Silicon Laboratories (SLAB) FY2023 results: revenue $782 million, down 23.6% on the year

Silicon Laboratories Inc. (SLAB) reported revenue of $782 million for fiscal 2023, the year ended 30 December 2023, down 23.6% on the year before. Net income was -$35 million, and diluted earnings per share $-1.09. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$782 million

-23.6% on the year

FY2016FY2023

Operating margin

-3.1%

11.6% a year earlier

FY2016FY2023

Net income

-$35 million

FY2016FY2023

Diluted EPS

-$1.09

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	782	1,024	721	-23.6%
Cost of revenue	322	382	295	-15.7%
Gross profit	461	643	425	-28.3%
Gross margin	58.9%	62.7%	59.0%
Research and development	338	332	273	+1.6%
Selling, general and administrative	147	191	185	-23.0%
Operating income	-24.2	119	-32.8
Operating margin	-3.1%	11.6%	-4.6%
Interest expense	5.6	6.7	31.0	-17.4%
Pre-tax income	-26.6	130	-44.4
Income tax	7.9	38.5	13.4	-79.3%
Effective tax rate	n/a	29.6%	n/a
Net income	-34.5	91.4	2,117
Net margin	-4.4%	8.9%	293.7%
Diluted EPS	-$1.09	$2.54	$47.78

$ million except per share.

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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-30.3	71.8	-100
Capital expenditure	22.3	26.5	28.6	-16.0%
Free cash flow	-52.6	45.3	-129
Free cash flow margin	-6.7%	4.4%	-17.9%
Cash from investing	470	241	n/a	+95.3%
Cash from financing	-712	-887	-1,299
Depreciation and amortisation	51.1	56.6	62.6	-9.7%
Share-based compensation	48.2	60.5	56.8	-20.3%
Buybacks	217	883	1,150	-75.4%
Diluted shares, weighted	32m	36m	44m	-11.8%
Shares outstanding at period end	32m	32m	38m	-0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,209	1,405	2,212	-14.0%
Debt	45.0	530	451	-91.5%
Operating lease liabilities	19.8	18.0	22.5	+10.1%
Other liabilities	170	217	273	-21.8%
Total liabilities and equity	1,443	2,169	2,958	-33.5%
Fixed assets	146	152	147	-4.0%
Goodwill	376	376	376	0.0%
Intangible assets	59.5	84.9	119	-29.9%
Investments	212	692	965	-69.4%
Cash and equivalents	228	500	1,075	-54.5%
Receivables	29.3	71.4	98.3	-59.0%
Inventory	194	100	49.3	+93.5%
Other assets	198	192	130	+3.2%
Total assets	1,443	2,169	2,958	-33.5%

10-K for the year ended 30 December 2023, filed 20 February 2024: the filing.