[October 30, 2014] |
|
Silicon Image Announces Third Quarter Fiscal 2014 Earnings
SUNNYVALE, Calif. --(Business Wire)--
Silicon
Image, Inc. (NASDAQ:SIMG), a leading provider of multimedia
connectivity solutions and services, today reported financial results
for its third quarter ended September 30, 2014.
Revenue for the third quarter of 2014 was $70.3 million, compared with
$59.5 million in the second quarter of 2014 and $79.3 million in the
third quarter of 2013.
"In the quarter, we saw continued strength in our CE business with
year-to-date performance up 38 percent over the same period last year.
We saw a slight recovery in our Mobile business; however, we continue to
see weakness in the mobile market as smartphone sales become more
competitive among top tier and mid-range vendors," said Camillo Martino,
chief executive officer of Silicon Image, Inc. "Today we are also
announcing plans to create two new subsidiaries to help unlock the value
of some of our core assets."
GAAP net income for the third quarter of 2014 was $10.3 million, or
$0.13 per diluted share, compared with a GAAP net income of $1.1
million, or $0.01 per diluted share, for the second quarter of 2014 and
a GAAP net income of $9.0 million, or $0.11 per diluted share, for the
third quarter of 2013.
Non-GAAP net income for the third quarter of 2014 was $8.8 million, or
$0.11 per diluted share, compared with a non-GAAP net income of $3.4
million, or $0.04 per diluted share, for the second quarter of 2014, and
a non-GAAP net income of $9.2 million, or $0.12 per diluted share, for
the third quarter of 2013. Non-GAAP net income for these periods
excludes stock-based compensation expense, amortization of intangible
assets, business acquisition related expenses, gain from business
acquisition, gain from sale of a privately held company investment,
other income from prepaid royalty settlement, other than temporary
impairment of a privately-held company investment, proceeds from a legal
settlement, recovery related to previously written-down inventory,
restructuring charges and impairment of intangible assets.
A reconciliation of GAAP and non-GAAP items is provided in a table
following the Condensed Consolidated Statements of Operations.
Wholly Owned Subsidiaries
Silicon Image today also announces plans to create two wholly owned
subsidiaries: one to consolidate all of its 60GHz wireless assets and
IP, and the other for its services business. These actions will better
facilitate strategic partnerships with 3rd parties, more
rapidly grow the respective eco-systems, and provide more transparency
starting in 2015.
Fourth Quarter Outlook
The following are Silicon Image's financial performance estimates for
the fourth quarter of 2014:
Revenue:
|
|
$61 million to $66 million
|
Gross Margin:
|
|
approximately 64%
|
Non-GAAP Operating Expenses:
|
|
approximately $35 million
|
Non-GAAP EPS:
|
|
$0.05 to $0.08
|
Diluted Shares Outstanding:
|
|
approximately 79.2 million
|
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses,
net income (loss) and basic and diluted net income (loss) per share in
accordance with Generally Accepted Accounting Principles (GAAP), and on
a non-GAAP basis for informational purposes only. Silicon Image believes
that non-GAAP reporting, giving effect to the adjustments shown in the
attached reconciliation, provides meaningful information and therefore
uses non-GAAP reporting to supplement its GAAP reporting and internally
in evaluating operations, managing and monitoring performance, and
determining bonus compensation. Further, Silicon Image uses non-GAAP
information as certain non-cash charges such as stock-based compensation
expense, amortization of intangible assets, gain from business
acquisition, other income from prepaid royalty settlement, other than
temporary impairment of a privately-held company investment, recovery
related to previously written-down inventory, restructuring charges and
impairment of intangible assets which do not reflect the cash operating
results of the business. Silicon image also excludes certain items that
are unusual and one-time events such as business acquisition related
expenses, gain from sale of a privately held company investment and
proceeds from a legal settlement. Silicon Image has chosen to provide
this supplemental information to investors, analysts and other
interested parties to enable them to perform additional analyses of its
operating results and to illustrate the results of operations giving
effect to such non-GAAP adjustments. The non-GAAP financial information
presented herein should be considered supplemental to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP.
Conference Call
Silicon Image will host an investor conference call today to discuss its
third quarter of 2014 results at 2:00 p.m. Pacific Time and will webcast
the event. To access the conference call, dial 888-428-9490 or
719-325-2455 and enter pass code 8005803. The webcast and replay will be
accessible on Silicon Image's investor relations website at http://www.SiliconImage.com.
