What changed in this filing

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Item 1. Business

2025-02-04 compared with 2024-02-20 · 46 added, 55 removed, 305 unchanged (25% of the section changed)

3 unchanged sentences

We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives.

We are pioneers in wireless innovation and have spent the last two decades simplifying the complexity of radio frequency (“RF”) from silicon to cloud.

We are pioneers in wireless innovation and have spent over two decades simplifying the complexity of radio frequency (“RF”) from silicon to cloud.

Our leading platform, purpose-built for the Internet of Things (“IoT”), helps customers quickly create secure, intelligent, connected devices.

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Our semiconductor devices leverage standard complementary metal oxide semiconductor (“CMOS”), a low-cost, widely available process technology.

The use of CMOS technology enables smaller, more cost-effective, and energy-efficient solutions.

CMOS technology enables smaller, more cost-effective, and energy-efficient solutions.

Our software expertise allows us to develop products for markets where intelligent data capture, high-performance processing, and communication are increasingly important product differentiators.

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The IoT is monitoring patients’ health 24/7 to send rich data to doctors miles away.

Smart, connected devices are detecting water leaks to improve sustainability and managing bee colonies to strengthen the food supply.

Smart, connected devices detect water leaks to improve sustainability and manage bee colonies to strengthen the food supply.

It’s an industry of variety and impact.

Whether in a door lock or a heart monitor, a smart home thermostat, or a municipal energy grid, Silicon Labs solutions are improving life and the sustainability of the planet.

Whether in a door lock or a heart monitor, a smart home thermostat, or a municipal energy grid, our solutions are improving life and the planet’s sustainability.

The IoT requires interaction between the analog world we live in and the digital world of computing, which drives the need for analog-intensive, mixed-signal circuits in a wide range of electronic products.

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As a result, manufacturers of electronic devices value providers that can supply them with mixed-signal solutions offering greater functionality, smaller size, and lower power requirements at a reduced cost and shorter time-to-market.

Silicon Labs has the breadth in its portfolio, depth of wireless connectivity expertise, and the focus on IoT to help its customers bring their innovative ideas to market quickly.

breadth in our portfolio, depth of wireless connectivity expertise, and the focus on IoT to help its customers quickly bring our innovative ideas to market.

We provide analog-intensive, mixed-signal solutions for use in a variety of electronic products in a broad range of applications for the IoT.

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Our products are supported by Simplicity Studio™, which provides one-click access to design tools, documentation, software, and support resources.

In-house protocol stacks and Micrium® real-time operating system (“RTOS”) help simplify software development for IoT developers by coordinating and prioritizing multiprotocol connectivity, SoC peripherals and other system-level activities.

In-house protocol stacks and the Micrium® real-time operating system (“RTOS”) help simplify software development for IoT developers by coordinating and prioritizing multiprotocol connectivity, SoC peripherals and other system-level activities.

We group our products as Industrial & Commercial or Home & Life based on the target markets they address.

These markets and their corresponding applications are described below:

Target Market

Target Market Applications

Industrial & Commercial

Industrial IoT

The Industrial IoT market is highly fragmented with a diverse collection of products and applications.

Leveraging the Industrial IoT allows companies to increase production and efficiency, understand and improve processes, and predict faults in processes before downtime occurs.

Industrial IoT solutions address energy efficiency, operational excellence and smart usage of commercial spaces.

Our industrial IoT solutions simplify human-machine interfaces and access controls;

add wireless connectivity to commercial luminaires, sensors and controls;

implement HVAC sensor and actuator networks in commercial buildings;

provide increased convenience to electrical providers and consumers through submetering:

improve maintenance routines using IoT predictive maintenance;

and drive greater energy efficiency and safety with smart circuit breakers.

The Industrial IoT market supports a diverse array of products and applications.

Utilizing Industrial IoT enables companies to enhance production and efficiency, gain insights into processes, and predict faults before they lead to downtime.

Our Industrial IoT solutions drive energy efficiency, operational excellence, and enables the intelligent and secure use of industrial assets.

They simplify human-machine interfaces, improve convenience for electrical providers and consumers through smart metering, drives operational efficiency by adding wireless connectivity to street lights, sensors, and controls, optimize maintenance routines with IoT predictive maintenance, and enhance energy efficiency by allowing renewable energy integration in both residential and utility setting.

