Latest news with #DeanButler
Scottish Sun
31-05-2025
- Business
- Scottish Sun
How to protect your pension after divorce – everything you need to know
SPLITTING UP How to protect your pension after divorce – everything you need to know DIVORCE is one of the most stressful experiences you can go through in life, not least because of the debate over how to split your finances. While the family home is often given careful consideration, pensions are a vital factor often overlooked. Advertisement But this can have severe consequences later down the line. Pension savings can be worth hundreds of thousands of pounds, yet, all too often these cash pots get ignored when it comes to divorce, and it's usually women who miss out. Their pension pots are often smaller than men's due to taking career breaks to look after children or working part-time. The oversight costs women more than £77,000 on average when it comes to retirement, according to research by provider Scottish Widows. Advertisement Yet, more than more than 60% of divorced women didn't go through pension assets during a divorce. Susan Hope from Scottish Widows, says: 'The main reason women still lose out is because they simply are not aware of the potential value and that pensions should be included in the family assets. 'Divorce can be an extremely stressful and intense time. It can be easy for pensions to sink down to the bottom of the priorities, especially if it's a DIY divorce. She added: "Some may prioritise keeping the family home or taking more cash from a sale, but without seeing the full picture.. Advertisement "This could be at the expense of a fair pension share, so it's important to have the right conversations.' Could you be eligible for Pension Credit? HOW TO DIVIDE A PENSION There are a few different ways to split a pension. It is important to note the value of the pension may be offset against other assets. For example, one person could agree to take a bigger share of the home instead of any of the other person's retirement pot. Advertisement Or the pension could be shared with an agreed percentage transferred to the former spouse. In this case, it's a clean break, according to Dean Butler of pension firm Standard Life. He adds: 'On the downside, it can be quite complicated to set up and needs an order from the court.' Another alternative is called a 'pension attachment order', which is where one person agrees to pay a portion of their pension income to the other, but only when it starts being paid. Advertisement Dean says: 'This also requires a court order and the first person retains quite a lot of control of when and how the pension is used, and payments will stop when they die.' WHAT TO DO WITH CASH After a divorce, you should always take stock of how much you'll need for retirement and whether you have enough. Rachel Vahey, head of public policy at AJ Bell, said:'You may find the income you expected to get at retirement has taken a hit. 'Whether your ex-partner kept the bigger proportion of the pension or you shared some of your retirement savings with them, now is the time to think about how to boost your pot.' Advertisement You can go through a three-step online pension check on the government's website to check if you are on the right track for a comfortable retirement. If you are falling short, look at what your employer can offer. It could be worth upping contributions through a workplace scheme, especially if your employer will match the contribution. Even increasing savings by a small amount can make a big difference in the long term. If you do receive a share of a pension pot, you'll need to think about whether it's in the right place. Advertisement You could save fees by combining it with any other pensions. Having your cash in a single and bigger pot also makes it easier to manage. CHANGE YOUR EXPRESSION OF WISHES Many people don't realise that pension assets are not usually covered by your will. And if you die before taking a private pension, your provider will then decide where the cash goes. This is usually done based on an 'expression of wishes'. This is a form you'll usually fill out when setting up the savings pot. Advertisement Crucially, if you gave your spouse's name when you set up the account, you need to remember to change this when you divorce – assuming you no longer want them to receive the benefits. Ed Monk, associate director at savings provider Fidelity International said: 'If your life circumstances change and you're seriously considering ending your marriage or civil partnership.. "It's important to change your expression of wish to reflect any change in who you want to receive your pension payments in the event of your death.' 3 We explain the best tips so you don't loose out when you go through a divorce Advertisement 'I would definitely be worse off' By Lana Clements TRACEY Ford, 51, was married for 14 years and initially didn't consider her ex-husband's pensions as part of joint assets. The celebrant from Johnstone, Renfrewshire was mainly focussed on how to take over ownership of the house, when she decided to consult a solicitor on the situation. It was only then that she was made aware that she would be due a portion of his civil service final salary pension. She says: 'I had been self-employed for 25 years so didn't have a workplace pension. 'My ex-husband's pension was a sizable asset that I had completely overlooked until the solicitor pointed it out. 'We then went through a process to set up the appropriate paperwork so I'll receive a portion in the future. 'I would definitely be worse off in retirement had I not taken the pension into account.' Nationwide £100 payout MILLIONS of Nationwide customers are to receive a £100 cash sum over the coming weeks. Around four million will receive a share of £410million as part of Nationwide's Fairer Share programme, which rewards its banking customers. 