Silicon Labs Announces Fourth Quarter and Full Year 2020 Results

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[{"type":"text","content":"-- Record Fourth Quarter Revenue Sets the Stage for an Even Stronger 2021 --\n\n\nAUSTIN, Texas, Feb. 3, 2021 /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 January 2, 2021. Revenue exceeded the top end of the guidance range at $242.9 million, up from $221.3 million in the third quarter. Revenue for the full year was $886.7 million, up from $837.6 million in 2019. Fourth quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.20 and $0.84, respectively. Full year GAAP and non-GAAP diluted EPS were $0.28 and $3.01, respectively.\n\n \n \n \n \n \n \n\n \n\"Fourth quarter revenue set a record at $242.9 million resulting in 10% sequential growth and full year revenue grew 6% over 2019,\" said Tyson Tuttle, CEO of Silicon Labs. \"Our IoT products led the way with a second consecutive quarter of record revenue. We exited the year with momentum, and we are looking forward to an even stronger 2021.\"\nFourth Quarter Financial Highlights\nIoT revenue increased to $147.4 million, up 11% sequentially and 15% year-on-year. Infrastructure and Automotive revenue increased to $95.5 million, up 8% sequentially and 4% year-on-year.On a GAAP basis: \nGAAP gross margin was 58.4%. GAAP R&D expenses were $74 million. GAAP SG&A expenses were $50 million. GAAP operating income as a percentage of revenue was 7.3%. GAAP diluted earnings per share was $0.20.On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense and other costs associated with convertible notes, and certain other items as set forth in the reconciliation tables below:\n\nNon-GAAP gross margin was 58.6%. Non-GAAP R&D expenses were $58 million. Non-GAAP SG&A expenses were $39 million. Non-GAAP operating income as a percentage of revenue was 18.7%. Non-GAAP diluted earnings per share were $0.84.Product Results\nAnnounced Z-Wave Long Range (LR) support for existing Z-Wave 700 Series products. Z-Wave LR is a new specification by the Z-Wave Alliance, offering point-to-point wireless connectivity up to several miles away with scalability to support thousands of nodes from a single smart home network. Z-Wave LR eliminates the need for m...

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