Cirrus Logic, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the CirrusLogic second quarter fiscal year 2025 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 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 Forsythe, Cirrus Logic's Chief Executive Officer and Ulf Habermann, our Interim Chief Financial Officer. Today at approximately 4 p.m. Eastern Time, we announced our financial results for the second quarter fiscal year 2025. 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 analysts covering our company. Additionally, the results and guidance we will discuss on this call will include non-GAAP financial measures that may 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 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 company's website, and the latest Form 10-K, as well as other corporate filings registered with the Securities and Exchange Commission, 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, Cirrus Logic delivered record revenue and earnings per share for the September quarter. Revenue was $541.9 million, near to the top end of our guidance range, due to strong demand for products shipping into smartphones. In a moment, I'm going to hand the call over to Ulf to discuss the financial results for the September quarter in greater detail, as well as our outlook for the December quarter. But before we get to that, I'd like to make a few remarks regarding our recent progress. As many of you are aware, our long-term strategy for growing the company is based around three broad principles. First, maintaining leadership in our core flagship smartphone audio business. Second, continuing our expansion in areas of high-performance mixed signal functionality in smartphones. And third, leveraging those audio and high-performance mixed signal capabilities to penetrate and grow in new markets. In our flagship smartphone audio business this past quarter, we were particularly excited to begin shipping our next generation custom boosted amplifier and our first 22 nanometer smart codec in recently launched smartphones. The new amplifier provides significant power and efficiency improvements, while the smart codec, in addition to being Cirrus Logic's first 22 nanometer product of any kind, delivers meaningful advances in audio and mixed signal processing capabilities. Together, these components showcase years of engineering dedication and close collaboration with our customer, and they contribute meaningfully to the power efficiency and extraordinary audio quality of our customers' new products. We anticipate that both components will ship for multiple smartphone generations, and in doing so, provide us with an enduring and substantial revenue stream in the years ahead. Looking beyond audio, we're enthusiastic about the potential to grow content in smartphones with our high-performance mixed signal solutions. Our progress in this area is evident in the continued success of our camera controller product line. Since the introduction of our first camera controller in calendar year 2020, our camera content has continued to increase in value over time. With the recent smartphone launch, we are benefiting from a more favorable overall mix of smartphones on the market that include our camera controllers. We see considerable potential to add further value in this area as we identify more opportunities to enhance system performance and help enable advanced camera features. Beyond camera controllers, we also believe that advanced power sensing and battery-related technologies represent excellent opportunities for us, and we continue to invest in a number of R&D programs that are focused on these areas. We anticipate that the investments that we are making in this space today will contribute to product diversification and expand our footprint in these product categories in the future. The third element of our strategy is focused on expanding into new applications and markets outside of smartphones. In this area, we continue to be excited about the opportunities we see in our laptop business. While we are still in the early stages of revenue contribution from our recently introduced laptop components, we were pleased with our progress during the September quarter. That progress included securing our first high-volume mainstream design win with our latest PC codec, which combines cutting-edge hardware with advanced algorithms for superior audio playback. We're also proud to ship our first power product designed specifically for laptops, in multiple tier one customers' devices. Additionally, during the quarter, we saw the introduction of a new laptop from a top tier laptop OEM that exemplifies the breadth of our content opportunity in this market, in that it features eight Cirrus Logic components, including a codec, multiple audio amplifiers, and multiple power converter chips. We anticipate many more customer product introductions in the laptop space in the coming months, and are excited about the opportunity this market represents. And with that, let me now turn the call over to Ulf to provide an overview of our financial results as well as the outlook.