Connect with us

Technology

Silicon Labs Reports Third Quarter 2024 Results

Published

on

Wireless IoT leader delivers third-quarter results above the midpoint of its guidance  

AUSTIN, Texas, Nov. 4, 2024 /PRNewswire/ — Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the third quarter, which ended September 28, 2024.

“Silicon Labs delivered solid sequential revenue growth as several key design wins began ramping in the quarter,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “Looking ahead, progress on inventory destocking and demand recovery remains uneven across our end markets. Despite the uncertain market backdrop in the near-term, we remain well-positioned for long-term growth and market share expansion.”

Third Quarter Financial Highlights 

Revenue was $166 millionIndustrial & Commercial revenue for the quarter was $96 million, up 10% sequentiallyHome & Life revenue for the quarter was $70 million, up 22% sequentially

Results on a GAAP basis:

GAAP gross margin was 54.3%GAAP operating expenses were $120 millionGAAP operating loss was $30 millionGAAP diluted loss per share was $(0.88)

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 54.5%Non-GAAP operating expenses were $99 millionNon-GAAP operating loss was $8 millionNon-GAAP diluted loss per share was $(0.13)

Business Highlights

Silicon Labs’ 5th annual IoT developers conference, Works With, expanded its footprint this year with in-person events in key global regions, including Austin, San Jose, Hyderabad, and Shanghai. This signature event series unites device manufacturers, wireless experts, engineers, and industry leaders, and attracted over 500 companies – among them Amazon, Google, Samsung, and Nvidia. Notably, over 60% of attendees were new to Silicon Labs, with one-third from top strategic customer segments. Silicon Labs will further extend Works With virtually on November 20 & 21, reaching thousands of potential and existing customers worldwide.Announced the general availability of its first Wi-Fi 6 solution: the SiWx917. The 917 family of SoC’s is designed from the ground-up for ultra-low-power applications using Wi-Fi 6, Bluetooth, Matter, and IP networking for secure cloud connectivity while offering up to 2 years battery life on a single AAA battery in select IoT applications.Announced support for Bluetooth Channel Sounding technology on its current xG24 platform, significantly enhancing the accuracy, interoperability, and security of distance measurement between two Bluetooth Low Energy (LE) devices in applications like building access controls, keyless entry, and asset tracking.Announced that Silicon Labs’ MG26 device for Bluetooth and 15.4 connectivity was awarded one of the IoT Evolution’s Product of the Year awards. This multiprotocol wireless SoC was announced earlier this year and is built to be future proof as the needs of the IoT grow, featuring the same Matrix Vector Processor for dedicated machine learning as the upcoming Series 3.

Business Outlook

The company expects fourth-quarter revenue to be between $161 to $171 million. The company also estimates the following results:

On a GAAP basis:

GAAP gross margin to be between 54% to 55%GAAP operating expenses of approximately $118 million to $122 millionGAAP diluted loss per share 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 55%Non-GAAP operating expenses of approximately $97 million to $99 millionNon-GAAP diluted loss per share between $(0.01) to $(0.21)

Earnings Webcast and Conference Call 

Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 3:30 pm 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 December 4, 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 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 COVID-19 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

Nine Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Revenues

$           166,395

$           203,760

$           418,137

$           695,413

Cost of revenues

76,082

84,735

196,172

278,753

Gross profit

90,313

119,025

221,965

416,660

Operating expenses:

Research and development

83,228

79,042

249,787

254,340

Selling, general and administrative

36,793

27,766

109,041

113,363

Operating expenses

120,021

106,808

358,828

367,703

Operating income (loss)

(29,708)

12,217

(136,863)

48,957

Other income (expense):

Interest income and other, net

3,487

2,938

9,009

15,554

Interest expense

(278)

(1,359)

(1,050)

(4,611)

Income (loss) before income taxes

(26,499)

13,796

(128,904)

59,900

Provision for income taxes

2,005

3,388

38,283

23,479

Equity-method loss

(60)

(1,150)

Net income (loss)

$            (28,504)

$             10,348

$         (167,187)

$             35,271

Earnings (loss) per share:

Basic

$                (0.88)