A replay of the conference call will be available within two hours of
the conclusion of the conference call through November 13, 2014. To
access the replay, please dial 888-203-1112 or 719-457-0820 and enter
pass code 8005803.
About Silicon Image, Inc.
Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia
connectivity solutions and services for mobile, consumer electronics and
PC markets. Silicon Image's semiconductor and intellectual property
products feature wireless and wired technologies that deliver
connectivity across a wide array of devices in the home, office and on
the go. Silicon Image has driven the creation of the industry standards
HDMI®, DVI™, MHL® and WirelessHD®, and offers manufacturers
comprehensive standards interoperability and compliance testing services
via its wholly-owned subsidiary, Simplay Labs. For more information,
visit http://www.siliconimage.com/.
Silicon Image and the Silicon Image logo are trademarks, registered
trademarks or service marks of Silicon Image, Inc. in the United States
and/or other countries. All other trademarks and registered
trademarks are the property of their respective owners in the United
States and/or other countries.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws and regulations. These
forward-looking statements include, but are not limited to, statements
related to Silicon Image's future operating results, including revenue,
gross margin, operating expenses, tax rates, company growth, progress
and stock repurchases. These forward-looking statements involve risks
and uncertainties, including the risks of uncertain economic conditions,
competition in our markets, Silicon Image's ability to deliver financial
performance in-line with its stated goals and other risks and
uncertainties described from time to time in Silicon Image's filings
with the U.S. Securities and Exchange Commission (SEC). These risks and
uncertainties could cause the actual results to differ materially from
those anticipated by these forward-looking statements. In addition, see
the Risk Factors section of the most recent Form 10-K and 10-Q filed by
Silicon Image with the SEC. These forward-looking statements are made on
the date of this press release, and Silicon Image assumes no obligation
to update any such forward-looking information.
|
SILICON IMAGE, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except per share amounts)
|
Unaudited
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
56,003
|
|
|
$
|
50,938
|
|
$
|
66,337
|
|
$
|
153,707
|
|
|
$
|
180,359
|
|
Licensing
|
|
|
14,325
|
|
|
|
8,598
|
|
|
12,974
|
|
|
37,718
|
|
|
|
34,670
|
|
Total revenue
|
|
|
70,328
|
|
|
|
59,536
|
|
|
79,311
|
|
|
191,425
|
|
|
|
215,029
|
|
Cost of revenue and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue (1)(2)
|
|
|
27,760
|
|
|
|
24,814
|
|
|
33,222
|
|
|
77,369
|
|
|
|
90,043
|
|
Cost of licensing revenue
|
|
|
10
|
|
|
|
-
|
|
|
185
|
|
|
30
|
|
|
|
614
|
|
Research and development (3)
|
|
|
17,772
|
|
|
|
17,416
|
|
|
18,424
|
|
|
52,145
|
|
|
|
57,207
|
|
Selling, general and administrative (4)
|
|
|
15,101
|
|
|
|
15,166
|
|
|
16,191
|
|
|
47,132
|
|
|
|
48,690
|
|
Amortization and impairment of acquisition-related intangible assets
|
|
|
1,168
|
|
|
|
510
|
|
|
405
|
|
|
1,886
|
|
|
|
886
|
|
Restructuring expense (recoveries) (5)
|
|
|
(463
|
)
|
|
|
113
|
|
|
483
|
|
|
(221
|
)
|
|
|
476
|
|
Total cost of revenue and operating expenses
|
|
|
61,348
|
|
|
|
58,019
|
|
|
68,910
|
|
|
178,341
|
|
|
|
197,916
|
|
Income from operations
|
|
|
8,980
|
|
|
|
1,517
|
|
|
10,401
|
|
|
13,084
|
|
|
|
17,113
|
|
Gain from sale of a privately held company investment
|
|
|
4,071
|
