Silicon Laboratories Inc. (NASDAQ:SLAB) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET
Company Participants
Giovanni Pacelli – Senior Director of Finance
John Hollister – Chief Financial Officer
Matt Johnson – President and Chief Executive Officer
Conference Call Participants
Gary Mobley – Wells Fargo Securities
Blayne Curtis – Barclays
Matt Ramsay – Cowen
Srini Pajjuri – SMBC Nikko Securities
Raji Gill – Needham & Company
Jeremy Kwan – Stifel Nicolaus
Operator
My name is Tom, and I will be your conference operator today. All participants are in a 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 will now turn the conference over to Giovanni Pacelli, Silicon Labs’ Senior Director of Finance. Giovanni, please go ahead.
Giovanni Pacelli
Thank you, Tom. We are recording this meeting, and a replay will be available for four weeks on the Investor Relations section of our website 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 first quarter financial performance and review recent business activities. This information, along with accompanying financial tables in the earnings press release is available on our website.
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’ website.
I would now like to turn the call over to Silicon Labs’ Chief Financial Officer, John Hollister. John?
John Hollister
Thanks, Giovanni. Revenue for the first quarter established a new record and ended above the high end of our guidance range at $234 million. This represents tremendous growth as a pure-play IoT business of 48% versus the same period last year, well ahead of our long-term operating model.
Our Industrial & Commercial business delivered revenue of $127 million in Q1, growing 61% year-on-year, with strength across the diverse end markets of commercial infrastructure, smart city applications and in particular, industrial applications where we saw the strongest top line performance.