Silicon Labs Announces Record IoT Revenue for Fourth Quarter 2021

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 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; 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

Year Ended


January 1,
2022


January 2,
2021


January 1,
2022


January 2,
2021

Revenues

$   208,680


$  145,829


$   720,860


$   510,928

Cost of revenues

80,849


61,894


295,468


216,083

Gross profit

127,831


83,935


425,392


294,845

Operating expenses:








   Research and development

71,705


60,554


273,208


235,185

   Selling, general and administrative

53,487


41,792


185,022


166,748

Operating expenses

125,192


102,346


458,230


401,933

Other income (expense):








   Interest income and other, net

2,595


1,206


5,696


9,027

   Interest expense

(6,628)


(8,219)


(31,033)


(34,142)

Loss from continuing operations before income taxes

(1,394)


(25,424)


(58,175)


(132,203)

Provision (benefit) for income taxes

884


(2,702)


13,427


(14,602)

Equity-method earnings

7,791


1,375


13,728


2,116

Income (loss) from continuing operations

5,513


(21,347)


(57,874)


(115,485)

Income (loss) from discontinued operations, net of income taxes

(8,611)


30,295


2,175,273


128,016









Net income (loss)

$   (3,098)


$  8,948


$  2,117,399


$  12,531









Basic earnings (loss) per share:








   Continuing operations

$     0.14


$     (0.49)


$     (1.35)


$     (2.64)

   Net income

$    (0.08)


$      0.20


$    49.44


$      0.29









Diluted earnings (loss) per share:








   Continuing operations

$     0.13


$     (0.49)


$     (1.35)


$     (2.64)

   Net income

$    (0.08)


$      0.20


$    47.78


$      0.28









Weighted-average common shares outstanding:








   Basic

38,965


43,895


42,830


43,775

   Diluted

41,031


44,729


44,315


44,372


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