3 Millions of Nationwide customers are to receive a £100 cash sum over the coming weeks Credit: Getty You will need to have opened a current account with Nationwide before March 31. Advertisement Those with £100 in savings at that time will also see the boon if the account was used within the first three months of this year. And Nationwide mortgage borrowers with more than £100 outstanding qualify, too. The cash will be paid into Nationwide current accounts between June 18 and July 4. Chief executive Debbie Crosbie said: 'Nationwide has had an outstanding 12 months. Advertisement "We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.' It comes after Nationwide paid £50 to customers in April and May as part of its 'Big Nationwide Thank You' following the building society's Virgin Money takeover. Those who have been Nationwide members since March 31 can currently get a £200 bonus by switching to Nationwide's FlexPlus, FlexDirect or FlexAccount. An existing member is someone who has held a mortgage, savings account or current account with the company. Advertisement Cash boost for retired CHANCELLOR Rachel Reeves has announced plans to overhaul the UK pension system, aiming to increase average retiree savings by £6,000. The reforms, part of the forthcoming Pension Schemes Bill, involve consolidating smaller defined-contribution pension schemes into larger 'megafunds'. 3 Labour chancellor Rachel Reeves is set to overhaul the UK pension system Credit: Getty Assets will be pooled from the 86 separate Local Government Pension Scheme authorities into eight funds by 2030. Advertisement The Government draws inspiration from successful models in Canada and Australia, where large-scale pension funds have achieved higher returns through diversified investments. By pooling assets, the UK aims to enhance investment opportunities and stimulate economic growth. Each megafund will set specific targets for local investment, potentially securing £20billion for community development. While the reforms promise increased returns and economic benefits, experts warn that the consolidation could overlook the advantages of smaller, well-managed schemes. Advertisement The Government plans to introduce the Pension Schemes Bill next year, with further consultations to make sure the reforms meet the needs of savers and the economy. The Government says this is a significant shift in the UK's pension landscape, aiming to balance individual retirement savings with broader economic objectives.
Yahoo
29-05-2025
- Business
- Yahoo
Benchmark Maintains Buy Rating on Silicon Labs (SLAB), Keeps $160 PT
On Tuesday, May 27, Benchmark analysts reiterated a 'Buy' rating on Silicon Laboratories Inc. (NASDAQ:SLAB) with a $160 price target. This decision came after a virtual group conference call with the company's CFO Dean Butler, Senior Director of Finance Giovanni Pacelli, and Investor Relations Manager Thomas Haws. The call included institutional investors and reassured the analysts about Silicon Laboratories Inc.'s (NASDAQ:SLAB) strong fundamental performance. A semiconductor production line, showing the complex procedures of chip manufacture. Benchmark highlighted the company's impressive results and outlook from its recent earnings call for Q1 2025, which exceeded Wall Street estimates. The analysts emphasized Silicon Laboratories Inc.'s (NASDAQ:SLAB) design win pipeline, which shows strong growth potential across expanding market segments. The analysts pointed out that the company is operating in a healthy channel inventory environment, which helps maintain steady supply and sales. Strategic product advancements were also discussed, which are expected to strengthen Silicon Laboratories Inc.'s (NASDAQ:SLAB) position and allow it to capitalize on customer demands and technological trends. Silicon Laboratories Inc. (NASDAQ:SLAB) is focused on growth in high-potential areas like smart home technologies, industrial automation, and the Internet of Things (IoT). The design win pipeline indicates that the company is securing important projects that can lead to long-term revenue growth. While we acknowledge the potential of SLAB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SLAB and that has a 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Record
15-05-2025
- Business
- Daily Record
National Insurance need-to-knows to help secure maximum State Pension payments in retirement
A new survey found over half of respondents admitted they had no idea of the current value of State Pension. Income tax rises for Scots in April - how the changes affect you New research from Standard Life's Retirement Voice report suggests there is a widespread lack of awareness around the State Pension, with many adults unsure of how much they will be paid and when they will start receiving it. As the full new State Pension rises to almost £12,000 a year, half of UK adults (50%) are unaware of how much they will receive from their State Pension, including 31 per cent of those nearing retirement, aged 55-64. Meanwhile, nearly a third of UK adults (32%) and 12 per cent of 55 to 64-year-olds don't understand what the State Pension age means to them, or their future. Standard Life's research, conducted among 6,000 UK adults, found a substantial lack of understanding regarding other areas of the State Pension, including a lack of awareness that National Insurance Contributions determine the amount of State Pension someone receives in retirement. Over half of those surveyed admitted they had no idea of the current value of State Pension payments (51%) and were also unaware of how to calculate their State Pension entitlement (52%). Meanwhile, over a third (34%) revealed they didn't know that their National Insurance contributions determine the level of entitlement and the amount of money they'll receive from the State in retirement. Commenting on the findings, Dean Butler, Managing Director for Retail Direct at Standard Life, part of Phoenix Group, said: 'With the State Pension rising to £11,973 a year for the 2025/26 tax year, it remains a crucial part of many people's retirement income. But despite its importance, there's still a lot of confusion around how it works and how much people might get. 