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    Silicon Labs Reports Second Quarter 2024 Results

    7/24/24 7:05:00 AM ET
    $SLAB
    Semiconductors
    Technology
    Get the next $SLAB alert in real time by email

    Wireless IoT leader delivers strong second-quarter growth

    AUSTIN, Texas, July 24, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ:SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the second quarter, which ended June 29, 2024.

    (PRNewsfoto/Silicon Labs)

    "Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory," said Matt Johnson, President and Chief Executive Officer at Silicon Labs. "Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve."

    Second Quarter Financial Highlights 

    • Revenue was $145 million
    • Industrial & Commercial revenue for the quarter was $88 million
    • Home & Life revenue for the quarter was $57 million

    Results on a GAAP basis:

    • GAAP gross margin was 53%
    • GAAP operating expenses were $125 million
    • GAAP operating loss was $48 million
    • GAAP diluted loss per share was $(2.56)

    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 53%
    • Non-GAAP operating expenses were $102 million
    • Non-GAAP operating loss was $25 million
    • Non-GAAP diluted loss per share was $(0.56)

    Business Highlights

    • Due to popular demand, Silicon Labs is expanding its fifth annual Works With Developers Conference this fall with live events in San Jose, Hyderabad, and Shanghai. Each event's agenda is tailored to regional market needs and covers key IoT topics like Matter, Smart Cities, AI and Machine Learning, and Security.
    • Announced Silicon Labs' new xG22E family of wireless SoCs, its first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy harvesting applications. The new family consists of the BG22E, MG22E, and FG22E. As Silicon Labs' most energy-efficient SoCs to date, all three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or proprietary 2.4GHz. wireless devices for battery-optimized and battery-free devices that can harvest energy from external sources in their environments like indoor or outdoor ambient light, ambient radio waves, and kinetic motion.

    Business Outlook

    The company expects third-quarter revenue to be between $160 to $170 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 $123 million to $125 million
    • GAAP diluted loss per share per share between $(0.95) to $(1.25)

    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 $101 million to $103 million
    • Non-GAAP diluted loss per share between $(0.10) to $(0.30)

    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 August 24, 2024.

    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 disruptions in the financial services industry; 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 COVID-19 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



    Six Months Ended



    June 29,

    2024



    July 1,

    2023



    June 29,

    2024



    July 1,

    2023

    Revenues

    $           145,367



    $           244,866



    $           251,742



    $           491,653

    Cost of revenues

    68,784



    101,091



    120,090



    194,018

    Gross profit

    76,583



    143,775



    131,652



    297,635

    Operating expenses:















    Research and development

    85,909



    85,902



    166,559



    175,298

    Selling, general and administrative

    38,695



    40,706



    72,248



    85,597

    Operating expenses

    124,604



    126,608



    238,807



    260,895

    Operating income (loss)

    (48,021)



    17,167



    (107,155)



    36,740

    Other income (expense):















    Interest income and other, net

    2,790



    7,780



    5,522



    12,616

    Interest expense

    (263)



    (1,596)



    (772)



    (3,252)

    Income (loss) before income taxes

    (45,494)



    23,351



    (102,405)



    46,104

    Provision for income taxes

    36,663



    12,338



    36,278



    20,091

    Equity-method loss

    —



    (57)



    —



    (1,090)

    Net income (loss)

    $            (82,157)



    $             10,956



    $         (138,683)



    $             24,923

















    Earnings (loss) per share:















    Basic

    $                (2.56)



    $                  0.35



    $                (4.33)



    $                  0.78

    Diluted

    $                (2.56)



    $                  0.33



    $                (4.33)



    $                  0.75

















    Weighted-average common shares outstanding:















    Basic

    32,124



    31,614



    32,018



    31,786

    Diluted

    32,124



    32,926



    32,018



    33,339

    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

    June 29, 2024

    Non-GAAP Income Statement Items



    GAAP

    Measure



    GAAP

    Percent of

    Revenue



    Stock

    Compensation

    Expense



    Intangible

    Asset

    Amortization



    Termination

    Costs



    Non-GAAP

    Measure



    Non-GAAP

    Percent of

    Revenue

    Revenues



    $     145,367























































    Gross profit



    76,583



    52.7 %



    $                 412



    $                —



    $                  —



    $          76,995



    53.0 %































    Research and development



    85,909



    59.1 %



    10,217



    6,061



    902



    68,729



    47.3 %































    Selling, general and administrative



    38,695



    26.6 %



    5,215



    19



    106



    33,355



    22.9 %































    Operating expenses



    124,604



    85.7 %



    15,432



    6,080



    1,008



    102,084



    70.2 %































    Operating income (loss)



    (48,021)



    (33.0 %)



    15,844



    6,080



    1,008



    (25,089)



    (17.3 %)

     





    Three Months Ended

    June 29, 2024

    Non-GAAP Loss Per Share



    GAAP

    Measure



    Stock

    Compensation

    Expense*



    Intangible

    Asset

    Amortization*



    Termination

    Costs*



    Income

    Tax

    Adjustments



    Non-

    GAAP

    Measure

    Net income (loss)



    $    (82,157)



    $          15,844



    $             6,080



    $           1,008



    $           41,176



    $      (18,049)



























    Diluted shares outstanding



    32,124



















    32,124



























    Diluted loss per share



    $        (2.56)



















    $          (0.56)

    *   Represents pre-tax amounts

     

    Unaudited Forward-Looking Statements Regarding Business Outlook

    (In millions, except per share data)







