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Silicon Labs Announces First Quarter 2016 Results

AUSTIN, Texas, Apr 27, 2016 (BUSINESS WIRE) -- Silicon Labs SLAB, +1.76% 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.

About Silicon Labs

Silicon Labs SLAB, +1.76% is a leading provider of silicon, software and solutions for the Internet of Things, Infrastructure, industrial automation, consumer and automotive markets. We solve the electronics industry’s toughest problems, providing customers with significant advantages in performance, energy savings, connectivity and design simplicity. Backed by our world-class engineering teams with strong software and mixed-signal design expertise, Silicon Labs empowers developers with the...


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