2022 Q1 Form 10-K Financial Statement

#000110465922010931 Filed on February 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $208.7M $720.9M $242.9M
YoY Change -14.09% 41.09%
Cost Of Revenue $80.85M $295.5M $100.9M
YoY Change -19.87% 36.74%
Gross Profit $127.8M $425.4M $142.0M
YoY Change -9.98% 44.28%
Gross Profit Margin 61.26% 59.01% 58.46%
Selling, General & Admin $53.49M $185.0M $50.50M
YoY Change 5.91% 10.96%
% of Gross Profit 41.84% 43.49% 35.56%
Research & Development $71.71M $273.2M $73.90M
YoY Change -2.97% 16.17%
% of Gross Profit 56.09% 64.22% 52.04%
Depreciation & Amortization $15.66M $18.05M $16.90M
YoY Change -7.34% 10.97%
% of Gross Profit 12.25% 4.24% 11.9%
Operating Expenses $125.2M $458.2M $124.4M
YoY Change 0.64% 14.01%
Operating Profit $2.639M -$32.84M $17.60M
YoY Change -85.01% -69.34%
Interest Expense -$9.970M $31.03M -$5.500M
YoY Change 81.27% -9.11%
% of Operating Profit -377.79% -31.25%
Other Income/Expense, Net
YoY Change
Pretax Income -$7.331M -$29.11M $12.00M
YoY Change -161.09% -49.9%
Income Tax $884.0K $13.43M $3.100M
% Of Pretax Income 25.83%
Net Earnings -$3.098M $2.117B $8.900M
YoY Change -134.81% 16797.29%
Net Earnings / Revenue -1.48% 293.73% 3.66%
Basic Earnings Per Share $49.44
Diluted Earnings Per Share -$79.41K $47.78 $202.7K
COMMON SHARES
Basic Shares Outstanding 38.20M 42.83M 43.93M
Diluted Shares Outstanding 44.32M

