Net revenue for the first quarter of fiscal 2020 was up 15% sequentially to $339.9 million and exceeded the guidance the company provided last quarter. GAAP net income for the first quarter of fiscal 2020 was $4 million, or $0.12 per diluted share. Non-GAAP net income for the first quarter of fiscal 2020 increased $27.7 million sequentially to $41 million, or $1.22 per diluted share.
“Our September quarter was stronger than expected as we had a number of successful large OEM customer product launches this quarter including smart home devices leveraging our edge computing SoCs, and new smartphones with both LCD and OLED panels featuring our display and touch IC solutions,” said Michael Hurlston, president and CEO, Synaptics. “As we continue our corporate transformation, I am committed to focusing our investments on sustainable franchise solutions that are more defensible with better margins. We have a strong foundation in technology and IP at Synaptics, and I am confident that we will become a stronger, more profitable growth company long-term.”
Cash at Sept. 30, 2019 was $351 million. Cash flow from operations during the first quarter of fiscal 2020 was $47 million and the company used $17 million to repurchase approximately 556,000 shares of its common stock.
“We had a strong start to our fiscal year and continue to maintain a healthy backlog of $265 million entering the December quarter, and expect that subsequent bookings, customer forecasts and product sell-in and sell-through patterns will result in revenue for the second quarter of fiscal 2020 to be in the range of $345 to $365 million,” Synaptics CFO Dean Butler added. “Based upon this guidance, we expect the revenue mix from mobile, IoT and PC products to be approximately 54%, 25% and 21% respectively.”