'Knowing when you'll start receiving your State Pension and how much you're likely to get is an important part of planning for retirement. It helps you work out how much extra you need to save, when you could afford to retire, and what your overall financial picture will look like.' He added that understanding how your National Insurance contributions impact your retirement is vital, so you're not caught out when the time comes. Mr Butler continued: 'With the Personal Allowance frozen at £12,570 until 2028, there's a good chance that people will pay tax on the State Pension alone from 2026 or 2027. The UK Government might change the rules to avoid this, but it's good to be aware of tax when planning for retirement.' Mr Butler answers key questions about the State Pension to help more people understand the retirement income. What is the State Pension? The State Pension is a regular payment made to you by the UK Government every four weeks when you reach State Pension age, which is currently 66. However, it's important to be aware that payments, which are issued by the DWP, can be made every week or every fortnight. Not everyone is entitled to the full State Pension, and the amount you receive might not be enough for you to live on. Therefore, it's important to factor your State Pension into your retirement planning and ensure you have a good idea of how much it might be worth, when you can claim it and how it will stack up with your other retirement savings. The easiest way to check how much you will be due is to use the State Pension forecasting tool on here. How much is the State Pension worth? The full New State Pension is now worth £230.25 per week, however, the amount you get is dependent on how many 'qualifying' years of National Insurance payments you have. You'll usually need at least 10 qualifying years on your National Insurance record to get any State Pension and you'll need around 35 qualifying years to get the full New State Pension if you do not have a National Insurance record before April 6, 2016. What is my State Pension age? Dean explains: 'Your earliest age you can start receiving State Pension is known as your State Pension age. You can find this out easily on the UK Government's website. Men born before 6 April 1951 and women born before 6 April 1953 can claim the basic state pension now, but if you were born on or after these dates, you'll be eligible for the New State Pension when you reach State Pension age. 'This age is regularly reviewed to account for factors such as affordability and life expectancy - it is currently 66 but will rise to 67 by 2028.' How does the State Pension Triple Lock work? Dean explained: 'The purpose of the Triple Lock is to ensure that the State Pension doesn't lose value over time. It guarantees that, each year, the State Pension will rise by the highest of three measures: inflation in the September of the previous year (as measured by Consumer Prices Index); the average increase in total wages across the UK for May to June of the previous year; or 2.5%.' Will the State Pension be enough to fund my retirement? Dean said: 'The reality is there's a significant gap between what you get from the State Pension and what you may actually need or want in retirement. 'The State Pension only covers a very basic lifestyle - less than is needed for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings Association - and, because it only starts in your late 60s, it won't help to support you if you want to retire earlier. 'It should therefore only form part of your overall retirement plan and, so, it's important to fully understand how much you might need to save into your personal or workplace pension plan to potentially be able to afford the retirement you want. A pension calculator can help you see if you're on track.' State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Four-weekly payment: £705.80 Annual amount: £9,175 Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1%, the forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% State Pension and tax The Personal Allowance will remain frozen at £12,570 over the 2025/26 financial year. The most important thing to be aware of is that people whose sole income is the State Pension will not pay income tax. However, anyone with additional income on top of their State Pension may need to pay tax. This is paid a year in arrears, so if the 2025/26 financial year's uplift takes you over the threshold, you will not receive a tax bill from HM Revenue and Customs (HMRC) until July 2026.
Yahoo
14-05-2025
- Business
- Yahoo
Q1 2025 Silicon Laboratories Inc Earnings Call
Giovanni Pacelli; Senior Director, Finance; Silicon Laboratories Inc R. Matthew Johnson; President, Chief Executive Officer, Director; Silicon Laboratories Inc Dean Butler; Chief Financial Officer, Senior Vice President; Silicon Laboratories Inc Christopher Rolland; Analyst; Susquehanna Financial Group, LLLP Thomas O'Malley; Analyst; Barclays Capital Inc. Tore Svanberg; Analyst; Stifel, Nicolaus & Company, Inc. Cody Acree; Analyst; The Benchmark Company LLC Quinn Bolton; Analyst; Needham & Company, LLC Joseph Moore; Analyst; Morgan Stanley & Co. LLC Operator Hello, my name is Dee Dee, and I will be your conference operator today. Welcome to the Silicon Labs first-quarter fiscal 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I will now turn the call over to Giovanni Pacelli, Silicon Labs' Senior Director of Finance. Giovanni, please go ahead. Giovanni Pacelli Thank you, Dee Dee, and good morning, everyone. We are recording this meeting, and a replay will be available for four weeks on the Investor Relations section of our website at Our earnings press release and the accompanying financial tables are also available on our website. Joining me today are Silicon Labs' President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, Dean Butler. They will discuss our first-quarter financial performance and review recent business activities. We will take questions after our prepared comments, and our remarks today will include forward-looking statements that are subject to risks and uncertainties. We base these forward-looking statements on information available to us as of the date of this conference call and assume no obligation to update these statements in the future. We encourage you to review our SEC filings, which identify