Silicon Labs Reports Second Quarter 2024 Results
Silicon Labs (NASDAQ: SLAB) reported strong Q2 2024 results with revenue of $145 million. The company saw growth driven by design wins and inventory reduction. Key financial highlights include:
- Industrial & Commercial revenue: $88 million
- Home & Life revenue: $57 million
- GAAP gross margin: 53%
- Non-GAAP gross margin: 53%
- GAAP diluted loss per share: $(2.56)
- Non-GAAP diluted loss per share: $(0.56)
Silicon Labs announced the xG22E family of wireless SoCs for energy harvesting applications. The company expects Q3 2024 revenue between $160-$170 million with a non-GAAP gross margin of 54-56% and a non-GAAP diluted loss per share between $(0.10) to $(0.30).
Silicon Labs (NASDAQ: SLAB) ha riportato risultati solidi per il secondo trimestre del 2024, con un fatturato di 145 milioni di dollari. La crescita dell'azienda è stata sostenuta da vincite nel design e dalla riduzione delle giacenze. I principali punti finanziari includono:
- Fatturato Industriale e Commerciale: 88 milioni di dollari
- Fatturato Casa e Vita: 57 milioni di dollari
- Margine lordo GAAP: 53%
- Margine lordo Non-GAAP: 53%
- Perdita diluita per azione GAAP: $(2,56)
- Perdita diluita per azione Non-GAAP: $(0,56)
Silicon Labs ha annunciato la famiglia di SoC wireless xG22E per applicazioni di energia ricavata. L'azienda prevede un fatturato per il terzo trimestre 2024 compreso tra 160-170 milioni di dollari, con un margine lordo Non-GAAP del 54-56% e una perdita diluita per azione Non-GAAP compresa tra $(0,10) e $(0,30).
Silicon Labs (NASDAQ: SLAB) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos de 145 millones de dólares. El crecimiento de la empresa fue impulsado por victorias de diseño y reducción de inventarios. Los puntos financieros clave incluyen:
- Ingresos Industriales y Comerciales: 88 millones de dólares
- Ingresos del Hogar y la Vida: 57 millones de dólares
- Margen bruto GAAP: 53%
- Margen bruto No-GAAP: 53%
- Pérdida diluida por acción GAAP: $(2.56)
- Pérdida diluida por acción No-GAAP: $(0.56)
Silicon Labs anunció la familia de SoCs inalámbricos xG22E para aplicaciones de recolección de energía. La empresa espera ingresos para el tercer trimestre de 2024 entre 160-170 millones de dólares, con un margen bruto No-GAAP del 54-56% y una pérdida diluida por acción No-GAAP entre $(0.10) y $(0.30).
실리콘랩스 (NASDAQ: SLAB)는 2024년 2분기 실적을 발표하며 1억 4500만 달러의 수익을 기록했다고 전했습니다. 회사는 디자인 승리와 재고 감소에 힘입어 성장을 경험했습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 산업 및 상업 수익: 8천8백만 달러
- 홈 및 생활 수익: 5천7백만 달러
- GAAP 총 이익률: 53%
- 비GAAP 총 이익률: 53%
- GAAP 희석 주당 손실: $(2.56)
- 비GAAP 희석 주당 손실: $(0.56)
실리콘랩스는 에너지 수확 응용 프로그램을 위한 xG22E 무선 SoC 제품군을 발표했습니다. 회사는 2024년 3분기 수익이 1억 6000만 - 1억 7000만 달러 사이가 될 것으로 예상하며, 비GAAP 총 이익률은 54-56%이며 비GAAP 희석 주당 손실은 $(0.10)에서 $(0.30) 사이가 될 것으로 보입니다.
Silicon Labs (NASDAQ: SLAB) a annoncé des résultats solides pour le deuxième trimestre 2024, avec des revenus de 145 millions de dollars. L'entreprise a connu une croissance grâce à des gains de conception et à une réduction des stocks. Les principaux points financiers sont les suivants :
- Revenus industriels et commerciaux : 88 millions de dollars
- Revenus maison et vie : 57 millions de dollars
- Marge brute GAAP : 53%
- Marge brute Non-GAAP : 53%
- Perte diluée par action GAAP : $(2,56)
- Perte diluée par action Non-GAAP : $(0,56)
Silicon Labs a annoncé la famille de SoCs sans fil xG22E pour des applications de récolte d'énergie. L'entreprise prévoit des revenus pour le troisième trimestre 2024 compris entre 160-170 millions de dollars, avec une marge brute Non-GAAP de 54-56 % et une perte diluée par action Non-GAAP comprise entre $(0,10) et $(0,30).
