Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Year Ended

December 28,
2019

December 29,
2018

Operating Activities

Net income

$  19,265

$  83,591

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

   Depreciation of property and equipment

16,883

15,912

   Amortization of other intangible assets and other assets

39,584

44,102

   Amortization of debt discount and debt issuance costs

13,485

12,892

   Stock-based compensation expense

54,799

50,077

   Deferred income taxes

23,048

(8,210)

   Changes in operating assets and liabilities:

      Accounts receivable

(2,401)

3,931

      Inventories

2,171

7,660

      Prepaid expenses and other assets

8,965

(4,960)

      Accounts payable

7,830

5,952

      Other current liabilities and income taxes

(6,826)

(21,828)

      Deferred income, deferred revenue and returns liability

(3,243)

(6,202)

      Other non-current liabilities

(7,038)

(9,375)

Net cash provided by operating activities

166,522

173,542

Investing Activities

Purchases of available-for-sale investments

(424,524)

(395,904)

Sales and maturities of available-for-sale investments

344,937

474,129

Purchases of property and equipment

(16,279)

(24,462)

Purchases of other assets

(8,396)

(11,063)

Acquisitions of businesses, net of cash acquired

(2,510)

(239,729)

Net cash used in investing activities

(106,772)

(197,029)

Financing Activities

Payment of debt issuance costs

(1,132)

--

Repurchases of common stock

(26,716)

(39,276)

Payment of taxes withheld for vested stock awards

(16,295)

(19,483)

Proceeds from the issuance of common stock

14,496

13,303

Payment of acquisition-related contingent consideration

--

(3,380)

Net cash used in financing activities

(29,647)

(48,836)

Increase (decrease) in cash and cash equivalents

30,103

(72,323)

Cash and cash equivalents at beginning of period

197,043

269,366

Cash and cash equivalents at end of period

$227,146

$197,043