Silicon Labs Announces Record Revenue for Fourth Quarter and Full Year 2016

 

Unaudited Forward-Looking Statements Regarding Business Outlook




Business Outlook


Three Months Ending

April 1, 2017



High


Low

Estimated GAAP diluted earnings per share


$0.27


$0.21






Estimated non-GAAP charges


0.36


0.36






Estimated non-GAAP diluted earnings per share


$0.63


$0.57

 

Silicon Laboratories Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)



December 31,
2016


January 2,
2016

Assets




Current assets:




   Cash and cash equivalents

$   141,106


$   114,085

   Short-term investments

153,961


128,901

   Accounts receivable, net

74,401


73,601

   Inventories

59,578


53,895

   Prepaid expenses and other current assets

61,805


52,658

Total current assets

490,851


423,140

Long-term investments

5,196


7,126

Property and equipment, net

129,559


131,132

Goodwill

276,130


272,722

Other intangible assets, net

103,565


121,354

Other assets, net

76,543


55,989

Total assets

$1,081,844


$1,011,463





Liabilities and Stockholders' Equity




Current liabilities:




   Accounts payable

$     39,577


$     42,127

   Current portion of long-term debt

--


10,000

   Accrued expenses

50,100


52,131

   Deferred income on shipments to distributors

45,568


35,448

   Income taxes

4,450


2,615

Total current liabilities

139,695


142,321

Long-term debt

72,500


67,500

Other non-current liabilities

42,691


40,528

Total liabilities

254,886


250,349

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; 

      41,889 and 41,727 shares issued and outstanding at

      December 31, 2016 and January 2, 2016, respectively

4


4

   Additional paid-in capital

24,463


13,868

   Retained earnings

801,999


747,749

   Accumulated other comprehensive income (loss)

492


(507)

Total stockholders' equity

826,958


761,114

Total liabilities and stockholders' equity

$1,081,844


$1,011,463

 

Silicon Laboratories Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)



Year Ended


December 31,
2016


January 2,
2016

Operating Activities




Net income

$  61,494


$  29,586

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




   Depreciation of property and equipment

13,216


12,517

   Amortization of other intangible assets and other assets

27,715


29,131

   Stock-based compensation expense

39,628


42,791

   Income tax benefit (shortfall) from stock-based awards

(1,099)


469

   Excess income tax benefit from stock-based awards

(572)


(2,497)

   Deferred income taxes

(4,087)


(2,136)

   Changes in operating assets and liabilities:




      Accounts receivable

46


1,702

      Inventories

(6,093)


2,093

      Prepaid expenses and other assets

(3,568)


(870)

      Accounts payable

263


6,662

      Accrued expenses

5,919


1,682

      Deferred income on shipments to distributors

9,713


(5,298)

      Income taxes

(3,040)


776

      Other non-current liabilities

(10,625)


(11,161)

Net cash provided by operating activities

128,910


105,447





Investing Activities




Purchases of available-for-sale investments

(185,231)


(107,366)

Sales and maturities of available-for-sale investments

161,921


171,831

Purchases of property and equipment

(10,927)


(11,268)

Purchases of other assets

(8,801)


(6,399)

Acquisitions of businesses, net of cash acquired

(6,546)


(96,112)

Net cash used in investing activities

(49,584)


(49,314)





Financing Activities




Proceeds from issuance of long-term debt, net

--


81,238

Payments on debt

(5,000)


(94,706)

Repurchases of common stock

(40,543)


(71,448)

Payment of taxes withheld for vested stock awards

(11,133)


(13,869)

Proceeds from the issuance of common stock

13,299


16,998

Excess income tax benefit from stock-based awards

572


2,497

Payment of acquisition-related contingent consideration

(9,500)


(4,464)

Net cash used in financing activities

(52,305)


(83,754)





Increase (decrease) in cash and cash equivalents

27,021


(27,621)

Cash and cash equivalents at beginning of period

114,085


141,706

Cash and cash equivalents at end of period

$141,106


$114,085

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/silicon-labs-announces-record-revenue-for-fourth-quarter-and-full-year-2016-300400039.html

SOURCE Silicon Labs

Contact:
Silicon Labs
Web: http://www.silabs.com



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