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Silicon Laboratories Inc.
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Six Months Ended | |||
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July 1,
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July 2,
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Operating Activities |
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Net income |
$ 31,995 |
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$ 21,367 |
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Adjustments to reconcile net income to cash provided by operating activities: |
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Depreciation of property and equipment |
7,308 |
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6,675 |
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Amortization of other intangible assets and other assets |
13,571 |
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15,534 |
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Amortization of debt discount and debt issuance costs |
3,907 |
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-- |
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Stock-based compensation expense |
21,652 |
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20,861 |
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Income tax benefit (shortfall) from stock-based awards |
-- |
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(1,218) |
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Deferred income taxes |
(6,242) |
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817 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(887) |
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1,611 |
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Inventories |
(7,737) |
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(2,888) |
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Prepaid expenses and other assets |
12,539 |
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3,282 |
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Accounts payable |
2,363 |
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(1,680) |
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Accrued expenses |
141 |
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4,372 |
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Deferred income on shipments to distributors |
3,251 |
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3,773 |
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Income taxes |
(127) |
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(1,338) |
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Other non-current liabilities |
(1,169) |
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(10,737) |
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Net cash provided by operating activities |
80,565 |
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60,431 |
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Investing Activities |
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Purchases of available-for-sale investments |
(389,234) |
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(92,222) |
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Sales and maturities of available-for-sale investments |
92,307 |
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78,950 |
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Purchases of property and equipment |
(8,390) |
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(5,146) |
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Purchases of other assets |
(1,784) |
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(2,215) |
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Acquisition of business, net of cash acquired |
(13,658) |
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-- |
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Net cash used in investing activities |
(320,759) |
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(20,633) |
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Financing Activities |
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Proceeds from issuance of long-term debt, net |
389,468 |
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-- |
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Payments on debt |
(72,500) |
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(5,000) |
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Repurchases of common stock |
-- |
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(36,103) |
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Payment of taxes withheld for vested stock awards |
(14,101) |
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(9,308) |
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Proceeds from the issuance of common stock |
6,836 |
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7,362 |
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Payment of acquisition-related contingent consideration |
-- |
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(9,500) |
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Net cash provided by (used in) financing activities |
309,703 |
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(52,549) |
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Increase (decrease) in cash and cash equivalents |
69,509 |
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(12,751) |
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Cash and cash equivalents at beginning of period |
141,106 |
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114,085 |
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Cash and cash equivalents at end of period |
$210,615 |
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$101,334 |
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Silicon Labs Announces Record Revenue in Second Quarter 2017
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