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Silicon Labs Announces First Quarter 2018 Results
Company Delivers 15 Percent Q1 Year-on-Year Revenue Growth
AUSTIN, Texas April 25, 2018 Silicon 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 March 31, 2018. Revenue in the first quarter exceeded the high end of guidance at $205 million, up from $201 million in the fourth quarter, and establishing a new all-time record. First quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.60 and $0.87, respectively.
We are very pleased to report outstanding first quarter 2018 financial performance, including 15 percent Q1 year-on-year revenue growth, said Tyson Tuttle, CEO of Silicon Labs. We are excited about the acquisition of Z-Wave, and believe we have the right strategy, products and team in place to achieve our growth objectives. Together, we will continue to deliver differentiated solutions to address large, sustainable, high-quality growth markets.
First Quarter Financial Highlights
· Infrastructure revenue increased to $49 million, up 26% sequentially and 37% year-on-year.
· IoT revenue declined to $103 million, down 6% sequentially and up 17% year-on-year.
· Broadcast revenue was $36 million, up less than 1% sequentially and down 3% year-on-year.
· Access revenue increased to $17 million, up 2% sequentially and down 6% year-on-year.
On a GAAP basis:
· GAAP gross margin was 60.5%.
· GAAP R&D expenses were $55 million.
· GAAP SG&A expenses were $46 million.
· GAAP operating income as a percentage of revenue was 11.5%.
· GAAP diluted earnings per share were $0.60.
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:
· Non-GAAP gross margin was 60.6%.
The following information was filed by Silicon Laboratories Inc (SLAB) on Wednesday, April 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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