Automotive innovation**: New haptic components targeting $800M+ SAM by FY29.
  - **General market diversification**: Pro audio and imaging products offset Android decline, with >50%+ gross margins.
- **Q4 outlook**: $410-470M revenue reflects seasonal smartphone decline, but PC and automotive growth positions Cirrus for long-term margin expansion.
- **Key risks**: General market volatility and smartphone seasonality, partially offset by strong cash flow and $344M remaining buyback authorization.

**【CEO Summary Section】**
- **Revenue and EPS records**: Q3 revenue of $580.6M (above guidance) driven by smartphone demand, with record GAAP and non-GAAP EPS of $2.97.
- **Strategic pillars progress**:
  1. **Smartphone audio leadership**: New 22nm smart codec and custom-boosted amplifier extended product life cycles, contributing to sustained revenue.
  2. **Mixed-signal expansion**: Camera controllers and battery/power solutions show strong customer engagement, with new products sampling in Q3.
  3. **New market growth**:
    - **PCs**: First shipments of latest-gen amplifiers and codecs in mainstream PCs; new voice-interface product sampling with ASP doubling potential.
    - **Automotive**: New haptic components for in-cabin interfaces, targeting $800M+ SAM by FY29.
    - **General market**: Pro audio and imaging products with >50%+ gross margins, offsetting Android decline.

**【CFO Financial Commentary】**
- **Q3 financials**: 
  - Non-GAAP gross margin 53.1% (up 60bps QoQ due to inventory reserve reduction).
  - Operating expenses $133M (flat YoY, up 4% sequentially due to employee costs).
  - Free cash flow $290.8M (49% margin), with $70M share buybacks.
- **Q4 Guidance**: 
  - Revenue $410-470M (down 26-30% YoQ, reflecting seasonal smartphone decline).
  - Non-GAAP tax rate 16-18%.
- **Long-term metrics**: 
  - PC revenue to double FY26 vs FY25; mainstream PC penetration to double FY27.
  - Automotive SAM >$800M by FY29, targeting 10%+ business contribution.

**【Q&A Highlights】**
- **Revenue beat explanation**: Peak smartphone unit demand and mix were higher than expected, offsetting general market declines.
- **PC market momentum**: 60+ SDCA programs in FY27 vs 19 in FY25; 75%+ socket share in SDCA-enabled PCs.
- **Automotive strategy**: Focused on zonal architecture solutions (timing, audio, haptics) with multiple product announcements in Q3.
- **Supply chain**: No current constraints; long product life cycles provide flexibility.
- **Largest customer dynamics**: Pricing negotiations normal, offset by cost reductions to maintain gross margin.


Cirrus Logic, Inc. (CRUS) Q3 2026 Earnings Call Transcript

- **Record Revenue & Margin Expansion**: Q2 revenue of $561M (+4% YoY), gross margin 52.5%, driven by smartphone and PC growth.
- **Strategic Wins in PCs**: First mainstream consumer laptop design secured; voice-enabled AI features sampling to customers.
- **Battery Tech Progress**: Advanced IP in power efficiency and battery health gaining traction, with designs in development.
- **Financial Strength**: $896M cash reserves, 16-18% tax rate, and $500-560M Q3 revenue guidance.
- **OpEx Efficiency**: Q2 OpEx $127.7M below guidance due to delayed expenses; normalization expected in Q3.
- **Long-Term Growth Drivers**: PC market expansion, general market diversification, and AI/voice innovation.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q2 revenue of $561 million, up 4% YoY, driven by smartphone components and new market expansions.
- **Core Audio Strength**: Custom 22nm smart codec and boosted amplifiers contributed to long-term revenue visibility, with 5-6 year product lifecycles.
- **Mixed-Signal Expansion**: Camera controllers and battery management solutions saw strong customer engagement, with R&D focused on new features.
- **PC Market Momentum**: Secured first mainstream consumer laptop design, expanding into higher-volume segments. Voice-enabled AI features (e.g., ultra-low power wake) are sampling to customers.
- **General Market Diversification**: Pro audio, automotive, and imaging products with above-average gross margins (e.g., 14 ADC/DAC variants in pipeline).

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: 52.5% in Q2, up from prior year due to favorable product mix, despite higher inventory reserves.
- **Cost Efficiency**: Non-GAAP OpEx of $127.7 million below guidance, driven by delayed product development costs and lower employee expenses.
- **Cash Flow Strength**: $92.2 million in cash flow from operations, $40 million in share buybacks, and $896 million in cash reserves.
- **Q3 Guidance**: Revenue $500-560 million, gross margin 51-53%, and tax rate 16-18%.
- **Tax Benefits**: One Big Beautiful Bill Act reduced Q2 tax rate to 14.6%, with retroactive R&D expensing benefits.

