Silicon Laboratories Inc. | |||
Condensed Consolidated Statements of Cash Flows | |||
(In thousands) | |||
(Unaudited) | |||
|
| |||
|
| Year Ended | ||
|
| December 28,
|
| December 29,
|
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 |
Silicon Labs Announces Fourth Quarter 2019 Results
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