Silicon Labs Reports Fourth Quarter 2024 Results

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Semiconductors
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Wireless IoT leader delivers in-line fourth-quarter results and guides to sequential growth in first quarter  

AUSTIN, Texas, Feb. 4, 2025 /PRNewswire/ -- Silicon Labs (NASDAQ:SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the fourth quarter, which ended December 28, 2024.

"The Silicon Labs team executed well to close out 2024, with fourth quarter revenue nearly doubling from the same quarter one year ago," said Matt Johnson, President and Chief Executive Officer at Silicon Labs. "Looking ahead, we expect sequential revenue growth to resume beginning in the first quarter and are encouraged by our 2025 outlook as design wins across several key focus areas continue to ramp into production throughout the year."

Fourth Quarter Financial Highlights 

  • Revenue was $166 million
  • Industrial & Commercial revenue for the quarter was $89 million, down 8% sequentially
  • Home & Life revenue for the quarter was $78 million, up 11% sequentially

Results on a GAAP basis:

  • GAAP gross margin was 54.3%
  • GAAP operating expenses were $119 million
  • GAAP operating loss was $29 million
  • GAAP diluted loss per share was $(0.73)

Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:

  • Non-GAAP gross margin was 54.6%
  • Non-GAAP operating expenses were $98 million
  • Non-GAAP operating loss was $7 million
  • Non-GAAP diluted loss per share was $(0.11)

Business Outlook

The company expects first-quarter revenue to be between $170 to $185 million. The company also estimates the following results:

On a GAAP basis:

  • GAAP gross margin to be between 54% to 56%
  • GAAP operating expenses of approximately $128 million to $130 million
  • GAAP diluted loss per share between $(0.75) to $(1.05)

On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:

  • Non-GAAP gross margin to be between 54% to 56%
  • Non-GAAP operating expenses of approximately $103 million to $105 million
  • Non-GAAP diluted earnings (loss) per share between $0.01 to $(0.19)

Earnings Webcast and Conference Call 

Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs' website (www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at investor.silabs.com and make a replay available through March 6, 2025.

About Silicon Labs 

Silicon Labs (NASDAQ:SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. 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. silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe", "estimate", "expect", "intend", "anticipate", "plan", "project", "will", and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including tariffs or any other policy changes; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; risks that demand and the supply chain may be adversely affected by military conflict (including in the Middle East, and between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs' distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; the impact of public health crises on the U.S. and global economy; debt-related risks; capital-raising risks; the timing and scope of share repurchases and/or dividends; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs' products and its networks; risks associated with any material weakness in our internal controls over financial reporting; and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders. 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Operations 

(In thousands, except per share data) 

(Unaudited)





Three Months Ended



Year Ended



December 28,

2024



December 30,

2023



December 28,

2024



December 30,

2023

Revenues

$           166,249



$             86,845



$           584,386



$           782,258

Cost of revenues

76,026



42,919



272,198



321,672

Gross profit

90,223



43,926



312,188



460,586

Operating expenses:















Research and development

82,438



83,404



332,225



337,744

Selling, general and administrative

36,412



33,633



145,453



146,996

Operating expenses

118,850



117,037



477,678



484,740

Operating loss

(28,627)



(73,111)



(165,490)



(24,154)

Other income (expense):















Interest income and other, net

2,978



3,610



11,987



19,165

Interest expense

(260)



(942)



(1,310)



(5,554)

Loss before income taxes

(25,909)



(70,443)



(154,813)



(10,543)

Provision (benefit) for income taxes

(2,086)



(15,536)



36,197



7,943

Equity-method loss



(14,880)





(16,030)

Net loss

$            (23,823)



$            (69,787)



$         (191,010)



$            (34,516)

















Loss per share:















Basic

$                (0.73)



$                (2.19)



$                (5.93)



$                (1.09)

Diluted

$                (0.73)



$                (2.19)



$                (5.93)



$                (1.09)

















Weighted-average common shares outstanding:















Basic

32,420



31,848



32,191



31,804

Diluted

32,420



31,848



32,191



31,804

















Non-GAAP Financial Measurements

In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements.

The non-GAAP financial measurements do not replace the presentation of Silicon Labs' GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs' financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)







Three Months Ended

December 28, 2024





Non-GAAP Income Statement Items



GAAP

Measure



GAAP

Percent of

Revenue



Stock

Compensation

Expense



Intangible Asset

Amortization



Non-GAAP

Measure



Non-GAAP

Percent of

Revenue

Revenues



$    166,249















































Gross profit



90,223



54.3 %



$                485



$                —



$         90,708



54.6 %



























Research and development



82,438



49.6 %



10,199



5,437



66,802



40.2 %



























Selling, general and administrative



36,412



21.9 %



5,460





30,952



18.6 %



























Operating expenses



118,850



71.5 %



15,659



5,437



97,754



58.8 %



























Operating income (loss)



