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S SILICON LABS NEWS RELEASE Silicon Labs Announces Record loT Revenue for Third Quarter 2021 10/27/2021 loT Leader Reports Accelerating Adoption Across Entire Wireless Portfolio AUSTIN , Texas , Oct. 27 , 2021 / PRNewswire / -- Silicon Labs ( NASDAQ : SLAB ) , a leader in secure , intelligent wireless technology for a more connected world , reported strong financial results for the third quarter , which ended October 2 , 2021. Revenue from continuing operations exceeded the top of the guidance range at $ 185 million , up 9 % sequentially and 39 % year - on - year . " I'm really proud of what our team has accomplished , " said Silicon Labs President Matt Johnson . " We brought the industry together , delivered significant innovation and drove record revenue , all while navigating a uniquely challenging environment . " " loT solutions are being adopted at a rapid pace in large , diverse , and fast - growing home and industrial end markets , " said Silicon Labs CEO Tyson Tuttle . " Ten years ago , Silicon Labs set its sights on being a leader in loT . I am confident in Matt's ability to carry that vision forward , building on a strong foundation . " During the third quarter , Silicon Labs completed the divestiture of its Infrastructure and Automotive ( I & A ) business to Skyworks Solutions , Inc. ( NASDAQ : SWKS ) for $ 2.75 billion in an all - cash transaction . Accordingly , all information included below is to be considered from continuing operations unless explicitly noted as " discontinued operations . " Third Quarter Financial Highlights • Revenue increased to $ 185 million , up 9 % sequentially and 39 % year - on - year Results on a GAAP basis : GAAP gross margin was 59.2 % GAAP R & D expenses were $ 73 million ● GAAP SG & A expenses were $ 46 million • GAAP operating loss as a percentage of revenue was ( 5 ) % • GAAP diluted loss per share was $ ( 0.45 ) ● Results on a non - GAAP basis , excluding the impact of stock compensation , amortization of acquired intangible assets , restructuring charges , non - cash interest expense and other costs associated with convertible notes , and certain other items as set forth in the reconciliation tables were as follows : • Non - GAAP gross margin was 59.4 % • Non - GAAP R & D expenses were $ 57 million • Non - GAAP SG & A expenses were $ 36 million • Non - GAAP operating income as a percentage of revenue was 9 % • Non - GAAP diluted earnings per share were $ 0.34 Business Highlights • After completing a smooth transition of the infrastructure and automotive business to Skyworks Solutions , Silicon Labs returned capital to shareholders through a " modified Dutch auction " tender offer . The tender offer was successfully completed on August 30th . • Concurrent with the sale of the I & A business , Silicon Labs initiated its CEO succession plan as Tyson Tuttle announced his intention to retire at the end of this year . Company President Matt Johnson will succeed Tyson as CEO on January 2nd , 2022 . 1