– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
IoT Leader Demonstrates Strength Across Both Industrial & Commercial and Home & Life Business Units
AUSTIN, Texas, April 27, 2022 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported strong financial results for the first quarter, which ended April 2, 2022. Revenue exceeded the top end of the guidance range at $234 million, up 12% sequentially and 48% year-on-year.
"We are off to an outstanding start in our first full year as the largest pure-play IoT wireless company. We delivered record revenue in the quarter and great operating results," said Matt Johnson, President and Chief Executive Officer, Silicon Labs. "Demand for our solutions remains strong, and our design win momentum is accelerating across our wireless portfolio and in both our Industrial & Commercial and Home & Life end markets."
First Quarter Financial Highlights
Results on a GAAP basis:
Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables were as follows:
Business Highlights
"The xG24 family is just the latest in an impressive line-up of solutions built on our Series 2 platform," said Johnson. "With Series 2, we've been able to increase our R&D efficiency and deliver new products faster, and the market response has been fantastic. Sales of Series 1-based products have been strong. Series 2 sales have taken off even faster, and we have several more Series 2-based products on the horizon."
Business Outlook
The company expects second quarter revenue to be in the range of $245 to $255 million. The company also estimates the following results:
On a GAAP basis:
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:
Earnings Webcast and Conference Call
Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs' website (www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at silabs.com/investors and make a replay available through May 4, 2022, online or by calling (877) 344-7529 (US) or (412) 317-0088 (international) and entering access code 1597850.
About Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com
Forward-Looking Statements
This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will," and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the timing and scope of anticipated share repurchases, and/or dividends; the impact of COVID-19 on the U.S. and global economy, including the restrictions on travel and transportation and other actions taken by governmental authorities and disruptions to the business of our customers or our global supply chain that have occurred or may occur in the future, the ongoing impact of COVID-19 on our employees and our ability to provide services to our customers and respond to their needs; risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs' distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest, including risks that demand and the supply chain may be adversely affected by military conflict (including between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs' products and its networks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. The level of share repurchases and/or dividends depends on market conditions and the level of other uses of cash. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.
Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.
Silicon Laboratories Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) |
|||
Three Months Ended |
|||
April 2, |
April 3, |
||
Revenues |
$233,814 |
$157,857 |
|
Cost of revenues |
78,042 |
66,103 |
|
Gross profit |
155,772 |
91,754 |
|
Operating expenses: |
|||
Research and development |
77,542 |
64,015 |
|
Selling, general and administrative |
44,647 |
42,454 |
|
Operating expenses |
122,189 |
106,469 |
|
Operating income (loss) |
33,583 |
(14,715) |
|
Other income (expense): |
|||
Interest income and other, net |
1,499 |
1,149 |
|
Interest expense |
(1,680) |
(11,324) |
|
Income (loss) from continuing operations before income taxes |
33,402 |
(24,890) |
|
Provision for income taxes |
11,689 |
1,992 |
|
Equity-method earnings |
1,194 |
1,726 |
|
Income (loss) from continuing operations |
22,907 |
(25,156) |
|
Income from discontinued operations, net of income taxes |
-- |
38,665 |
|
Net income |
$ 22,907 |
$ 13,509 |
|
Basic earnings (loss) per share: |
|||
Continuing operations |
$ 0.60 |
$ (0.57) |
|
Net income |
$ 0.60 |
$ 0.31 |
|
Diluted earnings (loss) per share: |
|||
Continuing operations |
$ 0.58 |
$ (0.57) |
|
Net income |
$ 0.58 |
$ 0.29 |
|
Weighted-average common shares outstanding: |
|||
Basic |
38,003 |