(28,627)



(17.2 %)



16,144



5,437



(7,046)



(4.2 %)

 





Three Months Ended

December 28, 2024

Non-GAAP Loss Per Share



GAAP

Measure



Stock

Compensation

Expense*



Intangible

Asset

Amortization*



Income

Tax

Adjustments



Non-

GAAP

Measure

Net income (loss)



$    (23,823)



$          16,144



$             5,437



$           (1,221)



$        (3,463)























Diluted shares outstanding



32,420















32,420























Diluted loss per share



$        (0.73)















$          (0.11)



*   Represents pre-tax amounts

 

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)







Three Months Ended

April 5, 2025

Business Outlook



GAAP

Measure



Non-GAAP

Adjustments**



Non-GAAP

Measure

Gross margin



54% to 56%



— %



54% to 56%















Operating expenses



$128 to $130



$(25)



$103 to $105















Diluted earnings (loss) per share



$(0.75) to $(1.05)



$0.76 to $0.86



$0.01 to $(0.19)



**  Non-GAAP adjustments include the following estimates: stock compensation expense of $20.1 million, intangible asset amortization of $5.4 million, and the application of a long-term non-GAAP tax rate of 20%.

 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets 

(In thousands, except per share data) 

(Unaudited)





December 28,

2024



December 30,

2023

Assets







Current assets:







  Cash and cash equivalents

$           281,607



$           227,504

  Short-term investments

100,554



211,720

  Accounts receivable, net

54,479



29,295

  Inventories

105,639



194,295

  Prepaid expenses and other current assets

59,754



75,117

Total current assets

602,033



737,931

Property and equipment, net

132,136



145,890

Goodwill

376,389



376,389

Other intangible assets, net

36,499



59,533

Other assets, net

75,617



123,313

Total assets

$        1,222,674



$        1,443,056

Liabilities and Stockholders' Equity







Current liabilities:







  Accounts payable

$             42,448



$             57,498

  Revolving line of credit



45,000

  Deferred revenue and returns liability

3,073



2,117

  Other current liabilities

52,362



58,955

Total current liabilities

97,883



163,570

Other non-current liabilities

44,770



70,804

Total liabilities

142,653



234,374

Commitments and contingencies







Stockholders' equity:







  Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued



  Common stock – $0.0001 par value; 250,000 shares authorized; 31,897 and 31,994

     shares issued and outstanding at December 30, 2023 and December 31, 2022,

     respectively

3



3

  Additional paid-in capital

78,227



16,973

  Retained earnings

1,001,721



1,192,731

  Accumulated other comprehensive income (loss)

70



(1,025)

Total stockholders' equity

1,080,021



1,208,682

Total liabilities and stockholders' equity

$        1,222,674



$        1,443,056

 

Silicon Laboratories Inc. 

Condensed Consolidated Statements of Cash Flows 

(In thousands) 

(Unaudited)





Year Ended



December 28,

2024



December 30,

2023

Operating Activities







Net loss

$         (191,010)



$            (34,516)

Adjustments to reconcile net loss to net cash used in operating activities:







Depreciation of property and equipment

25,551



25,707

Amortization of other intangible assets

23,034



25,374

Amortization of debt discount and debt issuance costs



960

Stock-based compensation expense

61,503



48,208

Equity-method loss



16,030

Deferred income taxes

29,470



(11,815)

Changes in operating assets and liabilities:







Accounts receivable

(25,184)



42,142

Inventories

88,494



(93,398)

Prepaid expenses and other assets

27,362



(10,733)

Accounts payable

(15,155)



(25,644)

Other current liabilities and income taxes

(21,768)



(37,793)

Deferred revenue and returns liability

956



(4,663)

Other non-current liabilities

(17,163)



29,793

Net cash used in operating activities

(13,910)



(30,348)









Investing Activities







Purchases of marketable securities

(73,602)



(103,485)

Sales of marketable securities

54,227



395,565

Maturities of marketable securities

131,858



200,530

Purchases of property and equipment

(11,748)



(22,282)

Proceeds from sale of equity investment

12,382



Purchases of other assets



(520)

Net cash provided by investing activities

113,117



469,808









Financing Activities







Proceeds from issuance of debt



80,000

Payments on debt

(45,000)



(571,157)

Repurchases of common stock

(16)



(217,137)

Payment of taxes withheld for vested stock awards

(16,434)



(18,189)

Proceeds from the issuance of common stock

16,346



14,612

Net cash used in financing activities

(45,104)



(711,871)









Increase (decrease) in cash and cash equivalents

54,103



(272,411)

Cash and cash equivalents at beginning of period

227,504



499,915

Cash and cash equivalents at end of period

$           281,607



$           227,504

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-fourth-quarter-2024-results-302367394.html

SOURCE Silicon Labs

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