Business
Synaptics Reports First Quarter Fiscal 2023 Results
Q1’23 Financial Results and Recent Business Highlights Revenue of $448.1 millionIoT revenue increased 67% YoYRecord GAAP gross margin of 57.1 percentRecord
About this update from Synaptics Incorporated
[{"type":"text","content":"Q1’23 Financial Results and Recent Business Highlights Revenue of $448.1 millionIoT revenue increased 67% YoYRecord GAAP gross margin of 57.1 percentRecord non-GAAP gross margin of 62.6 percentGAAP diluted earnings per share of $1.59Non-GAAP diluted earnings per share of $3.52GAAP operating margin of 25.0 percentRecord non-GAAP operating margin of 40.2 percent SAN JOSE, Calif., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its first quarter of fiscal 2023 ended September 24, 2022. Net revenue for the first quarter of fiscal 2023 was $448.1 million. GAAP net income for the first quarter of fiscal 2023 was $64.6 million, or $1.59 per diluted share. Non-GAAP net income for the first quarter of fiscal 2023 was $143.1 million, or $3.52 per diluted share. “Synaptics delivered a strong first quarter of fiscal year 2023 with total revenue up 20% compared to the prior year. Our track-record of execution continues with Synaptics setting company records for both GAAP and non-GAAP gross margins, as well as our non-GAAP operating margins. While we have some significant near-term macroeconomic headwinds, we have confidence that a return to growth will occur quickly, driven by our wireless, automotive, and video interface businesses.” said Michael Hurlston, Synaptics’ President and CEO. Business OutlookDean Butler, Chief Financial Officer of Synaptics, added, “We expect to maintain our gross margin profile into the December quarter, but our revenue is expected to decline sequentially as customers are increasingly cautious about their end demand and look to reduce inventory levels. Our aggregate backlog remains high but its quality is of concern as macroeconomic worries affect many of our customers’ end demand.” For the second quarter of fiscal year 2023, the company expects: GAAPNon-GAAP AdjustmentNon-GAAPRevenue$350M to $380MN/AN/AGross Margin*53.0 percent to 56.0 percent$24M60.0 percent to 62.0 percentOperating Expense**$141M to $146M$43M to $44M$98M to $102M *Projected Non-GAAP gross margin excludes $23.0 million of intangible asset amortization and $1.0 million of share-based compensation. **Projected Non-GAAP operating expense excludes $31.5 million to $32.5 million of share-based compensation, $2.5 million of prepaid development amortization, and $9.0 million of intangible a...