Silicon Labs Announces Fourth Quarter 2019 Results

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[{"type":"text","content":"-- Continued Industry Leadership in a Challenging Macro Environment --\n\n\nAUSTIN, Texas, Jan. 29, 2020 /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 fourth quarter ended December 28, 2019. Revenue was within the guidance range at $219.4 million, down from $223.3 million in the third quarter. Fourth quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.22 and $0.84, respectively.\n\n \n \n\n \n\"Despite a challenging macro environment, we are pleased to have outperformed the market with secular growth drivers in IoT and Infrastructure providing some offset to macro weakness,\" said Tyson Tuttle, CEO of Silicon Labs. \"IoT and Infrastructure now represent 80 percent of our total revenue mix, with each offering a double-digit growth opportunity backed by our large pipeline and strong market traction.\"\nFourth Quarter Financial Highlights\nIoT revenue declined to $128 million, down 1% sequentially and up 7% year-on-year. Infrastructure revenue increased to $48 million, up 7% sequentially and 5% year-on-year. Broadcast revenue declined to $28 million, down 17% sequentially and 20% year-on-year. Access revenue increased to $15 million, up 4% sequentially and 1% year-on-year.On a GAAP basis: \nGAAP gross margin was 60.7%. GAAP R&D expenses were $69 million. GAAP SG&A expenses were $51 million. GAAP operating income as a percentage of revenue was 6.0%. GAAP diluted earnings per share were $0.22.On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:\nNon-GAAP gross margin was 60.9%. Non-GAAP R&D expenses were $52 million. Non-GAAP SG&A expenses were $39 million. Non-GAAP operating income as a percentage of revenue was 19.3%. Non-GAAP diluted earnings per share were $0.84.Product Results\nCollaborated with the Z-Wave® Alliance to open the Z-Wave Specification as a ratified, multi-source wireless smart home standard available to all silicon and stack vendors for development. Launched the Bluetooth® EFR32BG22 system-on-chip solution delivering a market-leading combination of security features, wireless...

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