Cirrus Logic, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic fourth quarter and full 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 queuing up 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 conference 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 Chief Executive Officer, John Forsyth, the company's president, and Chelsea Heffernan, our Director of Investor Relations. Today, we announced our financial results for the fourth quarter and full 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 a webcast of this Q&A session are all available at 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.relationsatceris.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 expressly disclaims any 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 and shareholder letter issued today which are available on the Cirrus Logic website in 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.

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. First, I would like to provide a brief update on COVID-19. Cirrus Logic's priorities have been to ensure the safety and well-being of our employees, their families, and our communities worldwide, while maintaining business continuity and continuing to provide outstanding support to our customers. We would like to thank the entire Cirrus Logic team for their efforts and cooperation over the past few months that have enabled us to rapidly shift the majority of our workforce to working remotely. Across the organization, everyone has done an excellent job adapting to a new work environment while remaining highly productive. Turning to our results, the company reported FY20 revenue of $1.28 billion, up 8% year-over-year. Growth was driven by content gains, primarily in smartphones and, to a lesser extent, higher unit volumes. We were proud of our accomplishments this past year as we increased the number of components shipping into smartphones, gained share in tablets, wearables, and truly wireless headsets, and introduced numerous new components to address opportunities in voice, audio, and other adjacent markets. With approximately $600 million in cash and no debt, we are confident in the company's strategy and strong customer relationships. and believe we're in a strong position to weather this storm and emerge stronger over the long run. Before we begin the Q&A, I would like to also 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.