Silicon Laboratories Inc.
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| Nine Months Ended | ||
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| September 30, 2023 |
| October 1, 2022 |
Operating Activities |
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Net income | $ 35,271 |
| $ 66,041 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations: |
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Depreciation of property and equipment | 18,992 |
| 16,514 |
Amortization of other intangible assets | 19,162 |
| 27,328 |
Amortization of debt issuance costs | 960 |
| 1,492 |
Loss on extinguishment of convertible debt | -- |
| 3 |
Stock-based compensation expense | 37,167 |
| 43,213 |
Equity-method (earnings) loss | 1,150 |
| (2,985) |
Deferred income taxes | (5,881) |
| (13,126) |
Changes in operating assets and liabilities: |
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Accounts receivable | (30,706) |
| 21,641 |
Inventories | (66,971) |
| (39,100) |
Prepaid expenses and other assets | 8,085 |
| (28,404) |
Accounts payable | (37,039) |
| 26,694 |
Other current liabilities and income taxes | (39,155) |
| 17,962 |
Deferred revenue and returns liability | 3,286 |
| (2,144) |
Other non-current liabilities | 6,794 |
| (7,713) |
Net cash provided by (used in) operating activities of continuing operations | (48,885) |
| 127,416 |
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Investing Activities |
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Purchases of marketable securities | (91,493) |
| (579,507) |
Sales of marketable securities | 365,073 |
| 42,952 |
Maturities of marketable securities | 171,766 |
| 597,399 |
Purchases of property and equipment | (18,533) |
| (20,057) |
Purchases of other assets | (395) |
| -- |
Net cash provided by investing activities of continuing operations | 426,418 |
| 40,787 |
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| Financing Activities |
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| Proceeds from revolving line of credit | 80,000 |
| -- |
| Payments on debt | (571,157) |
| (21) |
| Repurchases of common stock | (217,137) |
| (681,695) |
| Payment of taxes withheld for vested stock awards | (17,239) |
| (14,732) |
| Proceeds from the issuance of common stock | 8,013 |
| 6,366 |
| Net cash used in financing activities of continuing operations | (717,520) |
| (690,082) |
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| Discontinued Operations |
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| Operating activities | -- |
| (69,467) |
| Net cash used in discontinued operations | -- |
| (69,467) |
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| Decrease in cash and cash equivalents | (339,987) |
| (591,346) |
| Cash and cash equivalents at beginning of period | 499,915 |
| 1,074,623 |
| Cash and cash equivalents at end of period | $ 159,928 |
| $ 483,277 |
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Silicon Labs Reports Third Quarter 2023 Results
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