Silicon Laboratories, Inc.

Hello, my name is Sarah and I will be your conference operator today. Welcome to Silicon Lab's second quarter fiscal 2023 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I will now turn the call over to Giovanni Pacelli, Silicon Labs, Senior Director of Finance. Giovanni, please go ahead.

Thank you, Sarah, and good morning, everyone. We are recording this meeting, and a replay will be available for four weeks on 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 second quarter financial performance and review recent business activities. We'll 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 representation 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?

Thanks, Giovanni, and good morning, everyone. Despite a challenging market environment, Silicon Labs' team delivered solid second quarter revenue and non-GAAP earnings per share in line with our guidance. However, during the quarter, we saw further market erosion, Broad demand weakness and elevated customer inventory continue impacting both of our business units, although our industrial and commercial business showed resilience, achieving record revenue in the quarter. This demonstrates the strength of our position and the favorable impact of our strong design momentum. So far, in the first half of 2023, our design wind pipeline is up 23% year over year. Looking ahead, we've continued design and production ramps in the second half of the year that will offset the ongoing market headwinds at some level. However, how much is difficult to call given the dynamic market environment? It's important to note that even with these short-term market challenges, we're confident in our mid- and long-term revenue growth potential, and we are excited by the continued strong design and growth and an expanding opportunity funnel, which now stands at over $18 billion, up 17 percent over the same time last year. I'll now hand it over to John to cover the financials.