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    Silicon Labs Reports Third Quarter 2024 Results

    11/4/24 4:05:00 PM ET
    $SLAB
    Semiconductors
    Technology
    Get the next $SLAB alert in real time by email

    Wireless IoT leader delivers third-quarter results above the midpoint of its guidance  

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

    (PRNewsfoto/Silicon Labs)

    "Silicon Labs delivered solid sequential revenue growth as several key design wins began ramping in the quarter," said Matt Johnson, President and Chief Executive Officer at Silicon Labs. "Looking ahead, progress on inventory destocking and demand recovery remains uneven across our end markets. Despite the uncertain market backdrop in the near-term, we remain well-positioned for long-term growth and market share expansion."

    Third Quarter Financial Highlights 

    • Revenue was $166 million
    • Industrial & Commercial revenue for the quarter was $96 million, up 10% sequentially
    • Home & Life revenue for the quarter was $70 million, up 22% sequentially

    Results on a GAAP basis:

    • GAAP gross margin was 54.3%
    • GAAP operating expenses were $120 million
    • GAAP operating loss was $30 million
    • GAAP diluted loss per share was $(0.88)

    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 54.5%
    • Non-GAAP operating expenses were $99 million
    • Non-GAAP operating loss was $8 million
    • Non-GAAP diluted loss per share was $(0.13)

    Business Highlights

    • Silicon Labs' 5th annual IoT developers conference, Works With, expanded its footprint this year with in-person events in key global regions, including Austin, San Jose, Hyderabad, and Shanghai. This signature event series unites device manufacturers, wireless experts, engineers, and industry leaders, and attracted over 500 companies – among them Amazon, Google, Samsung, and Nvidia. Notably, over 60% of attendees were new to Silicon Labs, with one-third from top strategic customer segments. Silicon Labs will further extend Works With virtually on November 20 & 21, reaching thousands of potential and existing customers worldwide.
    • Announced the general availability of its first Wi-Fi 6 solution: the SiWx917. The 917 family of SoC's is designed from the ground-up for ultra-low-power applications using Wi-Fi 6, Bluetooth, Matter, and IP networking for secure cloud connectivity while offering up to 2 years battery life on a single AAA battery in select IoT applications.
    • Announced support for Bluetooth Channel Sounding technology on its current xG24 platform, significantly enhancing the accuracy, interoperability, and security of distance measurement between two Bluetooth Low Energy (LE) devices in applications like building access controls, keyless entry, and asset tracking.
    • Announced that Silicon Labs' MG26 device for Bluetooth and 15.4 connectivity was awarded one of the IoT Evolution's Product of the Year awards. This multiprotocol wireless SoC was announced earlier this year and is built to be future proof as the needs of the IoT grow, featuring the same Matrix Vector Processor for dedicated machine learning as the upcoming Series 3.

    Business Outlook

    The company expects fourth-quarter revenue to be between $161 to $171 million. The company also estimates the following results:

    On a GAAP basis:

    • GAAP gross margin to be between 54% to 55%
    • GAAP operating expenses of approximately $118 million to $122 million
    • GAAP diluted loss per share 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 55%
    • Non-GAAP operating expenses of approximately $97 million to $99 million
    • Non-GAAP diluted loss per share between $(0.01) to $(0.21)

    Earnings Webcast and Conference Call 

    Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 3:30 pm 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 December 4, 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



    Nine Months Ended



    September 28,

    2024



    September 30,

    2023



    September 28,

    2024



    September 30,

    2023

    Revenues

    $           166,395



    $           203,760



    $           418,137



    $           695,413

    Cost of revenues

    76,082



    84,735



    196,172



    278,753

    Gross profit

    90,313



    119,025



    221,965



    416,660

    Operating expenses:















    Research and development

    83,228



    79,042



    249,787



    254,340

    Selling, general and administrative

    36,793



    27,766



    109,041



    113,363

    Operating expenses

    120,021



    106,808



    358,828



    367,703

    Operating income (loss)

    (29,708)



    12,217



    (136,863)



