Silicon Labs Announces Third Quarter 2020 Results

 

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)


Business Outlook


Three Months Ending

January 2, 2021



GAAP

Measure


Non-GAAP

Adjustments*


Non-GAAP

Measure

Gross margin


59%


0%


59%








Operating expenses


$123


$28


$95








Effective tax rate


0.0%


13.0%


13.0%








Diluted earnings per share - low


$0.02


$0.66


$0.68








Diluted earnings per share - high


$0.12


$0.66


$0.78


* Non-GAAP adjustments include the following estimates: stock compensation expense of $16.0 million, intangible asset amortization of $12.0 million, and interest expense adjustments of $6.0 million, and associated tax impact from the aforementioned items.

 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)



October 3,
2020


December 28,
2019

Assets




Current assets:




   Cash and cash equivalents

$   230,358


$   227,146

   Short-term investments

491,428


498,825

   Accounts receivable, net

80,460


75,639

   Inventories

66,159


73,057

   Prepaid expenses and other current assets

69,244


69,192

Total current assets

937,649


943,859

Property and equipment, net

139,673


135,939

Goodwill

631,932


398,402

Other intangible assets, net

178,076


134,279

Other assets, net

55,745


62,374

Total assets

$1,943,075


$1,674,853





Liabilities and Stockholders' Equity




Current liabilities:




   Accounts payable

$     46,228


$     38,899

   Deferred revenue and returns liability

22,323


19,251

   Other current liabilities

82,595


79,551

Total current liabilities

151,146


137,701

Convertible debt

561,678


368,257

Other non-current liabilities

60,200


53,844

Total liabilities

773,024


559,802

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;  

      43,827 and 43,496 shares issued and outstanding at

      October 3, 2020 and December 28, 2019, respectively

4


4

   Additional paid-in capital

183,471


133,793

   Retained earnings

984,716


980,608

   Accumulated other comprehensive income

1,860


646

Total stockholders' equity

1,170,051


1,115,051

Total liabilities and stockholders' equity

$1,943,075


$1,674,853


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