44,160 |
|
Diluted |
39,523 |
45,832 |
|
Non-GAAP Financial Measurements |
||||||||||||
In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements. |
||||||||||||
The non-GAAP financial measurements do not replace the presentation of Silicon Labs' GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs' financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations. |
||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) |
||||||||||||
Three Months Ended April 2, 2022 |
||||||||||||
Non-GAAP Income Statement Items |
GAAP Measure |
GAAP Percent of |
Stock |
Intangible Asset |
Non-GAAP Measure |
Non-GAAP Percent of |
||||||
Revenues |
$233,814 |
|||||||||||
Gross profit |
155,772 |
66.6% |
$272 |
$ -- |
$156,044 |
66.7% |
||||||
Research and development |
77,542 |
33.2% |
6,991 |
7,570 |
62,981 |
26.9% |
||||||
Selling, general and administrative |
44,647 |
19.0% |
5,613 |
2,781 |
36,253 |
15.5% |
||||||
Operating income |
33,583 |
14.4% |
12,876 |
10,351 |
56,810 |
24.3% |
||||||
Three Months Ended April 2, 2022 |
||||||||||||
Non-GAAP Earnings Per Share |
GAAP Measure |
Stock Compensation |
Intangible Asset |
Equity-Method Investment |
Income Tax Adjustments |
Non- GAAP Measure |
||||||
Net income |
$22,907 |
$12,876 |
$10,351 |
$(1,194) |
$(3,410) |
$41,530 |
||||||
Diluted shares outstanding |
39,523 |
39,523 |
||||||||||
Diluted earnings per share |
0.58 |
1.05 |
||||||||||
* Represents pre-tax amounts |
||||||||||||
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, |
January 1, |
||
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 |
|
Silicon Laboratories Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||
Three Months Ended |
|||
April 2, |
April 3, |
||
Operating Activities |
|||
Net income |
$ 22,907 |
$ 13,509 |
|
Adjustments to reconcile net income to cash provided by (used in) operating activities of continuing operations: |
|||
Income from discontinued operations, net of income taxes |
-- |
(38,665) |
|
Depreciation of property and equipment |
5,156 |
4,108 |
|
Amortization of other intangible assets |
10,351 |
11,451 |
|
Amortization of debt discount and debt issuance costs |
496 |
6,456 |
|
Loss on extinguishment of convertible debt |
-- |
3,370 |
|
Stock-based compensation expense |
12,875 |
11,368 |
|
Equity-method earnings |
(1,194) |
(1,726) |
|
Deferred income taxes |
(4,202) |
(3,197) |
|
Changes in operating assets and liabilities: |
|||
Accounts receivable |
19,080 |
(8,530) |
|
Inventories |
(6,215) |
(4,908) |
|
Prepaid expenses and other assets |
1,704 |
(12,735) |
|
Accounts payable |
8,932 |
14,116 |
|
Other current liabilities and income taxes |
8,345 |
(13,432) |
|
Deferred revenue and returns liability |
7,791 |
463 |
|
Other non-current liabilities |
(817) |
(1,972) |
|
Net cash provided by (used in) operating activities of continuing operations |
85,209 |
(20,324) |
|
Investing Activities |
|||
Purchases of marketable securities |
(435,690) |
(8,251) |
|
Sales of marketable securities |
9,106 |
121,557 |
|
Maturities of marketable securities |
213,750 |
39,835 |
|
Purchases of property and equipment |
(4,554) |
(5,705) |
|
Purchases of other assets |
-- |
(578) |
|
Net cash provided by (used in) investing activities of continuing operations |
(217,388) |
146,858 |
|
Financing Activities |
|||
Payments on debt |
-- |
(140,572) |
|
Repurchases of common stock |
(157,778) |
-- |
|
Payment of taxes withheld for vested stock awards |
(8,755) |
(17,817) |
|
Net cash used in financing activities of continuing operations |
(166,533) |
(158,389) |
|
Discontinued Operations |
|||
Operating activities |
(10,000) |
34,827 |
|
Investing activities |
-- |
(468) |
|
Net cash provided by (used in) discontinued operations |
(10,000) |
34,359 |
|
Increase (decrease) in cash and cash equivalents |
(308,712) |
2,504 |
|
Cash and cash equivalents at beginning of period |
1,074,623 |
202,720 |
|
Cash and cash equivalents at end of period |
$ 765,911 |
$205,224 |
|
SOURCE Silicon Labs
Лидер IoT Демонстрирует Силу Как В Промышленных И Коммерческих Подразделениях, Так И В Подразделениях Home & Life
ОСТИН, Техас, 27 апреля 2022 г. /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), лидер в области безопасных интеллектуальных беспроводных технологий для более взаимосвязанного мира, сообщила о сильных финансовых результатах за первый квартал, который закончился 2 апреля 2022 года. Выручка превысила верхнюю границу прогнозного диапазона в 234 миллиона долларов, увеличившись на 12% последовательно и на 48% в годовом исчислении.
