UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended July 3, 2004
or
o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:
SILICON LABORATORIES INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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74-2793174 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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4635 Boston Lane, Austin, Texas |
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78735 |
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(Address of principal executive offices) |
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(Zip Code) |
(512) 416-8500
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). ý Yes o No
APPLICABLE ONLY TO
ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
o Yes o No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of July 20, 2004, 51,805,700 shares of common stock of Silicon Laboratories Inc. were outstanding.
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Condensed Consolidated Balance Sheets at July 3, 2004 and January 3, 2004 |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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CAUTIONARY STATEMENT
EXCEPT FOR THE HISTORICAL FINANCIAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN THIS REPORT ON FORM 10-Q (AS WELL AS DOCUMENTS INCORPORATED HEREIN BY REFERENCE) MAY BE CONSIDERED “FORWARD-LOOKING” STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. SUCH FORWARD-LOOKING STATEMENTS INCLUDE DECLARATIONS REGARDING THE INTENT, BELIEF OR CURRENT EXPECTATIONS OF SILICON LABORATORIES AND ITS MANAGEMENT AND MAY BE SIGNIFIED BY THE WORDS “EXPECTS,” “ANTICIPATES,” “INTENDS,” “BELIEVES” OR SIMILAR LANGUAGE. YOU ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE THOSE DISCUSSED UNDER “FACTORS AFFECTING OUR FUTURE OPERATING RESULTS” AND ELSEWHERE IN THIS REPORT. SILICON LABORATORIES DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
2
SILICON LABORATORIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
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JULY 3, |
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JANUARY 3, |
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(UNAUDITED) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
173,248 |
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$ |
151,359 |
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Short-term investments |
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50,238 |
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38,954 |
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Accounts receivable, net of
allowance for doubtful accounts |
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67,749 |
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47,879 |
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Inventories |
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34,655 |
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34,064 |
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Deferred income taxes |
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5,784 |
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5,784 |
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Prepaid expenses and other |
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6,421 |
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5,600 |
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Total current assets |
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338,095 |
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283,640 |
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Property, equipment and software, net |
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34,267 |
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34,376 |
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Goodwill |
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38,721 |
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38,613 |
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Other intangible assets, net |
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13,710 |
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14,744 |
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Other assets, net |
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10,275 |
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6,722 |
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Total assets |
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$ |
435,068 |
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$ |
378,095 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
42,121 |
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$ |
45,488 |
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Accrued expenses |
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12,646 |
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11,251 |
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Deferred income on shipments to distributors |
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14,582 |
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11,526 |
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Income taxes payable |
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10,908 |
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12,663 |
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Total current liabilities |
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80,257 |
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80,928 |
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Long-term obligations |
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8,446 |
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9,962 |
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Total liabilities |
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88,703 |
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90,890 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock—$.0001 par value;
250,000 shares authorized; |
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5 |
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5 |
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Additional paid-in capital |
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270,600 |
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256,792 |
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Deferred stock compensation |
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(6,627 |
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(9,257 |
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Retained earnings |
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82,387 |
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39,665 |
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Total stockholders’ equity |
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346,365 |
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287,205 |
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Total liabilities and stockholders’ equity |
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$ |
435,068 |
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$ |
378,095 |
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THE ACCOMPANYING NOTES ARE AN
INTEGRAL PART OF THESE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS.
3
SILICON LABORATORIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
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THREE MONTHS ENDED |
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SIX MONTHS ENDED |
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