important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements. Additionally, during our call today, we will refer to certain non-GAAP financial information. A reconciliation of our GAAP to non-GAAP results is included in the company's earnings press release and on the Investor Relations section of our website. I'd now like to turn the call over to Silicon Labs', Chief Executive Officer, Matt Johnson. Matt? R. Matthew Johnson Thanks Giovanni, and good morning to everyone. Silicon Labs drove strong first-quarter results, consistent with our outlook and showing momentum across the business. As we highlighted in our recent analyst day, we are well positioned to outperform the broader semiconductor market, and our Q1 results illustrate that with both sequential and year-over-year revenue growth in both of our business units. Our Home and Life business grew mid-single-digits sequentially, nearly doubling year over year, as share gains in connected healthcare continued materializing into production ramps. In addition, smart home applications showed signs of strength in the quarter. Our Industrial and Commercial business continuing its recovery, growing high single digits sequentially in double digits compared to the same period last year, as design win ramps and smart metering and shipments to electronic shelf-labeling customers maintain their momentum. While the overall macroeconomic environment remains uncertain, we expect to outperform the market given our leadership position in high growth markets and a multi-year history of shared gains. As we look at the current quarter and the balance of the year, our conversations with customers and distribution partners indicate that we have no reason to change our forecast due to the dynamics of global trade policy at this point. Our outlook for sequential and year-over-year growth into Q2 is based on continued linear improvement in our bookings patterns and progress on new program ramps and secular growth areas like connected healthcare, smart home, commercial retail, and global metering deployments. Additionally, supply chain diversification is an area we focused on for several years, including as part of the roadmap for our next-generation Series 3 platform. Our current footprint is not significantly affected by the shifting geopolitical landscape, although it's too early to quantify the potential indirect impacts of tariffs on global economic demand. We have not yet seen any significant impact on our customers' forecasts. Our team is focused on delivering innovative products that reinforce our breadth, depth, and singular focus on the IoT space. This includes our latest Series 2 device, the BG29 family of Bluetooth low-energy SoCs designed to bring industry-leading performance, battery life, security, and increased memory capacity to the smallest form factor Bluetooth devices. The BG29 family represents a breakthrough in our ability to bring highly differentiated technology to connected healthcare applications, including blood glucose monitors, as well as other wearable health devices. We also introduced our new BG22L and BG24L SoCs optimized for common Bluetooth applications. Notably, these devices bring the most competitive combination of security, processing power, and connectivity for high-volume, low-power applications, including asset tracking in small appliances. The BG24L SoC also supports advanced AI/ML acceleration and the latest in Bluetooth channel sounding ideal for radio-congested areas like warehouses, smart cities, and residential apartment complexes. Additionally, our recently announced Series 2 multi-protocol SoC, the MG26, is now generally available, accelerating developers' path to designing future-proof matter devices in smart home and commercial applications like LED lighting, switches, sensors, and locks. The MG26 also sets a new standard for concurrent Bluetooth and 15.4 wireless performance alongside best-in-class security, as well as for machine learning capabilities that enhance performance for critical tasks like predictive maintenance, anomaly, and keyword detection. As matter continues to pull Thread technology into the mainstream, we're seeing our 15.4 design win momentum accelerate. This reinforces our view that we are well-aligned with the increasing matter adoption as both the leader in Thread technology and trusted partner internet security providers and ecosystem partners who are building out matter infrastructure. Finally, at our Analyst Day, I was pleased to announce that our first Series 3 device, which was sampling last year, is now ramping to production. Series 3 will continue its broader alpha sampling this year, and we're already seeing strong design win momentum with the first device, which is a testament to the great execution of the Silicon Labs team. While we believe Series 3 will be even more impactful than our Series 2 over a longer time horizon, as we further expand our addressable market in Wi-Fi, compute, and AI inference, our ability to offer our customers both Series 2 and Series 3 in parallel with co-compatibility between the two platforms is a significant competitive differentiator for us. In conclusion, even amid trade uncertainty, we're highly confident in our ability to deliver sequential growth fueled by linear improvements in our order patterns and continued new product ramps across our business units. Looking ahead, we're well positioned to outperform based on our expanding presence in growing markets, differentiated product portfolio, and continued share gains. Now I'll hand it over to Dean for the financial update. Dean? Dean Butler Thanks, Matt. Good morning to everyone. I will review the financial results for our recently completed quarter, followed by a discussion of our current outlook. Revenue for the March quarter was $178 million, up 7% sequentially and in line with the midpoint of our prior guidance. Year over year, consolidated revenue was up 67%. In our Industrial and Commercial business, March-quarter revenue was $96 million, up 8% sequentially and up 47% from the same period last year. Sequentially, the growth was driven by better-than-forecasted customer ramps in smart metering and