Q1 2025 Cirrus Logic Inc Earnings Call Transcript
Key Points
- Cirrus Logic Inc (CRUS) delivered revenue of $374 million, exceeding the top end of their guidance range due to stronger-than-expected shipments into smartphones.
- The company began ramping production of their next-generation custom boosted amplifier and first 22-nanometer smart codec, marking significant milestones.
- Cirrus Logic Inc (CRUS) has design wins with each of the top six laptop OEMs worldwide, indicating strong market penetration and future growth potential.
- The company reported a non-GAAP net income of $62.4 million or $1.12 per share, reflecting higher revenue and profitability.
- Cirrus Logic Inc (CRUS) ended the quarter with $744.6 million in cash and investments, showcasing a strong balance sheet with no debt outstanding.
- Non-GAAP gross margin decreased by 130 basis points sequentially, primarily due to higher supply chain costs related to new product ramps.
- Non-GAAP operating expenses increased by $1.5 million sequentially and $4.2 million year-over-year, largely due to higher employee-related expenses and variable compensation.
- Inventory balance increased to $232.6 million, up from $227.2 million in the previous quarter, indicating potential overstock or slower inventory turnover.
- The company anticipates higher inventory levels in the next quarter to support new smartphone launches, which could impact cash flow and operational efficiency.
- Cirrus Logic Inc (CRUS) faces risks and uncertainties that may cause actual results to differ materially from projections, as highlighted in their forward-looking statements disclaimer.
Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic first 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 call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may now begin.
Thank you and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's President and Chief Executive Officer; and Ulf Habermann, our Interim Chief Financial Officer.
Today at approximately 4:00 pm Eastern Time, we announced our financial results for the first quarter fiscal year 2025. A shareholder letter discussing our financial results, the earnings release and the webcast of this Q&A session are all
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