Wireless IoT leader delivers in-line
fourth-quarter results and guides to sequential growth in first
quarter
AUSTIN,
Texas, Feb. 4, 2025 /PRNewswire/ -- Silicon
Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless
technology for a more connected world, reported financial results
for the fourth quarter, which ended December 28, 2024.
"The Silicon Labs team executed well to close out 2024, with
fourth quarter revenue nearly doubling from the same quarter one
year ago," said Matt Johnson,
President and Chief Executive Officer at Silicon Labs. "Looking
ahead, we expect sequential revenue growth to resume beginning in
the first quarter and are encouraged by our 2025 outlook as design
wins across several key focus areas continue to ramp into
production throughout the year."
Fourth Quarter Financial Highlights
- Revenue was $166 million
- Industrial & Commercial revenue for the quarter was
$89 million, down 8%
sequentially
- Home & Life revenue for the quarter was $78 million, up 11% sequentially
Results on a GAAP basis:
- GAAP gross margin was 54.3%
- GAAP operating expenses were $119
million
- GAAP operating loss was $29
million
- GAAP diluted loss per share was $(0.73)
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 54.6%
- Non-GAAP operating expenses were $98
million
- Non-GAAP operating loss was $7
million
- Non-GAAP diluted loss per share was $(0.11)
Business Outlook
The company expects first-quarter revenue to be between
$170 to $185
million. The company also estimates the following
results:
On a GAAP basis:
- GAAP gross margin to be between 54% to 56%
- GAAP operating expenses of approximately $128 million to $130
million
- GAAP diluted loss per share between $(0.75) to $(1.05)
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% to 56%
- Non-GAAP operating expenses of approximately $103 million to $105
million
- Non-GAAP diluted earnings (loss) per share between $0.01 to $(0.19)
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 March 6, 2025.
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 tariffs or any other policy changes;
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; risks that demand and the supply chain may be
adversely affected by military conflict (including in the
Middle East, and between
Russia and Ukraine), terrorism, sanctions or other
geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); 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; the impact of public health
crises on the U.S. and global economy; debt-related risks;
capital-raising risks; the timing and scope of share repurchases
and/or dividends; average selling prices of products may decrease
significantly and rapidly; information technology risks;
cyber-attacks against Silicon Labs' products and its networks;
risks associated with any material weakness in our internal
controls over financial reporting; 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.
|
Silicon Laboratories
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(In thousands,
except per share data)
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 28,
2024
|
|
December 30,
2023
|
|
December 28,
2024
|
|
December 30,
2023
|
|
Revenues
|
$
166,249
|
|
$
86,845
|
|
$
584,386
|
|
$
782,258
|
|
Cost of
revenues
|
76,026
|
|
42,919
|
|
272,198
|
|
321,672
|
|
Gross profit
|
90,223
|
|
43,926
|
|
312,188
|
|
460,586
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
82,438
|
|
83,404
|
|
332,225
|
|
337,744
|
|
Selling, general and
administrative
|
36,412
|
|
33,633
|
|
145,453
|
|
146,996
|
|
Operating
expenses
|
118,850
|
|
117,037
|
|
477,678
|
|
484,740
|
|
Operating
loss
|
(28,627)
|
|
(73,111)
|
|
(165,490)
|
|
(24,154)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest income and
other, net
|
2,978
|
|
3,610
|
|
11,987
|
|
19,165
|
|
Interest
expense
|
(260)
|
|
(942)
|
|
(1,310)
|
|
(5,554)
|
|
Loss before income
taxes
|
(25,909)
|
|
(70,443)
|
|
(154,813)
|
|
(10,543)
|
|
Provision (benefit) for
income taxes
|
(2,086)
|
|
(15,536)
|
|
36,197
|
|
7,943
|
|
Equity-method
loss
|
—
|
|
(14,880)
|
|
—
|
|
(16,030)
|
|
Net loss
|
$
(23,823)
|
|
$
(69,787)
|
|
$
(191,010)
|
|
$
(34,516)
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.73)
|
|
$
(2.19)
|
|
$
(5.93)
|
|
$
(1.09)
|
|
Diluted
|
$
(0.73)
|
|
$
(2.19)
|
|
$
(5.93)
|
|
$
(1.09)
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
32,420
|
|
31,848
|
|
32,191
|
|
31,804
|
|
Diluted
|
32,420
|
|
31,848
|
|
32,191
|
|
31,804
|
|
|
|
|
|
|
|
|
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
December 28,
2024
|
|
|
|
Non-GAAP Income
Statement Items
|
|
GAAP
Measure
|
|
GAAP
Percent
of
Revenue
|
|
Stock
Compensation
Expense
|
|
Intangible
Asset
Amortization
|
|
Non-GAAP
Measure
|
|
Non-GAAP
Percent
of
Revenue
|
|
Revenues
|
|
$
166,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
90,223
|
|
54.3 %
|
|
$
485
|
|
$
—
|
|
$
90,708
|
|
54.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
82,438
|
|
49.6 %
|
|
10,199
|
|
5,437
|
|
66,802
|
|
40.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
36,412
|
|
21.9 %
|
|
5,460
|
|
—
|
|
30,952
|
|
18.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
118,850
|
|
71.5 %
|
|
15,659
|
|
5,437
|
|
97,754
|
|
58.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(28,627)
|
|
(17.2 %)
|
|
16,144
|
|
5,437
|
|
(7,046)
|
|
(4.2 %)
|
|
|
Three Months
Ended
December 28,
2024
|
|
Non-GAAP Loss Per
Share
|
|
GAAP
Measure
|
|
Stock
Compensation
Expense*
|
|
Intangible
Asset
Amortization*
|
|
Income
Tax
Adjustments
|
|
Non-
GAAP
Measure
|
|
Net income
(loss)
|
|
$
(23,823)
|
|
$
16,144
|
|
$
5,437
|
|
$
(1,221)
|
|
$
(3,463)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
|
32,420
|
|
|
|
|
|
|
|
32,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share
|
|
$
(0.73)
|
|
|
|
|
|
|
|
$
(0.11)
|
|
|
*
Represents pre-tax amounts
|
|
Unaudited
Forward-Looking Statements Regarding Business
Outlook
|
|
(In millions, except
per share data)
|
|
|
|
Three Months
Ended
April 5, 2025
|
|
Business
Outlook
|
|
GAAP
Measure
|
|
Non-GAAP
Adjustments**
|
|
Non-GAAP
Measure
|
|
Gross margin
|
|
54% to 56%
|
|
— %
|
|
54% to 56%
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
$128 to $130
|
|
$(25)
|
|
$103 to $105
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share
|
|
$(0.75) to
$(1.05)
|
|
$0.76 to
$0.86
|
|
$0.01 to
$(0.19)
|
|
|
** Non-GAAP
adjustments include the following estimates: stock compensation
expense of $20.1 million, intangible asset amortization of $5.4
million, and the application of a long-term non-GAAP tax rate of
20%.
