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Silicon Labs Announces Second Quarter 2018 Results
Delivers Record Revenue in IoT and Infrastructure
AUSTIN, Texas July 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 second quarter ended June 30, 2018. Revenue in the second quarter established a new, all-time record, achieving the high end of guidance at $217 million, up from $205 million in the first quarter. Second quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.32 and $0.92, respectively.
We continue to focus on long-term, high-quality, strategic growth vectors, including IoT, green energy and data communications, said Tyson Tuttle, CEO of Silicon Labs. The insatiable demand for data will persist, the electrification of the world will accelerate, and the value in connecting things will increase exponentially. The diversity of our business supports strong fundamentals and is driving greater consistency in our results. We are very pleased with what we have accomplished, and even more excited about what lies ahead.
Second Quarter Financial Highlights
· IoT revenue increased to $116 million, up 13% sequentially and 19% year-on-year.
· Infrastructure revenue increased to $52 million, up 4% sequentially and 35% year-on-year.
· Broadcast revenue declined to $34 million, down 5% sequentially and 7% year-on-year.
· Access revenue declined to $15 million, down 8% sequentially and 12% year-on-year.
On a GAAP basis:
· GAAP gross margin was 60.5%.
· GAAP R&D expenses were $59 million.
· GAAP SG&A expenses were $54 million.
· GAAP operating income as a percentage of revenue was 8.3%.
· GAAP diluted earnings per share were $0.32.
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 61.6%.
· Non-GAAP R&D expenses were $47 million.
· Non-GAAP SG&A expenses were $41 million.
The following information was filed by Silicon Laboratories Inc (SLAB) on Wednesday, July 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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