**【Q&A Highlights】**
- **Seasonality Shifts**: Camera content growth and smartphone unit timing changes Q2/Q3 shape, but long-term smartphone unit outlook remains stable.
- **Battery Management Progress**: Advanced IP in power efficiency and battery health gaining customer validation, with designs in development.
- **OpEx Timing**: Q2 OpEx underperformance due to delayed expenses; expect normalization in Q3 without strategic execution impact.
- **Non-Flagship Growth**: PC and general market revenue accelerating, with mainstream laptop wins offsetting Android ecosystem softness.
- **AI-Driven Innovation**: Voice-enabled AI features in PCs (e.g., low-power wake) expected to drive SAM expansion, with samples shipping in Q3.


Cirrus Logic, Inc. (CRUS) Q2 2026 Earnings Call Transcript

- **Revenue Surprise**: Q1 $407M beat driven by 9% YoY growth, exceeding guidance range.
- **Smartphone Dominance**: 22nm codec adoption and Android flagship launches fuel growth.
- **Diversification Gains**: 
  - PC mainstream revenue to grow 10x in FY26
  - Automotive timing products in Tier 1 supply chain
  - AI voice solutions aligning with customer strategies
- **Financial Strength**: $80M net income, 52.6% gross margin, $116M free cash flow.
- **H1 Demand Shift**: Seasonality tilt due to camera module lead times and pull-ahead shipments.

**【CEO Summary Section】**
- **Revenue Beat**: Q1 FY26 revenue of $407.3M exceeded guidance, driven by strong smartphone demand and new product adoption (e.g., 22nm smart codec). Sequential decline of 4% due to lower unit volumes, but 9% YoY growth from new product sales.
- **Strategy Progress**: 
  - **Smartphone Audio**: Custom boosted amplifier and codec enable superior audio/power efficiency; new flagship Android devices launching H2 CY25.
  - **Mixed-Signal Expansion**: Camera controller success; R&D in battery, power, sensing for future growth.
  - **New Markets**: 
    - **Laptops**: Next-gen PC codec/amplifier designed into 2025 shipments; collaboration with Compal to address audio distortion.
    - **Automotive**: Timing products shipped to Tier 1 customer; legacy audio/haptics engagement growing.
    - **Professional Audio**: 4 new ADC/DAC products launched, expanding addressable market.
- **Content Growth**: Smartphone content per device increasing, with record June quarter shipments.

**【CFO Financial Commentary】**
- **Earnings**: Non-GAAP net income $80.3M ($1.51 EPS), up 12% YoY. Non-GAAP gross margin 52.6% (51.8% QoQ decline due to product mix, 50.6% YoY increase from new products).
- **Cash Flow**: Free cash flow $116.1M (28% margin); $100M share buybacks (1M shares). Ending cash $847.8M, inventory 132 days (down sequentially).
- **Guidance**: Q2 FY26 revenue $510-570M (vs. Q1 $407M), reflecting stronger-than-expected H1 demand. Full-year outlook unchanged.
- **Tax Impact**: New U.S. tax law eliminates R&D capitalization; impact TBD.

**【Q&A Key Highlights】**
- **Demand Delta**: Q1 beat driven by:
  - Stronger-than-expected smartphone unit volumes
  - Content growth (more products per device)
  - Possible tariff-related pull-ahead (unquantifiable)
- **Diversification Progress**: 
  - **PC**: Mainstream revenue to grow 10x in FY26; 6 laptop OEMs engaged.
  - **Auto**: Timing products in Tier 1 customer; legacy audio/haptics design wins.
  - **AI**: Voice-centric solutions (e.g., power-efficient audio processing) aligning with customer AI strategies.
- **Seasonality Shift**: H1 FY26 weighting due to:
  - Camera module supply chain timing (longer lead times)
  - GlobalFoundries wafer commitments
  - Potential pull-ahead demand
- **Inventory Management**: Q2 inventory decline expected as demand fulfillment outpaces wafer purchases.

