Business
Synaptics Reports First Quarter Fiscal 2022 Results
Q1’22 Financial Results and Recent Business Highlights Revenue of $372.7 millionIoT revenue increased 70% YoYRecord GAAP gross margin of 53.2 percentRecord
About this update from Synaptics Incorporated
[{"type":"text","content":"Q1’22 Financial Results and Recent Business Highlights Revenue of $372.7 millionIoT revenue increased 70% YoYRecord GAAP gross margin of 53.2 percentRecord non-GAAP gross margin of 58.0 percentGAAP diluted earnings per share of $0.99Record non-GAAP diluted earnings per share of $2.68GAAP operating margin of 16.3 percentRecord non-GAAP operating margin of 34.2 percent SAN JOSE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its first quarter of fiscal year 2022 ended September 25, 2021. Net revenue for the first quarter of fiscal 2022 was $372.7 million. GAAP net income for the first quarter of fiscal 2022 was $40.2 million, or $0.99 per diluted share. Non-GAAP net income for the first quarter of fiscal 2022 was $108.7 million, or $2.68 per diluted share. “Synaptics delivered a strong start to our fiscal year 2022 with first quarter revenue above the mid-point of our guidance, non-GAAP gross margin at the highest level in the company’s history, and non-GAAP operating margin hitting another record. We are seeing continued adoption of our technologies across all end markets and our pipeline of design-wins remain solid. Our diversification strategy is yielding results as we see strong demand for our IoT portfolio, which is now 55% of our first quarter revenue.” said Michael Hurlston, Synaptics’ President and CEO. Business Outlook Dean Butler, Chief Financial Officer of Synaptics, added, “For our second quarter of fiscal year 2022, we expect our revenue momentum to continue and profitability to remain strong. We anticipate continued demand strength for our IoT products to drive the mix even higher. Our backlog remains strong with customer demand continuing to outpace supply availability; we have once again factored in the current semiconductor supply chain constraints into our December quarter guidance.” For the second quarter of fiscal 2022, the company expects: GAAPNon-GAAP AdjustmentNon-GAAPRevenue$390M to $420MN/AN/AGross Margin*54.0 percent to 55.0 percent$18M58.5 percent to 59.5 percentOperating Expense**$134M to $141M$44M to $49M$90M to $93M *Projected Non-GAAP gross margin excludes $17 million of intangible asset amortization, and $1.0 million of share-based compensation. **Projected Non-GAAP operating expense excludes $32 million to $34 million of share-b...