– Industrial automation and control

- Smart buildings

- Access control

- HVAC control

- Industrial wearables

- Industrial power tools

Cities are now using digitization and wireless technology to increase service capacity while decreasing carbon emissions.

By leveraging smart city solutions, cities monitor municipal assets in real-time and residents actively track their energy consumption.

Our smart city solutions enable cities to operate smarter, produce and distribute energy more efficiently, and prioritize renewable energy.

– Smart metering

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– Electric vehicle supply equipment

– Industrial wearables

– Industrial equipment

– Smart agriculture

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Our smart lighting solutions use wireless access points to enable indoor location services which track assets and consumer behavior and speed up click-and-collect ordering.

– Smart buildings

– Access controls

– Asset tracking

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– Theft protection

– Power tools

– Enterprise access points

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Our smart home solutions provide the functionality consumers demand while delivering features that accelerate adoption - privacy, simplicity, and performance.

- Home automation/security systems

- Smart speaker

- Smart lighting

- HVAC control

- Smart cameras

- Smart appliances

- Smart home sensing

– Smart home cameras

– Smart locks

- Window/blinds controls

Target Market

– Smart gateways

– Smart residential lighting

– Smart window shades/blinds

– Smart heating, ventilation, and air conditioning (HVAC)

– Smart switches

– Smart sensors

– Home security panels

– Smart smoke/CO detectors

Connected Health

Smart medical devices, such as continuous glucose monitors, pulse oximeters, ECG monitors, and fitness wearables, make healthcare more accessible and are improving lives around the world.

Smart medical devices, such as continuous glucose monitors, insulin pumps, pulse oximeters, ECG monitors, and fitness wearables, make healthcare more accessible and are improving lives around the world.

Regulatory requirements, product miniaturization needs, battery life, and security make development of these connected medical devices challenging for device manufacturers.

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An end customer purchasing through a contract manufacturer typically instructs such contract manufacturer to obtain our products and incorporate such products with other components for sale by such contract manufacturer to the end customer.

Although we sell the products to, and are paid by distributors and contract manufacturers, we refer to such end customer as our customer.

Although we sell products to, and are paid by distributors and contract manufacturers, we refer to the end customer as our customer.

Two of our distributors who sell to our customers, Arrow Electronics and Edom Technology, represented 27% and 16% of our revenues during fiscal 2024, respectively.

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We believe that we have attracted many of the best engineers in our industry.

We believe that reliable and precise analog and mixed-signal ICs can only be developed by teams of engineers who have significant analog experience and are familiar with the intricacies of designing these ICs for commercial volume production.

We believe that reliable and precise analog and mixed-signal ICs can only be developed by teams of engineers who have significant analog

experience and are familiar with the intricacies of designing these ICs for commercial volume production.

The development of test methodologies is just one example of a critical activity requiring experience and know-how to enable the rapid release of a new product for commercial success.

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The SoCs combine ARM Cortex-M processor cores, a variety of digital and analog peripherals, hardware cryptography accelerators, and analog-intensive multiprotocol radio transceivers.

This system integration at the chip level leverages our deep expertise in mixed-signal and RF design, and low-power wireless MCU architectures pioneered for more than a decade.

integration at the chip level leverages our deep expertise in mixed-signal and RF design, and low-power wireless MCU architectures pioneered for more than a decade.

Microcontroller and System on a Chip Design Expertise

11 unchanged sentences

As the IoT continues to mature, a new class of embedded applications is emerging, presenting feature-rich and task-intensive use cases.

This growing complexity is driving the need for real-time operating systems to help simplify software development for IoT applications by coordinating and prioritizing multiprotocol connectivity, SoC peripherals and other system-level activities.

This growing complexity is driving the need for RTOSs to help simplify software development for IoT applications by coordinating and prioritizing multiprotocol connectivity, SoC peripherals, and other system-level activities.

In addition to being able to manage numerous application tasks, an RTOS enhances scalability and makes complex applications predictable and reliable.

To address these application needs, in 2016 we acquired Micrium, an embedded RTOS provider.

Micrium has established itself as a reliable, high-performance and trusted RTOS software platform, with an installed base that has grown to millions of devices.

