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Silicon Laboratories Inc. | ||||
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Condensed Consolidated Statements of Cash Flows | ||||
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(In thousands) | ||||
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(Unaudited) | ||||
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Nine Months Ended | |||
|
|
September 30,
|
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October 1,
|
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Operating Activities |
|
|
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Net income |
$ 51,944 |
|
$ 41,385 |
|
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Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
Depreciation of property and equipment |
11,068 |
|
9,912 |
|
|
Amortization of other intangible assets and other assets |
20,531 |
|
21,461 |
|
|
Amortization of debt discount and debt issuance costs |
6,984 |
|
-- |
|
|
Stock-based compensation expense |
33,007 |
|
30,057 |
|
|
Income tax shortfall from stock-based awards |
-- |
|
(1,611) |
|
|
Deferred income taxes |
(5,703) |
|
(1,460) |
|
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Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
(1,587) |
|
(11,322) |
|
|
Inventories |
(13,196) |
|
(1,558) |
|
|
Prepaid expenses and other assets |
23,506 |
|
7,404 |
|
|
Accounts payable |
1,746 |
|
1,280 |
|
|
Accrued expenses |
9,720 |
|
8,930 |
|
|
Deferred income on shipments to distributors |
11,039 |
|
11,573 |
|
|
Income taxes |
(424) |
|
1,459 |
|
|
Other non-current liabilities |
(7,269) |
|
(10,891) |
|
|
Net cash provided by operating activities |
141,366 |
|
106,619 |
|
|
|
|
|
|
|
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Investing Activities |
|
|
|
|
|
Purchases of available-for-sale investments |
(471,938) |
|
(131,741) |
|
|
Sales and maturities of available-for-sale investments |
143,765 |
|
129,511 |
|
|
Purchases of property and equipment |
(10,494) |
|
(8,545) |
|
|
Purchases of other assets |
(2,622) |
|
(4,994) |
|
|
Acquisition of business, net of cash acquired |
(13,658) |
|
-- |
|
|
Net cash used in investing activities |
(354,947) |
|
(15,769) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
Proceeds from issuance of long-term debt, net |
389,468 |
|
-- |
|
|
Payments on debt |
(72,500) |
|
(5,000) |
|
|
Repurchases of common stock |
-- |
|
(40,543) |
|
|
Payment of taxes withheld for vested stock awards |
(14,870) |
|
(10,148) |
|
|
Proceeds from the issuance of common stock |
6,836 |
|
8,451 |
|
|
Payment of acquisition-related contingent consideration |
-- |
|
(9,500) |
|
|
Net cash provided by (used in) financing activities |
308,934 |
|
(56,740) |
|
|
|
|
|
|
|
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Increase in cash and cash equivalents |
95,353 |
|
34,110 |
|
|
Cash and cash equivalents at beginning of period |
141,106 |
|
114,085 |
|
|
Cash and cash equivalents at end of period |
$236,459 |
|
$148,195 |
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Silicon Labs Announces Third Quarter 2017 Results
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