Q4 2024 Cirrus Logic Inc Earnings Call Transcript
Key Points
- Cirrus Logic Inc reported a revenue of $378.1 million for the fourth quarter, surpassing the top end of their guidance due to strong demand in smartphone products.
- The company achieved a full fiscal year revenue of $1.79 billion, with disciplined execution contributing to growth in both GAAP and non-GAAP EPS for the year.
- Cirrus Logic Inc made significant progress in their strategic growth areas, including their core flagship smartphone audio business, high-performance mixed signal functionality, and new market penetration.
- The company successfully introduced innovative products such as a boosted amplifier and a smart codec, which are expected to launch in devices in the fall of this year.
- Cirrus Logic Inc maintained strong financial health with nearly $700 million in cash and cash equivalents by the end of fiscal 2024, and no debt outstanding.
- Full fiscal year revenue of $1.79 billion represented a 6% decrease year-over-year, primarily due to reduced shipments in non-smartphone applications.
- The company faces challenges in new product introductions in power and battery-related technologies, with significant developments expected to materialize further out.
- Despite advancements, the revenue from new market segments like laptops is expected to be in the low tens of millions, indicating a slow initial growth in this area.
- Cirrus Logic Inc anticipates inventory levels to be elevated in fiscal 2025 as they continue to support customer demand and fulfill wafer purchase commitments.
- The company expects gross margin pressure in the upcoming quarter due to ramp costs associated with the production of new 22-nanometer codec and boosted amplifiers.
Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fourth Quarter and Full Fiscal Year 2024 Financial Results Q&A session. (Operator Instructions) 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, Cirrus Logic's Chief Executive Officer; and Venk Nathamuni, Chief Financial Officer. Today, at approximately 4:00 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
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