Cirrus Logic, Inc.

I would now like to turn the conference call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may begin.

Thank you and good afternoon. Joining me on today's call is John Forsyth, CirrusLogix Chief Executive Officer and Venk Nathamuni, Chief Financial Officer. Today at approximately 4 p.m. Eastern Time, we announced our financial results for the fourth quarter and full fiscal year 2024. The shareholder letter discussing our financial results, the earnings press release, and the webcast of this Q&A session are all available at the company's investor relations website. This call will feature questions from the analysts covering our company. Additionally, the results and guidance we will discuss on this call will include non-GAAP financial measures that exclude certain items. Reconciliations of these non-GAAP measures to the 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 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 development or otherwise. Please refer to the press release and the shareholder letter issued today, which are all available on the CirrusLogic website, and the latest Form 10-K, as well as other corporate filings registered with the Securities and Exchange Commission. for additional discussion of risk factors that could cause actual results to differ materially from current expectations. Now I'd like to turn the call over to John.

Thank you, Chelsea, and welcome to everyone joining today's call. As you've seen in the press release, in the March quarter, CirrusLogic delivered revenue of $378.1 million, above the top end of our guidance range, due to stronger than anticipated demand for smartphone products. In FY24, Cirrus Logic delivered full fiscal year revenue of $1.79 billion, down 6% year-over-year due to a reduction of general market and custom components, primarily in non-smartphone applications. Despite those challenges, we are proud that our disciplined execution helped to grow both non-GAAP earnings per share year-over-year for the quarter and both grow GAAP and non-GAAP EPS for the full year. I think we'll take the reins in a few moments to walk us through the details of the financial results for the quarter and for the year. But before I turn the call over, I want to share an update on the progress we've been making on our strategy in the past four quarters. We've previously communicated that our growth strategy is based around three broad principles. Number one, maintaining leadership in our core flagship smartphone audio business. Number two, expanding into areas of high-performance mixed signal functionality in smartphones. And number three, leveraging our audio and high-performance mixed signal capabilities to penetrate new markets. This year, we have made exciting progress on all three fronts. In our flagship smartphone audio business, most notably in the past year, we completed our design work on and delivered to our customer two next-generation products, a boosted amplifier and a smart codec. The boosted amplifier introduces an innovative new architecture, significantly improving system performance and efficiency while saving valuable board space. The smart codec will be Cirrus Logic's first 22 nanometer product and will similarly deliver meaningful advances in audio and mixed signal processing capabilities to our customer. Taken together, these devices represent a considerable engineering investment and the culmination of many years of work and close collaboration with our customer. We anticipate both products will launch in devices in the fall of this year. Looking beyond audio, we also made significant investments in certain HPMS areas where we believe our mixed signal design and signal processing expertise can enhance our customers' products. A core element of our HPMS strategy is camera controller products, where we shipped our third generation controller in the fall of 2023. itself a key enabler of marquee features in customer devices. Moreover, in the last quarter, we continued to develop our roadmap by taping out new camera controller IP on a new process node, an early investment which we expect will pave the way for further feature and performance enhancements in the future. Beyond camera controllers, we also continue to invest in a number of power and battery-related technologies and innovations. And while new product introductions in these domains are a little further out, we were excited about the progress we made in the development of both key intellectual property and silicon in these areas in FY24. During the year, we also saw encouraging signs that our IP and audio and HPMS can be valuable and highly relevant as we reach into new markets, most immediately in laptops. In FY24, We sampled, won designs with, and shipped a new codec and a new boosted amplifier that were specifically designed for this market. We also won customer designs with a new power converter product designed for the laptop market and sampled a laptop-focused haptic driver product. Three of these devices, the codec, the boosted amplifier, and the power converter, were also featured as part of Intel's Lunar Lake reference design. and their capabilities contribute meaningfully towards our customers being able to create better laptops. Compared to competitive alternatives, Cirrus Logic solutions sound better, play louder, conserve battery life, and save board space. While there is still a lot of work ahead of us in the laptop space, we exit the year optimistic about the momentum that we are building in this market. Against this backdrop of investment in supporting our customers and in future growth, we remained committed to disciplined execution. Throughout the year, we worked hard on increasing both our own operational efficiency and the efficiency, competitiveness, and diversity within our supply chain. Additionally, during the year, we returned $186 million of cash to shareholders in the form of share repurchases. And these combined actions, along with the decrease in our tax rate during the year, contributed to a 17-cent year-over-year increase in non-GAAP earnings per share to $6.59. And with that, let me now turn the call over to Venk to provide an overview of our financial results for the fourth quarter and full fiscal year 2024, as well as the outlook for the first quarter of fiscal 2025. Great.