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.
CONTACT: Jalene Hoover, +1 (512) 428-1610, Jalene.Hoover@silabs.com
Silicon Laboratories Inc. | |||
Condensed Consolidated Statements of Income | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
|
| |||
|
| Three Months Ended | ||
|
| March 30,
|
| March 31,
|
Revenues | $188,113 |
| $205,384 |
Cost of revenues | 72,239 |
| 81,147 |
Gross profit | 115,874 |
| 124,237 |
Operating expenses: |
|
|
|
Research and development | 61,566 |
| 54,828 |
Selling, general and administrative | 49,216 |
| 45,694 |
Operating expenses | 110,782 |
| 100,522 |
Operating income | 5,092 |
| 23,715 |
Other income (expense): |
|
|
|
Interest income and other, net | 2,823 |
| 3,202 |
Interest expense | (4,997) |
| (4,883) |
Income before income taxes | 2,918 |
| 22,034 |
Provision (benefit) for income taxes | (2,480) |
| (4,371) |
Net income | $ 5,398 |
| $ 26,405 |
|
|
|
|
|
Earnings per share: |
|
|
|
Basic | $ 0.12 |
| $ 0.61 |
Diluted | $ 0.12 |
| $ 0.60 |
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
Basic | 43,189 |
| 42,963 |
Diluted | 43,716 |
| 43,918 |
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||
(In thousands, except per share data) | ||||||||||||
|
| ||||||||||||
Non-GAAP Income
|
| Three Months Ended March 30, 2019 | ||||||||||
|
|
| GAAP Measure |
| GAAP Percent of
|
| Stock Compensation
|
| Intangible Asset
|
| Non-GAAP Measure |
| Non-GAAP Percent of
|
Revenues |
| $188,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
| 115,874 |
| 61.6% |
| $ 318 |
| $ -- |
| $116,192 |
| 61.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and
|
| 61,566 |
| 32.7% |
| 6,097 |
| 7,711 |
| 47,758 |
| 25.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling, general and
|
| 49,216 |
| 26.2% |
| 6,169 |
| 2,608 |
| 40,439 |
| 21.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
| 5,092 |
| 2.7% |
| 12,584 |
| 10,319 |
| 27,995 |
| 14.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Non-GAAP
|
| Three Months Ended March 30, 2019 | ||||||||||
|
|
| GAAP Measure |
| Stock Compensation
|
| Intangible
|
| Non-cash
|
| Income Tax
|
| Non-GAAP Measure |
| Net income |
| $ 5,398 |
| $12,584 |
| $10,319 |
| $2,886 |
| $(5,340) |
| $25,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted shares
|
| 43,716 |
|
|
|
|
|
|
|
|
| 43,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings
|
| $ 0.12 |
|
|
|
|
|
|
|
|
| $ 0.59 |
|
|
| * Represents pre-tax amounts |