"Мы начинаем выдающийся старт в наш первый полный год в качестве крупнейшей беспроводной компании Интернета вещей, работающей в режиме pure-play. Мы получили рекордную выручку за квартал и отличные операционные результаты", - сказал Мэтт Джонсон, президент и главный исполнительный директор Silicon Labs. "Спрос на наши решения остается высоким, и наш дизайн набирает обороты во всем нашем портфолио беспроводных решений, а также на наших промышленных и коммерческих рынках и рынках для дома и повседневной жизни".
Основные финансовые показатели Первого квартала
Результаты на основе ОПБУ:
Результаты на основе, отличной от GAAP, за исключением влияния компенсации запасов, амортизации приобретенных нематериальных активов и некоторых других статей, указанных в таблицах сверки, были следующими:
Основные моменты бизнеса
"Семейство xG24 является лишь последним в впечатляющей линейке решений, построенных на нашей платформе Series 2", - сказал Джонсон. "С серией 2 мы смогли повысить эффективность наших исследований и разработок и быстрее поставлять новые продукты, а реакция рынка была фантастической. Продажи продуктов на основе серии 1 были высокими. Продажи Series 2 выросли еще быстрее, и на горизонте у нас есть еще несколько продуктов на базе Series 2 ".
Перспективы бизнеса
Компания ожидает, что выручка во втором квартале составит от 245 до 255 миллионов долларов. Компания также оценивает следующие результаты:
На основе ОПБУ:
На основе, отличной от GAAP, исключая влияние компенсации запасов, амортизации приобретенных нематериальных активов и некоторых других статей, указанных в таблицах сверки:
Веб-трансляция доходов и конференц-связь
Silicon Labs проведет телефонную конференцию по доходам, чтобы обсудить квартальные результаты и ответить на вопросы сегодня в 7:30 утра по Гринвичу. Аудио-трансляция будет доступна на веб-сайте Silicon Labs (www.silabs.com ) в разделе "Отношения с инвесторами". Кроме того, компания разместит аудиозапись мероприятия по адресу silabs.com/investors и сделайте воспроизведение доступным до 4 мая 2022 года онлайн или позвонив по телефону (877) 344-7529 (США) или (412) 317-0088 (международный) и введя код доступа 1597850.
О Silicon Labs
Silicon Labs (NASDAQ: SLAB) - лидер в области безопасных интеллектуальных беспроводных технологий для более взаимосвязанного мира. Наша интегрированная аппаратная и программная платформа, интуитивно понятные инструменты разработки, процветающая экосистема и надежная поддержка делают нас идеальным долгосрочным партнером в создании передовых промышленных, коммерческих, домашних и бытовых приложений. Мы облегчаем разработчикам решение сложных задач беспроводной связи на протяжении всего жизненного цикла продукта и быстро выводим на рынок инновационные решения, которые преобразуют отрасли, способствуют росту экономики и улучшению жизни людей. silabs.com
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления, основанные на текущих ожиданиях Silicon Labs. Слова "полагать", "оценивать", "ожидать", "намереваться", "предвидеть", "планировать", "проектировать", "будет" и подобные фразы, поскольку они относятся к Silicon Labs, предназначены для обозначения таких прогнозных заявлений. Эти прогнозные заявления отражают текущие взгляды и предположения Silicon Labs и подвержены различным рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от ожиданий. Среди факторов, которые могут вызвать фактические результаты могут существенно отличаться от прогнозных заявлений, относятся следующие: сроки и масштабы ожидаемых обратного выкупа акций и/или дивидендов; влияния COVID-19 на территории США и мировой экономики, в том числе ограничения на путешествия и перевозку и другие действия, предпринятые государственными органами и нарушения в бизнес наших клиентов и нашей глобальной цепочки поставок, которые произошли или могут произойти в будущем, продолжительное влияние COVID-19 на наших сотрудников, и наша способность предоставлять услуги своим клиентам и реагировать на их потребности; риски, которые кремния