continued electronic shelf label market growth. Home and Life March-quarter revenue was $82 million, up 5% sequentially, and nearly doubling with a year-over-year growth rate of 99%. As we anticipated, the sequential increase in Home and Life was driven by strength in smart home applications and shipments to connected help customers. Sell through at our distribution partners continue to gain momentum with channel inventory decreasing by 8 days to end at 48 days, which is down from 56 days in the prior quarter. This marks a new low level of channel inventory and is well below our targeted level of about 70 to 75 days. Distribution made up approximately 66% of our revenue mix for the quarter. March quarter, gross margins saw positive improvements as long-tail channel sales and industrial applications benefited our mix. GAAP gross margin was 55%; non-GAAP gross margin was 55.4%, which was up from the prior quarter, above the midpoint of our prior guidance, and ahead of our forecasted progression. GAAP operating expenses were $130 million which includes share-based compensation of $20 million and intangible asset amortization of $5 million. Non-GAAP operating expense of $105 million reflects the normal [uptick] of the company's annual merit cycle and reset of the employee bonus programs. GAAP operating loss was $32 million, and non-GAAP operating loss was $7 million. During the quarter, we recorded a GAAP tax charge of approximately $2 million. Our non-GAAP tax rate remained 20%. GAAP loss per share was $0.94. Non-GAAP loss of $0.08 per share beat the midpoint of our guidance by $0.01. Turning to the balance sheet. We ended the quarter with $425 million of cash, cash equivalents, and short-term investments. Our days of sales outstanding was approximately 30 days. During the quarter, we further reduced our internal inventory by $22 million, ending the quarter $83 million of net inventory, which contributed to our positive operating cash flow of $48 million for the March quarter, despite operating losses. Days of inventory on hand improved to 94 days, another sequential improvement from 125 days at the December quarter end. I want to thank our supply chain team here at Silicon Labs for having successfully guided our internal inventory balance to our targeted level. And you should now expect to see an uptick in working capital deployment as we maintain these levels to support the ramp of new customer designs throughout 2025. Speaking of supply chains, we have completed a review of our supply chain and find that there is almost no direct impact to us under the current tariff rules as we know them today. Given our wide berth of customers and applications, there are likely to be varying degrees of potential impacts to customers. The two outstanding questions are, one, what will the indirect impact of demand be when we are able -- and when we'll be able to measure that? And two, will the tariff rules change either positively or negatively as we go forward? As it stands today, our order patterns from customer bookings and distribution POS showed sequential improvement in the first quarter and have maintained this trajectory quarter to date into the June quarter, an indication to us that our end markets are progressing in their cyclical recovery. Additionally, our end-customer surveys continue to report that excess inventory is not currently a concern. We are encouraged by these positive trends entering Q2, and as such, our confidence in above market growth this year remains intact, anchored by new product ramps rather than on a reliance of robust end-market demand. We anticipate revenue in the June quarter to be in the range of $185 million to $200 million which at the midpoint would imply 32% year-over-year growth and an 8% sequential growth. Importantly, we have not witnessed any significant customer pull-ins and have kept our forecasting methodology consistent with prior quarters. We remain confident that Silicon labs will outperform the broader semiconductor market this year, despite the shifting trade dynamics, given our unique new program ramps. With improved mix of industrial applications and channel strength, we expect the gross margin improvements in the June quarter with both GAAP and non-GAAP gross margins to be in the range of 55% to 57%. We expect GAAP operating expenses in the June quarter to be in the range of $129 million to $131 million. We expect non-GAAP operating expenses to modestly increase in the June quarter, driven by full-quarter accounting of payroll-related items, including the company's bonus plans and annual merit cycle, resulting in an expected range of $106 million to $108 million. Finally, GAAP loss per share is expected to be in the range of $0.55 to $0.95 loss on an assumed basic share count of 32.7 million shares. Non-GAAP earnings per share is expected to be in the range of $0.19 to a loss of $0.01 on an expected diluted share count of 33 million shares. That wraps up our prepared remarks. I'd like to now hand the call back over to the operator to start the Q&A session. Operator? Operator Thank you. (Operator Instructions) Christopher Rolland, Susquehanna. Christopher Rolland Hey, guys. Thanks for the question and congrats on the results here. I guess there is obviously some uncertainty in the back half here. You guys seem pretty comfortable around it and the variability there, but how are you thinking about the September quarter after a little bit of June upside here, or perhaps just how the second half is shaking up overall? R. Matthew Johnson Yeah. I'll start that Christopher. So first, we're only guiding a quarter at a time, but I think the pieces that are important to think through -- and some of them were covered in the prepared remarks -- everything that we look at or see whether it's customer forecasts, bookings, billings, inventory level at our customers at our distributors, all these things are behaving very well linearly and as expected. So right now, there's not anything out there to indicate that there's a big shift coming, which is important. Now, obviously, we're being hypervigilant, watching all these things, all the time as I think the rest of