Silicon Laboratories(SLAB) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $166 million, with Industrial & Commercial revenue at $96 million (up 10% sequentially) and Home & Life revenue at $70 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 $8 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] - For Q4 2024, Silicon Labs expects revenue to be between $161 million and $171 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 $1.443 billion at the end of 2023 [18] - Total stockholders' equity decreased to $1,081,386 thousand as of September 28, 2024, down from $1,208,682 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 $167,187 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) 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 $151,299 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 $303,082 thousand from $159,928 thousand year-over-year [20] - The company anticipates GAAP operating expenses for Q4 2024 to be approximately $118 million to $122 million [7] Inventory and Receivables - Accounts receivable showed an improvement with a decrease of $(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 $54,724 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 $19,302 thousand, slightly up from $18,992 thousand in the previous year [20] - Stock-based compensation expense rose to $45,358 thousand for the nine months ended September 28, 2024, compared to $37,167 thousand in the prior year [20]