|
|
|
-
|
|
|
-
|
|
|
4,071
|
|
|
|
-
|
|
Proceeds from a legal settlement
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
1,275
|
|
Other than temporary impairment of a privately held company
investment
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(1,500
|
)
|
Interest income and other, net
|
|
|
260
|
|
|
|
1,043
|
|
|
168
|
|
|
1,321
|
|
|
|
1,059
|
|
Income before provision for income taxes and equity in net loss of
an unconsolidated affiliate
|
|
|
13,311
|
|
|
|
2,560
|
|
|
10,569
|
|
|
18,476
|
|
|
|
17,947
|
|
Income tax expense
|
|
|
3,013
|
|
|
|
1,487
|
|
|
1,488
|
|
|
7,054
|
|
|
|
5,118
|
|
Equity in net loss of an unconsolidated affiliate
|
|
|
-
|
|
|
|
-
|
|
|
116
|
|
|
150
|
|
|
|
375
|
|
Net income
|
|
$
|
10,298
|
|
|
$
|
1,073
|
|
$
|
8,965
|
|
$
|
11,272
|
|
|
$
|
12,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share - basic
|
|
$
|
0.13
|
|
|
$
|
0.01
|
|
$
|
0.12
|
|
$
|
0.14
|
|
|
$
|
0.16
|
|
Net income per share - diluted
|
|
$
|
0.13
|
|
|
$
|
0.01
|
|
$
|
0.11
|
|
$
|
0.14
|
|
|
$
|
0.16
|
|
Weighted average shares - basic
|
|
|
78,297
|
|
|
|
78,150
|
|
|
77,530
|
|
|
78,103
|
|
|
|
77,399
|
|
Weighted average shares - diluted
|
|
|
79,670
|
|
|
|
79,988
|
|
|
78,995
|
|
|
79,996
|
|
|
|
78,783
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes amortization of acquisition-related intangible assets
|
|
$
|
225
|
|
|
$
|
225
|
|
$
|
250
|
|
$
|
675
|
|
|
$
|
500
|
|
(2) Includes stock-based compensation expense
|
|
$
|
154
|
|
|
$
|
148
|
|
$
|
163
|
|
$
|
475
|
|
|
$
|
451
|
|
(3) Includes stock-based compensation expense
|
|
$
|
845
|
|
|
$
|
792
|
|
$
|
879
|
|
$
|
2,550
|
|
|
$
|
2,724
|
|
(4) Includes stock-based compensation expense
|
|
$
|
1,355
|
|
|
$
|
1,344
|
|
$
|
1,440
|
|
$
|
4,650
|
|
|
$
|
4,649
|
|
(5) Includes stock-based compensation expense
|
|
$
|
52
|
|
|
$
|
44
|
|
$
|
-
|
|
$
|
126
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
GAAP NET INCOME TO NON-GAAP NET INCOME RECONCILIATION
|
(In thousands, except per share amounts)
|
Unaudited
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
GAAP net income
|
|
$
|
10,298
|
|
|
$
|
1,073
|
|
|
$
|
8,965
|
|
|
$
|
11,272
|
|
|
$
|
12,454
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense (1)
|
|
|
2,406
|
|
|
|
2,328
|
|
|
|
2,482
|
|
|
|
7,801
|
|
|
|
7,824
|
|
Amortization of intangible assets (2)
|
|
|
917
|
|
|
|
735
|
|
|
|
480
|
|
|
|
2,085
|
|
|
|
1,461
|
|
Amortization of intangible assets of an unconsolidated affiliate (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
52
|
|
|
|
40
|
|
|
|
128
|
|
Strategic initiative and acquisition related expenses (2)
|
|
|
-
|
|
|
|
138
|
|
|
|
-
|
|
|
|
138
|
|
|
|
-
|
|
Gain from business acquisition (2)
|
|
|
-
|
|
|
|
(361
|
)
|
|
|
-
|
|
|
|
(361
|
)
|
|
|
-
|
|
Gain from sale of a privately held company investment (2)
|
|
|
(4,071
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,071
|
)
|
|
|
-
|
|
Other than temporary impairment of a privately held company
investment (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,500
|
|
Other income from prepaid royalty settlement (3)
|
|
|
-
|
|
|
|
(639
|
)
|
|
|
-
|
|
|
|
(639
|
)
|
|
|
-
|
|
Proceeds from a legal settlement (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,275
|
)
|
Recovery related to previously written-down inventory (3)
|
|
|
-
|
|
|
|
-
|
|
|
|
(960
|
)
|
|
|
-
|
|
|
|
(960
|
)
|
Restructuring expense (recoveries) (3)
|
|
|
(515
|
)
|
|
|
69
|
|
|
|
483
|
|
|
|
(347
|
)
|
|
|
476
|
|
Impairment of intangible assets (3)
|
|
|
476
|
|
|
|
-
|
|
|
|
175
|
|
|
|
476
|
|
|
|
175
|
|
Non-GAAP net income before tax adjustments
|
|
|
9,511
|
|
|
|
3,343
|