$                  0.33

$                (5.21)

$                  1.11

Diluted

$                (0.88)

$                  0.32

$                (5.21)

$                  1.07

Weighted-average common shares outstanding:

Basic

32,309

31,796

32,114

31,789

Diluted

32,309

32,078

32,114

32,919

 

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

September 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

$    166,395

Gross profit

90,313

54.3 %

$                369

$                —

$         90,682

54.5 %

Research and development

83,228

50.0 %

10,255

5,438

67,535

40.6 %

Selling, general and administrative

36,793

22.1 %

5,279

31,514

18.9 %

Operating expenses

120,021

72.1 %

15,534

5,438

99,049

59.5 %

Operating income (loss)

(29,708)

(17.9 %)

15,903

5,438

(8,367)

(5.0 %)

 

Three Months Ended

September 28, 2024

Non-GAAP Loss Per Share

GAAP

Measure

Stock

Compensation

Expense*

Intangible

Asset

Amortization*

Income

Tax

Adjustments

Non-

GAAP

Measure

Net income (loss)

$    (28,504)

$          15,903

$             5,438

$             3,036

$        (4,127)

Diluted shares outstanding

32,309

32,309

Diluted loss per share

$        (0.88)

$          (0.13)

*   Represents pre-tax amounts

 

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)

Three Months Ended
December 28, 2024

Business Outlook

GAAP

Measure

Non-GAAP

Adjustments**

Non-GAAP

Measure

Gross margin

54% to 55%

— %

54% to 55%

Operating expenses

$118 to $122

$(21) to $(23)

$97 to $99

Diluted loss per share

$(0.75) to $(1.05)

$0.74 to $0.84

$(0.01) to $(0.21)

**  Non-GAAP adjustments include the following estimates: stock compensation expense of $16.8 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)

September 28,
2024

December 30,
2023

Assets

Current assets:

   Cash and cash equivalents

$           303,082

$           227,504

   Short-term investments

66,596

211,720

   Accounts receivable, net

48,879

29,295

   Inventories

139,489

194,295

   Prepaid expenses and other current assets

56,090

75,117

Total current assets

614,136

737,931

Property and equipment, net

135,317

145,890

Goodwill

376,389

376,389

Other intangible assets, net

41,936

59,533

Other assets, net

81,464

123,313

Total assets

$        1,249,242

$        1,443,056

Liabilities and Stockholders’ Equity

Current liabilities:

   Accounts payable

$             44,648

$             57,498

   Revolving line of credit

45,000

   Deferred revenue and returns liability

8,478

2,117

   Other current liabilities

65,179

58,955

Total current liabilities

118,305

163,570

Other non-current liabilities

49,551

70,804

Total liabilities

167,856

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; 32,343 and 31,897
   shares issued and outstanding at September 28, 2024 and December 30, 2023,
   respectively

3

3

   Additional paid-in capital

55,567

16,973

   Retained earnings

1,025,544

1,192,731

   Accumulated other comprehensive income (loss)

272

(1,025)

Total stockholders’ equity

1,081,386

1,208,682

Total liabilities and stockholders’ equity

$        1,249,242

$        1,443,056

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows 

(In thousands) 

(Unaudited)

Nine Months Ended

September 28,
2024

September 30,
2023

Operating Activities

Net income (loss)

$         (167,187)

$             35,271

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation of property and equipment

19,302

18,992

Amortization of other intangible assets

17,596

19,162

Amortization of debt issuance costs

960

Stock-based compensation expense

45,358

37,167

Equity-method loss

1,150

Deferred income taxes

29,100

(5,881)

Changes in operating assets and liabilities:

Accounts receivable

(19,585)

(30,706)

Inventories

54,724

(66,971)

Prepaid expenses and other assets

23,091

8,085

Accounts payable

(13,849)

(37,039)

Other current liabilities and income taxes

(5,004)

(39,155)

Deferred revenue and returns liability

6,361

3,286

Other non-current liabilities

(13,946)

6,794

Net cash used in operating activities

(24,039)

(48,885)

Investing Activities

Purchases of marketable securities

(28,363)

