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25.04.2018 13:05:00
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Silicon Labs Announces First Quarter 2018 Results
AUSTIN, Texas, April 25, 2018 /PRNewswire/ -- 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%.
- Non-GAAP R&D expenses were $44 million.
- Non-GAAP SG&A expenses were $37 million.
- Non-GAAP operating income as a percentage of revenue was 20.9%.
- Non-GAAP diluted earnings per share were $0.87.
Product Highlights
- Introduced the first low-power Wi-Fi® portfolio, including WF200 transceivers and WFM200 modules, designed specifically for the IoT.
- Released the industry's first comprehensive network performance results based on large-scale testing of Zigbee®, Thread and Bluetooth® mesh software.
- Expanded the EFM32™ Tiny Gecko MCU family to provide a cost-effective, ultra-low-power solution for connected devices requiring long battery life.
- Launched the Si3406x and Si3404 Power over Ethernet (PoE) Powered Device (PD) families delivering best-in-class integration and power conversion efficiency for a wide range of IoT applications.
- Introduced new low-power PCI Express® Si532xx clock buffers providing low-jitter clock distribution for data center, industrial, communications and consumer designs.
Business Highlights
- Completed the asset purchase of Sigma Designs' Z-Wave business for $240 million on April 18, 2018, expanding Silicon Labs' leading position in mesh networking for the smart home.
- Won VDC Research's Embeddy Award for Best of Show in the hardware category for the WFx200 Wi-Fi portfolio at the 2018 Embedded World conference.
Business Outlook
The company expects revenue in the second quarter to be in the range of $211 million to $217 million, and also estimates the following:
On a GAAP basis:
- GAAP gross margin at approximately 58.5%.
- GAAP operating expenses at approximately $111.0 million.
- GAAP effective tax rate at 0.0%.
- GAAP diluted earnings per share between $0.23 and $0.29.
On a non-GAAP basis, and 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 at approximately 59.5%.
- Non-GAAP operating expenses at approximately $86.0 million.
- Non-GAAP effective tax rate at 11.0%.
- Non-GAAP diluted earnings per share between $0.81 and $0.87.
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 88340291. The replay will be available through May 23, 2018.
About Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leading provider of silicon, software and solutions for a smarter, more connected world. Our award-winning technologies are shaping the future of the Internet of Things, Internet infrastructure, industrial automation, consumer and automotive markets. Our world-class engineering team creates products focused on performance, energy savings, connectivity and simplicity. www.silabs.com
Forward-Looking Statements
This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; dependence on a limited number of products and customers; intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing our distributors, manufacturers and subcontractors; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with our accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics, war and political unrest; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against our products and our networks; conflict mineral risks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.
Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.
CONTACT: Jalene Hoover, +1 (512) 428-1610, Jalene.Hoover@silabs.com
Silicon Laboratories Inc. | |||
Condensed Consolidated Statements of Income | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
Three Months Ended | |||
March 31, | April 1, | ||
Revenues | $205,384 | $179,028 | |
Cost of revenues | 81,147 | 73,867 | |
Gross margin | 124,237 | 105,161 | |
Operating expenses: | |||
Research and development | 54,828 | 52,324 | |
Selling, general and administrative | 45,694 | 40,155 | |
Operating expenses | 100,522 | 92,479 | |
Operating income | 23,715 | 12,682 | |
Other income (expense): | |||
Interest income and other, net | 3,202 | 576 | |
Interest expense | (4,883) | 198 | |
Income before income taxes | 22,034 | 13,456 | |
Provision (benefit) for income taxes | (4,371) | (1,970) | |
Net income | $ 26,405 | $ 15,426 | |
Earnings per share: | |||
Basic | $ 0.61 | $ 0.37 | |
Diluted | $ 0.60 | $ 0.36 | |
Weighted-average common shares outstanding: | |||
Basic | 42,963 | 42,096 | |
Diluted | 43,918 | 43,030 | |
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Non-GAAP Income | Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||
GAAP | GAAP Percent of | Stock | Intangible | Acquisition | Non-GAAP | Non-GAAP | ||||||||||||||||||||||||||
Revenues | $205,384 | |||||||||||||||||||||||||||||||
Gross margin | 124,237 | 60.5% | $ 296 | $ -- | $ -- | $124,533 | 60.6% | |||||||||||||||||||||||||
Research and development | 54,828 | 26.7% | 5,769 | 4,787 | -- | 44,272 | 21.6% | |||||||||||||||||||||||||