Silicon Labs (NASDAQ: SLAB) hat für das zweite Quartal 2024 starke Ergebnisse bekannt gegeben, mit einem Umsatz von 145 Millionen Dollar. Das Wachstum des Unternehmens wurde durch Designgewinne und die Reduzierung von Beständen vorangetrieben. Wichtige Finanzkennzahlen umfassen:
- Einnahmen aus Industrie und Gewerbe: 88 Millionen Dollar
- Einnahmen aus Haus und Leben: 57 Millionen Dollar
- GAAP Bruttomarge: 53%
- Non-GAAP Bruttomarge: 53%
- GAAP verwässerter Verlust pro Aktie: $(2,56)
- Non-GAAP verwässerter Verlust pro Aktie: $(0,56)
Silicon Labs hat die xG22E-Familie von drahtlosen SoCs für Anwendungen zur Energieerzeugung vorgestellt. Das Unternehmen erwartet für das dritte Quartal 2024 Einnahmen zwischen 160-170 Millionen Dollar mit einer Non-GAAP Bruttomarge von 54-56% und einem Non-GAAP verwässerten Verlust pro Aktie zwischen $(0,10) und $(0,30).
- Strong sequential growth in Q2 2024
- Design wins ramping to production in key growth areas
- Expected revenue growth in Q3 2024
- Expansion of Works With Developers Conference to multiple locations
- Launch of new xG22E family of wireless SoCs for energy harvesting applications
- Projected Q3 2024 revenue increase to $160-$170 million from $145 million in Q2
- GAAP operating loss of $48 million in Q2 2024
- Non-GAAP operating loss of $25 million in Q2 2024
- GAAP diluted loss per share of $(2.56) in Q2 2024
- Non-GAAP diluted loss per share of $(0.56) in Q2 2024
- Projected GAAP diluted loss per share between $(0.95) to $(1.25) for Q3 2024
- Projected Non-GAAP diluted loss per share between $(0.10) to $(0.30) for Q3 2024
Silicon Labs' second-quarter financial results offer important insights into the company's current performance and projections. The revenue of $145 million reflects sequential growth driven by design wins and inventory reductions. However, the GAAP operating loss of $48 million and GAAP diluted loss per share of $(2.56) suggest the company is still dealing with significant operational expenses and challenges. The non-GAAP figures present a somewhat more favorable picture, with a non-GAAP operating loss of $25 million and diluted loss per share of $(0.56), but these still indicate a lack of profitability.
The forecast for Q3 indicates revenue growth, with expectations between
Silicon Labs' announcement of the new xG22E family of wireless SoCs signifies a substantial leap in the IoT space. These SoCs feature ultra-low power capabilities, making them ideal for battery-free, energy harvesting applications. This innovation aligns with the current market demand for sustainable and energy-efficient solutions. For tech-savvy investors, the introduction of the BG22E, MG22E and FG22E models opens up new possibilities in Smart Cities, AI and Machine Learning applications. This technology could drive future revenue increases by capturing new market segments in IoT.
The expansion of the 'Works With Developers Conference' further cements Silicon Labs’ position as an authority in the wireless IoT domain. By tailoring content to regional markets, the company is likely to boost global adoption and foster innovation. This move can lead to more design wins and partnerships, contributing to long-term growth. Investors should monitor the adoption rate of these new SoCs and the outcomes of the developer conferences as key indicators of future performance.
The second-quarter results and business highlights show that Silicon Labs is navigating a challenging market environment. The focus on clearing excess inventory and the sequential growth in revenue are positive signs. However, the ongoing losses highlight the need for careful management of operating expenses and strategic investments in growth areas. The projected revenue increase in Q3 suggests Silicon Labs is on a solid path, but the company must achieve profitability to reassure investors.
The expansion into energy-efficient IoT solutions with the xG22E family is strategic, aligning with global trends towards sustainability. The potential for battery-free applications in IoT devices can differentiate Silicon Labs in a competitive market, offering a long-term growth avenue. Retail investors should consider the balance between the company's innovative product line and its financial health. The key will be whether these innovations translate into substantial market share and revenue growth without excessively increasing operating costs.
Wireless IoT leader delivers strong second-quarter growth
"Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory," said Matt Johnson, President and Chief Executive Officer at Silicon Labs. "Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve."
