Silicon Laboratories Inc. (NASDAQ:SLAB) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET

Company Participants

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

Conference Call Participants

Srini Pajjuri - Raymond
Nick Doyle - Needham
Cody Acree - The Benchmark Company
Peter Peng - JP Morgan

Operator

My name is Michelle, and I will be your conference operator today. Welcome to the Silicon Labs Third Quarter Fiscal 2024 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 call over to Giovanni Pacelli, Silicon Labs, Senior Director of Finance. Giovanni, please go ahead, sir.

Giovanni Pacelli

Thank you, Michelle, and good afternoon, everyone. We're 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 third 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 our website. I'd now like to turn the call over to Silicon Labs, Chief Executive Officer, Matt Johnson.

Matt Johnson

Thanks Giovanni, and good afternoon, everyone. Silicon Labs delivered solid third quarter results with revenue and earnings exceeding the midpoint of our guidance. Our surveys indicate that many of our customers' excess inventory levels have now normalized, however, there remain outliers whose destocking will continue to take time. Bookings patterns and distribution POS have modestly improved, but have not significantly accelerated, indicating to us that a demand recovery is likely to be more gradual than many of our customers originally expected. Broadly speaking, the majority of our customers remain positive looking forward into 2025.