Silicon Labs Announces Record Revenue

       

Silicon Laboratories Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

       
      Three Months Ended
      April 4, 2015     March 29,

2014

Revenues     $ 163,705       $ 145,691  
Cost of revenues       67,336         58,586  
Gross margin       96,369         87,105  
Operating expenses:            
Research and development       46,857         42,485  
Selling, general and administrative       42,300         34,611  
Operating expenses       89,157         77,096  
Operating income       7,212         10,009  
Other income (expense):            
Interest income       192         302  
Interest expense       (745 )       (798 )
Other income (expense), net       408         67  
Income before income taxes       7,067         9,580  
Provision for income taxes       689         1,470  

Net income

    $ 6,378       $ 8,110  
             
Earnings per share:            
Basic     $ 0.15       $ 0.19  
Diluted     $ 0.15       $ 0.18  
             
Weighted-average common shares outstanding:            
Basic       42,412         43,081  
Diluted       43,149         44,056  
       

 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

       
Non-GAAP Income Statement Items     Three Months Ended

April 4, 2015

      GAAP

Measure

    GAAP

Percent of Revenue

    Stock

Compensation Expense

    Intangible Asset Amortization     Acquisition Related Items     Termination Costs     Non-GAAP

Measure

    Non-GAAP

Percent of Revenue

Revenues     $ 163,705                                          
                                                 
Gross margin       96,369       58.9 %     $ 230     $ 390     $ 1,133     $ 24       $ 98,146     60.0 %
                                                 
Research and

development

      46,857       28.6 %       4,795       3,870       --       458        

37,734

    23.1 %
                                                 
Selling, general and

administrative

      42,300      

25.9

%

      5,494       1,056       2,836      

--

       

32,914

    20.1 %
                                                 
Operating income       7,212       4.4 %       10,519       5,316       3,969       482         27,498     16.8 %
                                                 
                                                 
Non-GAAP

Earnings Per Share

    Three Months Ended

April 4, 2015

     
      GAAP

Measure

    Stock

Compensation Expense*

    Intangible Asset Amortization*    

Acquisition Related Items*

   

Termination Costs*

    Tax

Impact of Adjustments

    Non-GAAP

Measure

     
Net income     $ 6,378     $ 10,519       $ 5,316     $ 3,969     $ 482     $ (3,285 )     $ 23,379      
                                                 
Diluted shares

outstanding

      43,149                                    

43,149

     
                                                 
Diluted earnings

per share

    $ 0.15                                   $ 0.54      
                                                     

 

* Represents pre-tax amounts

     

 

Unaudited Forward-Looking Statements Regarding Business Outlook

     
Business Outlook   Three Months Ending

July 4, 2015

    High   Low
Estimated GAAP diluted earnings per share   $0.17   $0.11
         
Estimated non-GAAP charges   0.39   0.39
         
Estimated non-GAAP diluted earnings per share   $0.56   $0.50
             

 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

             
      April 4, 2015     January 3, 2015
Assets            
Current assets:            
Cash and cash equivalents     $ 112,710       $ 141,706  
Short-term investments       148,795         193,489  

Accounts receivable, net of allowances for doubtful accounts of $785 at April 4, 2015 and $786 at January 3, 2015

      66,563         70,367  
Inventories       61,078         52,631  
Deferred income taxes       17,364         21,173  
Prepaid expenses and other current assets       51,301         49,171  
Total current assets       457,811         528,537  
Long-term investments       7,401         7,419  
Property and equipment, net       131,313         132,820  
Goodwill       264,687         228,781  
Other intangible assets, net       135,049         115,021  
Other assets, net       24,965         29,983  
Total assets     $ 1,021,226       $ 1,042,561  
             
Liabilities and Stockholders’ Equity            
Current liabilities:            
Accounts payable     $ 39,295       $ 38,922  
Current portion of long-term debt       10,000         10,000  
Accrued expenses       45,391         73,646  
Deferred income on shipments to distributors       38,796         38,662  
Income taxes       1,340         2,084  
Total current liabilities       134,822         163,314  
Long-term debt       77,150         77,500  
Other non-current liabilities       45,817         43,691  
Total liabilities       257,789         284,505  
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; 42,689 and 42,225 shares issued and outstanding at April 4, 2015 and January 3, 2015, respectively

      4         4  
Additional paid-in capital       28,833         29,501  
Retained earnings       735,011         728,633  
Accumulated other comprehensive loss       (411 )       (82 )
Total stockholders' equity       763,437         758,056  
Total liabilities and stockholders' equity     $ 1,021,226       $ 1,042,561  
       

 

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

       
      Three Months Ended
      April 4, 2015     March 29,

2014

Operating Activities            
Net income     $ 6,378       $ 8,110  
Adjustments to reconcile net income to cash provided by operating activities:            
Depreciation of property and equipment       2,987         3,290  
Amortization of other intangible assets and other assets       6,521         4,491  
Stock-based compensation expense       10,519         9,277  
Income tax benefit (shortfall) from stock-based awards       1,773         45  
Excess income tax benefit from stock-based awards       (1,785 )       (235 )
Deferred income taxes       6,844         6,784  
Changes in operating assets and liabilities:            
Accounts receivable       6,564         7,452  
Inventories       (6,424 )       1,083  
Prepaid expenses and other assets       8,584         14,266  
Accounts payable       447         1,195  
Accrued expenses       (5,046 )       21,367  
Deferred income on shipments to distributors       (1,049 )       1,736  
Income taxes       (8,409 )       (8,324 )
Other non-current liabilities       (3,816 )       (23,585 )
Net cash provided by operating activities       24,088         46,952  
             
Investing Activities            
Purchases of available-for-sale investments       (13,037 )       (43,366 )
Proceeds from sales and maturities of available-for-sale investments       57,739         28,242  
Purchases of property and equipment       (1,991 )       (1,673 )
Purchases of other assets       (935 )       (2,113 )
Acquisition of business, net of cash acquired       (76,899 )       --  
Net cash used in investing activities       (35,123 )       (18,910 )
             
Financing Activities            
Proceeds from issuance of common stock, net of cash paid for withheld taxes       (2,561 )       5,496  
Excess income tax benefit from stock-based awards       1,785         235  
Repurchases of common stock       (10,138 )       --  
Payment of acquisition-related contingent consideration       (4,464 )       --  
Payments on debt       (2,583 )       (1,250 )
Net cash provided by (used in) financing activities       (17,961 )       4,481  
             
Increase (decrease) in cash and cash equivalents       (28,996 )       32,523  
Cash and cash equivalents at beginning of period       141,706         95,800  
Cash and cash equivalents at end of period     $ 112,710       $ 128,323  

 




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