The company is assessing the documentation of controls related to inventoryAUSTIN, Texas, Jan. 29, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced a one-week delay to its scheduled earnings conference call for the quarter ended on December 30, 2023. The company has determined that a material weakness in internal control related to the operation and documentation of certain inventory controls existed as of Decem ...

AUSTIN, Texas, Jan. 17, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced that it plans to release fourth quarter 2023 financial results on Wednesday, January 31, 2024. An earnings conference call will follow the release at 7:30 a.m. Central Time. The call will be streamed from the Investor Relations section of the company's website at silabs.com. A replay will be available after the call on the investor page of ...

Financial Data and Key Metrics Changes - On a GAAP basis, gross margin ended at 58.4% with GAAP operating expenses at $107 million, which was $13 million below the midpoint of guidance due to changes in stock compensation expense [1] - Third quarter revenue was $204 million, down 24% year-on-year, with non-GAAP gross margin slightly lower than expected at 58.5% [7][8] - Non-GAAP operating expenses were $95 million, in line with expectations, and the company expects non-GAAP operating expenses in Q4 to be approximately $94 million [8][10] Business Line Data and Key Metrics Changes - The Industrial & Commercial business ended at $121 million, down 17% year-over-year, while Home & Life revenue was $83 million, down 33% year-over-year but up 4% sequentially [43] - Revenue was down year-over-year in both business units during the quarter [7] Market Data and Key Metrics Changes - Year-over-year decreases were observed in all regions, with APAC being down less than Europe and the Americas [17] - Distribution revenue was 81% for the third quarter, up slightly from the second quarter, with inventory in the channel around 90 days [17] Company Strategy and Development Direction - The company announced its next-generation platform called Series 3, which is expected to enhance its market position [6] - The company is focusing on long-term growth markets such as smart cities and healthcare, with significant deployments expected in the coming years [21][22] - The Series 3 platform is designed to support more than 100 times the processing capability of the current generation, including integrated AI and machine learning accelerators [49] Management's Comments on Operating Environment and Future Outlook - The current market environment is characterized by weak demand and high inventory levels, with end customers carrying excess inventory [5][19] - Management believes Q4 will be the bottom, with expectations for sequential growth in Q1 2024 [24] - The company is committed to managing operating expenses while maintaining investments in essential R&D projects [42] Other Important Information - The company repurchased approximately $16 million worth of shares in Q3, targeting around 100,000 shares [45] - The balance sheet remains healthy with cash and investments totaling $417 million [18] Q&A Session Summary Question: Concerns about design wins and revenue outlook - Management acknowledged concerns about the potential decrease in volumes and revenue underpinning design wins, attributing current challenges to inventory corrections rather than a permanent reduction in total addressable market (TAM) [27][28] Question: Inventory correction and guidance for Q4 - Management clarified that while they expect to clear a significant portion of inventory in Q4, some inventory issues may extend into Q1 2024 [32][34] Question: Flexibility of buyback program - Management confirmed flexibility in the buyback program, emphasizing a cautious approach to liquidity and market conditions [38][63] Question: Impact of inventory on revenue guidance - Management indicated that the inventory situation is complex, with varying levels of excess inventory across customers, impacting revenue guidance for Q4 [60][66] Question: OpEx budget for next year - Management expects OpEx in Q1 to be roughly flat compared to the second half of 2023, with ongoing monitoring based on market recovery [74]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 000-29823 SILICON LABORATORIES INC. (Exact name of registrant as specified in its charter ...

