Silicon Labs Announces Third Quarter 2013 Results

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Silicon Laboratories Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 28,

2013

  September 29,

2012

September 28,

2013

  September 29,

2012

Revenues $ 146,933 $ 149,461 $ 433,851 $ 410,833
Cost of revenues   58,772     62,968     169,545     166,442  
Gross margin 88,161 86,493 264,306 244,391
Operating expenses:
Research and development 40,662 34,768 115,631 101,943
Selling, general and administrative   37,009     24,495     98,519     82,075  
Operating expenses   77,671     59,263     214,150     184,018  
Operating income 10,490 27,230 50,156 60,373
Other income (expense):
Interest income 129 243 616 1,103
Interest expense (813 ) (234 ) (2,486 ) (299 )
Other income (expense), net   (23 )   (161 )   39     807  
Income before income taxes 9,783 27,078 48,325 61,984
Provision for income taxes   3,252     17,054     9,148     17,131  

Net income

$ 6,531   $ 10,024   $ 39,177   $ 44,853  
 
Earnings per share:
Basic $ 0.15 $ 0.24 $ 0.92 $ 1.06
Diluted $ 0.15 $ 0.24 $ 0.90 $ 1.04
 
Weighted-average common shares outstanding:
Basic 42,684 41,735 42,477 42,279
Diluted 43,922 42,520 43,437 43,261
 
 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

   

Non-GAAP Income
Statement Items

Three Months Ended

September 28, 2013

GAAP
Measure

 

GAAP
Percent of
Revenue

 

Stock
Compensation
Expense

 

Intangible
Asset
Amortization

 

Termination
Costs

 

Acquisition
Related
Items

 

Non-GAAP
Measure

 

Non-GAAP
Percent of
Revenue

Revenues $ 146,933
 
Gross margin 88,161 60.0 % $ 269 $ 390 $ -- $ 955 $ 89,775 61.1 %
 
Research and

development

40,662 27.7 % 3,729 3,217 -- --

33,716

22.9 %
 

Selling, general and

administrative

37,009

25.2

%

4,622 729 291

1,604

29,763

20.3 %
 
Operating income 10,490 7.1 % 8,620 4,336 291 2,559 26,296 17.9 %
 
                             
Non-GAAP Diluted Earnings Per Share     Three Months Ended

September 28, 2013

 

GAAP
Measure

Stock
Compensation
Expense

Intangible
Asset
Amortization

Termination
Costs

Acquisition
Related
Items

Non-GAAP
Measure

Net income $ 6,531 $ 7,716 $ 2,986 $ 291 $ 2,292 $ 19,816
 
Diluted shares outstanding

 

43,922 -- -- -- -- 43,922
 
Diluted earnings per share $ 0.15 $ 0.45
   
 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 
September 28,

2013

December 29,

2012

Assets
Current assets:
Cash and cash equivalents $ 116,539 $ 105,426
Short-term investments 153,857 176,565
Accounts receivable, net of allowances for doubtful accounts of

$717 at September 28, 2013 and $670 at December 29, 2012

68,499 78,023
Inventories 44,817 49,579
Deferred income taxes 17,356 16,652
Prepaid expenses and other current assets   51,097     41,437  
Total current assets 452,165 467,682
Long-term investments 10,671 11,369
Property and equipment, net 134,398 135,271
Goodwill 227,289 130,265
Other intangible assets, net 136,054 90,750
Other assets, net   39,150     36,629  
Total assets $ 999,727   $ 871,966  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 24,885 $ 29,622
Current portion of long-term debt 5,000 5,000
Accrued expenses 42,639 40,410
Deferred income on shipments to distributors 29,876 30,259
Income taxes   1,457     1,087  
Total current liabilities 103,857 106,378
Long-term debt 91,250 95,000
Other non-current liabilities   70,342     20,615  
Total liabilities 265,449 221,993
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;

43,093 and 41,879 shares issued and outstanding at

September 28, 2013 and December 29, 2012, respectively

4 4
Additional paid-in capital 55,085 10,122
Retained earnings 679,970 640,793
Accumulated other comprehensive loss   (781 )   (946 )
Total stockholders' equity   734,278     649,973  
Total liabilities and stockholders' equity $ 999,727   $ 871,966  
 
 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 
Nine Months Ended
September 28,

2013

  September 29,

2012

Operating Activities
Net income $ 39,177 $ 44,853
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation of property and equipment 10,050 10,247
Net gain on the purchase of property and equipment -- (8,457 )
Amortization of other intangible assets and other assets 11,051 11,001
Stock-based compensation expense 22,304 23,796
Income tax benefit (detriment) from employee stock-based awards (621 ) 2,301
Excess income tax benefit from employee stock-based awards (284 ) (2,470 )
Deferred income taxes 6,790 5,024
Changes in operating assets and liabilities:
Accounts receivable 12,599 (18,470 )
Inventories 6,213 (5,994 )
Prepaid expenses and other assets (1,606 ) 13,283
Accounts payable (3,017 ) 9,113
Accrued expenses (2,864 ) (797 )
Deferred income on shipments to distributors (3,169 ) 5,267
Income taxes   (1,429 )   (4,378 )
Net cash provided by operating activities 95,194 84,319
 
Investing Activities
Purchases of available-for-sale investments (164,317 ) (138,822 )
Proceeds from sales and maturities of available-for-sale investments 186,936 209,972
Purchases of property and equipment (8,984 ) (99,720 )
Purchases of other assets (3,499 ) (6,146 )
Acquisition of businesses, net of cash acquired   (86,441 )   (71,852 )
Net cash used in investing activities (76,305 ) (106,568 )
 
Financing Activities
Proceeds from issuance of common stock, net of shares withheld for taxes 11,900 3,035
Excess income tax benefit from employee stock-based awards 284 2,470
Repurchases of common stock (7,776 ) (51,040 )
Proceeds from issuance of long-term debt, net -- 98,325
Payments on debt   (12,184 )   --  
Net cash provided by (used) in financing activities   (7,776 )   52,790  
 
Increase in cash and cash equivalents 11,113 30,541
Cash and cash equivalents at beginning of period   105,426     94,964  
Cash and cash equivalents at end of period $ 116,539   $ 125,505  



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