Q1 2027 Cirrus Logic, Inc. Earnings Call Transcript
Key Points
- Record first quarter revenue of $460 million, up 13% year-over-year, with record EPS of $1.84.
- Strong demand for flagship smartphone audio products, with expectations for multi-generational shipments providing long-term visibility.
- Expanding HPMS content in smartphones, including camera, battery, and power applications, with a strong pipeline of opportunities.
- New product developments, such as high-performance analog front-end for smart meters, targeting new markets with high gross margins.
- New capacity reservation and wafer supply agreement with GlobalFoundries secures dedicated capacity and pricing for 2027-2028.
- PC business expectations for fiscal year 2027 reduced due to constrained supply of key industry platforms, memory/component shortages, and OEM delays.
- Gross margin in Q1 declined sequentially due to previously anticipated pricing reductions, partially offset by cost reductions.
- Operating expenses increased sequentially and year-over-year due to higher employee-related costs and R&D investments.
- Inventory levels increased to 110 days, up sequentially, indicating potential overstocking.
- Android business is expected to continue shrinking as a fraction of overall income, limiting growth in that segment.
Ladies and gentlemen, thank you for standing by.
Welcome to the Cirrus Logic First Quarter Fiscal Year 2027 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, CirrusLogic's Chief Executive Officer and Jeff Woolard, our Chief Financial Officer. Today at approximately 4:00 p.m. Eastern Time. We announced our financial results for the first quarter fiscal year 2027.
The shareholder letter discussing our financial results, the earnings press release and
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