the industry is. The other thing that's really important as you're thinking through this, as we've said consistently, we're not looking for broad market strength to drive this year for us. We're looking for the performance this year to really come from the design win ramps that we've been talking about and that's what we're seeing here. So we're encouraged by that, happy to see the ramps. They're not singular; they're broad. And that's really what's driving our growth, not a broad market recovery right now. Christopher Rolland Great. Thanks so much, Matt. And then I believe you thought maybe last quarter that Home and Life would outperform I&C, but it seems like there was more I&C strength than Home and Life. It was kind of flipped. So perhaps you can talk about what was kind of unexpectedly good and bad between the segments and how they shook out. Dean Butler Yeah, I don't know if there was necessarily unexpected, good or bad. A little bit of timing change, maybe, between the two of them. I would note that on a year-over-year basis, our Home and Life business was almost double, up 99%. And the Industrial and Commercial is up 47%. I think our expectation is, hey, could -- I&C, you'll grow that fast given sort of the sequential change that it had of about 8%, 9%, in the quarter. The metering business, which we've said before, India specifically, that business has been ramping faster than what we've historically seen. And I think we're a little cautious whether that was able to continue, and that metering business continues to ramp and actually ramping better than we originally anticipated, Chris. Operator Thomas O'Malley, Barclays. Thomas O'Malley Hey, guys. Thanks for taking my questions. My first one is just on inventory in the channel. So you guys have obviously worked that down pretty significantly. I think you said 48 days of inventory in channel versus target of 70 days. When you look at your June guidance, what's your target for channel inventory there? Are you going to refill that or take that to new high levels? Like just given the stronger demand environment, I'm curious what the strategy is for June. Dean Butler Yeah. Tom, the general expectation for the June quarter, we do not want to end June again at 48 or, heaven forbid, even lower. I think if we look at the way that we're running our forecasts, we would expect the channel forecast to come back above 50 days for the quarter, but certainly below 60. So I think low 50 is probably where it will likely stand when we forecast into June. Eventually, we want to drive it back to the target level 70, 75 days. That is a multi-quarter progression. I would not expect to see us build the channel in the June quarter. Really, we're almost hand-to-mouth in a lot of these smaller, long-tail customers. But you won't see any big step-up progression, at least the way that we see it today, Tom. Thomas O'Malley Helpful. And then you guys have talked, for a long time now, about specific company wins driving the growth versus broad market recovery. For just context, can you help us understand, as like a percentage of your revenue today, how much kind of in the March quarter or in the June quarter maybe, if that snapshot is easier, is new product versus stuff that you would deem like broad-based product? And then can you try to walk us through what the pricing difference is between some new products and something that you would sell on a broad based? I understand it needs to be probably loose commentary, but I think that'd be some helpful perspective just given how focused you are there. R. Matthew Johnson Sure. This is Matt. I'll take a shot at that. Quick answers, easy way to think of it, we don't break out the total revenue that way, but I can say a majority of the incremental revenue you're seeing is definitely coming from those new grants. That's a very easy way to think of it. And on pricing, not meaningfully different. In fact, I think you're seeing our gross margins progress each quarter even with this new ramp growth. So, not meaningfully different, and we see a path to being able to drive sequential revenue growth on design win ramps and sequential gross margin progression as well. So hopefully the sum of those two things gives you the full picture. Operator Tore Svanberg, Stifel. Tore Svanberg Yes. Thank you and congrats on the results. So Matt, I think in the past we've talked about, especially three new segments, potentially each one representing 10% of revenues this year. I think we're talking about the shelf label glucose meter and smart meter. Are things sort of still tracking towards that number? R. Matthew Johnson Yeah. So big picture, Tore, those are the three areas we've talked about the most, and we're seeing good progress in all three is the quick answer. And one thing that we covered in our Analyst Day that I'd also like to reinforce, not backing off of those three areas at all. Those are going to be growth engines for us for many, many years to come. And we also have introduced additional growth engines such as matter. We mentioned that Wi-Fi is growing 40% for us; BLE, growing 80%. Both of those represent significant share gains. And we're really starting to see AI/ML start to increase as well. So quick answer is those areas are going well -- and you heard Dean mention -- maybe a little faster than expected in areas like metering in India. And we're also seeing additional growth vectors come online as well. So the combination is what's giving us that confidence to say we see a path to outperform the market and drive this growth, independent of how this all plays out with tariffs. Dean Butler Tore, let me just give you one quick modification on a quantified number. You said 10% across all three; we had previously said the blood glucose is expected to be a 10% application. We had not quantified the other two, just so you have the right data point. R. Matthew Johnson So 10% for one of them, not all three combined. Tore Svanberg Got it. No, that's fair. And my follow-up question is on Series 2 and Series 3. Obviously, Series 3 is still very, very small. First of all, is Series 2 now more than half of revenues, and how