Silicon Laboratories, Inc.

Thank you for standing by. My name is Jonathan. I will be your conference operator today. Welcome to Silicon Labs first 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. 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'd like 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 websites. Joining me today are Silicon Labs President and Chief Executive Officer Matt Johnson and Interim Chief Financial Officer Mark Mauldin. They will discuss our first 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 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. 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'll now turn the call over to Silicon Labs Chief Executive Officer Matt Johnson. Matt?

Thanks Giovanni and good morning everyone. Silicon Labs reported solid first quarter results with revenue and EPS exceeding the midpoint of our guidance. We are confident that Q4 represented the trough for us and we expect revenue growth to accelerate from Q1 into Q2. Based on a sampling of our top customers, we believe they have made further progress in reducing excess inventory in the quarter. We also continue to see steady improvements in our weekly bookings levels, although still below the level we'd like to see. On a unit basis, channel inventory remains very low, decreasing again in the quarter. We're working closely with our distribution partners and key customers to manage lead times and increase order visibility as the demand environment begins to improve. I'm also incredibly excited about the senior leadership announcements that I will cover later in the call. Now, I'll hand it over to Mark for the financial update.