Second Quarter Financial Highlights
- Revenue was
$145 million - Industrial & Commercial revenue for the quarter was
$88 million - Home & Life revenue for the quarter was
$57 million
Results on a GAAP basis:
- GAAP gross margin was
53% - GAAP operating expenses were
$125 million - GAAP operating loss was
$48 million - GAAP diluted loss per share was
$(2.56)
Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:
- Non-GAAP gross margin was
53% - Non-GAAP operating expenses were
$102 million - Non-GAAP operating loss was
$25 million - Non-GAAP diluted loss per share was
$(0.56)
Business Highlights
- Due to popular demand, Silicon Labs is expanding its fifth annual Works With Developers Conference this fall with live events in San Jose, Hyderabad, and
Shanghai . Each event's agenda is tailored to regional market needs and covers key IoT topics like Matter, Smart Cities, AI and Machine Learning, and Security. - Announced Silicon Labs' new xG22E family of wireless SoCs, its first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy harvesting applications. The new family consists of the BG22E, MG22E, and FG22E. As Silicon Labs' most energy-efficient SoCs to date, all three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or proprietary 2.4GHz. wireless devices for battery-optimized and battery-free devices that can harvest energy from external sources in their environments like indoor or outdoor ambient light, ambient radio waves, and kinetic motion.
Business Outlook
The company expects third-quarter revenue to be between
On a GAAP basis:
- GAAP gross margin to be between
54% to56% - GAAP operating expenses of approximately
to$123 million $125 million - GAAP diluted loss per share per share between
to$(0.95) $(1.25)
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:
- Non-GAAP gross margin to be between
54% to56% - Non-GAAP operating expenses of approximately
to$101 million $103 million - Non-GAAP diluted loss per share between
to$(0.10) $(0.30)
Earnings Webcast and Conference Call
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 investor.silabs.com and make a replay available through August 24, 2024.
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 competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including disruptions in the financial services industry; geographic concentration of manufacturers, assemblers, test service providers and customers in
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 Operations | |||||||
(In thousands, except per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 29, | July 1, | June 29, | July 1, | ||||
Revenues | $ 145,367 | $ 244,866 | $ 251,742 | $ 491,653 | |||
Cost of revenues | 68,784 | 101,091 | 120,090 | 194,018 | |||
Gross profit | 76,583 | 143,775 | 131,652 | 297,635 | |||
Operating expenses: | |||||||
Research and development | 85,909 | 85,902 | 166,559 | 175,298 | |||
Selling, general and administrative | 38,695 | 40,706 | 72,248 | 85,597 | |||
Operating expenses | 124,604 | 126,608 | 238,807 | 260,895 | |||
Operating income (loss) | (48,021) | 17,167 | (107,155) | 36,740 | |||
Other income (expense): | |||||||
Interest income and other, net | 2,790 | 7,780 | 5,522 | 12,616 | |||
Interest expense | (263) | (1,596) | (772) | (3,252) | |||
Income (loss) before income taxes | (45,494) | 23,351 | (102,405) | 46,104 | |||
Provision for income taxes | 36,663 | 12,338 | 36,278 | 20,091 | |||
Equity-method loss | — | (57) | — | (1,090) | |||
Net income (loss) | $ (82,157) | $ 10,956 | $ (138,683) | $ 24,923 | |||
Earnings (loss) per share: | |||||||
Basic | $ (2.56) | $ 0.35 | $ (4.33) | $ 0.78 | |||
Diluted | $ (2.56) | $ 0.33 | $ (4.33) | $ 0.75 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 32,124 | 31,614 | 32,018 | 31,786 | |||
Diluted | 32,124 | 32,926 | 32,018 | 33,339 |
Non-GAAP Financial Measurements
In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements.
The non-GAAP financial measurements do not replace the presentation of Silicon Labs' GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs' financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
Three Months Ended June 29, 2024 | ||||||||||||||
Non-GAAP Income Statement Items | GAAP Measure | GAAP Percent of Revenue | Stock Compensation Expense | Intangible Amortization | Termination | Non-GAAP Measure | Non-GAAP Percent of Revenue | |||||||
Revenues | $ 145,367 | |||||||||||||
Gross profit | 76,583 | 52.7 % | $ 412 | $ — | $ — | $ 76,995 | 53.0 % | |||||||
Research and development | 85,909 | 59.1 % | 10,217 | 6,061 | 902 | 68,729 | 47.3 % | |||||||
Selling, general and administrative | 38,695 | 26.6 % | 5,215 | 19 | 106 | 33,355 | 22.9 % | |||||||
Operating expenses | 124,604 | 85.7 % | 15,432 | 6,080 | 1,008 | 102,084 | 70.2 % | |||||||
