Silicon Labs Announces Second Quarter 2016 Results

Exceeds Guidance on Revenue, Gross Margin and EPS

AUSTIN, Texas — (BUSINESS WIRE) — July 27, 2016Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today reported financial results for its second quarter ended July 2, 2016. Revenue in the second quarter exceeded the high end of guidance at $174.9 million, up from $162.0 million in the first quarter. Second quarter GAAP and non-GAAP earnings per share (EPS) exceeded the high end of guidance at $0.37 and $0.75, respectively.

Second Quarter Financial Highlights

  • IoT revenue established a new record, increasing to $76.7 million, or 8.3% sequentially
  • Infrastructure revenue established a new record, increasing to $35.7 million, or 12.9% sequentially, exclusive of $5 million in patent sale revenue recognized during the quarter
  • Broadcast revenue exceeded expectations, declining slightly to $38.0 million, or 1.2% sequentially
  • Access revenue declined to $19.5 million, or 7.7% sequentially

On a GAAP basis:

  • Gross margin was 61.9%
  • R&D expenses were $51.6 million
  • SG&A expenses were $39.0 million
  • Operating income as a percentage of revenue was 10.1%
  • Diluted earnings per share were $0.37

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 62.3%
  • R&D expenses were $40.6 million
  • SG&A expenses were $32.5 million
  • Operating income as a percentage of revenue was 20.5%
  • Diluted earnings per share were $0.75

Product Highlights

  • Launched the industry’s first multiband, multiprotocol wireless system-on-chip (SoC) devices, optimized for ultra-low-energy IoT applications and expanding the Wireless Gecko portfolio.
  • Released the new Connect networking stack simplifying the development of broad-based, proprietary wireless applications for the IoT.
  • Launched the new EZR32HG Happy Gecko family of wireless MCUs optimized for ultra-low-energy, battery-powered wireless applications in the sub-GHz band.
  • Introduced industrial-grade Busy Bee 8-bit MCUs designed to operate reliably in harsh industrial environments with temperatures up to 125 °C.
  • Released a comprehensive USB Type-C reference design, enabling developers to design USB-C cables and adapters quickly, easily and at minimal cost.
  • Introduced a new family of Si534xH clocks providing high-frequency clock synthesis, jitter attenuation and ultra-low phase noise required by coherent optical applications.

Business Outlook

The company expects revenue in the third quarter to be in the range of $171 million to $176 million. Third quarter diluted earnings per share are expected to be between $0.27 and $0.33 on a GAAP basis, and between $0.61 and $0.67 on a non-GAAP basis.

“We are pleased to report exceptional second quarter financial performance, including record revenue in all of our strategic growth products,” said Tyson Tuttle, CEO of Silicon Labs. “We have a 20-year history of leveraging our mixed-signal and RF design expertise to deliver highly integrated solutions, and we have consistently demonstrated our ability to pioneer innovation and achieve market leadership. Our vision is to connect people, devices and data across multiple markets and applications. We are beginning a new chapter in the creation of a more connected world, where the intersection of cloud computing and the proliferation of connected devices will transform our lives and economy in dramatic ways, and Silicon Labs is at the heart of it.”

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