Silicon Laboratories, Inc.

Thank you for standing by. My name is Jonathan, and I will be your conference operator today. Welcome to Silicon Labs' fourth quarter fiscal 2023 earnings call. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. If your question has been answered and you wish to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Giovanni Pacelli, Silicon Labs Senior Director of Finance. Giovanni, please go ahead.

Thank you, Jonathan, 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 SiliconLabs President and Chief Executive Officer Matt Johnson and Interim Chief Financial Officer Mark Mauldin. They will discuss our fourth 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 working 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?

Thanks, Giovanni, and good morning, everyone. The Silicon Labs team delivered fourth quarter results above the midpoint of our guidance. During the quarter, we saw reductions in both channel and end-customer inventory. We expect end-customer inventory to be stocking to continue in Q1. On a unit basis, DISTI inventory is now at lower levels than during the supply crisis. We believe Q4 of 2023 represents our low point of revenue. We expect to return to sequential growth starting in Q1 as our customer's inventory starts to normalize and we begin to see the further benefits of design wind ramping to production. We've also seen slight improvements in our weekly bookings activity, but demand visibility continues to be low. We are encouraged by another year of outstanding design wind achievement despite the challenges of the current operating environment. The projected lifetime revenue of our 2023 design wins was up low double digits year over year, in line with the ambitious targets we set. These design wins span a broad range of technologies, applications, and customers, and we are expected to deliver strong growth and earnings power as the market dynamics improve. Before we turn the call over to Mark, I would like to take a moment to express our gratitude to John Hollister, who has stepped down after 20 years of dedicated service to Silicon Labs, 10 of those years as CFO. John's financial stewardship has been instrumental to our success over the years, and his insights and partnerships have been invaluable. On behalf of the entire team, thank you, John, for your outstanding work and commitment, and we wish you the best as you join Global Foundries. In addition, I would like to thank Mark Malden for stepping in so effectively during this transition. I can also share that the search for our new CFO is going well, and we're impressed by the caliber and potential fit of the candidates we're engaged with and are looking forward to concluding the search as quickly as possible. Now, I'll hand it over to Mark for the financial update.