Silicon Laboratories(SLAB) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter revenue was $166 million, nearly doubling from $86.8 million in the same quarter last year, representing a growth of approximately 91%[3] - Industrial & Commercial revenue for the quarter was $89 million, down 8% sequentially, while Home & Life revenue was $78 million, up 11% sequentially[4] - The company expects first-quarter revenue to be between $170 million to $185 million, with GAAP diluted loss per share projected between $(0.75) to $(1.05)[4] - The company anticipates sequential revenue growth to resume in the first quarter of 2025, driven by design wins across key focus areas[3] Profitability and Loss - GAAP gross margin was 54.3%, with a non-GAAP gross margin of 54.6%[4] - Total operating expenses for the fourth quarter were $119 million, with GAAP operating loss of $29 million[4] - The company reported a net loss of $23.8 million for the fourth quarter, translating to a diluted loss per share of $(0.73)[11] - Non-GAAP diluted loss per share is expected to range from $0.01 to $(0.19) for the first quarter[4] - Net loss for the year ended December 28, 2024, was $191,010 thousand, compared to a net loss of $34,516 thousand in 2023, representing a significant increase in losses[22] Expenses and Investments - Research and development expenses for the fourth quarter were $82.4 million, accounting for 49.6% of revenue[15] - Stock-based compensation expense rose to $61,503 thousand in 2024, up from $48,208 thousand in 2023, indicating an increase of approximately 27.6%[22] - Net cash provided by investing activities was $113,117 thousand in 2024, a significant decrease from $469,808 thousand in 2023, representing a decline of approximately 76.1%[22] Balance Sheet and Cash Flow - Total assets decreased from $1,443,056 thousand in 2023 to $1,222,674 thousand in 2024, a decline of approximately 15.3%[20] - Cash and cash equivalents increased from $227,504 thousand at the beginning of the period to $281,607 thousand at the end, marking a rise of approximately 23.8%[22] - Total current liabilities decreased from $163,570 thousand in 2023 to $97,883 thousand in 2024, a reduction of about 40.1%[20] - Net cash used in operating activities improved from $30,348 thousand in 2023 to $13,910 thousand in 2024, reflecting a decrease in cash outflow of about 54.2%[22] - Total stockholders' equity decreased from $1,208,682 thousand in 2023 to $1,080,021 thousand in 2024, a decline of about 10.6%[20] Inventory and Receivables - Accounts receivable increased from $29,295 thousand in 2023 to $54,479 thousand in 2024, an increase of approximately 85.9%[20] - Inventories decreased significantly from $194,295 thousand in 2023 to $105,639 thousand in 2024, a reduction of about 45.5%[20] Strategic Focus - Silicon Labs continues to focus on expanding its market presence and developing new technologies to enhance its product offerings[6]