Cirrus Logic预计随着PC市场扩张，25财年第四季度收入将达到3.5亿至4.1亿美元

Earnings Call Insights: Cirrus Logic (NASDAQ:CRUS) Q3 2025

Management View

• CEO John Forsyth highlighted Q3 FY25 revenue of $555.7 million, which exceeded the top end of the guidance range, driven by stronger-than-expected demand for smartphone components. He emphasized strategic progress in maintaining leadership in smartphone audio, expanding mixed-signal content, and entering new markets such as laptops and automotive.

• Forsyth discussed the successful launch of the 22-nanometer smart codec and custom-boosted amplifier, which enhance power efficiency and audio quality in flagship smartphones. These products are expected to contribute sustained revenue over multiple generations.

• The company saw growth in camera controller revenues, benefiting from a favorable mix of smartphones and continued R&D investment to expand camera-related features.

• Forsyth announced the sampling of timing products aimed at the automotive and professional audio markets, signaling potential long-term growth opportunities.

• A leadership change was announced, with Jeff Woolard set to join as CFO, bringing significant semiconductor industry and financial expertise. Interim CFO Ulf Habermann will continue in his role as Principal Accounting Officer.

• Interim CFO Ulf Habermann noted free cash flow of $218.6 million and highlighted a $70 million share repurchase during Q3. The company ended the quarter with $816.6 million in cash and investments.

Outlook

• Management guided Q4 FY25 revenue between $350 million and $410 million. GAAP gross margin is expected to range from 51% to 53%, with non-GAAP operating expenses projected between $119 million and $125 million.

• Forsyth reiterated the company’s focus on growing the laptop business, expecting fiscal 2026 revenue from this segment to roughly double compared to FY25.

• The company anticipates inventory peaking in the first half of FY26 to meet demand and fulfill wafer purchase commitments with GlobalFoundries.

Financial Results

• Revenue for Q3 FY25 was $555.7 million, up 3% sequentially but down 10% year-over-year due to lower smartphone unit volumes and one less week in the quarter compared to FY24.

• Non-GAAP gross profit was $298.1 million, with a gross margin of 53.6%, reflecting a sequential increase of 140 basis points due to favorable product mix and lower supply chain costs.

• Non-GAAP operating income reached $168.9 million, with non-GAAP EPS of $2.51, surpassing analysts' consensus estimate of $2.04.

• Cash flow from operations was $218.6 million, with a non-GAAP free cash flow margin of 38%.

Q&A

• Tore Svanberg from Stifel asked about the timing business and whether it leverages MEMS IP. Forsyth clarified that the timing products rely on newly developed IP and are targeted at automotive and professional audio markets. The impact will be long-term, with no immediate material contribution.

• Thomas O'Malley from Barclays queried the mix dynamics in the March quarter. Forsyth stated there were no significant mix shifts and noted steady demand in Q3, which slightly exceeded guidance.

• David Williams from The Benchmark Company inquired about gross margin drivers. Forsyth attributed the record gross margin to improved efficiencies, supply chain cost reductions, and favorable product mix.

• Christopher Rolland from Susquehanna asked about the timeline for HPMS (high-performance mixed-signal) revenue parity with audio. Forsyth indicated it is a mid-to-long-term goal, with HPMS representing a larger portion of the company’s total addressable market.

Sentiment Analysis

• Analysts expressed cautious optimism, focusing on growth in new markets such as laptops and automotive while probing for clarity on smartphone-related demand trends.

• Management's tone during prepared remarks was confident, emphasizing strategic progress and long-term growth opportunities. Forsyth used phrases like "we are very optimistic" and "we are excited" to convey confidence.

• During the Q&A, Forsyth maintained a measured tone, particularly when discussing uncertainties in smartphone seasonality and long-term project timelines.

Quarter-over-Quarter Comparison

• Revenue grew sequentially from $541.9 million in Q2 FY25 to $555.7 million in Q3 FY25, while gross margin increased from 52.2% to 53.6% due to higher-margin product contributions.

• Laptop-related revenue remains on track for low tens of millions in FY25, with expectations for significant growth in FY26.

• The Q4 FY25 revenue guidance of $350 million-$410 million represents a significant sequential decline due to seasonal factors and reduced smartphone demand.

• Inventory levels increased slightly from $271.8 million in Q2 to $275.6 million in Q3, with further increases expected into early FY26.

Risks and Concerns

• Management identified potential risks in smartphone unit demand and geopolitical headwinds in the Android market. The company is mitigating these risks by diversifying into new markets such as laptops and automotive.

• Analysts raised concerns about seasonality in the March quarter and the potential impact of wafer purchase obligations on inventory levels.

Final Takeaway

Cirrus Logic delivered robust Q3 FY25 results, exceeding revenue and EPS expectations driven by strong demand for smartphone components and favorable product mix. The company continues to diversify its portfolio with significant progress in laptops and automotive markets. While Q4 guidance reflects seasonal headwinds, management remains optimistic about long-term growth opportunities, particularly in high-performance mixed-signal solutions and new market segments. The addition of a new CFO underscores the company’s focus on executing its strategic vision for sustained shareholder value.

Read the full Earnings Call Transcript