Silicon Labs Announces Third Quarter 2020 Results

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



Nine Months Ended


October 3,
2020


September 28,
2019

Operating Activities




Net income

$    3,583


$    9,550

Adjustments to reconcile net income to cash provided by operating activities:




   Depreciation of property and equipment

12,896


12,675

   Amortization of other intangible assets and other assets

32,741


29,891

   Amortization of debt discount and debt issuance costs 

14,946


10,031

   Loss on extinguishment of convertible debt

3,977


--

   Stock-based compensation expense

44,329


40,042

   Deferred income taxes

(7,382)


24,531

   Changes in operating assets and liabilities:




      Accounts receivable

(2,902)


(2,975)

      Inventories

11,283


3,512

      Prepaid expenses and other assets

(6,162)


23,401

      Accounts payable

6,103


6,419

      Other current liabilities and income taxes

3,648


(15,602)

      Deferred revenue and returns liability

2,643


(667)

      Other non-current liabilities

7,260


(5,957)

Net cash provided by operating activities

126,963


134,851





Investing Activities




Purchases of available-for-sale investments

(418,227)


(306,645)

Sales and maturities of available-for-sale investments

427,235


268,140

Purchases of property and equipment

(15,247)


(12,773)

Purchases of other assets

(1,280)


(7,132)

Acquisition of business, net of cash acquired

(316,809)


--

Net cash used in investing activities

(324,328)


(58,410)





Financing Activities




Proceeds from issuance of debt

845,000


--

Payments on debt

(618,729)


(1,127)

Repurchases of common stock

(16,287)


(26,716)

Payment of taxes withheld for vested stock awards

(17,562)


(15,693)

Proceeds from the issuance of common stock

8,155


7,108

Net cash provided by (used in) financing activities

200,577


(36,428)





Increase in cash and cash equivalents

3,212


40,013

Cash and cash equivalents at beginning of period

227,146


197,043

Cash and cash equivalents at end of period

$230,358


$237,056


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