Financial Data and Key Metrics Changes - The second quarter revenue was $245 million, down 7% year-over-year, but above the midpoint of guidance [113] - Non-GAAP earnings per share ended slightly above the midpoint of guidance at $1.04, primarily due to revenue upside and favorable operating expenses [114] - GAAP earnings per share were $0.33 for the quarter, slightly below guidance [5] - Non-GAAP gross margin ended lower than expected at 58.9% due to product mix [26] - GAAP operating expenses were $127 million, while non-GAAP operating expenses were $104 million [114][26] Business Line Data and Key Metrics Changes - The Industrial and Commercial business unit achieved $165 million in revenue, up 15% year-over-year [4] - The Home & Life business unit declined 33% year-over-year to $80 million, impacted by high levels of customer inventory [91] - The design win pipeline increased by 23% year-over-year in the first half of 2023, indicating strong momentum [3] Market Data and Key Metrics Changes - Europe showed the greatest strength in Q2, with revenue up 14% year-on-year, while revenue for APAC and the Americas was down year-on-year [91] - Days sales outstanding (DSO) remained stable at 79 days [91] - The largest customer accounted for less than 4% of revenue, with the top 10 customers representing about 24% of revenue [91] Company Strategy and Development Direction - The company is focused on disciplined execution and managing expenses without impacting long-term potential [29] - The Series 2 product portfolio is expected to capture market share, with strategic inventory being accumulated ahead of anticipated market recovery [29] - The company is preparing for the launch of the Series 3 platform, which represents a significant advancement in IoT technology [31] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market headwinds and broad demand weakness, but expressed confidence in mid- and long-term revenue growth potential [90] - The company is experiencing low levels of bookings, impacting both business units, and expects revenue for Q3 to decline [93] - Management highlighted that the current environment is characterized by weak customer visibility and confidence, affecting ordering patterns [54] Other Important Information - The company ended the quarter with cash and investments of $506 million and a total inventory of $146 million [92] - The company executed a buyback of approximately $184 million, retiring around 1.3 million shares [27] - The company is participating in two upcoming conferences to enhance visibility and engagement with investors [98] Q&A Session Summary Question: What is the expected steady state sell-through for the Home and Life segment? - Management indicated that the Home and Life segment has been significantly impacted by customer inventory levels, and they expect a period of adjustment to clear this inventory [35][100] Question: Can you elaborate on the inventory position in Industrial and Commercial? - Management acknowledged that while Industrial and Commercial have shown resilience, they are also experiencing some inventory corrections, and the market environment remains challenging [108] Question: How is the company managing operating expenses in the current environment? - Management stated that recent reductions in operating expenses are primarily discretionary and temporary, with plans to revert these actions as market conditions improve [18] Question: What is the outlook for the Series 2 product ramp? - Management confirmed that the Series 2 ramp has already started and is expected to contribute significantly to revenue growth over the coming years [57] Question: How is the company addressing the impact of the new cybersecurity labeling initiative? - Management indicated that while the initiative is important, it will take time to see a significant impact on the top line, as such changes typically unfold gradually [74]

Silicon Laboratories Inc. (NASDAQ:SLAB) Q1 2023 Earnings Conference Call April 26, 2023 8:30 AM ET Matt Johnson - President and Chief Executive Officer Matt Ramsay - TD Cowen Raji Gill - Needham & Company Operator Giovanni Pacelli We will take questions after our prepared comments, and our remarks today will include forward-looking statements 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 obliga ...

SILICON LABS | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Silicon Labs Investor | | | | | | | | | Presentation | | | | | | | | | April 26, 2023 | | | | | | | This presentation contains forward-looking statements based on Silicon Labs' current expectations. The words "believe", "estimate", "expect", "intend", "anticipate", "plan", ...

Silicon Labs (NASDAQ:SLAB) Q4 2022 Earnings Conference Call February 1, 2023 8:30 AM ET Company Participants Matt Johnson - President, Chief Executive Officer John Hollister - Senior Vice President, Chief Financial Officer Giovanni Pacelli - Senior Director, Finance Conference Call Participants Matt Ramsay - Cowen Gary Mobley - Wells Fargo Securities Tore Svanberg - Stifel Raji Gill - Needham & Co. Blayne Curtis - Barclays Operator Good morning everyone. My name is Jamie and I’ll be your operator today. W ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-29823 SILICON LABORATORIES INC. (Exact name of registrant as specified in its charter) 74-2793174 (I.R.S. Employer I ...

Silicon Laboratories, Inc. (NASDAQ:SLAB) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Giovanni Pacelli - Senior Director of Finance John Hollister - Chief Financial Officer Matt Johnson - President and Chief Executive Officer Austin Dean - Investor Relations Conference Call Participants Matthew Ramsay - Cowen Gary Mobley - Wells Fargo Securities Blayne Curtis - Barclays Rajvindra Gill - Needham & Company Jeremy Kwan - Stifel Nicholas Operator Good day, everyone. My name ...