Selling, general and administrative | 45,694 | 22.3% | 6,127 | 1,515 | 700 | 37,352 | 18.1% | |||||||||||||||||||||||||
Operating income | 23,715 | 11.5% | 12,192 | 6,302 | 700 | 42,909 | 20.9% | |||||||||||||||||||||||||
Non-GAAP | Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||
GAAP | Stock | Intangible | Acquisition | Termination | Non-cash | Income Tax | Non-GAAP | |||||||||||||||||||||||||
Net income | $26,405 | $12,192 | $6,302 | $700 | $(985) | $2,754 | $(9,045) | $38,323 | ||||||||||||||||||||||||
Diluted shares outstanding | 43,918 | 43,918 | ||||||||||||||||||||||||||||||
Diluted earnings per share | $ 0.60 | $ 0.87 | ||||||||||||||||||||||||||||||
* Represents pre-tax amounts |
Unaudited Forward-Looking Statements Regarding Business Outlook | ||||||
(In millions, except per share data) | ||||||
Business Outlook | Three Months Ending June 30, 2018 | |||||
GAAP Measure | Non-GAAP Adjustments | Non-GAAP Measure | ||||
Gross margin | 58.5% | 1.0% | 59.5% | |||
Operating expenses | $111 | $25 | $86 | |||
Effective tax rate | 0.0% | 11.0% | 11.0% | |||
Diluted earnings per share - low | $0.23 | $0.58 | $0.81 | |||
Diluted earnings per share - high | $0.29 | $0.58 | $0.87 | |||
Silicon Laboratories Inc. | |||
Condensed Consolidated Balance Sheets | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
March 31, | December 30, 2017 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 342,272 | $ 269,366 | |
Short-term investments | 417,867 | 494,657 | |
Accounts receivable, net | 75,122 | 71,367 | |
Inventories | 76,505 | 73,132 | |
Prepaid expenses and other current assets | 64,555 | 39,120 | |
Total current assets | 976,321 | 947,642 | |
Property and equipment, net | 129,894 | 127,682 | |
Goodwill | 288,227 | 288,227 | |
Other intangible assets, net | 76,716 | 83,144 | |
Other assets, net | 94,837 | 88,387 | |
Total assets | $1,565,995 | $1,535,082 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 50,068 | $ 38,851 | |
Deferred revenue and returns liability | 25,426 | -- | |
Deferred income on shipments to distributors | -- | 50,115 | |
Other current liabilities | 69,310 | 73,359 | |
Total current liabilities | 144,804 | 162,325 | |
Convertible debt | 345,049 | 341,879 | |
Other non-current liabilities | 75,567 | 77,862 | |
Total liabilities | 565,420 | 582,066 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued | -- | -- | |
Common stock – $0.0001 par value; 250,000 shares authorized; 43,227 and 42,707 shares issued and outstanding at March 31, 2018 and December 30, 2017, respectively | 4 | 4 | |
Additional paid-in capital | 98,396 | 102,862 | |
Retained earnings | 904,160 | 851,307 | |
Accumulated other comprehensive loss | (1,985) | (1,157) | |
Total stockholders' equity | 1,000,575 | 953,016 | |
Total liabilities and stockholders' equity | $1,565,995 | $1,535,082 | |
Silicon Laboratories Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(In thousands) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | April 1, | |||
Operating Activities | ||||
Net income | $ 26,405 | $ 15,426 | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation of property and equipment | 3,704 | 3,596 | ||
Amortization of other intangible assets and other assets | 6,427 | 6,752 | ||
Amortization of debt discount and debt issuance costs | 3,169 | 869 | ||
Stock-based compensation expense | 12,192 | 10,486 | ||
Deferred income taxes | (4,780) | (4,059) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (3,307) | (1,252) | ||
Inventories | (3,368) | (1,636) | ||
Prepaid expenses and other assets | (17,169) | 6,708 | ||
Accounts payable | 13,030 | 5,565 | ||
Other current liabilities and income taxes | (9,643) | (2,944) | ||
Deferred income, deferred revenue and returns liability | (2,599) | 4,038 | ||
Other non-current liabilities | (1,849) | (1,536) | ||
Net cash provided by operating activities | 22,212 | 42,013 | ||
Investing Activities | ||||
Purchases of available-for-sale investments | (52,821) | (267,777) | ||
Sales and maturities of available-for-sale investments | 128,975 | 25,595 | ||
Purchases of property and equipment | (4,102) | (4,543) | ||
Purchases of other assets | (4,698) | (1,446) | ||
Acquisition of business, net of cash acquired | -- | (13,658) | ||
Net cash provided by (used in) investing activities | 67,354 | (261,829) | ||
Financing Activities | ||||
Proceeds from issuance of long-term debt, net | -- | 390,000 | ||
Payments on debt | -- | (72,500) | ||
Payment of taxes withheld for vested stock awards | (17,871) | (13,553) | ||
Proceeds from the issuance of common stock | 1,211 | 162 | ||
Net cash provided by (used in) financing activities | (16,660) | 304,109 | ||
Increase in cash and cash equivalents | 72,906 | 84,293 | ||
Cash and cash equivalents at beginning of period | 269,366 | 141,106 | ||
Cash and cash equivalents at end of period | $342,272 | $225,399 | ||
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SOURCE Silicon Labs
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