Silicon Labs Announces Third Quarter Results

Revenue and Earnings Exceed Guidance

AUSTIN, Texas — (BUSINESS WIRE) — October 28, 2015Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and system solutions for a smarter, more connected world, today reported financial results for its third quarter ended October 3, 2015. Revenue in the third quarter was just above the high end of guidance at $156.2 million, down from $164.9 million in the second quarter. Non-GAAP earnings per share for the third quarter were $0.51 versus the Company’s third quarter guidance range of $0.39 to $0.45.

Third Quarter Financial Highlights

On a GAAP basis:

  • Gross margin was 59.8 percent
  • R&D expenses were $46.5 million
  • SG&A expenses were $35.7 million
  • Operating income as a percentage of revenue was 7.2 percent
  • Diluted earnings per share were $0.23

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

  • Gross margin was 60.2 percent
  • R&D expenses were $36.6 million
  • SG&A expenses were $31.4 million
  • Operating income as a percentage of revenue was 16.7 percent
  • Diluted earnings per share were $0.51

Business Highlights

  • IoT product revenue declined slightly to $65.3 million, delivering 25% year-on-year growth
  • Infrastructure product revenue established a new record at $31.1 million
  • Broadcast revenue declined less than expected to $36.5 million
  • Access revenue declined to $23.3 million, as expected

Product Highlights

Business Outlook

The company expects revenue in the fourth quarter to be in the range of $156 million to $161 million. Fourth quarter diluted earnings per share are expected to be between $0.05 and $0.11 on a GAAP basis and between $0.45 and $0.51 on a non-GAAP basis.

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