02.05.15
Synaptics, a leading developer of human interface solutions, reported financial results for its second quarter ended Dec. 27, 2014. Results for the period reflect the first quarter of consolidated results from the acquisition of Renesas SP Drivers, Inc. (RSP), completed on Oct. 1, 2014.
Net revenue for the second quarter of fiscal 2015 grew 125% over the comparable quarter last year to $463.7 million. Net income for the second quarter of fiscal 2015 was $20.0 million, or $0.52 per diluted share. Non-GAAP net income for the second quarter of fiscal 2015 was $55.8 million, or $1.46 per diluted share.
“Synaptics achieved record top-line results for the second quarter, which included strong contributions from our new display drivers business,” stated Rick Bergman, president and CEO. “We continue to execute across our strategic growth initiatives, with our new area touch fingerprint sensor and the market’s first touch and display driver integrated (TDDI) solution now in mass production. We are very optimistic regarding our outlook for the second half of fiscal 2015 and are tracking well towards our combined operating model following the integration of RSP.”
Second Quarter 2015 Business Metrics
Revenue mix from mobile and PC products was approximately 86% and 14%, respectively. Fingerprint ID products have been classified according to type of device.
Revenue from mobile products was up 198% year-over-year to $398.3 million. Mobile products revenue includes all touchscreen, display driver, and applicable fingerprint ID products.
Revenue from PC products totaled $65.4 million, a decrease of 9% year-over-year, and includes applicable fingerprint ID products.
Cash at Dec. 31, 2014 was $327.5 million, a decrease of $122 million from the prior quarter. The decrease in cash was due to the purchase of RSP early in the quarter. In the second quarter of fiscal 2015, cash flow from operations was a negative $16.5 million as a result of the purchase of RSP inventory totaling $115 million from Renesas post-acquisition. Year-to-date, the company has used $91 million to repurchase approximately 1.3 million shares of its common stock, or roughly 3.5% of the total shares outstanding.
“Considering our backlog of $245 million entering the March quarter, customer forecasts and the resulting expected product mix, we anticipate revenue to be in the range of $450 to $490 million, an increase of 120% to 140% over the prior year period. We expect the revenue mix from mobile and PC to be similar to the preceding quarter.”
Net revenue for the second quarter of fiscal 2015 grew 125% over the comparable quarter last year to $463.7 million. Net income for the second quarter of fiscal 2015 was $20.0 million, or $0.52 per diluted share. Non-GAAP net income for the second quarter of fiscal 2015 was $55.8 million, or $1.46 per diluted share.
“Synaptics achieved record top-line results for the second quarter, which included strong contributions from our new display drivers business,” stated Rick Bergman, president and CEO. “We continue to execute across our strategic growth initiatives, with our new area touch fingerprint sensor and the market’s first touch and display driver integrated (TDDI) solution now in mass production. We are very optimistic regarding our outlook for the second half of fiscal 2015 and are tracking well towards our combined operating model following the integration of RSP.”
Second Quarter 2015 Business Metrics
Revenue mix from mobile and PC products was approximately 86% and 14%, respectively. Fingerprint ID products have been classified according to type of device.
Revenue from mobile products was up 198% year-over-year to $398.3 million. Mobile products revenue includes all touchscreen, display driver, and applicable fingerprint ID products.
Revenue from PC products totaled $65.4 million, a decrease of 9% year-over-year, and includes applicable fingerprint ID products.
Cash at Dec. 31, 2014 was $327.5 million, a decrease of $122 million from the prior quarter. The decrease in cash was due to the purchase of RSP early in the quarter. In the second quarter of fiscal 2015, cash flow from operations was a negative $16.5 million as a result of the purchase of RSP inventory totaling $115 million from Renesas post-acquisition. Year-to-date, the company has used $91 million to repurchase approximately 1.3 million shares of its common stock, or roughly 3.5% of the total shares outstanding.
“Considering our backlog of $245 million entering the March quarter, customer forecasts and the resulting expected product mix, we anticipate revenue to be in the range of $450 to $490 million, an increase of 120% to 140% over the prior year period. We expect the revenue mix from mobile and PC to be similar to the preceding quarter.”