Silicon Laboratories Inc. (NASDAQ:SLAB) Q1 2023 Earnings Conference Call April 26, 2023 8:30 AM ET

Company Participants

Giovanni Pacelli - Senior Director of Finance

Matt Johnson - President and Chief Executive Officer

John Hollister - Chief Financial Officer

Conference Call Participants

Matt Ramsay - TD Cowen

Tore Svanberg - Stifel

Cody Acree - Benchmark

Raji Gill - Needham & Company

Blayne Curtis - Barclays

Gary Mobley - Wells Fargo

Operator

Hello. My name is Betsy, and I will be your conference operator today. Welcome to Silicon Labs First Quarter Fiscal 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Giovanni Pacelli, Silicon Labs Senior Director of Finance. Giovanni, please go ahead.

Giovanni Pacelli

Thank you, Betsy, 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 silabs.com/investors. 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, John Hollister. 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 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 the Silicon Labs website.

I’ll now turn the call over to Silicon Labs’ Chief Executive Officer, Matt Johnson. Matt?

Matt Johnson

Thanks, Giovanni, and good morning, everyone. Last quarter, we discussed the success of our strategy to focus on the IoT market, strength of our position to scale and lead the industry, our accelerating design wins and significant market share gains. Our team continues to execute well. We posted solid results in the first quarter, driven in part by the performance of our Bluetooth portfolio, which was up 65% year-over-year and 11% sequentially. We also drove a record level of design wins in the quarter, up 36% over the design win level from Q1 of last year.