Cirrus Logic Inc. (NASDAQ:CRUS) Q2 2018 Earnings Conference Call Transcript

Nov 02, 2017 • 05:00 pm ET

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Cirrus Logic Inc. (NASDAQ:CRUS) Q2 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic's Second Quarter Fiscal Year 2018 Financial Results Q&A Session. At this time, all participants are in a listen-only mode. After a brief statement, we will open 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 Mr. Thurman Case, Chief Financial Officer. Mr. Case, you may begin.

Executive
Thurman K Case

Thank you and good afternoon. Joining me on today's call is Jason Rhode, Cirrus Logic's President and Chief Executive Officer; and Chelsea Heffernan, our Director of Investor Relations. Today, we announced our financial results for the second quarter fiscal year 2018 at approximately 4:00 PM Eastern. The Shareholder Letter discussing our financial results, the earnings press release, including a reconciliation of non-GAAP financial information to the most directly comparable GAAP information, along with the webcast of this Q&A session, are all available at the company's Investor Relations website at investor.cirrus.com. This call will feature questions from the analysts covering our company, as well as questions submitted to us via e-mail at investor.relations@cirrus.com. (Forward-Looking Cautionary Statements) Now, I'd like to turn the call over to Jason.

Executive
Jason P. Rhode

Thank you, Thurman. Before we begin taking questions, I'd like to make a few comments. For a detailed account of our financial results, please read the Shareholder Letter posted on our Investor Relations website. Cirrus Logic reported outstanding results in the September quarter, delivering revenue of $425.5 million, which was at the high-end of the guidance due to accelerating demand for certain portable audio products ahead of new product launches.

Q2 was an exciting quarter for the company as we experienced strong demand for our sophisticated solutions and we began shipping boosted amplifiers, smart codecs and hi-fi DACs into a variety of flagship and mid-tier Android phones. In addition, several new wireless headsets were introduced that utilize Cirrus Logic technology, including our continuously adaptive ANC solution.

We also delivered boosted amplifiers in a new smart codec into multiple smartphone models at another leading customer who values our continuous push to deliver lower-power and higher-performance mixed-signal capabilities. Design activity across our portfolio remains healthy and we expect new devices with our innovative products to continue to be introduced throughout the year. The company also achieved an important milestone on several strategic initiatives as we began demonstrating and sampling new products taped out last quarter to key customers, including our new 28-nanometer voice biometrics chip, a 55-nanometer boosted amplifier with integrated DSP and a digital headset hi-fi audio codec with integrated USB.

We are pleased with our accomplishments in FY 2018 and remain confident our extensive product portfolio and roadmap uniquely positions Cirrus Logic to take advantage of the demand for compelling audio and voice technology in the rapidly growing markets we serve. Before we begin the Q&A, I'd also like to note that, while we understand there is