Silicon Labs Announces Second Quarter 2016 Results

* Represents pre-tax amounts

 

Unaudited Forward-Looking Statements Regarding Business Outlook

         
Business Outlook

Three Months Ending
October 1, 2016

High     Low
Estimated GAAP diluted earnings per share $ 0.33 $ 0.27
 
Estimated non-GAAP charges   0.34   0.34
 
Estimated non-GAAP diluted earnings per share $ 0.67 $ 0.61
 
         
Silicon Laboratories Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
 

July 2,
2016

January 2,
2016

Assets
Current assets:
Cash and cash equivalents $ 101,334 $ 114,085
Short-term investments 142,326 128,901
Accounts receivable, net 71,990 73,601
Inventories 56,388 53,895
Prepaid expenses and other current assets   53,326     52,658  
Total current assets 425,364 423,140
Long-term investments 6,921 7,126
Property and equipment, net 130,498 131,132
Goodwill 272,722 272,722
Other intangible assets, net 106,246 121,354
Other assets, net   50,837     55,989  
Total assets $ 992,588   $ 1,011,463  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 41,152 $ 42,127
Current portion of long-term debt 10,000 10,000
Accrued expenses 47,004 52,131
Deferred income on shipments to distributors 39,257 35,448
Income taxes   3,567     2,615  
Total current liabilities 140,980 142,321
Long-term debt 62,500 67,500
Other non-current liabilities   27,959     40,528  
Total liabilities 231,439 250,349
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;

41,637 and 41,727 shares issued and outstanding at

July 2, 2016 and January 2, 2016, respectively

4 4
Additional paid-in capital -- 13,868
Retained earnings 761,872 747,749
Accumulated other comprehensive loss   (727 )   (507 )
Total stockholders' equity   761,149     761,114  
Total liabilities and stockholders' equity $ 992,588   $ 1,011,463  
 
     
Silicon Laboratories Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Six Months Ended

July 2,
2016

   

July 4,
2015

Operating Activities
Net income $ 21,367 $ 13,953
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation of property and equipment 6,675 6,029
Amortization of other intangible assets and other assets 15,534 14,697
Stock-based compensation expense 20,861 21,576
Income tax benefit (shortfall) from stock-based awards (1,127 ) 2,781
Excess income tax benefit from stock-based awards (91 ) (2,056 )
Deferred income taxes 817 3,892
Changes in operating assets and liabilities:
Accounts receivable 1,611 1,724
Inventories (2,888 ) (6,534 )
Prepaid expenses and other assets 3,282 452
Accounts payable (1,680 ) (3,359 )
Accrued expenses 4,372 (1,027 )
Deferred income on shipments to distributors 3,773 (2,132 )
Income taxes (1,338 ) (7,171 )
Other non-current liabilities   (10,737 )   (5,622 )
Net cash provided by operating activities 60,431 37,203
 
Investing Activities
Purchases of available-for-sale investments (92,222 ) (46,908 )
Sales and maturities of available-for-sale investments 78,950 92,759
Purchases of property and equipment (5,146 ) (4,714 )
Purchases of other assets (2,215 ) (1,871 )
Acquisition of business, net of cash acquired   --     (76,899 )
Net cash used in investing activities (20,633 ) (37,633 )
 
Financing Activities
Payments on debt (5,000 ) (5,083 )
Repurchases of common stock (36,103 ) (10,418 )
Payment of taxes withheld for vested stock awards (9,399 ) (10,783 )
Proceeds from the issuance of common stock 7,362 12,467
Excess income tax benefit from stock-based awards 91 2,056
Payment of acquisition-related contingent consideration   (9,500 )   (4,464 )
Net cash used in financing activities   (52,549 )   (16,225 )
 
Decrease in cash and cash equivalents (12,751 ) (16,655 )
Cash and cash equivalents at beginning of period   114,085     141,706  
Cash and cash equivalents at end of period $ 101,334   $ 125,051  
 



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