Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 3

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 1
Chunk 3
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 a single integrated circuit ("IC"); “smart codecs,” which are codecs with integrated digital signal processing; and standalone digital signal processors (“DSPs”).  Additionally, the Company’s SoundClear® technology consists of a broad portfolio of tools, software and algorithms that help to differentiate our customers’ products by improving the user experience with features such as louder, high-fidelity sound, high-quality audio playback, voice capture, and hearing augmentation.  

HPMS PRODUCTS

By leveraging our extensive mixed-signal design and low-power processing expertise, Cirrus Logic has expanded beyond our traditional audio domain into HPMS products, which are primarily used in smartphones.  Our portfolio of HPMS products include: camera controllers for automatic focus and optical image stabilization; haptic and sensing solutions to deliver highly responsive and consistent tactile feedback; and battery and power ICs for improving battery health and performance.  This product line also includes a broad product portfolio that services automotive, industrial, and imaging applications.

Customers, Marketing, and Sales

We offer products worldwide through both direct and indirect sales channels.  Our major customers are among the world’s leading electronics manufacturers.  We target both large existing and emerging customers that obtain value from our expertise in advanced analog and mixed-signal design processing, systems-level integrated circuit engineering and embedded software development.  We derive our revenues from both domestic and international sales.  Our domestic sales force includes direct sales offices located primarily in California and Texas.  International sales offices and staff are located in Japan, People’s Republic of China, Singapore, South Korea, Taiwan, and the United Kingdom.  We supplement our direct sales force with external sales representatives and distributors.  Our worldwide sales force provides geographically specific support to our customers and specialized selling of product lines with unique customer bases.  See Note 18—Segment Information, of the Notes to Consolidated Financial Statements contained in Item 8 for further detail and for additional disclosure regarding sales and property, plant and equipment, net, by geographic locations.

Since the components we produce are largely proprietary and generally not available from secondary sources, we generally consider our end customer to be the entity specifying the use of our component in their design.  These end customers may then purchase our products directly from us, through distributors, or indirectly from third-party manufacturers contracted to produce their designs.  For fiscal year 2025, 2024 and 2023, our ten largest end customers, represented approximately 96 percent, 95 percent and 92 percent of our net sales, respectively.  For fiscal years 2025