Silicon Labs Announces Record Quarterly Revenue

-- Record IoT Revenue Affirms Pure-Play Focus on Massive IoT Opportunity --

AUSTIN, Texas, April 28, 2021 — (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 April 3, 2021. Revenue exceeded the top end of our initial guidance at $255.5 million, up from $242.9 million in the fourth quarter. First quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.29 and $0.91, respectively.

"Despite significant supply constraints, strong bookings and durable demand momentum drove first quarter revenue to a new record of $255.5 million led by record revenue in IoT which grew 7% sequentially and 34% year-on-year," said Tyson Tuttle, CEO of Silicon Labs. "We continue to lead the market in wireless connectivity for a vast array of intelligent solutions. Last week's announcement to become a pure-play leader of intelligent, wireless connectivity for the IoT coupled with the global economic recovery from the pandemic fuels our excitement to capitalize on the massive growth opportunity in front of us."

First Quarter Financial Highlights

  • IoT revenue increased to $158.2 million, up 7% sequentially and 34% year-on-year.
  • Infrastructure and Automotive revenue increased to $97.3 million, up 2% sequentially and flat year-on-year.

On a GAAP basis:                                                                                         

  • GAAP gross margin was 58.9%.
  • GAAP R&D expenses were $76 million.
  • GAAP SG&A expenses were $52 million.
  • GAAP operating income as a percentage of revenue was 8.7%.
  • GAAP diluted earnings per share was $0.29.

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 59.1%.
  • Non-GAAP R&D expenses were $61 million.
  • Non-GAAP SG&A expenses were $42 million.
  • Non-GAAP operating income as a percentage of revenue was 18.7%.
  • Non-GAAP diluted earnings per share were $0.91.

Product Highlights

  • Announced the extension of its award-winning xG22 platform with the launch of the EFM32PG22 (PG22), a new low-cost high performance 32-bit microcontrollers (MCUs). The PG22 has an industry-leading combination of energy efficiency, performance and security ideally suited for rapid development of consumer and industrial applications with demanding size constraints and low power operational requirements. The PG22 is targeted at high volume, low-powered applications at a price point competitive with 8-bit offerings and which is form factor & code compatible with its wireless counterparts.
  • Introduced new SmartClock features to its family of AEC-Q100 qualified Si5332-AM clock generators expanding the capabilities of the industry's broadest portfolio of silicon-based automotive timing solutions. The new SmartClocktechnology actively monitors reference clocks to detect potential faults and provides built-in clock redundancy.
  • Introduced the new Hi823Hx Gate Driver Board, an all-in-one isolation solution perfectly suited for the recently launched Wolfspeed WolfPACK™ power module. Wolfspeed power modules are used across numerous power applications, including EV chargers and motor drives in the industrial and automotive markets. Featuring the Si823Hx isolated gate driver and Si88xx digital isolator with integrated dc-dc converter, the board delivers excellent performance in a compact and cost-effective design, optimized for a wide range of modules.

Business Highlights

  • Entered into a definitive asset purchase agreement to sell the Infrastructure & Automotive (I&A) business to Skyworks Solutions, Inc. (NASDAQ: SWKS) for $2.75 billion in all-cash consideration. The transaction includes Silicon Labs' power/isolation, timing and broadcast products, intellectual property and associated employees. The company's resulting focus on IoT comes at a time when the overall market and Silicon Labs' growth opportunities are accelerating, as industry projections anticipate a multi-year ramp in connected devices.
  • Appointed Matt Johnson to president. Johnson previously served as senior vice president and general manager of Silicon Labs' IoT business unit.
  • Appointed Daniel Cooley to chief technology officer, reporting to Matt Johnson. Cooley previously served as chief strategy officer and replaces Alessandro Piovaccari, who stepped down as chief technology officer but will continue to serve Silicon Labs as a technical advisor.
  • Appointed Dr. Manish Kothari to the IoT leadership team. As vice president of Silicon Labs India, Kothari will grow the wireless engineering talent, build scalable infrastructure, and foster local partnerships in Hyderabad, the company's newest and fastest-growing wireless development center.
  • Officially became the world's first silicon innovator to achieve PSA Certified's highest level of IoT hardware and software security protection. PSA Certified – a respected security body for IoT hardware, software and devices co-founded by ARM – awarded PSA Certified Level 3 status to Silicon Labs' EFR32MG21 , a wireless SoC with Secure Vault .
  • Announced a collaboration with Edge Impulse to enable rapid development and deployment of machine learning (ML) on Silicon Labs EFR32 wireless SoCs and EFM32 MCUs. Implementation of the Edge Impulse tool enables complex motion detection, sound recognition and image classification on low-power, memory-constrained, and remote edge devices.
  • Announced a collaboration with Yeelight on a new smart LED light bulb to support Seamless Setup in the Google Home app. The Yeelight Smart LED Bulb M2 multi-color light bulb is designed with Silicon Labs' Bluetooth BG21 SoC , enabling reliable wireless connectivity and allowing users to connect and control smart home devices in the Google Home app without requiring other applications.
  • Collaborated with Allterco Robotics to introduce Shelly Motion , a next-generation motion sensor with unrivaled battery life enabled by Silicon Labs' Wi-Fi IoT solution . Shelly Motion is the first product to combine Shelly's innovative home automation sensors with the only industry-leading Wi-Fi solution designed to meet the ultra-low power requirements of IoT sensors. Optimized with Silicon Labs' Wi-Fi technology, Shelly Motion is the most responsive, energy-efficient, and easy-to-use smart home Wi-Fi motion sensor on the market today.

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