Silicon Labs Delays Q4 2023 Earnings Conference Call

Rhea-AI Summary

Silicon Labs (NASDAQ: SLAB) has announced a one-week delay to its earnings conference call for the quarter ended on December 30, 2023, due to a material weakness in internal control related to the operation and documentation of certain inventory controls. The company has not identified any misstatements in its previously issued financial statements and expects to file its Form 10-K in a timely manner by the end of February 2024. The fourth quarter 2023 financial results will be released on Wednesday, February 7, 2024, followed by an earnings conference call at 7:30 a.m. Central Time.

Positive

• None.

Negative

• Material weakness in internal control related to inventory controls
• One-week delay to earnings conference call

The company is assessing the documentation of controls related to inventory

AUSTIN, Texas, Jan. 29, 2024 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced a one-week delay to its scheduled earnings conference call for the quarter ended on December 30, 2023. The company has determined that a material weakness in internal control related to the operation and documentation of certain inventory controls existed as of December 30, 2023. The delay in reporting allows additional time to evaluate the impact, if any, of the material weakness on the company's financial reporting as of the end of the quarterly period. As of the date of this release, the company has not identified any misstatements in its previously issued financial statements, and it expects to file its Form 10-K in a timely manner by the end of February 2024. The company will release its fourth quarter 2023 financial results on Wednesday, February 7, 2024. An earnings conference call will follow the release at 7:30 a.m. Central Time. The call will be streamed from the Investor Relations section of the company's website at silabs.com.

About Silicon Labs

Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe", "estimate", "expect", "intend", "anticipate", "plan", "project", "will", and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that the Form 10-K filing, earnings release, and/or earnings conference call may be delayed; the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including disruptions in the financial services industry; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; risks that demand and the supply chain may be adversely affected by military conflict (including in the Middle East, and between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs' distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; the impact of COVID-19 on the U.S. and global economy; debt-related risks; capital-raising risks; the timing and scope of share repurchases and/or dividends; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs' products and its networks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References to Silicon Labs in this press release shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

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SOURCE Silicon Labs

FAQ

What is the reason for the delay in the earnings conference call for Silicon Labs (SLAB)?

The delay is due to a material weakness in internal control related to the operation and documentation of certain inventory controls.

When will the fourth quarter 2023 financial results of Silicon Labs (SLAB) be released?

The financial results will be released on Wednesday, February 7, 2024.

Where can the earnings conference call for Silicon Labs (SLAB) be streamed from?

The call can be streamed from the Investor Relations section of the company's website at silabs.com.

Has Silicon Labs (SLAB) identified any misstatements in its previously issued financial statements?

As of the date of the release, the company has not identified any misstatements in its previously issued financial statements.

When does Silicon Labs (SLAB) expect to file its Form 10-K?

The company expects to file its Form 10-K in a timely manner by the end of February 2024.