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.039B $2.039B $724.7M
YoY Change 181.39% 181.39%
Cash & Equivalents $1.075B $1.075B $202.7M
Short-Term Investments $964.6M $964.6M $522.0M
Other Short-Term Assets $38.35M $51.75M $35.91M
YoY Change 6.79% -42.05%
Inventory $49.31M $49.31M $47.86M
Prepaid Expenses $13.40M $51.19M
Receivables $98.31M $98.31M $95.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.239B $2.239B $975.8M
YoY Change 129.4% 129.41%
LONG-TERM ASSETS
Property, Plant & Equipment $146.5M $174.4M $135.8M
YoY Change 7.89% 4.0%
Goodwill $376.4M $376.4M
YoY Change 0.0%
Intangibles $119.0M $163.5M
YoY Change -27.22%
Long-Term Investments $24.08M $24.08M $10.06M
YoY Change 139.42% 0.0%
Other Assets $53.76M $25.87M $66.62M
YoY Change -19.3% -50.26%
Total Long-Term Assets $719.7M $719.7M $1.018B
YoY Change -29.28% -29.28%
TOTAL ASSETS
Total Short-Term Assets $2.239B $2.239B $975.8M
Total Long-Term Assets $719.7M $719.7M $1.018B
Total Assets $2.958B $2.958B $1.993B
YoY Change 48.4% 48.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.33M $47.33M $54.95M
YoY Change -13.87% -13.79%
Accrued Expenses $42.01M
YoY Change -9.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $450.6M $450.6M $134.5M
YoY Change 235.02% 235.02%
Total Short-Term Liabilities $668.8M $668.8M $284.5M
YoY Change 135.09% 135.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $428.9M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $77.04M $77.04M $79.75M
YoY Change -3.4% -3.94%
Total Long-Term Liabilities $77.04M $77.04M $79.75M
YoY Change -3.4% -84.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $668.8M $668.8M $284.5M
Total Long-Term Liabilities $77.04M $77.04M $79.75M
Total Liabilities $745.9M $745.9M $793.6M
YoY Change -6.02% -6.01%
SHAREHOLDERS EQUITY
Retained Earnings $2.215B $993.7M
YoY Change 122.9%
Common Stock $4.000K $204.4M
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.212B $2.212B $1.200B
YoY Change
Total Liabilities & Shareholders Equity $2.958B $2.958B $1.993B
YoY Change 48.4% 48.4%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$3.098M $2.117B $8.900M
YoY Change -134.81% 16797.29%
Depreciation, Depletion And Amortization $15.66M $18.05M $16.90M
YoY Change -7.34% 10.97%
Cash From Operating Activities -$218.4M -$100.4M $8.700M
YoY Change -2610.03% -174.01%
INVESTING ACTIVITIES
Capital Expenditures -$9.109M $28.58M -$5.200M
YoY Change 75.17% 57.99%
Acquisitions
YoY Change
Other Investing Activities $396.6M $2.300B -$31.50M
YoY Change -1359.19% -775.16%
Cash From Investing Activities $387.5M $2.271B -$36.70M
YoY Change -1155.96% -729.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.136B
YoY Change 89197.25%
Debt Paid & Issued, Net $140.6M
YoY Change -77.5%
Cash From Financing Activities -457.0M -1.299B 300.0K
YoY Change -152417.67% -746.53%
NET CHANGE
Cash From Operating Activities -218.4M -100.4M 8.700M
Cash From Investing Activities 387.5M 2.271B -36.70M
Cash From Financing Activities -457.0M -1.299B 300.0K
Net Change In Cash -287.8M 871.9M -27.70M
YoY Change 938.95% -3669.57%
FREE CASH FLOW
Cash From Operating Activities -$218.4M -$100.4M $8.700M
Capital Expenditures -$9.109M $28.58M -$5.200M
Free Cash Flow -$209.3M -$129.0M $13.90M
YoY Change -1605.5% -209.68%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Silicon Laboratories Inc. (the “Company”), a Delaware corporation, is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, industry leading ecosystem and robust support enable customers in building advanced industrial, commercial, home and life applications. The Company provides analog-intensive, mixed-signal solutions for use in a variety of electronic products in a broad range of applications for the Internet of Things (IoT) including connected home and security, industrial automation and control, smart metering, smart lighting, commercial building automation, consumer electronics, asset tracking and medical instrumentation. Within the semiconductor industry, the Company is known as a “fabless” company meaning that the integrated circuits (ICs) incorporated in its products are manufactured by third-party foundry semiconductor companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">On April 22, 2021, the Company entered into an Asset Purchase Agreement pursuant to which Skyworks Solutions, Inc. agreed to acquire certain assets, rights, and properties, and assume certain liabilities, comprising the Company’s infrastructure and automotive business for $2.75 billion in cash. The transaction closed on July 26, 2021. The financial results of the infrastructure and automotive business have been presented as discontinued operations in the Consolidated Financial Statements because the sale represented a strategic shift for the Company. Prior period financial statements have been reclassified to reflect these changes for all periods presented. See Note 3, <i style="font-style:italic;">Discontinued Operations</i>, for additional information. Unless indicated otherwise, the information in the Notes to the Consolidated Financial Statements relates to the Company’s continuing operations and does not include the results of discontinued operations.</p>
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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5340000
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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660000
CY2021Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2021Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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47616000
CY2021Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
60329000
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9529000
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5311000
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
38087000
CY2021Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
55018000
CY2022Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
14479000
CY2021Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
16758000
CY2022Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
8692000
CY2021Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
8473000
CY2022Q1 slab Deferred Tax Liabilities Leases
DeferredTaxLiabilitiesLeases
5664000
CY2021Q1 slab Deferred Tax Liabilities Leases
DeferredTaxLiabilitiesLeases
5999000
CY2022Q1 slab Deferred Tax Liabilities Convertible Debt
DeferredTaxLiabilitiesConvertibleDebt
16399000
CY2021Q1 slab Deferred Tax Liabilities Convertible Debt
DeferredTaxLiabilitiesConvertibleDebt
21674000
CY2022Q1 slab Deferred Tax Liabilities Unrealized Gain On Equity Method Investment
DeferredTaxLiabilitiesUnrealizedGainOnEquityMethodInvestment
3342000
CY2021Q1 slab Deferred Tax Liabilities Unrealized Gain On Equity Method Investment
DeferredTaxLiabilitiesUnrealizedGainOnEquityMethodInvestment
587000
CY2022Q1 slab Deferred Tax Liabilities Prepaid Expenses And Other
DeferredTaxLiabilitiesPrepaidExpensesAndOther
6049000
CY2021Q1 slab Deferred Tax Liabilities Prepaid Expenses And Other
DeferredTaxLiabilitiesPrepaidExpensesAndOther
4332000
CY2022Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
54625000
CY2021Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
57823000
CY2022Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
16538000
CY2021Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2805000
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
5311000
CY2022 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
5370000
CY2022 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
1152000
CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
9529000
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
4486000
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
847000
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
22000
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
5311000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2853000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2276000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
146516000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
135803000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2036000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
830000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
577000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
436000
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
6000
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
196000
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3677000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2853000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2276000
CY2022 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
3900000
CY2021 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
3000000.0
CY2019 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
2400000
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3900000
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2100000
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1900000
CY2022Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
500000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
720860000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
510928000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
473785000

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