Slide 1: First Quarter Fiscal 2023 Earnings
First Quarter Fiscal 2023 Earnings SUPPLEMENTAL SLIDES NOVEMBER 3, 2022
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 IoT Product Best-in-Class Strong Revenue Semiconductors Applications Margin Profile Growth Broad Product IoT accounted for Non-GAAP Gross Q1’23 Revenue Portfolio 76% of total Margin 62.6% in Q1’23 increased 20% YoY revenues in Q
Slide 4: Technology Leadership Across The Product Portfolio
Technology Leadership Across The Product Portfolio Wireless Connectivity Automotive Video Interface Virtual Reality Headsets PC Touchpad / Audio Processors Mobile Video Processors Biometric Fingerprint © 2022 Synaptics Incorporated 4
Slide 5: Solid YoY Financial Performance
Solid YoY Financial Performance • 3-year IoT revenue CAGR of 57% • Record GAAP and non-GAAP gross margin • Solid non-GAAP diluted earnings per share and free cash flow IoT Revenue ($M) Gross Margin EPS 62.6% 3-yr CAGR – 57% $343 ~24 points in 3 years 3-yr CAGR – 42% $3.52 58.0% 57.1% $2.68 53.2% 49.
Slide 6: Q1'23 Financial Highlights
Q1’23 Financial Highlights • Revenue of $448.1 million, up +20% YoY 20% YoY Revenue Growth • IoT Revenue increased 67% YoY and accounted for 76% of total revenue • Record GAAP and non-GAAP gross margin $448M – GAAP gross margin of 57.1% $373M – Non-GAAP gross margin of 62.6%, above the guidance rang
Slide 7: Q1'FY23 Business Highlights
Q1’FY23 Business Highlights • IoT products continue to grow rapidly; 67% growth year-over-year $40 • Automotive design-wins continue to ramp across all major OEMs $65 • Solid growth in Video Interface driven by higher Q1’FY23 attach-rates. New reference wins and applications $448M are gaining tracti
Slide 8: Quarterly Revenue Trend
Quarterly Revenue Trend Total Revenue ($M) $476 IoT Revenue Mix $470 76% $448 70% $421 64% 62% 54% 55% $373 $358 46% 46% $326 $328 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Note: As-reported, not proforma for any acquisition/divestiture activity
Slide 9: Quarterly Gross Margin Trend
Quarterly Gross Margin Trend Non-GAAP Gross Margin 62.6% GAAP Gross Margin 57.1% 55.9% 61.1% 61.0% 54.0% 59.5% 53.2% 53.5% 58.0% 52.1% 57.5% 55.1% 47.7% 52.1% 42.1% Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Note: As-reported, not proforma for any
Slide 10: Quarterly Earnings Per Share Trend
Quarterly Earnings Per Share Trend Non-GAAP Earnings Per Share GAAP Earnings Per Share $3.87 $3.75 $2.04 $3.52 $3.26 $1.71 $1.59 $1.59 $2.68 $1.36 $2.30 $2.18 $2.03 $0.99 $0.48 $0.35 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Note: As-reported, no
Slide 11: Q1'FY23 Financial Results
Q1’FY23 Financial Results $M (except EPS) Q1’22 Q4’22 Q1’23 QoQ YoY Revenue $372.7 $476.4 $448.1 (6%) 20% GAAP Gross Margin % 53.2% 55.9% 57.1% 120 bps 390 bps GAAP Operating Expenses $137.5 $142.0 $143.7 1% 5% GAAP EPS Diluted $0.99 $2.04 $1.59 (22%) 61% Non-GAAP Gross Margin % 58.0% 61.0% 62.6% 16
Slide 12: Q1'FY23 Balance Sheet
Q1’FY23 Balance Sheet In Millions Q3’22 Q4’22 Q1’23 Cash & ST Investments $754.9 $876.0 $911.8 AR $298.3 $322.1 $284.1 Inventory $145.9 $169.7 $179.4 PP&E $63.1 $62.9 $63.4 Other $1,435.8 $1,427.4 $1,386.1 Total Assets $2,698.0 $2,858.1 $2,824.8 Current Liabilities (excluding debt) $393.0 $457.4 $35
Slide 13: Q2'FY23 Guidance
Q2’FY23 Guidance $M (except EPS) GAAP Non-GAAP Revenue $350M - $380 NA Gross Margin* 53.0% - 56.0% 60.0% - 62.0% Operating Expenses** $141 - $146 $98 - $102 EPS Diluted $0.55 - $0.85 $2.15 - $2.55 Revenue mix IoT 73% NA PC 15% NA Mobile 12% NA *Projected Non-GAAP gross margin excludes $23.0 million
Slide 14: Appendix
Appendix
Slide 15: GAAP to Non-GAAP Reconciliation Tables
GAAP to Non-GAAP Reconciliation Tables Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 Q4'21 Q3'21 Q2'21 Q1'21 Q1'20 FY20 FY19 Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual GAAP gross margin $ 255.7 $ 266.1 $ 253.8 $ 225.1 $ 198.1 $ 170.8 $ 155.5 $ 150.4 $ 134.5 $ 126.2 $ 543.1 $
Slide 16: GAAP to Non-GAAP Reconciliation Tables - continued
GAAP to Non-GAAP Reconciliation Tables - continued Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 Q4'21 Q3'21 Q2'21 Q1'21 Q1'20 FY20 FY19 Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual GAAP net income $ 64.6 $ 82.9 $ 64.9 $ 69.5 $ 40.2 $ 19.0 $ 13.8 $ 49.6 $ (2.8) $ 4.0 $ 118.8 $
Slide 17: Engineering Exceptional Experiences
Engineering Exceptional Experiences © 2022 Synaptics Incorporated 17