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Silicon Laboratories Inc. | |||
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Condensed Consolidated Statements of Cash Flows | |||
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(In thousands) | |||
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(Unaudited) | |||
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Three Months Ended | ||
|
|
April 1,
|
|
April 2,
|
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Operating Activities |
|
|
|
|
Net income |
$ 15,426 |
|
$ 5,808 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
Depreciation of property and equipment |
3,596 |
|
3,310 |
|
Amortization of other intangible assets and other assets |
6,752 |
|
7,980 |
|
Amortization of debt discount and debt issuance costs |
869 |
|
-- |
|
Stock-based compensation expense |
10,486 |
|
10,344 |
|
Income tax benefit (shortfall) from stock-based awards |
-- |
|
(1,025) |
|
Excess income tax benefit from stock-based awards |
-- |
|
(6) |
|
Deferred income taxes |
(4,059) |
|
(38) |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
(1,252) |
|
(990) |
|
Inventories |
(1,636) |
|
4,580 |
|
Prepaid expenses and other assets |
6,708 |
|
9,159 |
|
Accounts payable |
5,565 |
|
1,559 |
|
Accrued expenses |
(3,889) |
|
6,260 |
|
Deferred income on shipments to distributors |
4,038 |
|
5,558 |
|
Income taxes |
945 |
|
494 |
|
Other non-current liabilities |
(1,536) |
|
(10,584) |
|
Net cash provided by operating activities |
42,013 |
|
42,409 |
|
|
|
|
|
|
Investing Activities |
|
|
|
|
Purchases of available-for-sale investments |
(267,777) |
|
(44,547) |
|
Sales and maturities of available-for-sale investments |
25,595 |
|
46,654 |
|
Purchases of property and equipment |
(4,543) |
|
(2,303) |
|
Purchases of other assets |
(1,446) |
|
(1,107) |
|
Acquisition of business, net of cash acquired |
(13,658) |
|
-- |
|
Net cash used in investing activities |
(261,829) |
|
(1,303) |
|
|
|
|
|
|
Financing Activities |
|
|
|
|
Proceeds from issuance of long-term debt, net |
390,000 |
|
-- |
|
Payments on debt |
(72,500) |
|
(2,500) |
|
Repurchases of common stock |
-- |
|
(18,484) |
|
Payment of taxes withheld for vested stock awards |
(13,553) |
|
(7,517) |
|
Proceeds from the issuance of common stock |
162 |
|
-- |
|
Net cash provided by (used in) financing activities |
304,109 |
|
(28,501) |
|
|
|
|
|
|
Increase in cash and cash equivalents |
84,293 |
|
12,605 |
|
Cash and cash equivalents at beginning of period |
141,106 |
|
114,085 |
|
Cash and cash equivalents at end of period |
$225,399 |
|
$126,690 |
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Silicon Labs Announces First Quarter 2017 Results
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