Silicon Labs Announces First Quarter 2016 Results

Record Revenue in IoT and Infrastructure Drives Solid Beat

AUSTIN, Texas — (BUSINESS WIRE) — April 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 first quarter ended April 2, 2016. Revenue in the first quarter slightly exceeded the high end of guidance at $162.0 million, up from $160.1 million in the fourth quarter. First quarter non-GAAP earnings per share (EPS) exceeded the high end of guidance at $0.51.

First Quarter Financial Highlights

  • IoT revenue exceeded expectations and established a new record, increasing to $70.9 million, or 5.5% sequentially
  • Infrastructure revenue established a new record, increasing to $31.6 million, or 3.3% sequentially
  • Broadcast revenue declined to $38.4 million, or 3.1% sequentially
  • Access revenue declined to $21.1 million, or 6.7% sequentially

On a GAAP basis:

  • Gross margin was 59.0%
  • R&D expenses were $49.0 million
  • SG&A expenses were $39.6 million
  • Operating income as a percentage of revenue was 4.2%
  • Diluted earnings per share were $0.14

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 59.6%
  • R&D expenses were $38.5 million
  • SG&A expenses were $33.0 million
  • Operating income as a percentage of revenue was 15.5%
  • Diluted earnings per share were $0.51

Product Highlights

  • Introduced the pre-certified BGM113 Blue Gecko Bluetooth® module offering an optimal combination of small footprint, ease of use and low-energy wireless technology.
  • Launched the Wizard Gecko WGM110 Wi-Fi® module for applications where strong RF performance, low power consumption and fast time to market are key requirements.
  • Introduced the multiprotocol Wireless Gecko SoC portfolio supporting ZigBee®, Thread, Bluetooth low energy and proprietary protocols for IoT applications.
  • Launched the Si827x isolated gate driver family providing the industry’s highest noise immunity for power supplies, solar inverters, and electric and hybrid electric vehicles.
  • Announced the high-performance jitter-attenuating Si534xH clock family that reduces the cost and complexity of high-speed 100G/400G coherent optical networking applications.

Business Outlook

Including $5 million in patent sale revenue, the company expects revenue in the second quarter to be in the range of $168 million to $173 million. Second quarter diluted earnings per share are expected to be between $0.23 and $0.29 on a GAAP basis, and between $0.61 and $0.67 on a non-GAAP basis, which reflects an expected $0.09 after-tax benefit from the patent sale transaction.

“Strong top line performance, fueled by record revenue in IoT and Infrastructure, combined with good gross margin results and favorable opex, drove a solid beat in first quarter non-GAAP EPS,” said Tyson Tuttle, CEO of Silicon Labs. “Over the past 20 years, we’ve established ourselves as a leading innovator of silicon, software and solutions for a more connected world. The launch of our multiprotocol Wireless Gecko portfolio enables game-changing functionality for our customers and will drive our growth and success in the broad IoT market.”

Webcast and Conference Call

A conference call discussing the quarterly results will follow this press release at 7:30 a.m. Central time. An audio webcast will be available on Silicon Labs' website ( www.silabs.com ) under Investor Relations . A replay will be available after the call at the same website listed above or by calling 1 (855) 859-2056 or (404) 537-3406 (international) and entering conference ID 83470730. The replay will be available through May 27, 2016.

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