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Silicon Labs Announces Fourth Quarter and Full Year 2020 Results
-- Record Fourth Quarter Revenue Sets the Stage for an Even Stronger 2021 --
AUSTIN, Texas – February 3, 2021 – Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today reported financial results for its fourth quarter ended January 2, 2021. Revenue exceeded the top end of the guidance range at $242.9 million, up from $221.3 million in the third quarter. Revenue for the full year was $886.7 million, up from $837.6 million in 2019. Fourth quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.20 and $0.84, respectively. Full year GAAP and non-GAAP diluted EPS were $0.28 and $3.01, respectively.
“Fourth quarter revenue set a record at $242.9 million resulting in 10% sequential growth and full year revenue grew 6% over 2019,” said Tyson Tuttle, CEO of Silicon Labs. “Our IoT products led the way with a second consecutive quarter of record revenue. We exited the year with momentum, and we are looking forward to an even stronger 2021.”
Fourth Quarter Financial Highlights
|·||IoT revenue increased to $147.4 million, up 11% sequentially and 15% year-on-year.|
|·||Infrastructure and Automotive revenue increased to $95.5 million, up 8% sequentially and 4% year-on-year.|
On a GAAP basis:
|·||GAAP gross margin was 58.4%.|
|·||GAAP R&D expenses were $74 million.|
|·||GAAP SG&A expenses were $50 million.|
|·||GAAP operating income as a percentage of revenue was 7.3%.|
|·||GAAP diluted earnings per share was $0.20.|
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 58.6%.|
|·||Non-GAAP R&D expenses were $58 million.|
|·||Non-GAAP SG&A expenses were $39 million.|
|·||Non-GAAP operating income as a percentage of revenue was 18.7%.|
earnings per share were $0.84.|
The following information was filed by Silicon Laboratories Inc (SLAB) on Wednesday, February 3, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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