Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs' website ( www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at silabs.com/investors and make a replay available through May 4, 2022, online or by calling (877) 344-7529 (US) or (412) 317-0088 (international) and entering access code 1597850.
About Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. 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: the timing and scope of anticipated share repurchases, and/or dividends; the impact of COVID-19 on the U.S. and global economy, including the restrictions on travel and transportation and other actions taken by governmental authorities and disruptions to the business of our customers or our global supply chain that have occurred or may occur in the future, the ongoing impact of COVID-19 on our employees and our ability to provide services to our customers and respond to their needs; 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; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs' distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; 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 its 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 or pandemics, war and political unrest, including risks that demand and the supply chain may be adversely affected by military conflict (including between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally; 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 Silicon Labs' products and its networks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. The level of share repurchases and/or dividends depends on market conditions and the level of other uses of cash. 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.
Silicon Laboratories Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) | |||
| |||
| Three Months Ended | ||
| April 2,
|
| April 3,
|
Revenues | $233,814 |
| $157,857 |
Cost of revenues | 78,042 |
| 66,103 |
Gross profit | 155,772 |
| 91,754 |
Operating expenses: |
|
|
|
Research and development | 77,542 |
| 64,015 |
Selling, general and administrative | 44,647 |
| 42,454 |
Operating expenses | 122,189 |
| 106,469 |
Operating income (loss) | 33,583 |
| (14,715) |
Other income (expense): |
|
|
|
Interest income and other, net | 1,499 |
| 1,149 |
Interest expense | (1,680) |
| (11,324) |
Income (loss) from continuing operations before income taxes | 33,402 |
| (24,890) |
Provision for income taxes | 11,689 |
| 1,992 |
Equity-method earnings | 1,194 |
| 1,726 |
Income (loss) from continuing operations | 22,907 |
| (25,156) |
Income from discontinued operations, net of income taxes | -- |
| 38,665 |
|
|
|
|
Net income | $ 22,907 |
| $ 13,509 |
|
|
|
|
Basic earnings (loss) per share: |
|
|
|
Continuing operations | $ 0.60 |
| $ (0.57) |
Net income | $ 0.60 |
| $ 0.31 |
|
|
|
|
Diluted earnings (loss) per share: |
|
|
|
Continuing operations | $ 0.58 |
| $ (0.57) |
Net income | $ 0.58 |
| $ 0.29 |
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
Basic | 38,003 |
| 44,160 |
Diluted | 39,523 |
| 45,832 |