The following is a summary of the Cirrus Logic, Inc. (CRUS) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Cirrus Logic reported Q4 revenue of $378.1 million, surpassing their guidance due to a boost in demand for smartphone products.

• Fiscal year 2024 revenue reached $1.79 billion, marking a 6% decline from the previous year, largely due to a slump in the general market and custom components, primarily in non-smartphone applications.

• Despite difficulties, the company saw growth in both non-GAAP earnings per share for the quarter, as well as GAAP and non-GAAP EPS for the full year.

• Non-GAAP earnings per share increased by $0.17 year-over-year to $6.59.

• The company returned $186 million of cash to shareholders in the form of share repurchases.

• The company maintains a strong balance sheet, ending fiscal 2024 with nearly $700 million in cash and cash equivalents with no debt outstanding.

Business Progress:

• Cirrus Logic outlined its growth strategy, which maintains leadership in smartphone audio business, as well as expands into areas of high-performance mixed signal functionality in smartphones.

• The firm is planning to penetrate new markets by using their audio and high-performance mixed signal capabilities.

• The company's new audio products, a Boosted Amplifier and a Smart Codec, expected to provide considerable advances in audio and mixed signal processing capabilities.

• Cirrus Logic is making strides in the laptop market, sampling designs and shipping a new codec, a new boosted amplifier and a power converter that were specifically designed for this market. They also won customer designs for a laptop-focused haptic driver product.

• The company anticipates revenue in the range of $290 million to $350 million for Q1 of fiscal 2025.

• Despite challenges, Cirrus Logic feels well-positioned with new technologies and plans to expand customer base by leveraging its GenAI cycle of products, especially in markets where they are still in the early stages, such as laptops.

More details: Cirrus Logic IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.