|
|
|
11,677
|
|
|
|
16,394
|
|
|
|
21,783
|
|
Tax adjustments (4)
|
|
|
(744
|
)
|
|
|
38
|
|
|
|
(2,462
|
)
|
|
|
20
|
|
|
|
(2,953
|
)
|
Non-GAAP net income
|
|
$
|
8,767
|
|
|
$
|
3,381
|
|
|
$
|
9,215
|
|
|
$
|
16,414
|
|
|
$
|
18,830
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share - basic
|
|
$
|
0.11
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.21
|
|
|
$
|
0.24
|
|
Non-GAAP net income per share - diluted
|
|
$
|
0.11
|
|
|
$
|
0.04
|
|
|
$
|
0.12
|
|
|
$
|
0.21
|
|
|
$
|
0.24
|
|
Weighted average shares - basic
|
|
|
78,297
|
|
|
|
78,150
|
|
|
|
77,530
|
|
|
|
78,103
|
|
|
|
77,399
|
|
Weighted average shares - diluted
|
|
|
79,670
|
|
|
|
79,988
|
|
|
|
78,995
|
|
|
|
79,996
|
|
|
|
78,783
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense is composed of the following:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
154
|
|
|
$
|
148
|
|
|
$
|
163
|
|
|
$
|
475
|
|
|
$
|
451
|
|
Research and development
|
|
|
845
|
|
|
|
792
|
|
|
|
879
|
|
|
|
2,550
|
|
|
|
2,724
|
|
Selling, general and administrative
|
|
|
1,355
|
|
|
|
1,344
|
|
|
|
1,440
|
|
|
|
4,650
|
|
|
|
4,649
|
|
Restructuring expense
|
|
|
52
|
|
|
|
44
|
|
|
|
-
|
|
|
|
126
|
|
|
|
-
|
|
Total
|
|
$
|
2,406
|
|
|
$
|
2,328
|
|
|
$
|
2,482
|
|
|
$
|
7,801
|
|
|
$
|
7,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of Non-GAAP Financial Measures
|
|
(1)
|
|
Stock-Based Compensation Related Items: Stock-based compensation
expense relates primarily to equity awards, such as stock options
and restricted stock units. Stock-based compensation is a non-cash
expense that varies in amount from period to period and is dependent
on market forces that are often beyond our control. As such,
management excludes this item from our internal operating forecasts
and models. Management believes that non-GAAP measures adjusted for
stock-based compensation expense provide investors with a basis to
measure our core performance against the performance of other
companies without the variability created by stock-based
compensation expense as a result of the variety of equity awards
used by companies and the varying methodologies and subjective
assumptions used in determining such non-cash expense.
|
|
|
|
|
|
|
|
(2)
|
|
Strategic Initiative and Acquisition Related Items: We exclude
certain expense items resulting from our strategic initiative and
acquisitions including the following, when applicable: (i)
amortization of purchased intangible assets associated with our
acquisitions; or relating to our unconsolidated affiliate, (ii)
strategic initiative and acquisition-related charges, (iii) gain
from business acquisition and (iv) gain from sale of a privately
held company investment. The amortization of purchased intangible
assets associated with our acquisitions results in our recording
expenses in our GAAP financial statements that were already expensed
by the acquired company before the acquisition and for which we have
not expended cash. Moreover, had we internally developed the
products acquired, the amortization of intangible assets, and the
expenses of uncompleted research and development would have been
expensed in prior periods. Accordingly, we analyze the performance
of our operations in each period without regard to such expenses. In
addition, our strategic initiatives and acquisitions result in
non-continuing operating expenses, which would not otherwise have
been incurred by us in the normal course of our business operations.
In the second quarter of fiscal 2014, we finalized the acquisition
of the remaining ownership interest in UpdateLogic, Inc., resulting
in acquisition-related charges and gain from business acquisition.
