Silicon Labs Announces Record Revenue for Second Quarter 2021

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, unmatched ecosystem and robust support make us the 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 effect of the Skyworks transaction on the ability of Silicon Labs to retain and hire key personnel and maintain relationships with its customers, suppliers, advertisers, partners and others with whom it does business, or on its operating results and businesses generally; risks associated with the disruption of management's attention from ongoing business operations due to such transaction; 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 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; 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 Operations

(In thousands, except per share data)

(Unaudited)



Three Months Ended


Six Months Ended


July 3,
2021


July 4,
2020


July 3,
2021


July 4,
2020

Revenues

$169,492


$114,350


$327,349


$232,368

Cost of revenues

73,194


47,771


139,297


96,942

Gross profit

96,298


66,579


188,052


135,426

Operating expenses:








   Research and development

64,832


57,992


128,847


115,702

   Selling, general and administrative

42,953


40,350


85,407


84,802

Operating expenses

107,785


98,342


214,254


200,504

Operating loss

(11,487)


(31,763)


(26,202)


(65,078)

Other income (expense):








   Interest income and other, net

647


3,267


3,522


6,518

   Interest expense

(6,486)


(11,778)


(17,810)


(17,319)

Loss from continuing operations before income taxes

(17,326)


(40,274)


(40,490)


(75,879)

Provision (benefit) for income taxes

1,165


(4,229)


3,157


(8,443)

Loss from continuing operations

(18,491)


(36,045)


(43,647)


(67,436)

Income from discontinued operations, net of income taxes

38,423


34,222


77,088


67,857









Net income (loss)

$  19,932


$   (1,823)


$  33,441


$       421









Basic earnings (loss) per share:








   Continuing operations

$     (0.41)


$     (0.82)


$     (0.98)


$     (1.54)

   Net income

$      0.44


$     (0.04)


$      0.75


$      0.01









Diluted earnings (loss) per share:








   Continuing operations

$     (0.41)


$     (0.82)


$     (0.98)


$     (1.54)

   Net income

$      0.44


$     (0.04)


$      0.73


$      0.01









Weighted-average common shares outstanding:








      Basic

44,803


43,761


44,481


43,699

      Diluted

45,756


43,761


45,794


44,219


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