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Silicon Laboratories(SLAB) - 2024 Q3 - Quarterly Results
SLABSilicon Laboratories(SLAB)2024-11-04 21:12
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Financial Performance - Revenue for Q3 2024 was 166 million, with Industrial & Commercial revenue at 96 million (up 10% sequentially) and Home & Life revenue at 70million(up2270 million (up 22% sequentially) [2] - GAAP gross margin was 54.3%, while non-GAAP gross margin was slightly higher at 54.5% [2] - The company reported a GAAP operating loss of 30 million and a non-GAAP operating loss of 8millionforthequarter[2]−GAAPdilutedlosspershareforQ32024was8 million for the quarter [2] - GAAP diluted loss per share for Q3 2024 was (0.88), while non-GAAP diluted loss per share was (0.13)[2]−ForQ42024,SiliconLabsexpectsrevenuetobebetween(0.13) [2] - For Q4 2024, Silicon Labs expects revenue to be between 161 million and 171million,withGAAPgrossmarginprojectedbetween54171 million, with GAAP gross margin projected between 54% and 55% [7] Awards and Product Launches - The company announced the general availability of its first Wi-Fi 6 solution, the SiWx917, designed for ultra-low-power applications [4] - Silicon Labs' MG26 device received the IoT Evolution's Product of the Year award, highlighting its multiprotocol capabilities [6] - The 5th annual IoT developers conference attracted over 500 companies, with over 60% of attendees being new to Silicon Labs [3] Assets and Equity - Total assets as of September 28, 2024, were 1.249 billion, a decrease from 1.443billionattheendof2023[18]−Totalstockholders′equitydecreasedto1.443 billion at the end of 2023 [18] - Total stockholders' equity decreased to 1,081,386 thousand as of September 28, 2024, down from 1,208,682thousandatDecember30,2023[19]−Thetotalliabilitiesandstockholders′equityamountedto1,208,682 thousand at December 30, 2023 [19] - The total liabilities and stockholders' equity amounted to 1,249,242 thousand as of September 28, 2024 [19] Cash Flow and Expenses - Net income for the nine months ended September 28, 2024, was a loss of 167,187thousand,comparedtoaprofitof167,187 thousand, compared to a profit of 35,271 thousand for the same period in 2023 [20] - Net cash used in operating activities improved to (24,039)thousandfortheninemonthsendedSeptember28,2024,comparedto(24,039) thousand for the nine months ended September 28, 2024, compared to (48,885) thousand for the same period in 2023 [20] - Net cash provided by investing activities was 151,299thousandfortheninemonthsendedSeptember28,2024,downfrom151,299 thousand for the nine months ended September 28, 2024, down from 426,418 thousand for the same period in 2023 [20] - Cash and cash equivalents at the end of the period increased to 303,082thousandfrom303,082 thousand from 159,928 thousand year-over-year [20] - The company anticipates GAAP operating expenses for Q4 2024 to be approximately 118millionto118 million to 122 million [7] Inventory and Receivables - Accounts receivable showed an improvement with a decrease of (19,585)thousandinthecurrentperiod,comparedto(19,585) thousand in the current period, compared to (30,706) thousand in the previous year [20] - The company experienced a significant increase in inventories, with a change of 54,724thousandcomparedtoadecreaseof54,724 thousand compared to a decrease of (66,971) thousand in the previous year [20] Depreciation and Compensation - The company reported a depreciation of property and equipment of 19,302thousand,slightlyupfrom19,302 thousand, slightly up from 18,992 thousand in the previous year [20] - Stock-based compensation expense rose to 45,358thousandfortheninemonthsendedSeptember28,2024,comparedto45,358 thousand for the nine months ended September 28, 2024, compared to 37,167 thousand in the prior year [20]