Paul V. WalshThank you, Tyson, and good morning, everyone. Second quarter revenue of $135.7 million was a new company record. The 8% sequential growth was a $10 million increase over Q1, representing the largest sequential gains in nearly 3 years. This is impressive and that it comprehends the decline in our touch control in revenue from 8% in Q1 to just 5% in Q2. The strength was across all of our major product lines with several reaching all-time highs. The Ember acquisition closed on July 3, thus, our Q2 results do not reflect anything related to that deal other than transaction cost. I'll start with the GAAP results, which include charges related to the executive separation agreement, transaction costs associated with the Ember acquisition, $9.2 million noncash stock compensation charges and an $8.4 million credit from a one-time release of tax reserves. Second quarter GAAP gross margin improved to 61%. R&D investment increased to $34.2 million and SG&A expense increased to $32.2 million, resulting in GAAP operating income of 12.1%. Because of a tax reserve release, there was a tax benefit in Q2, thus, our tax rate was a negative 15.3%, resulting in diluted GAAP earnings of $0.47.
Silicon Laboratories Management Discusses Q2 2012 Results - Earnings Call Transcript
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