(91,493)

Sales of marketable securities

44,057

365,073

Maturities of marketable securities

131,008

171,766

Purchases of property and equipment

(7,785)

(18,533)

Proceeds from sale of equity investment

12,382

Purchases of other assets

(395)

Net cash provided by investing activities

151,299

426,418

Financing Activities

Proceeds from revolving line of credit

80,000

Payments on debt

(45,000)

(571,157)

Repurchases of common stock

(217,137)

Payment of taxes withheld for vested stock awards

(16,078)

(17,239)

Proceeds from the issuance of common stock

9,396

8,013

Net cash used in financing activities

(51,682)

(717,520)

Increase (decrease) in cash and cash equivalents

75,578

(339,987)

Cash and cash equivalents at beginning of period

227,504

499,915

Cash and cash equivalents at end of period

$           303,082

$           159,928

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-third-quarter-2024-results-302295817.html

SOURCE Silicon Labs

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

ZICC: Internet Experts Pay Attention to the Development of Artificial Intelligence

Published

on

By

BEIJING, Nov. 23, 2024 /CNW/ — During the Wuzhen Summit of the World Internet Conference, ZICC interviewed Internet experts from all over the world.

Lampros Sterg, UNESCO Chair in AI & Data Science, said that AI can accelerate social progress, but it needs to be used properly to avoid its negative effects in order to benefit citizens and society. Latif Ladid, the president of the IPv6 Forum, called for the establishment of a global governance system to allow artificial intelligence technology to serve humanity for good. South Korean computer scientist Kilnam Chon shared insights on AI’s positive role in healthcare. He urged global efforts to ensure AI safety and prevent its misuse in weapons. Indian entrepreneur Bibin Babu said he believes that AI will not replace humans, but will create more new jobs.

View original content to download multimedia:https://www.prnewswire.com/news-releases/zicc-internet-experts-pay-attention-to-the-development-of-artificial-intelligence-302314745.html

SOURCE ZICC

Continue Reading

Technology

Hankyung.com introduces: MecKare, Leading the AI-powered Innovation in Health Monitoring Solution

Published

on

By

– Leading efficient care management for the elderly with unimpeded smartcare

https://img.hankyung.com/pdsdata/pr.hankyung.com/uploads/2024/11/image01-1.png

SEOUL, South Korea, Nov. 23, 2024 /PRNewswire/ — JCF Technology is a startup that independently developed ‘MecKare’, a radar sensor that measures biological signals in a non-contact manner, and provides a platform service that automatically connects users and guardians in two-way emergency situations through an artificial intelligence analysis system. Since its establishment in 2016, it has developed a highly accurate non-contact multi-biological radar sensor through many years of technology accumulation, and succeeded in commercializing the product for the first time in 2021.

MecKare uses microwave radar and micro-Doppler signal processing technology to measure the user’s heart rate, respiratory rate, and skin temperature within 16.4 ft in real time. The sensor can measure human body movement patterns using precise and highly responsive thermal infrared rays and can detect falls through pattern analysis based on changes in human movement. In particular, the movement and change of thermal infrared rays within the measurement range are detected in real time, and the trend of biomarkers that appear as advance signs before a person falls can be checked through differential motion detection that measures the user’s movement pattern. It provides an alarm in advance by predicting before a person falls, enabling accuracy and quick response to accidents. As a result, it is possible to prevent safety accidents in the elderly by detecting emergency situations such as lonely death, cardiac arrest, breathing difficulties, and falls. Additionally, unlike other existing wearable devices such as smart watches or bands, MecKare does not need to be worn or attached to the body, so it can be used remotely via Wi-Fi without causing stress to the user.

https://img.hankyung.com/pdsdata/pr.hankyung.com/uploads/2024/11/image02.png

MecKare can be installed in the bedroom, bathroom, living room, or entrance of a home or facilities(Assisted Living, Nursing Home, etc) to provide 24-hour monitoring without a camera and detect abnormal signs in advance using a biometric information analysis algorithm and deliver them to the guardian.