Operating income (loss) | (48,021) | (33.0 %) | 15,844 | 6,080 | 1,008 | (25,089) | (17.3 %) |
Three Months Ended June 29, 2024 | ||||||||||||
Non-GAAP Loss Per Share | GAAP Measure | Stock Compensation Expense* | Intangible Asset Amortization* | Termination Costs* | Income Tax Adjustments | Non- GAAP Measure | ||||||
Net income (loss) | $ (82,157) | $ 15,844 | $ 6,080 | $ 1,008 | $ 41,176 | $ (18,049) | ||||||
Diluted shares outstanding | 32,124 | 32,124 | ||||||||||
Diluted loss per share | $ (2.56) | $ (0.56) |
* Represents pre-tax amounts |
Unaudited Forward-Looking Statements Regarding Business Outlook | ||||||
(In millions, except per share data) | ||||||
Three Months Ended | ||||||
Business Outlook | GAAP Measure | Non-GAAP Adjustments** | Non-GAAP Measure | |||
Gross margin | — % | |||||
Operating expenses | ||||||
Diluted loss per share |
** | Non-GAAP adjustments include the following estimates: stock compensation expense of |
Silicon Laboratories Inc. | |||
Condensed Consolidated Balance Sheets | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
June 29, | December 30, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 240,834 | $ 227,504 | |
Short-term investments | 98,336 | 211,720 | |
Accounts receivable, net | 41,212 | 29,295 | |
Inventories | 166,079 | 194,295 | |
Prepaid expenses and other current assets | 53,585 | 75,117 | |
Total current assets | 600,046 | 737,931 | |
Property and equipment, net | 139,397 | 145,890 | |
Goodwill | 376,389 | 376,389 | |
Other intangible assets, net | 47,374 | 59,533 | |
Other assets, net | 86,781 | 123,313 | |
Total assets | $ 1,249,987 | $ 1,443,056 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 39,295 | $ 57,498 | |
Revolving line of credit | — | 45,000 | |
Deferred revenue and returns liability | 3,323 | 2,117 | |
Other current liabilities | 57,495 | 58,955 | |
Total current liabilities | 100,113 | 163,570 | |
Other non-current liabilities | 56,845 | 70,804 | |
Total liabilities | 156,958 | 234,374 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock – | — | — | |
Common stock – | 3 | 3 | |
Additional paid-in capital | 39,232 | 16,973 | |
Retained earnings | 1,054,048 | 1,192,731 | |
Accumulated other comprehensive loss | (254) | (1,025) | |
Total stockholders' equity | 1,093,029 | 1,208,682 | |
Total liabilities and stockholders' equity | $ 1,249,987 | $ 1,443,056 |
Silicon Laboratories Inc. | |||
Condensed Consolidated Statements of Cash Flows | |||
(In thousands) | |||
(Unaudited) | |||
Six Months Ended | |||
June 29, | July 1, | ||
Operating Activities | |||
Net income (loss) | $ (138,683) | $ 24,923 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation of property and equipment | 13,152 | 12,441 | |
Amortization of other intangible assets | 12,160 | 12,904 | |
Amortization of debt issuance costs | — | 960 | |
Stock-based compensation expense | 29,455 | 31,377 | |
Equity-method loss | — | 1,090 | |
Deferred income taxes | 29,784 | (6,403) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (11,918) | (26,819) | |
Inventories | 28,123 | (45,064) | |
Prepaid expenses and other assets | 20,723 | 32,963 | |
Accounts payable | (19,341) | (30,003) | |
Other current liabilities and income taxes | (13,624) | (26,220) | |
Deferred revenue and returns liability | 1,206 | 4,326 | |
Other non-current liabilities | (6,703) | (1,975) | |
Net cash used in operating activities | (55,666) | (15,500) | |
Investing Activities | |||
Purchases of marketable securities | (17,700) | (81,427) | |
Sales of marketable securities | 34,538 | 339,555 | |
Maturities of marketable securities | 97,458 | 171,691 | |
Purchases of property and equipment | (5,577) | (13,462) | |
Proceeds from sale of equity investment | 12,382 | — | |
Purchases of other assets | — | (215) | |
Net cash provided by investing activities | 121,101 | 416,142 | |
Financing Activities | |||
Proceeds from revolving line of credit | — | 80,000 | |
Payments on debt | (45,000) | (536,124) | |
Repurchases of common stock | — | (201,095) | |
Payment of taxes withheld for vested stock awards | (15,213) | (16,310) | |
Proceeds from the issuance of common stock | 8,108 | 7,785 | |
Net cash used in financing activities | (52,105) | (665,744) | |
Increase (decrease) in cash and cash equivalents | 13,330 | (265,102) | |
Cash and cash equivalents at beginning of period | 227,504 | 499,915 | |
Cash and cash equivalents at end of period | $ 240,834 | $ 234,813 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-second-quarter-2024-results-302204803.html
SOURCE Silicon Labs
FAQ
What was Silicon Labs (SLAB) revenue for Q2 2024?
How did Silicon Labs (SLAB) perform in the Industrial & Commercial segment in Q2 2024?
What is Silicon Labs (SLAB) revenue guidance for Q3 2024?
What new product did Silicon Labs (SLAB) announce in Q2 2024?