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Sep 25, 2021
Synaptics Q1 2022 Earnings Report
Reported strong first quarter fiscal year 2022 results with revenue above guidance midpoint and record non-GAAP gross and operating margins.
Key Takeaways
Synaptics' first quarter fiscal year 2022 results showed a strong start with revenue of $372.7 million, GAAP earnings per share of $0.99, and non-GAAP earnings per share of $2.68. The company's IoT revenue increased 70% year-over-year and now represents 55% of total revenue.
Revenue reached $372.7 million.
IoT revenue increased 70% year-over-year.
GAAP diluted earnings per share were $0.99.
Non-GAAP diluted earnings per share reached a record of $2.68.
Forward Guidance
For the second quarter of fiscal year 2022, Synaptics expects revenue between $390 million and $420 million, GAAP gross margin between 54.0% and 55.0%, and non-GAAP gross margin between 58.5% and 59.5%.
Positive Outlook
- Revenue momentum to continue
- Profitability to remain strong
- Continued demand strength for our IoT products to drive the mix even higher
- Backlog remains strong
- Customer demand continuing to outpace supply availability
Challenges Ahead
- Semiconductor supply chain constraints factored into December quarter guidance
- Projected Non-GAAP gross margin excludes $17 million of intangible asset amortization
- Projected Non-GAAP gross margin excludes $1.0 million of share-based compensation.
- Projected Non-GAAP operating expense excludes $32 million to $34 million of share-based compensation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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