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Sep 26, 2020
Synaptics Q1 2021 Earnings Report
Reported strong financial results for Q1 2021, exceeding revenue and gross margin guidance, and achieving the highest operating margins in over six years.
Key Takeaways
Synaptics reported a strong start to fiscal year 2021, with revenues exceeding guidance, gross margins above expectations, and the highest operating margins in over six years. The company also completed the acquisitions of DisplayLink and Broadcom's wireless IoT connectivity business.
Revenue of $328.4 million.
GAAP gross margin of 41.0 percent; non-GAAP gross margin of 49.7 percent.
GAAP diluted loss per share of $0.08; non-GAAP diluted earnings per share of $1.85.
Cash and short-term investments of $243.9 million.
Forward Guidance
For the second quarter of fiscal 2021, Synaptics anticipates strong demand and enters the quarter with a strong backlog. They expect non-GAAP gross margins above 50% and non-GAAP operating margins above 20%. IoT is expected to be the largest revenue contributor, surpassing Mobile products for the first time.
Positive Outlook
- Revenue between $340 million and $370 million.
- Non-GAAP gross margin between 49.5 percent and 51.5 percent.
Challenges Ahead
- GAAP gross margin between 39.0 percent and 42.0 percent.
- Operating Expense between $120M to $125M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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