should we think about ASP increases as Series 3 starts to rent more meaningfully? R. Matthew Johnson Yeah. So, we haven't broken out the Series 2 specific, but it's increasingly larger and larger piece of the total revenue, and it's what's driving the incremental growth you're seeing. All these design win ramps right now are talking about are Series 2 ramps, which is worth pointing out. As I mentioned in our Analyst Day, we have shipped over 1 billion units in Series 2, lifetime to date. And we've secured one -- 5 billion or 6 billion more units that we'll be shipping in the coming years and quarters. So there's still a lot more to come out of Series 2. At the same time, we've already started production shipments on Series 3. And to answer your question on ASPs and expectations there, content is higher with increased wireless performance, increased compute, AIML, more memory scalability. So I would expect overall higher ASPs on Series 3 tour. So the most important thing for people to take away Series 2 is doing just fantastic in the marketplace and still has a lot to go. Series 3, our goal is to meaningfully outperform Series 2. And we're liking what we're seeing right now. We're already ramping production with a lot of products to follow. So that combination of current gen, next gen, just bringing what it brings, we like our positioning is the best way to say it. Operator Cody Acree, The Benchmark Company. Cody Acree Thanks, guys, for taking my questions and congrats on the progress. Maybe if you can just give me a bit of a split for your expectations for the June quarter between your Home and Life, and Industrial and Commercial? Dean Butler Yeah. Cody, we expect that the mix between those probably be pretty consistent over the last couple of quarters. Last quarter to a first order, it landed Industrial and Commercial is about 55%, and Home and Life, about 45%. And that's been plus or minus 1% or 2% for the last sort of three quarters in a row. I would expect that to also be the case as we go into the June quarter. And it's going to depend a little bit as all these new programs ramp, we might be off a point here or there, but to a first order kind of 55%, 45%. Cody Acree Excellent. Thanks for the help. And then maybe just back to the tariff situation, can you just talk about some of those end markets, those end applications that you believe are more exposed to tariffs than others? I have a hard time thinking through your end-application mix and finding a lot that have tariff sensitivity, but maybe I'm just missing something. R. Matthew Johnson Yeah. Well, I think the quick and honest answer is it's difficult to answer because we really cover so much in terms of GOs, end customers, applications, markets, et cetera. So extremely broad across tens of thousands as we've said before. But maybe a way to abstract it up, and Dean just talked about it, we do have an industrial consumer split of around 45-55 with industrial being the larger piece. So you know that's one way to think about it. The big picture, we haven't found any one of our end markets or major markets that's uniquely susceptible or exposed to this, at least as they are presented and out there so far. But obviously we'll keep watching that closely. It's dynamic. Operator Quinn Bolton, Needham & Company. Quinn Bolton Hey, guys. Let me offer my congratulations on the nice results and outlook. I wanted to follow up on the inventory question, Dean. Looks like you're going to modestly increase channel inventory in the June quarter, and you said it would take several quarters to get back to the 70-, 75-day target. Is that something you would anticipate getting back to say by the end of the calendar year? Is that a good timeframe for us to be thinking about when you would normalize or look to normalize channel inventory? Dean Butler I think that's, without a stake in the ground, directionally right? I think the problem that we face, Quinn, is as POS continues to grow as the channel outflow, the sales to all the sort of long-tail end customers, we're sort of chasing a catch-up, right? So as outflow increases, inflow sort of needs to increase in addition to that. And I think we are likely the pipeline material in there to slowly grow it over the next few quarters. Is it get to 70 by the end of the calendar year? Maybe. It could take a quarter or two longer than that, just depends on how the POS side of that equation is going if that makes sense, Quinn. Quinn Bolton Yeah. It sounds like it takes some time to stage the inventory on the way in and if POS is better or worse than expected, that obviously affects inventory. So yeah, I think it makes sense. And then I guess Matt and Dean, just a question. There continues to be sort of some chatter out there, sort of bottom of the cycle that pricing continues to be pretty aggressive. You guys are showing nice margin expansion. So it doesn't look like you're seeing any adverse effects from pricing. But just wondering if you could talk about what you're seeing in pricing on a like-for-like basis. I know the makeshift Series 2 And series 3 is a tailwind, but are you seeing fab competitors in particular get more aggressive with pricing sort of as we're near at the bottom of the cycle? R. Matthew Johnson Yeah. I guess it felt -- the quick answer on pricing is nothing has really changed. It's been consistent with what we've been seeing for a while now, where a lot of companies would like to have more revenue. And they're trying to use pricing to get more revenue. I haven't seen that meaningfully move the needle at all in terms of share shifts or anything out there in our space. We obviously need to be competitive on pricing, but we thrive relative to our competition on differentiation, bringing features, performance, capabilities that no one else has. And that's how we have a premium gross margin versus anyone we compete against. And that's how we've been able to do, I think, exactly what we said we'd do, which has been incrementally we start working back our gross margin coming through the cycle. So quick answer is no meaningful change. I think the market is behaving as the market behaves, and no