Silicon Laboratories Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||
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| Six Months Ended | ||
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| July 1, 2023 |
| July 2, 2022 |
Operating Activities |
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Net income | $ 24,923 |
| $ 45,042 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations: |
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Depreciation of property and equipment | 12,441 |
| 10,561 |
Amortization of other intangible assets | 12,904 |
| 19,194 |
Amortization of debt issuance costs | 960 |
| 994 |
Loss on extinguishment of convertible debt | -- |
| 3 |
Stock-based compensation expense | 31,377 |
| 27,264 |
Equity-method (earnings) loss | 1,090 |
| (1,166) |
Deferred income taxes | (6,403) |
| (9,344) |
Changes in operating assets and liabilities: |
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Accounts receivable | (26,819) |
| 26,207 |
Inventories | (45,064) |
| (24,714) |
Prepaid expenses and other assets | 32,963 |
| (25,286) |
Accounts payable | (30,003) |
| 25,606 |
Other current liabilities and income taxes | (26,220) |
| (3,418) |
Deferred revenue and returns liability | 4,326 |
| (3,153) |
Other non-current liabilities | (1,975) |
| (4,416) |
Net cash provided by (used in) operating activities of continuing operations | (15,500) |
| 83,374 |
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Investing Activities |
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Purchases of marketable securities | (81,427) |
| (554,267) |
Sales of marketable securities | 339,555 |
| 27,404 |
Maturities of marketable securities | 171,691 |
| 511,296 |
Purchases of property and equipment | (13,462) |
| (12,322) |
Purchases of other assets | (215) |
| -- |
Net cash provided by (used in) investing activities of continuing operations | 416,142 |
| (27,889) |
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| Financing Activities |
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| Proceeds from revolving line of credit | 80,000 |
| -- |
| Payments on debt | (536,124) |
| (21) |
| Repurchases of common stock | (201,095) |
| (579,040) |
| Payment of taxes withheld for vested stock awards | (16,310) |
| (13,958) |
| Proceeds from the issuance of common stock | 7,785 |
| 6,365 |
| Net cash used in financing activities of continuing operations | (665,744) |
| (586,654) |
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| Discontinued Operations |
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| Operating activities | -- |
| (38,604) |
| Net cash used in discontinued operations | -- |
| (38,604) |
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| Decrease in cash and cash equivalents | (265,102) |
| (569,773) |
| Cash and cash equivalents at beginning of period | 499,915 |
| 1,074,623 |
| Cash and cash equivalents at end of period | $ 234,813 |
| $ 504,850 |
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Silicon Labs Reports Second Quarter 2023 Results
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