    48,957

    Other income (expense):















    Interest income and other, net

    3,487



    2,938



    9,009



    15,554

    Interest expense

    (278)



    (1,359)



    (1,050)



    (4,611)

    Income (loss) before income taxes

    (26,499)



    13,796



    (128,904)



    59,900

    Provision for income taxes

    2,005



    3,388



    38,283



    23,479

    Equity-method loss

    —



    (60)



    —



    (1,150)

    Net income (loss)

    $            (28,504)



    $             10,348



    $         (167,187)



    $             35,271

















    Earnings (loss) per share:















    Basic

    $                (0.88)



    $                  0.33



    $                (5.21)



    $                  1.11

    Diluted

    $                (0.88)



    $                  0.32



    $                (5.21)



    $                  1.07

















    Weighted-average common shares outstanding:















    Basic

    32,309



    31,796



    32,114



    31,789

    Diluted

    32,309



    32,078



    32,114



    32,919

     

    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

    September 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



    $    166,395















































    Gross profit



    90,313



    54.3 %



    $                369



    $                —



    $         90,682



    54.5 %



























    Research and development



    83,228



    50.0 %



    10,255



    5,438



    67,535



    40.6 %



























    Selling, general and administrative



    36,793



    22.1 %



    5,279



    —



    31,514



    18.9 %



























    Operating expenses



    120,021



    72.1 %



    15,534



    5,438



    99,049



    59.5 %



























    Operating income (loss)



    (29,708)



    (17.9 %)



    15,903



    5,438



    (8,367)



    (5.0 %)

     





    Three Months Ended

    September 28, 2024

    Non-GAAP Loss Per Share



    GAAP

    Measure



    Stock

    Compensation

    Expense*



    Intangible

    Asset

    Amortization*



    Income

    Tax

    Adjustments



    Non-

    GAAP

    Measure

    Net income (loss)



    $    (28,504)



    $          15,903



    $             5,438



    $             3,036



    $        (4,127)























    Diluted shares outstanding



    32,309















    32,309























    Diluted loss per share



    $        (0.88)















    $          (0.13)



    *   Represents pre-tax amounts

     

    Unaudited Forward-Looking Statements Regarding Business Outlook

    (In millions, except per share data)







    Three Months Ended

    December 28, 2024

    Business Outlook



    GAAP

    Measure



    Non-GAAP

    Adjustments**



    Non-GAAP

    Measure

    Gross margin



    54% to 55%



    — %



    54% to 55%















    Operating expenses



    $118 to $122



    $(21) to $(23)



    $97 to $99















    Diluted loss per share



    $(0.75) to $(1.05)



    $0.74 to $0.84



    $(0.01) to $(0.21)



    **  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)





    September 28,

    2024



    December 30,

    2023

    Assets







    Current assets:







       Cash and cash equivalents

    $           303,082



    $           227,504

       Short-term investments

    66,596



    211,720

       Accounts receivable, net

    48,879



    29,295

       Inventories

    139,489



    194,295

       Prepaid expenses and other current assets

    56,090



    75,117

    Total current assets

    614,136



    737,931

    Property and equipment, net

    135,317



    145,890

    Goodwill

    376,389



    376,389

    Other intangible assets, net

    41,936



    59,533

    Other assets, net

    81,464



    123,313

    Total assets

    $        1,249,242



    $        1,443,056

    Liabilities and Stockholders' Equity







    Current liabilities:







       Accounts payable

    $             44,648



    $             57,498

       Revolving line of credit

    —



    45,000

       Deferred revenue and returns liability

    8,478



    2,117

       Other current liabilities

    65,179



    58,955

    Total current liabilities

    118,305



    163,570

    Other non-current liabilities

    49,551



    70,804

    Total liabilities

    167,856



    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; 32,343 and 31,897

       shares issued and outstanding at September 28, 2024 and December 30, 2023,

       respectively

    3



    3

       Additional paid-in capital

    55,567



    16,973

       Retained earnings

    1,025,544



    1,192,731

       Accumulated other comprehensive income (loss)

    272



    (1,025)

    Total stockholders' equity

    1,081,386



    1,208,682

    Total liabilities and stockholders' equity

    $        1,249,242



    $        1,443,056

     

    Silicon Laboratories Inc.