In the third quarter of fiscal 2014, we finalized the sale of our
minority interest in a privately held company to another entity
resulting in a gain. We do not expect expenses of similar nature to
be paid or gain of similar nature to be received in our normal
course of business and consider it infrequent and non-recurring. We
believe that providing non-GAAP information for strategic
initiatives and acquisition-related expense items, gain from
business acquisition and gain from sale of a privately held company
investment in addition to the corresponding GAAP information allows
the users of our financial statements to better review and
understand the historic and current results of our continuing
operations, and also facilitates comparisons to less acquisitive
peer companies.
|
|
|
|
|
|
|
|
(3)
|
|
Other Items: We exclude certain other items that are the result of
either unique or unplanned events including the following, when
applicable: (i) other than temporary impairment of a privately held
company investment, (ii) other income from prepaid royalty
settlement, (iii) proceeds from a legal settlement, (iv) recovery
related to previously written-down inventory, (v) restructuring and
related costs and (vi) impairment of intangible assets. It is
difficult to estimate the amount or timing of these items in
advance. Other than temporary impairment of a privately held company
investment was recorded due to the conclusion that the possibility
is remote that we will exercise our warrants to purchase the
entity's preferred stock or that we will realize any other value
from these investments. Other income from prepaid royalty settlement
relates to the termination of an HDMI rebate agreement with one of
the HDMI adopters. Proceeds from a legal settlement relates to our
acquisition of SiBEAM, Inc. on May 16, 2011. We do not expect other
income or proceeds of similar nature to be recognized or received in
our normal course of business and consider it infrequent and
non-recurring. We entered into a settlement with a vendor and
received a recovery related to previously written-down inventory.
Restructuring charges result from events which arise from unforeseen
circumstances, which often occur outside of the ordinary course of
continuing operations. We recognized impairment of an intangible
asset because the sum of its estimated future undiscounted cash
flows used to test for recoverability is less than its carrying
value. Although these events are reflected in our GAAP financials,
these unique transactions may limit the comparability of our
on-going operations with prior and future periods. As such, we
believe that these expenses do not accurately reflect the underlying
performance of our continuing operations for the period in which
they are incurred. We assess our operating performance both with
these amounts included and excluded, and by providing this
information, we believe the users of our financial statements are
better able to understand the financial results of what we consider
our continuing operations.
|
|
|
|
|
|
|
|
(4)
|
|
Tax adjustments: For the three and nine months ended September 30,
2014 and September 30, 2013 and the three months ended June 30,
2014, our non-GAAP tax rate was approximately 30% of non-GAAP
pre-tax income. Non-GAAP tax rate is primarily based on net expected
cash flow for income taxes.
|
|
SILICON IMAGE, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
Unaudited
|
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
102,542
|
|
$
|
82,220
|
Short-term investments
|
|
|
45,938
|
|
|
56,003
|
Accounts receivable, net
|
|
|
34,016
|
|
|
34,729
|
Inventories
|
|
|
18,912
|
|
|
11,727
|
Prepaid expenses and other current assets
|
|
|
4,703
|
|
|
7,733
|
Deferred income taxes
|
|
|
459
|
|
|
191
|
Total current assets
|
|
|
206,570
|
|
|
192,603
|
Property and equipment, net
|
|
|
15,257
|
|
|
14,676
|
Deferred income taxes, non-current
|
|
|
-
|
|
|
4,368
|
Intangible assets, net
|
|
|
16,543
|
|
|
10,348
|
Goodwill
|
|
|
30,333
|
|
|
21,646
|
Other assets
|
|
|
3,026
|
|
|
8,498
|
Total assets
|
|
$
|
271,729
|
|
$
|
252,139
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
