Silicon Labs Reports Third Quarter 2024 Results

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows 

(In thousands) 

(Unaudited)



Nine Months Ended


September 28,
2024


September 30,
2023

Operating Activities




Net income (loss)

$         (167,187)


$             35,271

Adjustments to reconcile net income to net cash used in operating activities:




Depreciation of property and equipment

19,302


18,992

Amortization of other intangible assets

17,596


19,162

Amortization of debt issuance costs


960

Stock-based compensation expense

45,358


37,167

Equity-method loss


1,150

Deferred income taxes

29,100


(5,881)

Changes in operating assets and liabilities:




Accounts receivable

(19,585)


(30,706)

Inventories

54,724


(66,971)

Prepaid expenses and other assets

23,091


8,085

Accounts payable

(13,849)


(37,039)

Other current liabilities and income taxes

(5,004)


(39,155)

Deferred revenue and returns liability

6,361


3,286

Other non-current liabilities

(13,946)


6,794

Net cash used in operating activities

(24,039)


(48,885)





Investing Activities




Purchases of marketable securities

(28,363)


(91,493)

Sales of marketable securities

44,057


365,073

Maturities of marketable securities

131,008


171,766

Purchases of property and equipment

(7,785)


(18,533)

Proceeds from sale of equity investment

12,382


Purchases of other assets


(395)

Net cash provided by investing activities

151,299


426,418





Financing Activities




Proceeds from revolving line of credit


80,000

Payments on debt

(45,000)


(571,157)

Repurchases of common stock


(217,137)

Payment of taxes withheld for vested stock awards

(16,078)


(17,239)

Proceeds from the issuance of common stock

9,396


8,013

Net cash used in financing activities

(51,682)


(717,520)





Increase (decrease) in cash and cash equivalents

75,578


(339,987)

Cash and cash equivalents at beginning of period

227,504


499,915

Cash and cash equivalents at end of period

$           303,082


$           159,928


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