|
Unaudited Forward-Looking Statements Regarding Business Outlook |
|||||||||
| Business Outlook |
Three Months Ending
|
||||||||
| High | Low | ||||||||
| Estimated GAAP diluted earnings per share | $ | 0.33 | $ | 0.27 | |||||
| Estimated non-GAAP charges | 0.34 | 0.34 | |||||||
| Estimated non-GAAP diluted earnings per share | $ | 0.67 | $ | 0.61 | |||||
| Silicon Laboratories Inc. | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (In thousands, except per share data) | |||||||||||
| (Unaudited) | |||||||||||
|
July 2,
|
January 2,
|
||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 101,334 | $ | 114,085 | |||||||
| Short-term investments | 142,326 | 128,901 | |||||||||
| Accounts receivable, net | 71,990 | 73,601 | |||||||||
| Inventories | 56,388 | 53,895 | |||||||||
| Prepaid expenses and other current assets | 53,326 | 52,658 | |||||||||
| Total current assets | 425,364 | 423,140 | |||||||||
| Long-term investments | 6,921 | 7,126 | |||||||||
| Property and equipment, net | 130,498 | 131,132 | |||||||||
| Goodwill | 272,722 | 272,722 | |||||||||
| Other intangible assets, net | 106,246 | 121,354 | |||||||||
| Other assets, net | 50,837 | 55,989 | |||||||||
| Total assets | $ | 992,588 | $ | 1,011,463 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 41,152 | $ | 42,127 | |||||||
| Current portion of long-term debt | 10,000 | 10,000 | |||||||||
| Accrued expenses | 47,004 | 52,131 | |||||||||
| Deferred income on shipments to distributors | 39,257 | 35,448 | |||||||||
| Income taxes | 3,567 | 2,615 | |||||||||
| Total current liabilities | 140,980 | 142,321 | |||||||||
| Long-term debt | 62,500 | 67,500 | |||||||||
| Other non-current liabilities | 27,959 | 40,528 | |||||||||
| Total liabilities | 231,439 | 250,349 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
|
Preferred stock – $0.0001 par value; 10,000 shares authorized; no
shares issued and outstanding |
-- | -- | |||||||||
|
Common stock – $0.0001 par value; 250,000 shares authorized;
41,637 and 41,727 shares issued and outstanding at July 2, 2016 and January 2, 2016, respectively |
4 | 4 | |||||||||
| Additional paid-in capital | -- | 13,868 | |||||||||
| Retained earnings | 761,872 | 747,749 | |||||||||
| Accumulated other comprehensive loss | (727 | ) | (507 | ) | |||||||
| Total stockholders' equity | 761,149 | 761,114 | |||||||||
| Total liabilities and stockholders' equity | $ | 992,588 | $ | 1,011,463 | |||||||
| Silicon Laboratories Inc. | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Six Months Ended | |||||||||||
|
July 2,
|
July 4,
|
||||||||||
| Operating Activities | |||||||||||
| Net income | $ | 21,367 | $ | 13,953 | |||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
| Depreciation of property and equipment | 6,675 | 6,029 | |||||||||
| Amortization of other intangible assets and other assets | 15,534 | 14,697 | |||||||||
| Stock-based compensation expense | 20,861 | 21,576 | |||||||||
| Income tax benefit (shortfall) from stock-based awards | (1,127 | ) | 2,781 | ||||||||
| Excess income tax benefit from stock-based awards | (91 | ) | (2,056 | ) | |||||||
| Deferred income taxes | 817 | 3,892 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 1,611 | 1,724 | |||||||||
| Inventories | (2,888 | ) | (6,534 | ) | |||||||
| Prepaid expenses and other assets | 3,282 | 452 | |||||||||
| Accounts payable | (1,680 | ) | (3,359 | ) | |||||||
| Accrued expenses | 4,372 | (1,027 | ) | ||||||||
| Deferred income on shipments to distributors | 3,773 | (2,132 | ) | ||||||||
| Income taxes | (1,338 | ) | (7,171 | ) | |||||||
| Other non-current liabilities | (10,737 | ) | (5,622 | ) | |||||||
| Net cash provided by operating activities | 60,431 | 37,203 | |||||||||
| Investing Activities | |||||||||||
| Purchases of available-for-sale investments | (92,222 | ) | (46,908 | ) | |||||||
| Sales and maturities of available-for-sale investments | 78,950 | 92,759 | |||||||||
| Purchases of property and equipment | (5,146 | ) | (4,714 | ) | |||||||
| Purchases of other assets | (2,215 | ) | (1,871 | ) | |||||||
| Acquisition of business, net of cash acquired | -- | (76,899 | ) | ||||||||
| Net cash used in investing activities | (20,633 | ) | (37,633 | ) | |||||||
| Financing Activities | |||||||||||
| Payments on debt | (5,000 | ) | (5,083 | ) | |||||||
| Repurchases of common stock | (36,103 | ) | (10,418 | ) | |||||||
| Payment of taxes withheld for vested stock awards | (9,399 | ) | (10,783 | ) | |||||||
| Proceeds from the issuance of common stock | 7,362 | 12,467 | |||||||||
| Excess income tax benefit from stock-based awards | 91 | 2,056 | |||||||||
| Payment of acquisition-related contingent consideration | (9,500 | ) | (4,464 | ) | |||||||
| Net cash used in financing activities | (52,549 | ) | (16,225 | ) | |||||||
| Decrease in cash and cash equivalents | (12,751 | ) | (16,655 | ) | |||||||
| Cash and cash equivalents at beginning of period | 114,085 | 141,706 | |||||||||
| Cash and cash equivalents at end of period | $ | 101,334 | $ | 125,051 | |||||||
