Cirrus Logic, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic first quarter fiscal year 2020 financial results Q&A session. At this time, all participants are in a listen-only mode. After a brief statement, we will open up the call for questions from analysts. Instructions for Q&A will be provided at that time. As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the call over to Mr. Thurman Case. Chief Financial Officer. Mr. Case, you may begin.

Thank you and good afternoon. Joining me on today's call is Jason Rode, Cirrus Logic's President and Chief Executive Officer, and Chelsea Heffernan, our Director of Investor Relations. Today we announced our financial results for the first quarter fiscal year 2020 at approximately 4 p.m. Eastern. The shareholder letter discussing our financial results The earnings press release, including a reconciliation of non-GAAP financial information to the most directly comparable GAAP information, along with the webcast of this Q&A, are all available on the company's investor relations website at investor.cirrus.com. This call will feature questions from the analysts covering our company, as well as questions submitted to us via email at investor.relations at cirrus.com. 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 undertakes no obligation to update or revise any projections or forward-looking statements, whether as a result of new developments or otherwise. Please refer to the press release issued today, which is available on the Cirrus Logic website. The latest Form 10-K and 10-Q as well as other corporate filings made with the Security and Exchange Commission for additional discussion of risk factors that could cause actual results to differ materially from current expectations. Now I'll turn the call over to Jason.

Thank you, Thurman. Before we begin taking questions, I'd like to make a few comments. For a detailed account of our financial results, please read the shareholder letter posted on our investor relations website. Cirrus Logic delivered Q1 FY20 revenue of $238.3 million. and Gap and Non-Gap earnings per share of $0.08 and $0.35 respectively. Q1 FY20 sales were at the high end of guidance due in part to the success of recently launched products that utilize our components. During the quarter, the company continued to experience strong design momentum with new and existing customers across our product portfolio. We are delighted to be shipping with seven out of the top ten smartphone OEMs and expect more devices incorporating our solutions to be incorporated over the next 12 months. Moving forward, the company remains focused on delivering long-term growth through investments in innovative products targeting audio, voice, and other adjacent markets where we can leverage our expertise in low-power, low-latency signal processing. 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 our policy, we do not discuss specifics about our business relationship. Operator, we're now ready to take questions.