    Condensed Consolidated Statements of Cash Flows 

    (In thousands) 

    (Unaudited)





    Nine Months Ended



    September 28,

    2024



    September 30,

    2023

    Operating Activities







    Net income (loss)

    $         (167,187)



    $             35,271

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







    Depreciation of property and equipment

    19,302



    18,992

    Amortization of other intangible assets

    17,596



    19,162

    Amortization of debt issuance costs

    —



    960

    Stock-based compensation expense

    45,358



    37,167

    Equity-method loss

    —



    1,150

    Deferred income taxes

    29,100



    (5,881)

    Changes in operating assets and liabilities:







    Accounts receivable

    (19,585)



    (30,706)

    Inventories

    54,724



    (66,971)

    Prepaid expenses and other assets

    23,091



    8,085

    Accounts payable

    (13,849)



    (37,039)

    Other current liabilities and income taxes

    (5,004)



    (39,155)

    Deferred revenue and returns liability

    6,361



    3,286

    Other non-current liabilities

    (13,946)



    6,794

    Net cash used in operating activities

    (24,039)



    (48,885)









    Investing Activities







    Purchases of marketable securities

    (28,363)



    (91,493)

    Sales of marketable securities

    44,057



    365,073

    Maturities of marketable securities

    131,008



    171,766

    Purchases of property and equipment

    (7,785)



    (18,533)

    Proceeds from sale of equity investment

    12,382



    —

    Purchases of other assets

    —



    (395)

    Net cash provided by investing activities

    151,299



    426,418









    Financing Activities







    Proceeds from revolving line of credit

    —



    80,000

    Payments on debt

    (45,000)



    (571,157)

    Repurchases of common stock

    —



    (217,137)

    Payment of taxes withheld for vested stock awards

    (16,078)



    (17,239)

    Proceeds from the issuance of common stock

    9,396



    8,013

    Net cash used in financing activities

    (51,682)



    (717,520)









    Increase (decrease) in cash and cash equivalents

    75,578



    (339,987)

    Cash and cash equivalents at beginning of period

    227,504



    499,915

    Cash and cash equivalents at end of period

    $           303,082



    $           159,928

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-third-quarter-2024-results-302295817.html

    SOURCE Silicon Labs

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      New Custom Part Manufacturing Service (CPMS) and Device Attestation Certificates (DAC) Injection Streamline Security Implementation for Matter-Certified IoT Devices AUSTIN, Texas, Oct. 9, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ:SLAB), a leader in secure, intelligent wireless technology, in partnership with Kudelski IoT, a division of the Kudelski Group (SIX: KUD.S) and a global leader in digital security and IoT solutions, today announced a new solution to accelerate the time to market for Matter-certified IoT devices. The collaboration integrates Kudelski IoT's Matter Device Attestation Certificates (DAC) into Silicon Labs' Custom Part Manufacturing Service (CPMS), enabling device makers

      10/9/24 11:45:00 AM ET
      $SLAB
      Semiconductors
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    • Silicon Labs Appoints Bob Conrad as Senior Vice President of Worldwide Operations

      AUSTIN, Texas, April 24, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ:SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced the appointment of industry veteran Bob Conrad as its Senior Vice President of Worldwide Operations. Conrad transitions from his current role serving on Silicon Labs' Board of Directors and brings over 40 years of experience in the semiconductor industry to his new position. With a distinguished career that includes leadership roles at Texas Instruments, Analog Devices, Fairchild Semiconductor, Freescale, and NXP Semiconductors, Conrad's extensive background will bolster Silicon Labs' global operations as the company advance

      4/24/24 7:00:00 AM ET
      $SLAB
      Semiconductors
      Technology
    • Silicon Labs welcomes Radhika Chennakeshavula as CIO

      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
      $SLAB
      Semiconductors
      Technology