|
|
Silicon Laboratories
Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(In thousands,
except per share data)
|
|
(Unaudited)
|
|
|
December 28,
2024
|
|
December 30,
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
281,607
|
|
$
227,504
|
|
Short-term
investments
|
100,554
|
|
211,720
|
|
Accounts
receivable, net
|
54,479
|
|
29,295
|
|
Inventories
|
105,639
|
|
194,295
|
|
Prepaid expenses
and other current assets
|
59,754
|
|
75,117
|
|
Total current
assets
|
602,033
|
|
737,931
|
|
Property and equipment,
net
|
132,136
|
|
145,890
|
|
Goodwill
|
376,389
|
|
376,389
|
|
Other intangible
assets, net
|
36,499
|
|
59,533
|
|
Other assets,
net
|
75,617
|
|
123,313
|
|
Total assets
|
$
1,222,674
|
|
$
1,443,056
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
42,448
|
|
$
57,498
|
|
Revolving line
of credit
|
—
|
|
45,000
|
|
Deferred revenue
and returns liability
|
3,073
|
|
2,117
|
|
Other current
liabilities
|
52,362
|
|
58,955
|
|
Total current
liabilities
|
97,883
|
|
163,570
|
|
Other non-current
liabilities
|
44,770
|
|
70,804
|
|
Total
liabilities
|
142,653
|
|
234,374
|
|
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; 31,897 and 31,994
shares issued and outstanding at December 30,
2023 and December 31, 2022,
respectively
|
3
|
|
3
|
|
Additional
paid-in capital
|
78,227
|
|
16,973
|
|
Retained
earnings
|
1,001,721
|
|
1,192,731
|
|
Accumulated
other comprehensive income (loss)
|
70
|
|
(1,025)
|
|
Total stockholders'
equity
|
1,080,021
|
|
1,208,682
|
|
Total liabilities and
stockholders' equity
|
$
1,222,674
|
|
$
1,443,056
|
|
Silicon Laboratories
Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
Year
Ended
|
|
December 28,
2024
|
|
December 30,
2023
|
|
Operating
Activities
|
|
|
|
|
Net loss
|
$
(191,010)
|
|
$
(34,516)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation of
property and equipment
|
25,551
|
|
25,707
|
|
Amortization of other
intangible assets
|
23,034
|
|
25,374
|
|
Amortization of debt
discount and debt issuance costs
|
—
|
|
960
|
|
Stock-based
compensation expense
|
61,503
|
|
48,208
|
|
Equity-method
loss
|
—
|
|
16,030
|
|
Deferred income
taxes
|
29,470
|
|
(11,815)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
(25,184)
|
|
42,142
|
|
Inventories
|
88,494
|
|
(93,398)
|
|
Prepaid expenses and
other assets
|
27,362
|
|
(10,733)
|
|
Accounts
payable
|
(15,155)
|
|
(25,644)
|
|
Other current
liabilities and income taxes
|
(21,768)
|
|
(37,793)
|
|
Deferred revenue and
returns liability
|
956
|
|
(4,663)
|
|
Other non-current
liabilities
|
(17,163)
|
|
29,793
|
|
Net cash used in
operating activities
|
(13,910)
|
|
(30,348)
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
Purchases of marketable
securities
|
(73,602)
|
|
(103,485)
|
|
Sales of marketable
securities
|
54,227
|
|
395,565
|
|
Maturities of
marketable securities
|
131,858
|
|
200,530
|
|
Purchases of property
and equipment
|
(11,748)
|
|
(22,282)
|
|
Proceeds from sale of
equity investment
|
12,382
|
|
—
|
|
Purchases of other
assets
|
—
|
|
(520)
|
|
Net cash provided by
investing activities
|
113,117
|
|
469,808
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
Proceeds from issuance
of debt
|
—
|
|
80,000
|
|
Payments on
debt
|
(45,000)
|
|
(571,157)
|
|
Repurchases of common
stock
|
(16)
|
|
(217,137)
|
|
Payment of taxes
withheld for vested stock awards
|
(16,434)
|
|
(18,189)
|
|
Proceeds from the
issuance of common stock
|
16,346
|
|
14,612
|
|
Net cash used in
financing activities
|
(45,104)
|
|
(711,871)
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
54,103
|
|
(272,411)
|
|
Cash and cash
equivalents at beginning of period
|
227,504
|
|
499,915
|
|
Cash and cash
equivalents at end of period
|
$
281,607
|
|
$
227,504
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-fourth-quarter-2024-results-302367394.html
SOURCE Silicon Labs