лаборатории может не быть в состоянии поддерживать свой исторический рост; квартальные колебания выручки и операционных результатов; трудности в разработке новых продуктов, которые позволяют достичь рынке приема; риски, связанные с международной деятельностью (в том числе торговых барьеров, особенно по отношению к Китаю); интеллектуальная собственность судебные риски; риски, связанные с приобретением и выбытий; изделие с ограниченной рисков; трудности управления и/или получением достаточного питания из кремния лаборатории дистрибьюторов, производителей и субподрядчиков; зависимость от ограниченного числа продуктов; отсутствие долгосрочных обязательств у клиентов; инвентаризации риски, связанные с; трудности управления международной деятельности; риски, которые кремния лаборатории может не быть в состоянии управлять штаммов, связанных с его ростом; кредитные риски связанные с дебиторской задолженностью; зависимость от ключевых сотрудников; волатильности цен акций; географическая концентрация производителей, монтажников, проверить поставщиков услуг и клиентов в Азии, что субъекты кремния Лаборатории бизнеса и результаты деятельности компании к рискам стихийных бедствий, эпидемий и пандемий, войн и политической нестабильности, в том числе риски, что спрос и предложение цепочке может негативно повлиять на военный конфликт (в том числе между Россией и Украиной), терроризм, санкции и другие геополитические события в мире; долговые риски, связанные с; капитал-повышение риска; конкурентная и циклический характер развития полупроводниковой промышленности; средних отпускных цен на продукцию может сократиться значительно и быстро; информационные технологии рисков; кибер-атак в отношении продуктов Лаборатории кремния и его сети, а также других факторов, которые подробно описаны в документах SEC, из Silicon Laboratories Инк. Размер выкупа акций и/или дивидендов зависит от рыночных условий и уровня других видов использования денежных средств. Silicon Labs отказывается от каких-либо намерений или обязательств обновлять или пересматривать любые прогнозные заявления, будь то в результате новой информации, будущих событий или иным образом. Ссылки в этом пресс-релизе на Silicon Labs означают Silicon Laboratories Inc.
Примечание для редакторов: Silicon Laboratories, Silicon Labs, символ "S" и логотип Silicon Labs являются товарными знаками Silicon Laboratories Inc. Все другие названия продуктов, указанные здесь, могут быть товарными знаками их соответствующих владельцев.
Silicon Laboratories Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) |
|||
Three Months Ended |
|||
April 2, |
April 3, |
||
Revenues |
$233,814 |
$157,857 |
|
Cost of revenues |
78,042 |
66,103 |
|
Gross profit |
155,772 |
91,754 |
|
Operating expenses: |
|||
Research and development |
77,542 |
64,015 |
|
Selling, general and administrative |
44,647 |
42,454 |
|
Operating expenses |
122,189 |
106,469 |
|
Operating income (loss) |
33,583 |
(14,715) |
|
Other income (expense): |
|||
Interest income and other, net |
1,499 |
1,149 |
|
Interest expense |
(1,680) |
(11,324) |
|
Income (loss) from continuing operations before income taxes |
33,402 |
(24,890) |
|
Provision for income taxes |
11,689 |
1,992 |
|
Equity-method earnings |
1,194 |
1,726 |
|
Income (loss) from continuing operations |
22,907 |
(25,156) |
|
Income from discontinued operations, net of income taxes |
-- |
38,665 |
|
Net income |
$ 22,907 |
$ 13,509 |
|
Basic earnings (loss) per share: |
|||
Continuing operations |
$ 0.60 |
$ (0.57) |
|
Net income |
$ 0.60 |
$ 0.31 |
|
Diluted earnings (loss) per share: |
|||
Continuing operations |
$ 0.58 |
$ (0.57) |
|
Net income |
$ 0.58 |
$ 0.29 |
|
Weighted-average common shares outstanding: |
|||
Basic |
38,003 |
44,160 |
|
Diluted |
39,523 |
45,832 |
|
Non-GAAP Financial Measurements |
||||||||||||
In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements. |
