Silicon Labs Announces Fourth Quarter 2019 Results

 

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


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