Cirrus Logic, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic first quarter fiscal year 2023 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 is is being recorded for replay purposes. I would now like to turn the call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, please begin.

Thank you and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer and Venk Natamuni, Chief Financial Officer. Today we announced our financial results for the first quarter fiscal year 2023 at approximately 4 p.m. Eastern time. The shareholder letter discussing our financial results, the earnings press release, along with the webcast of this Q&A session are all available at the company's investor relations website. This call will feature questions from analysts covering a company. Additionally, the results and guidance we will discuss on the call will include non-GAT financial measures that exclude certain items, reconciliations, 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. 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 the 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 the shareholder letter issued today, which are available on the Cirrus Logic website, and the latest 10-K, as well as corporate filings registered with the Securities and Exchange Commission. For additional discussion of risk factors that could cause actual results to differ materially from the current expectations. Now I'd like to turn the call over to John.

Thank you, Chelsea, and thank you, everyone, for joining today's call. As you have seen in the press release, Cirrus Logic delivered outstanding results with record first quarter revenue, even in light of continued supply chain constraints. Before we discuss the details of those results, I'd like to take a moment to recap the three key pillars of the strategy driving the momentum and success that we are now seeing. These are, one, maintaining our leadership position in smartphone audio by continuing to deliver world-class products and outstanding execution to the leading customers in the market. Two, broadening sales of audio components into key profitable applications beyond smartphones. And three, leveraging our world-class mixed signal engineering expertise in order to build a growing footprint of products outside of audio. in the area we call our high performance mixed signal product lines. We believe this area will yield significant opportunities both within smartphones and beyond. This quarter, we continue to execute on all three fronts to an impressive extent. In audio, we've been encouraged by customer engagement across our portfolio of amplifiers and codecs. During the quarter, we began developing a next generation smart codec for smartphones in the 22 nanometer process node and also began initial production ramps ahead of new smartphone introductions later this year. Additionally, we are proud to have recently received the Galaxy Quality Best Award from Samsung's MX division for our quality performance. This further demonstrates the reputation Cirrus Logic has for outstanding execution among our world-class customers. Despite a near-term slowdown in demand in the laptop market, customer engagement there remains strong. and we continue to see an increased opportunity for high quality audio in laptops as we benefit from several secular trends that we believe can contribute to revenue growth and market diversity longer term. To capitalize on these trends, we are now sampling a new amplifier and recently taped out a new codec, both optimized specifically for the emerging audio architectures in laptops. In fiscal year 2023, We expect to see over 40 new laptop models come to market featuring our components. Turning to our high performance mixed signal product lines, development and design activity are stronger than ever across this category. Our customer engagement and the close engineering collaboration with our customer around camera controllers continues to strengthen as we work together to identify new opportunities to enable advanced functionality and to improve the camera experience. In fiscal year 2023, we expect to benefit from both a higher attach rate of our camera controller in the newest devices and also a more favorable mix of smartphones on the market that include our camera components. And in power, building on the success of our first generation power conversion and control IC, we are today investing in intellectual property and capabilities that will bring further innovations and address new challenges including those of battery health and longevity in the coming years. In summary, we're delighted with our financial results, our customer engagement and our progress in executing against our strategy in the quarter. We remain focused on serving our customers, diversifying our product portfolio and broadening our addressable market into new application areas. With the wide range of technology investments we're making today, we believe we have a solid pipeline of opportunities to expand HPMS dollar content in fiscal year 2024 and beyond. And with that, let me now turn the call over to Venk to provide an overview of our financial results for our fiscal first quarter 2023, as well as guidance for fiscal Q2 2023.