Silicon Labs Files Q2 2024 10-Q

TL;DR

Silicon Labs dropped its Q2 10-Q. Financials look steady, check the balance sheet for details.

AI Summary

Silicon Laboratories Inc. filed its 10-Q report for the period ending June 29, 2024. The filing details the company's financial performance and position, including balance sheet information as of June 29, 2024, and comparative data from previous periods. Key financial statement elements like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are presented.

Why It Matters

This filing provides investors with an update on Silicon Laboratories' financial health and operational status, crucial for understanding the company's trajectory in the semiconductor industry.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024-06-29 — Reporting Period End Date (Latest balance sheet date)
• 2023-12-31 — Prior Year End Date (Comparative balance sheet date)
• 2024-03-31 — Prior Quarter End Date (Comparative balance sheet date)

Key Players & Entities

• SILICON LABORATORIES INC. (company) — Filer
• 20240629 (date) — Reporting Period End Date
• 0001038074 (company) — Central Index Key
• 3674 (industry_code) — Standard Industrial Classification (Semiconductors & Related Devices)
• 742793174 (tax_id) — IRS Number
• DE (state) — State of Incorporation
• 5124168500 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — ge on which registered Common Stock, $0.0001 par value SLAB The NASDAQ Stock Market

Filing Documents

• slab-20240629.htm (10-Q) — 987KB
• slab-20240629xexx311.htm (EX-31.1) — 10KB
• slab-20240629xexx312.htm (EX-31.2) — 10KB
• slab-20240629xexx321.htm (EX-32.1) — 5KB
• 0001628280-24-032746.txt ( ) — 4717KB
• slab-20240629.xsd (EX-101.SCH) — 25KB
• slab-20240629_cal.xml (EX-101.CAL) — 70KB
• slab-20240629_def.xml (EX-101.DEF) — 86KB
• slab-20240629_lab.xml (EX-101.LAB) — 438KB
• slab-20240629_pre.xml (EX-101.PRE) — 271KB
• slab-20240629_htm.xml (XML) — 607KB

Financial Information

Part I. Financial Information Page Number Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): Condensed Consolidated Balance Sheets at June 29, 2024 and December 30, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 29, 2024 and July 1, 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 29, 2024 and July 1, 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 and July 1, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39 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 Inc. and its management and may be signified by the words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" 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 "Risk Factors" 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 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Silicon Laboratories Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) June 29, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 240,834 $ 227,504 Short-term investments 98,336 211,720 Accounts receivable, net 41,212 29,295 Inventories 166,079 194,295 Prepaid expenses and other current assets 53,585 75,117 Total current assets 600,046 737,931 Property and equipment, net 139,397 145,890 Goodwill 376,389 376,389 Other intangible assets, net 47,374 59,533 Other assets, net 86,781 123,313 Total assets $ 1,249,987 $ 1,443,056 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 39,295 $ 57,498 Revolving line of credit — 45,000 Deferred revenue and returns liability 3,323 2,117 Other current liabilities 57,495 58,955 Total current liabilities 100,113 163,570 Other non-current liabilities 56,845 70,804 Total liabilities 156,958 234,374 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; 32,289 and 31,897 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively 3 3 Additional paid-in capital 39,232 16,973 Retained earnings 1,054,048 1,192,731 Accumulated other comprehensive loss ( 254 ) ( 1,025 ) Total stockholders' equity 1,093,029 1,208,682 Total liabilities and stockholders' equity $ 1,249,987 $ 1,443,056 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents Silicon Laboratories Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenues $ 145,367 $ 244,866 $ 251,742 $ 491,653 Cost of revenues 68,784 101,091 120,090 194,018

View Full Filing

View this 10-Q filing on SEC EDGAR