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The non-GAAP financial measurements do not replace the presentation of Silicon Labs' GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs' financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations. |
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Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share data) |
||||||||||||
Three Months Ended April 2, 2022 |
||||||||||||
Non-GAAP Income Statement Items |
GAAP Measure |
GAAP Percent of |
Stock |
Intangible Asset |
Non-GAAP Measure |
Non-GAAP Percent of |
||||||
Revenues |
$233,814 |
|||||||||||
Gross profit |
155,772 |
66.6% |
$272 |
$ -- |
$156,044 |
66.7% |
||||||
Research and development |
77,542 |
33.2% |
6,991 |
7,570 |
62,981 |
26.9% |
||||||
Selling, general and administrative |
44,647 |
19.0% |
5,613 |
2,781 |
36,253 |
15.5% |
||||||
Operating income |
33,583 |
14.4% |
12,876 |
10,351 |
56,810 |
24.3% |
||||||
Three Months Ended April 2, 2022 |
||||||||||||
Non-GAAP Earnings Per Share |
GAAP Measure |
Stock Compensation |
Intangible Asset |
Equity-Method Investment |
Income Tax Adjustments |
Non- GAAP Measure |
||||||
Net income |
$22,907 |
$12,876 |
$10,351 |
$(1,194) |
$(3,410) |
$41,530 |
||||||
Diluted shares outstanding |
39,523 |
39,523 |
||||||||||
Diluted earnings per share |
0.58 |
1.05 |
||||||||||
* Represents pre-tax amounts |
||||||||||||
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. |
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Silicon Laboratories Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) |
|||
April 2, |
January 1, |
||
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 |
|
Silicon Laboratories Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||
Three Months Ended |
|||
April 2, |
April 3, |
||
Operating Activities |
|||
Net income |
$ 22,907 |
$ 13,509 |
|
Adjustments to reconcile net income to cash provided by (used in) operating activities of continuing operations: |
|||
Income from discontinued operations, net of income taxes |
-- |
(38,665) |
|
Depreciation of property and equipment |
5,156 |
4,108 |
|
Amortization of other intangible assets |
10,351 |
11,451 |
|
Amortization of debt discount and debt issuance costs |
496 |
6,456 |
|
Loss on extinguishment of convertible debt |
-- |
3,370 |
|
Stock-based compensation expense |
12,875 |
11,368 |
|
Equity-method earnings |
(1,194) |
(1,726) |
|
Deferred income taxes |
(4,202) |
(3,197) |
|
Changes in operating assets and liabilities: |
|||
Accounts receivable |
19,080 |
(8,530) |
|
Inventories |
(6,215) |
(4,908) |
|
Prepaid expenses and other assets |
1,704 |
(12,735) |
|
Accounts payable |
8,932 |
14,116 |
|
Other current liabilities and income taxes |
8,345 |
(13,432) |
|
Deferred revenue and returns liability |
7,791 |
463 |
|
Other non-current liabilities |
(817) |
(1,972) |
|
Net cash provided by (used in) operating activities of continuing operations |
85,209 |
(20,324) |
|
Investing Activities |
|||
Purchases of marketable securities |
(435,690) |
(8,251) |
|
Sales of marketable securities |
9,106 |
121,557 |
|
Maturities of marketable securities |
213,750 |
39,835 |
|
Purchases of property and equipment |
(4,554) |
(5,705) |
|
Purchases of other assets |
-- |
(578) |
|
Net cash provided by (used in) investing activities of continuing operations |
(217,388) |
146,858 |
|
Financing Activities |
|||
Payments on debt |
-- |
(140,572) |
|
Repurchases of common stock |
(157,778) |
-- |
|
Payment of taxes withheld for vested stock awards |
(8,755) |
(17,817) |
|
Net cash used in financing activities of continuing operations |
(166,533) |
(158,389) |
|
Discontinued Operations |
|||
Operating activities |
(10,000) |
34,827 |
|
Investing activities |
-- |
(468) |
|
Net cash provided by (used in) discontinued operations |
(10,000) |
34,359 |
|
Increase (decrease) in cash and cash equivalents |
(308,712) |
2,504 |
|
Cash and cash equivalents at beginning of period |
1,074,623 |
202,720 |
|
Cash and cash equivalents at end of period |
$ 765,911 |
$205,224 |
|
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