Silicon Labs Reports Second Quarter 2023 Results

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 between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including 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 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 Income

(In thousands, except per share data)

(Unaudited)



Three Months Ended


Six Months Ended


July 1,
2023


July 2,
2022


July 1,
2023


July 2,
2022

Revenues

$244,866


$263,150


$491,653


$496,964

Cost of revenues

101,091


99,247


194,018


177,289

Gross profit

143,775


163,903


297,635


319,675

Operating expenses:








   Research and development

85,902


83,511


175,298


161,053

   Selling, general and administrative

40,706


49,013


85,597


93,660

Operating expenses

126,608


132,524


260,895


254,713

Operating income

17,167


31,379


36,740


64,962

Other income (expense):








   Interest income and other, net

7,780


3,445


12,616


4,944

   Interest expense

(1,596)


(1,667)


(3,252)


(3,347)

Income before income taxes

23,351


33,157


46,104


66,559

Provision for income taxes

12,338


10,994


20,091


22,683

Equity-method earnings (loss)

(57)


(28)


(1,090)


1,166

Net income

$  10,956


$  22,135


$  24,923


$  45,042









Earnings per share:








   Basic

$     0.35


$     0.62


$      0.78


$      1.22

   Diluted

$     0.33


$     0.60


$      0.75


$      1.18









Weighted-average common shares outstanding:








   Basic

31,614


35,722


31,786


36,862

   Diluted

32,926


36,604


33,339


38,063

Non-GAAP Financial Measurements

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