Module Integration and Wireless Design Expertise

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• Product size;

● Power requirement;

• Level of integration;

● Customer support;

• Product capabilities;

● Reputation;

• Reliability;

• Performance;

• Power requirement;

• Customer support;

• Reputation;

• Ability to rapidly introduce new products to market;

• Intellectual property;

● Performance;

We believe that we are competitive with respect to these factors, particularly because our ICs typically are smaller in size, are highly integrated, achieve high-performance specifications at lower price points than competitive products, and are manufactured in standard CMOS, which generally enables us to supply them on a relatively rapid basis to customers to meet their product introduction schedules.

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We actively promote representation in our organization and equity in our recruitment, development, promotion and compensation practices.

We have focused attention on improving our environmental, social and governance (“ESG”) metrics.

We included diversity and inclusion metrics as a component of senior management bonuses for fiscal 2023.

These principles are also reflected in our employee training, in particular with respect to our policies against harassment, discrimination and the elimination of bias in the workplace.

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We offer comprehensive benefits resources and tools to address the healthcare and wellness needs of our employees and their families, enable them to manage their work-life balance, and plan for a secure future.

We provide our employees and their families with access to a variety of innovative, flexible programs that support their physical, mental, and financial health as well as providing flexible work arrangements and generous time off programs.

Corporate Social Responsibility

and competitive time off programs including vacation, holiday, volunteer time off and many types of leave to support our employees through various stages of their lives.

Corporate Sustainability

As a global corporate citizen, we are committed to advancing responsible and sustainable operations throughout our supply chain.

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We demand excellence in our quality and environmental management systems, each respectively certified to ISO 9001:2015 and ISO 14001:2015 standards.

We strive to deliver products that meet environmental regulations and requirements and have high standards for our global supply chain partners, prioritizing qualified suppliers who are socially and environmentally progressive.

We are committed to delivering products that meet environmental regulations and requirements and have high standards for our global supply chain partners, prioritizing qualified suppliers who are socially and environmentally progressive.

In 2022, we joined the Responsible Business Alliance® (“RBA®”), an industry coalition dedicated to responsible business conduct in the global supply chain.

We support, and require our suppliers to support, the RBA Code of Conduct.

Each year we donate a portion of our annual profits to charitable organizations, allocating global site grants to support local community needs, and providing corporate matching gifts for our US-based employees.

Each year we donate to charitable organizations and allocate global site grants to support local community needs.

We also offer 24 hours of paid time off annually for employees to volunteer in their communities.

Our philanthropy program prioritizes financial, volunteer and in-kind support to organizations that are helping to expand technology access and education to underrepresented groups, support advancements in sustainability and energy conservation, and invest in critical community needs where we work and live.

For more information on our ESG commitments and progress, please visit the Environmental, Social and Governance (“ESG”) section of our website at www.silabs.com.

For more information on our Sustainability and ESG commitments and progress, please visit the Environmental, Social and Governance (“ESG”) section of our website at www.silabs.com.

Our website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

Governmental Regulations

We are subject to international, federal, state and local regulations that are customary to businesses in the semiconductor industry.

Such regulations include:

We are subject to international, federal, state and local laws and regulations that are customary to businesses in the semiconductor industry, including those related to financial and other disclosures, accounting standards, corporate governance, intellectual property, tax, trade, including import, export and customs, antitrust, environment, health and safety, employment, immigration and travel, cybersecurity, privacy, data protection and localization, and anti-corruption.

Such laws and regulations include, but are not limited to:

• The Restriction of Hazardous Substances Directive (“RoHS”), which restricts the use of certain hazardous substances in electrical and electronic equipment;

2 unchanged sentences

• Conflict minerals reporting, which imposes disclosure requirements regarding the use of “conflict” minerals mined from the Democratic Republic of Congo and adjoining countries in products.

Our compliance with these laws and regulations has not had a material impact on our financial position or results of operations.

Although compliance with these laws has not had a material impact on our financial position and results of operations, the laws and regulations to which we are subject may differ among jurisdictions, and compliance with them may have a materially adverse impact on our business and results of operations in the future.

Available Information

Our website address is www.silabs.com.

Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available through the investor relations page of our website free of charge as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”).

Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities

Exchange Act of 1934 are available through the investor relations page of our website free of charge as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”).

Our website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business