CRUS

Cirrus Logic, Inc. (CRUS)

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Cirrus Logic (CRUS)

Q2 2013 Earnings Call

October 31, 2012 5:00 pm ET

Executives

Thurman K. Case - Chief Financial Officer, Vice President of Finance and Treasurer

Jason P. Rhode - Chief Executive Officer, President and Director

Jeremy Allen

Analysts

Vernon P. Essi - Needham & Company, LLC, Research Division

Tore Svanberg - Stifel, Nicolaus & Co., Inc., Research Division

Blayne Curtis - Barclays Capital, Research Division

Robert Burleson - Canaccord Genuity, Research Division

Jeffrey A. Schreiner - Feltl and Company, Inc., Research Division

Andrew Huang - Sterne Agee & Leach Inc., Research Division

Christopher J. Longiaru - Sidoti & Company, LLC

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Second Quarter Fiscal Year 2013 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 call over to Mr. Thurman Case, Chief Financial Officer. Mr. Case, you may begin.

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 our Investor Relations team, Jeremy Allen and Chelsea Heffernan.

Today, we announced our financial results for the second quarter fiscal year 2013 at approximately 4 p.m. Eastern. The shareholder letter discussing our Q2 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 email at investorrelations@cirrus.com.

Please note that during this session, we may make projections and other forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from our projections. By providing this information, the company undertakes no obligation to update or revise any projections or forward-looking statements whether as a result of new developments or otherwise.

Please refer to the press release issued today, which is available on the Cirrus Logic website, the latest Form 10-K and 10-Q, as well as other corporate filings made with the Securities and Exchange Commission for additional discussion of risk factors that could cause actual results to differ materially from current expectations.

I'd like to turn the call over to Jason Rhode, our President and Chief Executive Officer.

Jason P. Rhode

Thank you, Thurman. Before we begin taking questions, I'd like to highlight a few of the things we discussed in our shareholder letter. We are very excited about the extraordinary growth we experienced in Q2 and anticipate in Q3. During the second quarter, we began volume shipments of multiple new products, while design activity continued to be strong in both LED lighting and portable audio.

Specifically, as we look at new and emerging markets, our audio team is heavily focused on new technologies related to enhanced voice and audio features, which are applicable in a broad array of audio products. In our Energy product line, we continue to be actively engaged with the key LED lighting players and expect our customers to have more products on the shelf in both the United States and Europe by the end of calendar 2012.

We believe the magnitude of the growth we are experiencing affirms our success in identifying the right markets and customers, investing significantly and executing on our R&D initiatives. As such, we expect revenue in the December quarter to grow more than 120% year-over-year. Also I'd just like to note that while we understand there is intense market interest related to our largest customer, in accordance with our policy, we do not discuss specifics about our business relationship.

Operator, we are now ready to take questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Vernon Essi from Needham & Company.

Vernon P. Essi - Needham & Company, LLC, Research Division

I think one thing I'd like to sort of reconcile is the -- obviously, the strength in your major customer is great, but can you discuss sort of what your scenarios are in the other audio area? It looks like it dropped considerably, maybe my numbers are wrong here, in the September quarter. And sort of what level of investment is going on there and how that's playing out sort of strategically for you?

Jason P. Rhode

Yes. Vernon, this is Jason. I would say I don't think we've seen anything real precipitous in the rest of our audio business. It is certainly the case where we invest in our best opportunities first. And so to some extent, that scaled our investment in other areas. But frankly, we've got quite a lot of good new developments going on in the broader markets. But with respect to revenue, I don't think it's any real surprise that -- as you've seen from other companies out there, the market is not red-hot. We haven't seen it be terrible or anything, but it's certainly not as hot as it could be. So we're just very fortunate that we've got a secular story right on top of that.

Vernon P. Essi - Needham & Company, LLC, Research Division

Okay. And then could you discuss also in your shareholder letter -- and I apologize, I think my numbers were off just a little bit on that, it actually -- your other audio did look to go up a little bit sequentially, and my apologies there. The other question was related more to the risks or at least the potential price pressure you articulate in your shareholder letter. Could you discuss sort of the degree and magnitude of that and sort of -- I mean, I know there's always price pressure in your industry. But if you could just elaborate on that further, that would be great.

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