Silicon Laboratories Inc. (NASDAQ:SLAB) Q2 2024 Earnings Conference Call July 24, 2024 8:30 AM ET

Company Participants

Giovanni Pacelli - Senior Director, Finance
Matt Johnson - President and CEO
Dean Butler - Chief Financial Officer

Conference Call Participants

Matt Ramsay - TD Cowen
Thomas O'Malley - Barclays
Quinn Bolton - Needham
Srini Pajjuri - Raymond
Kyle Smith - Stifel
Cody Acree - The Benchmark Company
Peter Peng - JP Morgan

Operator

Hello. My name is Tanya, and I’ll be your conference operator today. Welcome to Silicon Labs Second Quarter 2024 Fiscal Earnings Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

Please be advised that today’s conference 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, Tanya, 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 investor.silabs.com. 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, Dean Butler. They will discuss our second 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 that are 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’d now like to turn the call over to Silicon Labs Chief Executive Officer, Matt Johnson. Matt?

Matt Johnson

Thanks, Giovanni, and good morning, everyone. Silicon Labs delivered strong second quarter results with revenue reaching the top end of our forecast and earnings exceeding expectations. Many surveyed customers report that their excess inventory levels have normalized, although some significant outliers remain. Improved booking patterns in the first half of the year indicate a continued recovery in the second half, even though weekly bookings are still below our target level.