Silicon Labs Announces First Quarter 2019 Results

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



Three Months Ended


March 30,
2019


March 31,
2018


Operating Activities





Net income

$    5,398


$  26,405


Adjustments to reconcile net income to cash provided by operating activities:





   Depreciation of property and equipment

4,137


3,704


   Amortization of other intangible assets and other assets

10,320


6,427


   Amortization of debt discount and debt issuance costs 

3,321


3,169


   Stock-based compensation expense

12,584


12,192


   Deferred income taxes

(3,530)


(4,780)


   Changes in operating assets and liabilities:





      Accounts receivable

3,323


(3,307)


      Inventories

4,488


(3,368)


      Prepaid expenses and other assets

6,410


(17,169)


      Accounts payable

714


13,030


      Other current liabilities and income taxes

(15,996)


(9,643)


      Deferred income, deferred revenue and returns liability

1,477


(2,599)


      Other non-current liabilities

(631)


(1,849)


Net cash provided by operating activities

32,015


22,212







Investing Activities





Purchases of available-for-sale investments

(63,577)


(52,821)


Sales and maturities of available-for-sale investments

99,068


128,975


Purchases of property and equipment

(3,874)


(4,102)


Purchases of other assets

(414)


(4,698)


Net cash provided by investing activities

31,203


67,354







Financing Activities





Repurchases of common stock

(15,004)


--


Payment of taxes withheld for vested stock awards

(14,113)


(17,871)


Proceeds from the issuance of common stock

--


1,211


Net cash used in financing activities

(29,117)


(16,660)







Increase in cash and cash equivalents

34,101


72,906


Cash and cash equivalents at beginning of period

197,043


269,366


Cash and cash equivalents at end of period

$231,144


$342,272



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