Cirrus Logic, Inc.

and full 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 Forsyth, CirrusLogic's Chief Executive Officer, and Jeff Willard, our Chief Financial Officer. Today at approximately 4 p.m. Eastern time, we announced our financial results for the fourth quarter and full 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 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 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 shareholder letter issued today, which are available on the CirrusLogic website and the latest Form 10-K. as well as other corporate filings registered with the Security and Exchange Commission for additional discussion of our 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 thank you, everyone, for joining today's call. First, let me start by saying welcome to Jeff Woolard, who is joining us for his first earnings call with SiriusLogic. Since we announced Jeff joining Cirrus back in February, I've learned from the many messages I've received just how highly Jeff is regarded by others in our industry. He brings extensive experience and deep domain knowledge to Cirrus, and we're thrilled to have him as part of the team. Moving on to company performance, as you've seen in the press release, in the March quarter, Cirrus Logic delivered revenue of $424.5 million, above the top end of our guidance range. For the full fiscal year 2025, Cirrus Logic delivered revenue of $1.9 billion, up 6% year-over-year, driven by revenue associated with our latest generation products and higher smartphone unit volumes. We are also proud to have delivered record GAAP and non-GAAP earnings per share for the full fiscal year. Additionally, during the year, we returned $261 million of cash to shareholders in the form of share repurchases. another record for CirrusLogic for a full fiscal year. In a moment, I'll hand the call over to Jeff to walk us through the financial results for the March quarter and the full fiscal year in greater detail. But before I do that, I want to touch on the current macroeconomic environment and the subject of tariffs. As I think everyone is aware, the situation is highly dynamic and future trade actions could potentially impact our business. We are closely and thoughtfully monitoring developments. We are also actively working across our supply chain with the goal of supporting our customers' needs as they evolve. And in parallel, we continue to invest in the geographic diversification of our supply chain that I have referenced previously, which we believe will help position the company and our customers to manage potential longer-term challenges stemming from the current trade environment. Now turning to our progress, I'd like to highlight some of the Cirrus team's accomplishments over the past four quarters. As many of you are aware, our long-term strategy for growth at Cirrus is based on three principles. The first of those is maintaining leadership in our core flagship smartphone audio business. The second, expanding the value and range of high-performance mixed signal functionality in which we serve our customers in smartphones and similar products. And the third principle is to leverage that world-class expertise and intellectual property in both audio and high-performance mixed signal areas in order to grow and broaden our business in new markets. I want to now speak to our recent progress in each of those areas. In our flagship smartphone audio business over the past year, most notably, we began shipping two new generation products, a boosted amplifier and a smart codec. The boosted amplifier introduced a highly innovative new architecture, significantly improving system performance and efficiency while saving board space and delivering enhanced value to our customer. The smart codec is Cirrus Logic's first 22 nanometer product and delivers meaningful advances in audio and mixed signal processing capabilities. These new components represent the culmination of years of engineering dedication and close collaboration with our customer. We anticipate that the products will ship from multiple smartphone generations, providing a sustained revenue contribution in the coming years and allowing us to target our R&D resources on customer needs in new areas where we believe we can drive further innovation and growth. Looking beyond audio and smartphones, we also made significant investments in certain high-performance mixed signal areas where we believe our mixed signal design and signal processing expertise can meaningfully enhance our customers' products. Our progress in this area is evident in the continued success of our camera controller product line. And this year, we benefited from an increase in unit shipments of our camera controllers. We also believe that advanced battery and related technologies represent excellent opportunities for us. And during the year, we continue to invest in several exciting R&D programs that are focused on these areas. While new product introductions in these domains are a little further out, we made excellent progress in the development of key intellectual property in these areas in FY25. Our approach to running the business is to manage and invest for the long term, and we anticipate that the investments that we are making in these areas today will contribute to product diversification and the expansion of our revenue opportunities in the future. The third element of our strategy is growing in new applications and markets outside of smartphones. We continue to be excited about the opportunities we see in the laptop business, and we are currently on track with our expectations in this market. During the year, we passed several important milestones, which included securing our first high volume mainstream design win with our latest PC codec, increasing our direct engagement with PC OEMs, delivering new generation products to our customers, significantly expanding our pipeline of design wins and our funnel of opportunities, and further expanding our presence in leading reference designs. Beyond laptops, we also invested in our general market business, which spans a large number of customers across the professional audio, automotive, industrial, and imaging end markets. Following the launch of our latest generation of analog to digital converters last year, this fiscal year we also added a series of new digital to analog converters and an ultra high performance audio codec to this product family. We also sampled our latest timing products and a family of high performance analog front end products targeting imaging applications. These components all offer sustained differentiation with enhanced performance lower power consumption, and new features, and we have received outstanding customer feedback on each of them. We believe they can be valuable contributors to our profitability in years to come. To summarize our progress over the past year, we're proud to have delivered strong financial results while also continuing our track record of combining innovation with disciplined execution. With an extensive intellectual property portfolio, and our design innovation in both existing and new technology areas, we believe Cirrus Logic is well positioned to continue to diversify our product portfolio and to expand our addressable market in the future. And with that, let me now turn the call over to Jeff to provide some color on our financial results for the fourth quarter and the full fiscal year 2025, as well as the outlook for the first quarter of fiscal 2026.