9,282
|
|
$
|
12,894
|
Accrued and other current liabilities
|
|
|
27,823
|
|
|
20,622
|
Deferred margin on sales to distributors
|
|
|
10,099
|
|
|
9,634
|
Deferred license revenue
|
|
|
2,716
|
|
|
2,742
|
Total current liabilities
|
|
|
49,920
|
|
|
45,892
|
Other long-term liabilities
|
|
|
14,740
|
|
|
16,522
|
Total liabilities
|
|
|
64,660
|
|
|
62,414
|
Stockholders' equity
|
|
|
207,069
|
|
|
189,725
|
Total liabilities and stockholders' equity
|
|
$
|
271,729
|
|
$
|
252,139
|
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
Unaudited
|
|
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
11,272
|
|
|
$
|
12,454
|
|
Adjustments to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
|
4,592
|
|
|
|
4,699
|
|
Stock-based compensation expense
|
|
|
7,801
|
|
|
|
7,824
|
|
Amortization of investment premium
|
|
|
678
|
|
|
|
805
|
|
Tax benefits from employee stock-based transactions
|
|
|
148
|
|
|
|
345
|
|
Other than temporary impairment of a privately held company
investment
|
|
|
-
|
|
|
|
1,500
|
|
Amortization and impairment of intangible assets
|
|
|
3,506
|
|
|
|
2,354
|
|
Non-operating proceeds from a legal settlement
|
|
|
-
|
|
|
|
(1,275
|
)
|
Gain from business acquisition
|
|
|
(361
|
)
|
|
|
-
|
|
Deferred income taxes
|
|
|
(268
|
)
|
|
|
-
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
(148
|
)
|
|
|
(345
|
)
|
Realized gain on sale of short-term investments
|
|
|
-
|
|
|
|
(144
|
)
|
Equity in net loss of unconsolidated affiliate
|
|
|
150
|
|
|
|
375
|
|
Others
|
|
|
115
|
|
|
|
553
|
|
Changes in assets and liabilities, net of effect of an acquisition:
|
|
|
|
|
Accounts receivable
|
|
|
1,025
|
|
|
|
(4,126
|
)
|
Inventories
|
|
|
(7,185
|
)
|
|
|
(2,733
|
)
|
Prepaid expenses and other assets
|
|
|
(964
|
)
|
|
|
(189
|
)
|
Accounts payable
|
|
|
(3,292
|
)
|
|
|
8,168
|
|
Accrued and other liabilities
|
|
|
7,708
|
|
|
|
853
|
|
Deferred margin on sales to distributors
|
|
|
465
|
|
|
|
436
|
|
Deferred license revenue
|
|
|
(1,006
|
)
|
|
|
(95
|
)
|
Cash provided by operating activities
|
|
|
24,236
|
|
|
|
31,459
|
|
Cash flows from investing activities:
|
|
|
|
|
Proceeds from sales of short-term investments
|
|
|
20,767
|
|
|
|
56,829
|
|
Purchases of short-term investments
|
|
|
(11,420
|
)
|
|
|
(33,770
|
)
|
Cash used in business acquisition, net of cash acquired
|
|
|
(13,464
|
)
|
|
|
-
|
|
Purchases of property and equipment
|
|
|
(5,564
|
)
|
|
|
(4,075
|
)
|
Proceeds from sale of a privately held company investment
|
|
|
7,571
|
|
|
|
-
|
|
Proceeds from a legal settlement
|
|
|
-
|
|
|
|
1,275
|
|
Investment in a privately held company
|
|
|
-
|
|
|
|
(1,500
|
)
|
Cash paid for assets purchased from a privately held company
|
|
|
-
|
|
|
|
(300
|
)
|
Purchase of intellectual properties
|
|
|
(115
|
)
|
|
|
(1,891
|
)
|
Other
|
|
|
-
|
|
|
|
103
|
|
Cash provided by (used in) investing activities
|
|
|
(2,225
|
)
|
|
|
16,671
|
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from employee stock program
|
|
|
5,546
|
|
|
|
5,375
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
148
|
|
|
|
345
|
|
Repurchase of restricted stock units for income tax withholding
|
|
|
(1,568
|
)
|
|
|
(1,905
|
)
|
Payment to acquire treasure shares
|
|
|
(5,793
|
)
|
|
|
(1,383
|
)
|
Cash paid to settle contingent consideration liabilities
|
|
|
(27
|
)
|
|
|
(81
|
)
|
Cash provided by (used in) financing activities
|
|
|
(1,694
|
)
|
|
|
2,351
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
5
|
|
|
|
(267
|
)
|
Net increase in cash and cash equivalents
|
|
|
20,322
|
|
|
|
50,214
|
|
Cash and cash equivalents - beginning of period
|
|
|
82,220
|
|
|
|
29,069
|
|
Cash and cash equivalents - end of period
|
|
$
|
102,542
|
|
|
$
|
79,283
|
|
Supplemental cash flow information:
|
|
|
|
|
Cash payment for income taxes
|
|
$
|
(5,105
|
)
|
|
$
|
(4,681
|
)
|
Restricted stock units vested
|
|
$
|
4,563
|
|
|
$
|
5,401
|
|
Property and equipment and other assets purchased but not paid for
|
|
$
|
478
|
|
|
$
|
416
|
|
Unrealized loss on short-term investments
|
|
$
|
(4
|
)
|
|
$
|
(413
|
)
|
[ Back To TMCnet.com's Homepage ]
|