Slide 1: First Quarter Fiscal 2024 Earnings
First Quarter Fiscal 2024 Earnings SUPPLEMENTAL SLIDES NOVEMBER 9, 2023
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations and projections relatin
Slide 3: High-Performance IoT Semiconductor Solutions Leader
High-Performance IoT Semiconductor Solutions Leader Analog Mixed Signal Core IoT Product Best-in-Class Revenue Semiconductors Applications Margin Profile Broad Product Targeting $33B Non-GAAP Gross Q1’24 Revenue Portfolio SAM in FY28 Margin 53% in Q1’24 increased 5% QoQ ___________________________ N
Slide 4: Technology Leadership Across The Product Portfolio
Technology Leadership Across The Product Portfolio Core IoT Product Enterprise & Automotive Mobile Applications PC Touchpad / Wireless Video Interface Biometric Fingerprint Touch Processors Enterprise Telephony Automotive © 2023 Synaptics Incorporated 4
Slide 5: Q1'FY24 Financial Highlights
Q1’FY24 Financial Highlights • Revenue of $237.7 million, down 47% YoY • Revenue was +5% QoQ after several quarters of decline $44 $39 • Mix is driving GAAP and non-GAAP gross margin – GAAP gross margin of 45.1% – Non-GAAP gross margin of 53.0% Q1’FY24 Revenue • GAAP diluted loss per share of -$1.43
Slide 6: Q1'FY24 Business Highlights
Q1’FY24 Business Highlights • Expanded our high-performance wireless portfolio with the introduction of new cost-effective single stream Wi-Fi device • Introduced new quad-core Linux-based power-efficient and cost-optimized SoC that can execute a variety of Artificial Intelligence applications • Lea
Slide 7: Quarterly Revenue Trend
Quarterly Revenue Trend Total Revenue ($M) Core IoT Revenue Mix 30% 29% $448 25% 25% $353 $327 20% 20% 16% $238 15% $227 15% 10% 5% 0% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Note: As-reported, not proforma for any acquisition/divestiture activity over this timeframe Prior period
Slide 8: Quarterly Gross Margin Trend
Quarterly Gross Margin Trend Non-GAAP Gross Margin GAAP Gross Margin 62.6% 57.1% 60.3% 59.8% 52.9% 52.8% 55.7% 53.0% 45.1% 44.5% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Note: As-reported, not proforma for any acquisition/divestiture activity over this timeframe See the tables at
Slide 9: Q1'FY24 Financial Results
Q1’FY24 Financial Results $M (except EPS) Q1’23 Q4’23 Q1’24 QoQ YoY Revenue $448.1 $227.3 $237.7 5% (47%) GAAP Gross Margin % 57.1% 44.5% 45.1% 60 bps -1200 bps GAAP Operating Expenses $143.7 $139.2 $142.3 2% (1%) GAAP EPS Diluted $1.59 ($0.59) ($1.43) 142% (190%) Non-GAAP Gross Margin % 62.6% 55.7%
Slide 10: Q1'FY24 Balance Sheet
Q1’FY24 Balance Sheet In Millions Q1’23 Q4’23 Q1’24 Cash & ST Investments $911.8 $934.3 $824.4 AR $284.1 $163.9 $111.2 Inventory $179.4 $137.2 $131.7 PP&E $63.4 $66.4 $67.4 Other $1,386.1 $1,309.6 $1,414.0 Total Assets $2,824.8 $2,611.4 $2,548.7 Current Liabilities (excluding debt) $359.3 $254.1 $23
Slide 11: Q2'FY24 Guidance
Q2’FY24 Guidance $M (except EPS) GAAP Non-GAAP Revenue $220M - $250 NA Gross Margin* 42.0% - 45.0% 51.0% - 54.0% Operating Expenses** $135 - $140 $95 - $99 EPS Diluted*** ($1.40) - ($1.80) $0.25 - $0.65 Revenue mix Core IoT 17% NA Enterprise & Automotive 59% NA Mobile 24% NA * Projected Non-GAAP gro
Slide 12: Appendix
Appendix
Slide 13: Historical Revenue Mix Under New Classification
Historical Revenue Mix Under New Classification In Millions FY22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Revenue $1,740 $448 $353 $327 $227 $238 Core IoT $467 $113 $70 $93 $33 $39 Enterprise & Automotive $977 $295 $226 $192 $142 $155 Mobile $296 $40 $57 $42 $52 $44 Revenue Mix Core IoT 27% 25% 20% 29% 15% 16%
Slide 14: GAAP to Non-GAAP Reconciliation Tables
GAAP to Non-GAAP Reconciliation Tables Q1'24 Q4'23 Q3'23 Q2'23 Q1'23 Actual Actual Actual Actual Actual GAAP gross margin $ 107.1 $ 101.2 $ 172.3 $ 186.7 $ 255.7 Acquisition related costs 17.8 24.5 23.7 23.3 23.5 Share-based compensation 1.1 1.0 0.9 1.0 1.1 Non-GAAP gross margin $ 126.0 $ 126.7 $ 19
Slide 15: GAAP to Non-GAAP Reconciliation Tables - continued
GAAP to Non-GAAP Reconciliation Tables - continued Q1'24 Q4'23 Q3'23 Q2'23 Q1'23 Actual Actual Actual Actual Actual GAAP net income (loss) $ (55.6) $ (23.4) $ 10.4 $ 22.0 $ 64.6 Acquisition & transaction/integration related costs 23.3 33.0 32.2 34.0 33.0 Loss/(recovery) on supply commitment - - - -
Slide 16: Engineering Exceptional Experiences
Engineering Exceptional Experiences © 2023 Synaptics Incorporated 16