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SILICON LABORATORIES INC.

(SLAB)
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SILICON LABORATORIES INC. : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)

04/28/2021 | 08:16am EDT

Item 2.02. Results of Operations and Financial Condition

On April 28, 2021, Silicon Laboratories Inc. ("Silicon Laboratories") issued a press release describing its results of operations for its fiscal quarter ended April 3, 2021. A copy of the press release is attached as Exhibit 99 to this report.

Item 9.01. Financial Statements and Exhibits




(d) Exhibits.



  99       Press Release of Silicon Laboratories Inc. dated April 28, 2021

104      Cover Page Interactive Data File (formatted as Inline XBRL and contained
         in Exhibit 101)



Use of Non-GAAP Financial Information

From time to time, Silicon Laboratories provides certain non-GAAP financial measures as additional information relating to its operating results. The non-GAAP financial measurements provided in the press release furnished herewith do not replace the presentation of Silicon Laboratories' GAAP financial results. These additional measurements merely provide supplemental information to assist investors in analyzing Silicon Laboratories' financial position and results of operations; however, these measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies.

Non-GAAP financial measures used by Silicon Laboratories include non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP operating income, non-GAAP interest expense, non-GAAP tax expense, non-GAAP net income and non-GAAP diluted earnings per share. Silicon Laboratories has chosen to provide this information to investors because it believes that such supplemental information enables them to perform meaningful comparisons of past, present and future operating results, and as a means to highlight the results of core ongoing operations.

Non-GAAP financial measures are adjusted by the following items:

· Stock compensation expense - represents charges for employee stock awards

   issued under Silicon Laboratories' stock-based compensation plans. Stock
   compensation expense is excluded from non-GAAP financial measures because it is
   a non-cash expense, and excluding such expense provides meaningful supplemental
   information regarding core ongoing operations.



· Intangible asset amortization - primarily represents charges for the

   amortization of intangibles assets, such as core and developed technology,
   customer relationships and trademarks, acquired in connection with business
   combinations. Intangible asset amortization is excluded from non-GAAP financial
   measures because it is a non-cash expense, and excluding such expense provides
   meaningful supplemental information regarding core ongoing operations.



· Acquisition related items - primarily including the following: charges for the

   fair value write-up associated with inventory acquired; adjustments to the fair
   value of acquisition-related contingent consideration; and acquisition-related
   costs of a business combination, such as costs for attorneys, investment
   bankers, accountants and other third party service providers. Acquisition
   related items are excluded from non-GAAP financial measures because excluding
   such amounts provides meaningful supplemental information regarding core
   ongoing operations.



· Restructuring Charges - primarily include costs associated with certain

   employee terminations, asset impairments and fair value adjustments resulting
   from observable price changes. Termination costs and fair value adjustments are
   excluded from non-GAAP financial measures because excluding such amounts
   provides meaningful supplemental information regarding core ongoing operations.









· Fair value adjustments to investments - primarily include gains and/or losses

   associated with certain fair value adjustments for equity investments accounted
   for by the equity method of accounting or cost minus impairment, if any, plus
   or minus changes resulting from qualifying observable price changes. Fair value
   adjustments are excluded from non-GAAP financial measures because these
   generally are non-cash, non-operating activity during the period of adjustment,
   relate to activity in entities outside those of Silicon Labs, and excluding
   such expense/gain provides meaningful supplemental information regarding core
   operations.



· Interest expense adjustments - represents charges for the amortization of the

   debt discount on Silicon Laboratories' convertible senior notes, losses on the
   extinguishment of convertible debt and losses on the termination of interest
   rate swap agreements. Such amounts are excluded from non-GAAP financial
   measures because they are non-cash expenses and/or excluding such amounts
   provides meaningful supplemental information regarding core ongoing operations.



· Income tax adjustments - primarily include the following: the effect of the Tax

   Cuts & Jobs Act of 2017; the current and deferred income tax effects of the
   above non-GAAP adjustments; other indirect impacts of excluding stock-based
   compensation; and the income tax impact of certain intercompany license
   arrangements for technology acquired in business combinations. Income tax
   adjustments are excluded from non-GAAP financial measures because excluding
   such amounts provides meaningful supplemental information regarding core
   ongoing operations.



Pursuant to the requirements of Regulation G, we have provided in the press release furnished with this report a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. The information contained therein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Silicon Laboratories, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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Financials (USD)
Sales 2021 1 071 M - -
Net income 2021 68,8 M - -
Net cash 2021 219 M - -
P/E ratio 2021 93,1x
Yield 2021 -
Capitalization 6 215 M 6 215 M -
EV / Sales 2021 5,60x
EV / Sales 2022 4,90x
Nbr of Employees 1 838
Free-Float 98,3%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 167,00 $
Last Close Price 138,89 $
Spread / Highest target 40,4%
Spread / Average Target 20,2%
Spread / Lowest Target -2,80%
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Managers and Directors
NameTitle
George Tyson Tuttle Chief Executive Officer & Director
R. Matthew Johnson President
John Carter Hollister Chief Financial Officer & Senior Vice President
Navdeep S. Sooch Chairman
Daniel Cooley Chief Technology Officer
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