Q1’22 Financial Results and Recent Business Highlights
SAN JOSE, Calif., – November 4, 2021 – Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its first quarter of fiscal year 2022 ended September 25, 2021.
Net revenue for the first quarter of fiscal 2022 was $372.7 million. GAAP net income for the first quarter of fiscal 2022 was $40.2 million, or $0.99 per diluted share. Non-GAAP net income for the first quarter of fiscal 2022 was $108.7 million, or $2.68 per diluted share.
“Synaptics delivered a strong start to our fiscal year 2022 with first quarter revenue above the mid-point of our guidance, non-GAAP gross margin at the highest level in the company’s history, and non-GAAP operating margin hitting another record. We are seeing continued adoption of our technologies across all end markets and our pipeline of design-wins remain solid. Our diversification strategy is yielding results as we see strong demand for our IoT portfolio, which is now 55% of our first quarter revenue.” said Michael Hurlston, Synaptics’ President and CEO.
Business Outlook
Dean Butler, Chief Financial Officer of Synaptics, added, “For our second quarter of fiscal year 2022, we expect our revenue momentum to continue and profitability to remain strong. We anticipate continued demand strength for our IoT products to drive the mix even higher. Our backlog remains strong with customer demand continuing to outpace supply availability; we have once again factored in the current semiconductor supply chain constraints into our December quarter guidance.”
For the second quarter of fiscal 2022, the company expects:
GAAP | Non-GAAP Adjustment | Non-GAAP | |
Revenue | $390M to $420M | N/A | N/A |
Gross Margin* | 54.0 percent to 55.0 percent | $18M | 58.5 percent to 59.5 percent |
Operating Expense** | $134M to $141M | $134M to $141M | $90M to $93M |
*Projected Non-GAAP gross margin excludes $17 million of intangible asset amortization, and $1.0 million of share-based compensation.
**Projected Non-GAAP operating expense excludes $32 million to $34 million of share-based compensation, $2.5 million of prepaid development amortization, $1 million of restructuring costs, $1 million to $3 million of acquisition related costs, and $7.7 million of intangible asset amortization.
Earnings Call and Supplementary Materials
The Synaptics first quarter 2022 teleconference and webcast is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday, November 4, 2021, during which the company will provide forward-looking information.
Speakers:
To participate on the live call, analysts and investors should dial 833-614-1539 (conference ID: 9484096). Supplementary slides, a copy of the prepared remarks, and a live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the company’s Website at https://investor.synaptics.com/.
Synaptics (Nasdaq: SYNA) is changing the way humans engage with connected devices and data, engineering exceptional experiences throughout the home, at work, in the car and on the go. Synaptics is the partner of choice for the world’s most innovative intelligent system providers who are integrating multiple experiential technologies into platforms that make our digital lives more productive, insightful, secure and enjoyable. These customers are combining Synaptics’ differentiated technologies in touch, display and biometrics with a new generation of advanced connectivity and AI-enhanced video, vision, audio, speech and security processing.
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