Cirrus Logic is a fabless semiconductor company that designs mixed-signal chips for smartphones. The company gets most of its revenue from Apple, selling proprietary components directly and through contract manufacturers. Cirrus Logic operates through two primary product lines: Audio and High-Performance Mixed-Signal (HPMS). The Audio business includes boosted amplifiers, smart codecs, and digital signal processors for sound and voice capture. The HPMS business provides non-audio functions like camera controllers, haptic drivers, and power management chips for battery efficiency and 3D sensing. The company acts as the sole supplier once it wins a design socket for its custom components. Device shipment volumes and the amount of content per device drive revenue. While smartphone sales are seasonal, Cirrus Logic benefits from long product lifecycles that often span multiple device generations. The company plans to grow by defending its core audio business, expanding its HPMS offerings, and entering the PC and automotive markets. Cirrus Logic outsources all manufacturing to third-party foundries and returns capital to shareholders through share repurchases.