Silicon Laboratories (SLAB) Q4 FY2023 earnings: revenue $87 million, down 66.3% on the year

Silicon Laboratories Inc. (SLAB) reported revenue of $87 million for Q4 FY2023, the quarter ended 30 December 2023, down 66.3% on the same quarter a year earlier. Net income was -$70 million, and diluted earnings per share $-2.19. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$87 milliondown 66.3%

Net income-$70 million

Diluted EPS$-2.19

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	86.8	204	n/a	n/a
Cost of revenue	42.9	84.7	n/a	n/a
Gross profit	43.9	119	n/a	n/a
Gross margin	50.6%	58.4%	n/a
Research and development	83.4	79.0	n/a	n/a
Selling, general and administrative	33.6	27.8	n/a	n/a
Operating income	-73.1	12.2	n/a	n/a
Operating margin	-84.2%	6.0%	n/a
Interest expense	0.9	1.4	n/a	n/a
Pre-tax income	-70.4	13.8	n/a	n/a
Income tax	-15.5	3.4	n/a	n/a
Effective tax rate	n/a	24.6%	n/a
Net income	-69.8	10.3	n/a	n/a
Net margin	-80.4%	5.1%	n/a
Diluted EPS	-$2.19	$0.32	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	18.5	-33.4	n/a	n/a
Capital expenditure	3.7	5.1	n/a	n/a
Free cash flow	14.8	-38.5	n/a	n/a
Free cash flow margin	17.0%	-18.9%	n/a
Cash from investing	43.4	10.3	n/a	n/a
Cash from financing	5.6	-51.8	n/a	n/a
Share-based compensation	11.0	5.8	n/a	n/a
Buybacks	0.0	16.0	n/a	n/a
Diluted shares, weighted	32m	32m	n/a	n/a
Shares outstanding at period end	32m	32m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,209	1,260	n/a	n/a
Debt	45.0	n/a	n/a	n/a
Operating lease liabilities	19.8	n/a	n/a	n/a
Other liabilities	170	215	n/a	n/a
Total liabilities and equity	1,443	1,475	n/a	n/a
Fixed assets	146	151	n/a	n/a
Goodwill	376	376	n/a	n/a
Intangible assets	59.5	65.7	n/a	n/a
Investments	212	257	n/a	n/a
Cash and equivalents	228	160	n/a	n/a
Receivables	29.3	102	n/a	n/a
Inventory	194	168	n/a	n/a
Other assets	198	195	n/a	n/a
Total assets	1,443	1,475	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	204	86.8	106	145	166	166	178	193	206	208	214	228
Cost of revenue	84.7	42.9	51.3	68.8	76.1	76.0	79.9	84.7	87.0	76.1	86.5	87.5
Gross profit	119	43.9	55.1	76.6	90.3	90.2	97.8	108	119	132	127	141
Gross margin	58%	51%	52%	53%	54%	54%	55%	56%	58%	63%	59%	62%
R&D	79.0	83.4	80.7	85.9	83.2	82.4	88.2	87.8	87.7	89.5	88.6	95.0
SG&A	27.8	33.6	33.6	38.7	36.8	36.4	41.6	43.2	43.7	45.8	55.5	56.3
Operating income	12.2	-73.1	-59.1	-48.0	-29.7	-28.6	-32.1	-22.9	-12.3	-3.3	-17.1	-10.7
Operating margin	6%	-84%	-56%	-33%	-18%	-17%	-18%	-12%	-6%	-2%	-8%	-5%
Interest expense	1.4	0.9	0.5	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.3
Pre-tax income	13.8	-70.4	-56.9	-45.5	-26.5	-25.9	-28.6	-19.3	-9.5	-0.5	-13.7	-8.4
Tax rate	25%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	10.3	-69.8	-56.5	-82.2	-28.5	-23.8	-30.5	-21.8	-9.9	-2.7	-15.9	-10.6
Net margin	5%	-80%	-53%	-57%	-17%	-14%	-17%	-11%	-5%	-1%	-7%	-5%
Diluted EPS	$0.32	-$2.19	-$1.77	-$2.56	-$0.88	-$0.73	-$0.94	-$0.67	-$0.30	-$0.08	-$0.48	-$0.32
Operating cash flow	-33.4	18.5	-71.8	16.1	31.6	10.1	48.1	4.9	34.3	8.3	4.9	-14.5
Capital expenditure	5.1	3.7	2.0	3.5	2.2	4.0	4.9	8.7	6.4	10.0	9.8	12.3
Free cash flow	-38.5	14.8	-73.8	12.6	29.4	6.2	43.3	-3.8	27.9	-1.6	-4.9	-26.8
Buybacks	16.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	32m	32m	32m	32m	32m	32m	32m	33m	33m	33m	33m	33m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 20 February 2024, accession 0001104659-24-025535: the filing on EDGAR. All of Silicon Laboratories Inc.'s filings: EDGAR company page.

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