change in what we've been saying or our expectations. Operator Joe Moore, Morgan Stanley. Joseph Moore Great. Thank you. You sort of talked about customers. You haven't seen any evidence of pull-ins. Seems like inventories are still under control. Can you talk about what those conversations are like? Because I just imagine, we've seen two years of inventory leaning out, and now we're dealing with on-again, off-again tariffs all over the world. It seems like if I were running a customer's business, I would want to hold more inventory; I would want to build ahead of some of that. So you just give us some sense of what the interaction with customers is like during all of this? R. Matthew Johnson Yeah, Joe. This is Matt. I think, the quick answer is -- and I'm not being wise about this, but fortunately, just having been through this inventory cycle with -- those numbers are all fresh, and we've been taking the inventory assessment of our end customers all along, and we had to stop that. So this has just been a continuation of coming out the other side of the inventory correction cycle. And I think that the fast way to answer what you're asking, no meaningful changes in end-customer inventory, no one trying to build positions, that type of thing. But what we do see is a lot of, people saying the same thing, wondering what the trade policies will do over time, what will stick, what will go away, what the implications will be over time, and the honest answer is no one knows. So I think uncertainty is the easy way to define it. So what that uncertainty hasn't done is driven behavior around inventory, and we're watching that super close. Joseph Moore That's very helpful. Thank you. And then, I want to follow up, at the Analyst Day, you had talked about sources of inorganic growth that you would be willing to think about, larger M&A, things like that. How do you see that in the current environment? Are those deals more difficult to do in this kind of global tension or just how are you thinking about that? R. Matthew Johnson Yeah. No change in our strategic desire there or direction. I think the quick answer is, right now, there's just a lot of uncertainty around trade and where this will land and how it'll play out. So I haven't seen any meaningful changes as a result of that. And I think it's probably too soon to say. Operator Thank you. I will now hand the call back to Giovanni Pacelli. Giovanni Pacelli Thank you, Dee Dee, and thank you all for joining this morning and your interest in the company. Before concluding today's call, I would like to announce our upcoming participation in J.P. Morgan's 53rd Annual Global Technology, Media, and Communications Conference in Boston tomorrow, May 14. We'll also be participating in Stifel's cross-sector conference in Boston on June 4 and Baird's global technology Conference on June 5 in New York City. Thanks, again, and this concludes today's call. Operator This concludes today's conference call. Thank you for participating, and you may now disconnect.
North Wales Live
12-05-2025
- Business
- North Wales Live
Pensioners urged to make 5 minute DWP call to boost state pension by £80 a week
People across the UK are being encouraged to make a quick "five minute call" to the Department for Work and Pensions (DWP) that could potentially increase their state pension payments by £80 per week. Analysts warn that approximately 750,000 individuals across the country are not receiving the correct state pension amount they're entitled to. This is mainly due to pensioners missing out on thousands of pounds in unclaimed benefits and pension entitlements. Over 13 million people are above the state pension age in the UK, and many could be eligible for additional support they're unaware of through extra benefits, including Pension Credit. Pension experts from Spencer Churchill Claims Advice are urging pensioners to check if they're receiving everything they are entitled to. A spokesperson emphasised Pension Credit as being "worth around £4,300 a year on average", which also "unlocks other benefits like free dental care, help with rent and reduced energy bills". For money-saving tips, sign up to our Money newsletter here Despite thousands being eligible, uptake remains low with the Government launching a campaign to encourage applications following the means-testing of Winter Fuel Payments. Those receiving their pension are being encouraged to make a quick "five minute call" to the DWP to potentially increase their state pension payments by £80 per week. "A five-minute phone call could mean someone getting an extra £80 a week or more," added the spokesperson from Spencer Churchill. Experts point out that many pensioners incorrectly assume that once they start receiving their state pension, they are not entitled to claim any additional benefits. Here is a list of extra benefits that state pensioners may be eligible for: Pension Credit. Attendance Allowance. Council Tax Support. Winter Fuel Payments. Cold Weather Payments. War Widow(er)'s Pension. Free eye tests. Free dental treatments. Free or discounted TV licence. Energy-saving home upgrades, such as insulation and boiler replacement. However, a specialist from Spencer Churchill said: "In many cases, it's not about complex applications or means testing - just checking your eligibility and submitting a simple claim." Dean Butler, Managing Director of Standard Life, previously explained why many individuals are not receiving their full entitlements. He said: "Around 750,000 people are not receiving the correct state pension amount either due to errors in National Insurance records or the Department of Work and Pensions (DWP) not making adjustments when there's a change to your circumstances." Butler advised those who spent time raising children to verify that they received NI credit for this period. Women whose husbands retired from March 17, 2008 should ensure that their entitlement was increased accordingly. Those over 80 with a low pension should check if they have been assessed for the over-80s rate. Universal Credit recipients are also encouraged to confirm that they have been receiving National Insurance credits.