MecKare’s radar biometric sensor is recognized in the global market for its technology as a device that obtains precisely customized biometric information while overcoming spatial constraints and without risk of privacy infringement. MecKare is being supplied to senior care facilities in Australia, Germany, Poland, Saudi Arabia, and China. In 2025, MecKare plans to conduct verification of vital signs such as attendance, fall prevention, and asthma of elderly people living in hospitals or assisted living in conjunction with local PPOs/HMOs in the United States.

In summary, MecKare is a system that reduces user inconvenience and enables management of multiple patients. By being able to provide personalized health data analysis results, it will serve as an opportunity to change the market paradigm towards preventive smart care. We expect MecKare’s A.I to play a role as an innovator that complements, rather than replaces, humans in care settings.

View original content:https://www.prnewswire.com/news-releases/hankyungcom-introduces-meckare-leading-the-ai-powered-innovation-in-health-monitoring-solution-302310743.html

SOURCE Hankyung.com

Continue Reading

Technology

SUNLU Formnext 2024 Event Highlights: From Functional Filaments to FilaDryer E2

Published

on

By

ZHONGSHAN, China, Nov. 23, 2024 /PRNewswire/ — SUNLU was present at the Formnext 2024, the largest event for additive manufacturing held in Germany, where they unveiled the new product FilaDryer E2.

SUNLU, the Chinese Tech Giant in the 3D printing industry, recently wrapped up a highly successful showcase at Formnext 2024, one of the largest events for additive manufacturing held in Frankfurt, Germany from November 19–22. SUNLU’s booth (F29, Hall 11.1) hosted a large number of visitors eager to explore the company’s latest innovations in 3D printing materials, equipment, and technology.

A key highlight of SUNLU’s exhibit was the new range of functional filaments, including PA6-CF, PA12-CF, PC-ABS, and PETG-CF. The filaments provide enhanced strength, durability, and temperature resistance, catering to more demanding applications in both industrial and personal use. Visitors saw firsthand how these materials impact the quality, resilience and overall performance of 3D-printed parts.

The debut of the SUNLU FilaDryer E2 also attracted significant interest for its powerful features, notably its maximum drying temperature of 110°C, which allows for the fast drying of functional filaments and annealing printed parts to improve their strength and durability. The FilaDryer E2 will be available for preorder on January 8, 2025, on our official website. Visitors expressed great anticipation, after seeing the upgrades that set the FilaDryer E2 apart. Jack Jiang, the founder of SUNLU, said: “This opportunity allowed us to position and showcase SUNLU as one of the key global players in the 3D Industry.”

Formnext 2024 was a valuable opportunity for SUNLU to connect with peers, partners, and customers worldwide. The team exchanged ideas with industry professionals and distributors, where the company had the opportunity to interview James Rooke from “Honey Badger Print and Paint” and talk about the new SUNLU’s Filament Connector FC01 and it’s perks to make the most out of leftover materials, while enabling multi-color prints.

As the exhibition comes to an end, the SUNLU team extends heartfelt thanks to everyone who visited the booth and made the event memorable, and the company looks forward to meeting up again next year for groundbreaking solutions and meaningful partnerships within the additive manufacturing community.

About SUNLU 

Founded in 2013, SUNLU is a leading 3D printing materials company specializing in R&D, manufacturing, and sales. With facilities in China and Vietnam, we operate 150+ automated production lines and employ over 900 staff. Our certified products serve customers across Europe, America, and Southeast Asia. 

SUNLU has led 30+ research projects, secured 400+ patents, and introduced innovations like “Neat Winding” filament, 3D printing drying boxes, and the ±0.02mm FDM filament tolerance standard, enhancing precision and user experience. 

Guided by our mission, “Simply Your Creation,” we empower creators worldwide with reliable 3D printing materials.

For more information, please visit
https://www.sunlu.com.

Media Contact:
Branding@sunlu.com  
Sales@sunlu.com  

Stay Updated:
If you’re interested in the FilaDryer E2, sign up here to receive exclusive preorder information and updates directly in your inbox.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sunlu-formnext-2024-event-highlights-from-functional-filaments-to-filadryer-e2-302314231.html

SOURCE SUNLU

Continue Reading

Trending