Silicon Labs Accelerates Revenue Growth in First Quarter 2022

 

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)


Business Outlook


Three Months Ending

July 2, 2022



GAAP

Measure


Non-GAAP

Adjustments*


Non-GAAP

Measure

Gross margin


60.9%


0.1%


61%








Operating expenses


$129


$(22)


$107








Effective tax rate


33%


(7)%


26%








Diluted earnings per share - low


$0.37


$0.48


$0.85








Diluted earnings per share - high


$0.47


$0.48


$0.95


* Non-GAAP adjustments include the following estimates: stock compensation expense of $13.9 million, intangible asset amortization of $8.8 million and the associated tax impact from the aforementioned items.  

 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)



April 2,
2022


January 1,
2022

Assets




Current assets:




   Cash and cash equivalents

$   765,911


$1,074,623

   Short-term investments

1,167,807


964,582

   Accounts receivable, net

79,233


98,313

   Inventories

55,515


49,307

   Prepaid expenses and other current assets

54,932


51,748

Total current assets

2,123,398


2,238,573

Property and equipment, net

147,940


146,516

Goodwill

376,389


376,389

Other intangible assets, net

108,627


118,978

Other assets, net

87,408


77,839

Total assets

$2,843,762


$2,958,295





Liabilities and Stockholders' Equity




Current liabilities:




   Accounts payable

$     64,388


$     47,327

   Current portion of convertible debt, net

--


450,599

   Deferred revenue and returns liability

21,640


13,849

   Other current liabilities

160,180


157,052

Total current liabilities

246,208


668,827

Convertible debt, net

528,086


--

Other non-current liabilities

61,813


77,044

Total liabilities

836,107


745,871

Commitments and contingencies




Stockholders' equity:




   Preferred stock – $0.0001 par value; 10,000 shares authorized; no

      shares issued

--


--

   Common stock – $0.0001 par value; 250,000 shares authorized;  

      37,204 and 38,481 shares issued and outstanding at

      April 2, 2022 and January 1, 2022, respectively

4


4

   Retained earnings

2,018,117


2,214,839

   Accumulated other comprehensive loss

(10,466)


(2,419)

Total stockholders' equity

2,007,655


2,212,424

Total liabilities and stockholders' equity

$2,843,762


$2,958,295


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