Cirrus Logic, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic first quarter fiscal year 2022 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. Instruction for queuing up will be provided at that time. As a reminder, this conference 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 John Forsyth, Cirrus Logic's Chief Executive Officer, and Chelsea Heffernan, our Vice President of Investor Relations. Today we announced our financial results for the second quarter fiscal year 2022 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 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 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 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 Ceres Logic website, and the latest form 10-K, as well as other corporate callings 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 John.

Thank you, Thelman. Before we discuss our results, I would like to make a few comments on today's announcement that Thurman is planning to retire from his position as Chief Financial Officer. I want to take this opportunity to thank Thurman for his outstanding dedication and commitment to Cirrus Logic over the past 21 years. All of us here greatly appreciate his many contributions to the company's growth and to the development of a world-class finance organization during his nearly 14-year tenure as CFO. Thurman will remain in his current role while we conduct a comprehensive search to identify his successor and will work to help ensure a seamless transition to that successor in due course. I want to thank Thurman sincerely from all of us at Cirrus Logic and wish him all the very best in his next chapter. In other news before we get to the quarter's results, I'd also like to say how excited we are to have recently welcomed Rakeb Hussain to the company's board of directors. Rakeb has a deep knowledge of the semiconductor industry Strong technical expertise and a track record of both operational and strategic success. We believe he will be an extremely valuable addition to the Cirrus Logic team as we look to continue our growth momentum through innovation in mixed signal products and expansion into new technologies and markets. Turning to the results now, Cirrus Logic reported record revenue and earnings per share in the second quarter while also delivering year-over-year operating profit growth. Revenue was $465.9 million, up 34% year over year, and our highest ever for the September quarter, due in large part to the ramping of components ahead of customers' new smartphone launches. During the quarter, we also made great progress on the strategy that we've outlined to diversify meaningfully beyond audio, passing, as we did, several major milestones in the high-performance mixed signal products area of our business. These included increasing the attach rate of our camera controllers and smartphones, bringing a new power conversion and control IC to market, and sampling new fast-charging products to our general market customers. These accomplishments represent a significant expansion of Cirrus Logic's technology and product mix, with our high-performance mixed signal business delivering 30% of total revenue in the first half of fiscal 22, up 117% from just a year ago. As we discussed in the shareholder letter published on our website today, we continue to be very excited about the opportunities these new technologies offer for further growth and diversification in the future. Before we begin the Q&A, I would also 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 are now ready to take questions.