Cirrus Logic, Inc. (CRUS) Q1 2026 Earnings Call Transcript

- **Record Financials**: FY25 revenue $1.9B (+6% YoY), EPS $7.54 (+15% YoY). Q4 EPS $1.67, above expectations.\n- **Strategic Wins**: 22nm smart codec, PC codec doubling to low tens of millions in FY26.\n- **Diversification**: HPMS (camera controllers) SKUs >150, auto targeting $1B+ SAM.\n- **Risk Management**: 89% revenue tied to largest customer; monitoring tariffs.\n- **Shareholder Return**: $261M buybacks in FY25, $500M authorization for FY26.

**【CEO Summary Section】**
- Q4 2025 revenue of $424.5M exceeded guidance, driven by smartphone volumes and new product launches. Full year revenue reached $1.9B (+6% YoY).\n- Flagship products (boosted amplifier, smart codec) delivered sustained growth, with 22nm smart codec targeting multi-year contributions.\n- HPMS (camera controllers, battery tech) expanded, with camera controller unit shipments up YoY.\n- New market expansion: PC codec revenue in FY25 was low tens of millions, expected to double in FY26.\n- Tariff monitoring and supply chain diversification remain priorities.\n- Record $261M returned to shareholders via buybacks in FY25.\n
**【CFO Financial Commentary】**\n- Q4 2025 non-GAAP EPS of $1.67, up 19% YoY. Full year non-GAAP EPS of $7.54, +15% YoY.\n- Gross margin improved to 53.5% (Q4) and 52.6% (FY25), driven by product mix.\n- OpEx growth (+6% YoY) due to employee expenses offset by lower product dev costs.\n- FY25 free cash flow of $444M, with $835M cash on hand.\n- Q1 2026 guidance: $330-390M revenue (-15% QoQ), 51-53% gross margin.\n
**【Q&A Key Takeaways】**\n- **Customer Concentration**: Largest customer represented 89% of FY25 revenue.\n- **PC Market**: FY26 PC codec revenue to double FY25's low tens of millions.\n- **HPMS Growth**: Camera controllers see attach rate expansion, with FY25 SKUs >150.\n- **Auto Opportunity**: Timing products and audio solutions target $1B+ SAM.\n- **Tariff Impact**: Minimal pull-forward in Q4, no material impact on guidance.\n- **General Market**: High-margin products (timing, imaging) could reach 10%+ of revenue long-term.

Cirrus Logic (CRUS)-6 May 25-2025 Q4 Earnings call transcript

- **Revenue Beat**: Q3 FY25 revenue of $555.7M (+3% QoQ) driven by smartphone audio and camera content growth.
- **New Product Momentum**: 22nm codec and boosted amplifier in new smartphones, laptop codec sampling with Intel Arrow Lake.
- **Laptop Growth**: FY26 revenue target to double FY25's ~$10M, enabled by SoundWire adoption.
- **Automotive Expansion**: Timing products in Tier 1 platforms, long-term HPMS parity with audio.
- **Financial Strength**: 53.6% gross margin, $816M cash, 38% free cash flow margin.


**【CEO Strategy Overview】**
- Q3 FY25 revenue of $555.7M exceeded guidance, driven by smartphone audio and camera controller content growth.
- New products: 22nm smart codec and custom boosted amplifier shipped in latest smartphones, expected multi-year contribution.
- Strategic progress: 
  - Laptop market: SoundWire adoption in mainstream laptops, next-gen PC codec sampling.
  - Automotive: Timing products for low-jitter clocks in Tier 1 OEM platforms.
  - HPMS (High-Performance Mixed Signal): Camera content mix improved, battery/power R&D pipeline active.
- FY26 outlook: Laptop revenue to double from FY25 levels, HPMS targeting parity with audio over time.

**【CFO Financial Highlights】**
- Q3 GAAP net income: $138.3M (EPS $2.51), non-GAAP gross margin 53.6% (vs. 52.2% Q2).
- OpEx: $129.2M (+3.6% YoY), free cash flow margin 38%.
- Q4 FY25 guidance: Revenue $350-410M, non-GAAP tax rate 22-24%.
- Cash: $816.6M, no debt, $300M revolver undrawn.

**【Key Q&A Themes】**
1. **Automotive Timing Products**: Long-term opportunity with Tier 1 platform wins, no near-term revenue impact.
2. **Android Strategy**: Opportunistic flagship wins with existing IP, no new R&D investment.
3. **Power Management**: R&D pipeline active, test silicon shown to customers, multi-year ramp expected.
4. **Laptop Market**: FY25 revenue ~$10M, targeting $20M+ FY26 with SoundWire adoption.
5. **Gross Margin**: Sequential improvement from product mix, sustained through Q4 with stable supply chain.


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