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Silicon Labs Announces Second Quarter 2020 Results
-- Strong Results Led by Accelerating Trends in Connectivity --
AUSTIN, Texas – July 29, 2020 – 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 July 4, 2020. Revenue was near the top end of the guidance range at $207.5 million, down from $214.9 million in the first quarter. Second quarter GAAP and non-GAAP diluted earnings (loss) per share (EPS) were $(0.04) and $0.74, respectively.
“Second quarter revenue was at the high end of our guidance range at $207.5 million,” said Tyson Tuttle, CEO of Silicon Labs. “Clearly, the global pandemic has and will continue to impact the way people live, work and play. We are well-positioned to execute our strategy in IoT connectivity and internet infrastructure in light of recent trends in the market, which we see accelerating as the world moves even faster to becoming more connected.”
Second Quarter Financial Highlights
|·||IoT revenue declined to $115.1 million, down 3% sequentially and 8% year-on-year.|
|·||Infrastructure and Automotive revenue declined to $92.5 million, down 5% sequentially and up 13% year-on-year.|
On a GAAP basis:
|·||GAAP gross margin was 60.9%.|
|·||GAAP R&D expenses were $71 million.|
|·||GAAP SG&A expenses were $48 million.|
|·||GAAP operating income as a percentage of revenue was 3.4%.|
|·||GAAP diluted loss per share was $(0.04).|
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense and other costs associated with convertible notes, and certain other items as set forth in the reconciliation tables below:
|·||Non-GAAP gross margin was 61.4%.|
|·||Non-GAAP R&D expenses were $52 million.|
|·||Non-GAAP SG&A expenses were $37 million.|
|·||Non-GAAP operating income as a percentage of revenue was 18.0%.|
|·||Non-GAAP diluted earnings per share were $0.74.|
The following information was filed by Silicon Laboratories Inc (SLAB) on Wednesday, July 29, 2020 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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