Silicon Laboratories Inc. (NASDAQ:SLAB) Q2 2022 Earnings Conference Call July 27, 2022 8:30 AM ET

Company Participants

Giovanni Pacelli - Senior Director of Finance

Matt Johnson - President and Chief Executive Officer

John Hollister - Chief Financial Officer

Conference Call Participants

Raji Gill - Needham & Company

Gary Mobley - Wells Fargo Securities

Matt Ramsay - Cowen & Company

Tore Svanberg - Stifel Nicolaus

Blayne Curtis - Barclays

Operator

Hello. My name is Sarah, and I will be your conference operator today. Welcome to Silicon Labs' Second Quarter Fiscal 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Giovanni Pacelli, Silicon Labs' Senior Director of Finance. Giovanni, please go ahead.

Giovanni Pacelli

Thank you, Sarah. We are recording this meeting, and a replay will be available for four weeks on the Investor Relations section of our Web site at silabs.com/investors. Joining me today are Silicon Labs' President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, John Hollister. They will discuss our second quarter financial performance and review recent business activities. This information, along with accompanying financial tables and the earnings press release is available on our Web site.

We will take questions after our prepared comments, and our remarks today will include forward-looking statements subject to risks and uncertainties. We base these forward-looking statements on information available to us as of the date of this conference call, and assume no obligation to update these statements in the future. We encourage you to review our SEC filings, which identify important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements.

Additionally, during our call today, we will refer to certain non-GAAP financial information. A reconciliation of our GAAP to non-GAAP results is included in the company's earnings press release and on the Investor Relations section of the Silicon Labs Web site.

I would now like to turn the call over to Silicon Labs' Chief Financial Officer, John Hollister. John?

John Hollister

Thanks, Giovanni. I'm pleased to report that strong revenue performance for the second quarter set a new record, at $263 million, up 55% year-on-year and above the top-end of our guidance range. Our industrial and commercial business grew exceptionally well in Q2, ending at $144 million, up 61% from the same period of fiscal 2021. We saw significant year-on-year growth in Q2 across all major portions of the [I&C] [Ph] business in industrial, commercial and smart city applications. The home and life business was also up strong for the quarter to $119 million, an increase of 49% year-on-year, with particular strength in connected home applications.