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Cirrus Logic's (CRUS) CEO Jason Rhode on Q4 2016 Results - Earnings Call Transcript

Q4 2016 Earnings Conference Call

April 26, 2016 05:00 PM ET

Executives

Chelsea Heffernan - Director, IR

Jason Rhode - President & CEO

Thurman Case - CFO & VP, Finance

Analysts

Charlie Anderson - Dougherty

Suji DeSilva - Topeka

Blayne Curtis - Barclays Capital

Rajvindra Gill - Needham & Company

Tore Svanberg - Stifel

Christopher Longiaru - Sidoti & Company

Rick Schafer - Oppenheimer

Tom Sepenzis - Northland

Operator

Ladies and gentlemen thank you for standing by. Welcome to the Cirrus Logic Fourth Quarter and Full Fiscal Year 2016 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 Mr. Thurman Case, Chief Financial Officer. Mr. Case, you may begin.

Thurman 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 fourth quarter and full fiscal year 2016 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 Web site at investor.cirrus.com. This call will feature questions from analysts covering our Company as well as questions submitted to us via email at investor.relations@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 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 Web site and 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.

Now, I'd like to turn the call over to Jason.

Jason 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 Web site.

FY16 was an outstanding year for Cirrus Logic as the introduction of the new portable audio products and share gains with existing customers resulted in solid financial results. We delivered record revenue of 1.2 billion up 28% from the prior year driven by strong smart codec and amplifier sales. We are pleased to have exceeded our long-term revenue target model of 15% year-over-year growth and achieved our non-GAAP model of 20% operating margin. Revenue for the March quarter was 232 million as we continue to experience short-term weakness in portable audio.

Despite soft demand for smartphones in Q4, our engineering, technical marketing and supply chain teams were heavily engaged in new product ramps, takeouts and design activity. During the quarter we ramped a new flagship multi-core smart codec with a key customer and began shipping our first complete signal chain win with microphones and new mid-tier smart codec and a new boosted amplifier at another tier 1 smartphone customer.