    Three Months Ended

    September 28, 2024

    Business Outlook



    GAAP

    Measure



    Non-GAAP

    Adjustments**



    Non-GAAP

    Measure

    Gross margin



    54% to 56%



    — %



    54% to 56%















    Operating expenses



    $123 to $125



    $(22)



    $101 to $103















    Diluted loss per share



    $(0.95) to $(1.25)



    $0.85 to $0.95



    $(0.10) to $(0.30)

    ** 

    Non-GAAP adjustments include the following estimates: stock compensation expense of $16.8 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)





    June 29,

    2024



    December 30,

    2023

    Assets







    Current assets:







    Cash and cash equivalents

    $           240,834



    $           227,504

    Short-term investments

    98,336



    211,720

    Accounts receivable, net

    41,212



    29,295

    Inventories

    166,079



    194,295

    Prepaid expenses and other current assets

    53,585



    75,117

    Total current assets

    600,046



    737,931

    Property and equipment, net

    139,397



    145,890

    Goodwill

    376,389



    376,389

    Other intangible assets, net

    47,374



    59,533

    Other assets, net

    86,781



    123,313

    Total assets

    $        1,249,987



    $        1,443,056

    Liabilities and Stockholders' Equity







    Current liabilities:







    Accounts payable

    $             39,295



    $             57,498

    Revolving line of credit

    —



    45,000

    Deferred revenue and returns liability

    3,323



    2,117

    Other current liabilities

    57,495



    58,955

    Total current liabilities

    100,113



    163,570

    Other non-current liabilities

    56,845



    70,804

    Total liabilities

    156,958



    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; 32,289 and 31,897 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively

    3



    3

    Additional paid-in capital

    39,232



    16,973

    Retained earnings

    1,054,048



    1,192,731

    Accumulated other comprehensive loss

    (254)



    (1,025)

    Total stockholders' equity

    1,093,029



    1,208,682

    Total liabilities and stockholders' equity

    $        1,249,987



    $        1,443,056

     

    Silicon Laboratories Inc.

    Condensed Consolidated Statements of Cash Flows 

    (In thousands) 

    (Unaudited)





    Six Months Ended



    June 29,

    2024



    July 1,

    2023

    Operating Activities







    Net income (loss)

    $         (138,683)



    $             24,923

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







    Depreciation of property and equipment

    13,152



    12,441

    Amortization of other intangible assets

    12,160



    12,904

    Amortization of debt issuance costs

    —



    960

    Stock-based compensation expense

    29,455



    31,377

    Equity-method loss

    —



    1,090

    Deferred income taxes

    29,784



    (6,403)

    Changes in operating assets and liabilities:







    Accounts receivable

    (11,918)



    (26,819)

    Inventories

    28,123



    (45,064)

    Prepaid expenses and other assets

    20,723



    32,963

    Accounts payable

    (19,341)



    (30,003)

    Other current liabilities and income taxes

    (13,624)



    (26,220)

    Deferred revenue and returns liability

    1,206



    4,326

    Other non-current liabilities

    (6,703)



    (1,975)

    Net cash used in operating activities

    (55,666)



    (15,500)









    Investing Activities







    Purchases of marketable securities

    (17,700)



    (81,427)

    Sales of marketable securities

    34,538



    339,555

    Maturities of marketable securities

    97,458



    171,691

    Purchases of property and equipment

    (5,577)



    (13,462)

    Proceeds from sale of equity investment

    12,382



    —

    Purchases of other assets

    —



    (215)

    Net cash provided by investing activities

    121,101



    416,142









    Financing Activities







    Proceeds from revolving line of credit

    —



    80,000

    Payments on debt

    (45,000)



    (536,124)

    Repurchases of common stock

    —



    (201,095)

    Payment of taxes withheld for vested stock awards

    (15,213)



    (16,310)

    Proceeds from the issuance of common stock

    8,108



    7,785

    Net cash used in financing activities

    (52,105)



    (665,744)









    Increase (decrease) in cash and cash equivalents

    13,330



    (265,102)

    Cash and cash equivalents at beginning of period

    227,504



    499,915

    Cash and cash equivalents at end of period

    $           240,834



    $           234,813

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-second-quarter-2024-results-302204803.html

    SOURCE Silicon Labs

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      AUSTIN, Texas, April 19, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ:SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced Radhika Chennakeshavula will join the company as Chief Information Officer (CIO), effective April 24, 2024. Chennakeshavula will drive Silicon Labs' digital transformation strategy, as well as oversee IT operations, enterprise applications and data analytics. Chennakeshavula previously served as the VP of Infrastructure Operations and Engineering Services at Western Digital, where she successfully led the infr

      4/19/24 8:49:00 AM ET
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    • Director Wyatt Christy sold $57,030 worth of shares (546 units at $104.45), decreasing direct ownership by 6% to 8,492 units (SEC Form 4)

      4 - SILICON LABORATORIES INC. (0001038074) (Issuer)

      5/6/25 6:57:33 PM ET
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    • Director Wyatt Christy was granted 1,843 shares, increasing direct ownership by 26% to 9,038 units (SEC Form 4)

      4 - SILICON LABORATORIES INC. (0001038074) (Issuer)

      4/25/25 12:22:52 PM ET
      $SLAB
      Semiconductors
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    • Director Lowe Gregg A was granted 1,843 shares, increasing direct ownership by 15% to 13,994 units (SEC Form 4)

      4 - SILICON LABORATORIES INC. (0001038074) (Issuer)

      4/25/25 12:22:00 PM ET
      $SLAB
      Semiconductors
      Technology