[July 30, 2014] |
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Silicon Image Announces Second 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 second quarter ended June 30, 2014.
Revenue for the second quarter of 2014 was $59.5 million, compared with
$61.6 million in the first quarter of 2014 and $73.7 million in the
second quarter of 2013. As previously disclosed, revenue for the second
quarter excludes HDMI royalties, the recognition of which have been
deferred.
"We saw additional growth in our CE business with first half 2014
performance up 38 percent over the same period last year," said Camillo
Martino, chief executive officer of Silicon Image, Inc. "Strength in our
CE business partially offset the headwinds in our mobile business. We
are also pleased with the increased momentum and market acceptance of
the worldwide standards in which we participate. In particular, this
quarter, the MHL ecosystem showed continued growth with tier one
manufacturers shipping MHL 3.0-enabled TVs and the addition of another
4K Ultra HD MHL 3.0 phone."
GAAP net income for the second quarter of 2014 was $1.1 million, or
$0.01 per diluted share, compared with a GAAP net loss of $0.1 million,
or $0.00 per share, for the first quarter of 2014 and a GAAP net income
of $4.2 million, or $0.05 per diluted share, for the second quarter of
2013.
Non-GAAP net income for the second quarter of 2014 was $3.4 million, or
$0.04 per diluted share, compared with a non-GAAP net income of $4.3
million, or $0.05 per diluted share, for the first quarter of 2014, and
a non-GAAP net income of $6.5 million, or $0.08 per diluted share, for
the second 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, other than temporary impairment of a privately held company
investment, other income from prepaid royalty settlement, proceeds from
legal settlement and restructuring charges.
A reconciliation of GAAP and non-GAAP items is provided in a table
following the Condensed Consolidated Statements of Operations.
The following are Silicon Image's financial performance estimates for
the third quarter of 2014, which exclude deferred HDMI royalties for the
three quarters ended September 30, 2014:
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Revenue:
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$70 million to $75 million
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Gross Margin:
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approximately 58%
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GAAP operating expenses:
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approximately $38 million
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Non-GAAP operating expenses:
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approximately $34 million
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Diluted shares outstanding:
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approximately 80.9 million
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Non-GAAP tax rate:
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approximately 30% of non-GAAP pre-tax income
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Full year 2014 guidance, which includes deferred HDMI royalties, is as
follows:
Revenue
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down 4% to 8% as compared to 2013
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Gross Margin:
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approximately 60%
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Non-GAAP operating expenses:
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$127 million to $130 million
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Non-GAAP tax rate:
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approximately 30%
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Full year guidance is dependent upon certain key customers maintaining
their forecasted shipping patterns.
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, business acquisition related
expenses, gain from business acquisition, other than temporary
impairment of a privately held company investment, other income from
prepaid royalty settlement, proceeds from legal settlement and
restructuring charges do not reflect the cash operating results of the
business. 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
second quarter of 2014 results at 2:00 p.m. Pacific Time and will
webcast the event. To access the conference call, dial 888-455-2260 or
719-325-2454 and enter passcode 8015090. 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 August 13, 2014. To access
the replay, please dial 888-203-1112 or 719-457-0820 and enter passcode
8015090.
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.
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SILICON IMAGE, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share amounts)
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Unaudited
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Three Months Ended
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Six Months Ended
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June 30, 2014
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March 31, 2014
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June 30, 2013
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June 30, 2014
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June 30, 2013
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Revenue:
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Product
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$
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50,938
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$
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46,766
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$
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63,681
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$
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97,704
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$
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114,022
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Licensing
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8,598
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14,795
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9,998
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23,393
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21,696
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Total revenue
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59,536
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61,561
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73,679
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121,097
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135,718
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Cost of revenue and operating expenses:
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Cost of product revenue (1)(2)
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24,814
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24,795
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31,023
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49,609
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56,821
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Cost of licensing revenue
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-
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20
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162
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20
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429
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Research and development (3)
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17,416
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16,957
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20,225
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34,373
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38,783
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Selling, general and administrative (4)
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15,166
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16,865
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16,097
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32,031
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32,499
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Amortization of acquisition-related intangible assets
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510
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208
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230
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718
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481
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Restructuring expense (recoveries) (5)
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113
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129
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-
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242
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(7
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)
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Total cost of revenue and operating expenses
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58,019
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58,974
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67,737
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116,993
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129,006
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Income from operations
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1,517
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2,587
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5,942
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4,104
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6,712
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Proceeds from legal settlement
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-
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-
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1,275
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-
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1,275
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Other than temporary impairment of a privately held company
investment
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-
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-
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(1,500
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)
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-
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(1,500
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)
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Interest income and other, net
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1,043
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18
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500
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1,061
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891
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Income before provision for income taxes and equity in net loss of
an unconsolidated affiliate
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2,560
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2,605
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6,217
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5,165
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7,378
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Income tax expense
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1,487
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2,554
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1,888
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4,041
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3,630
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Equity in net loss of an unconsolidated affiliate
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-
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150
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136
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150
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259
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Net income (loss)
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$
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1,073
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$
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(99
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)
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$
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4,193
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$
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974
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$
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3,489
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Net income (loss) per share - basic
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$
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0.01
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$
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(0.00
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)
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$
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0.05
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$
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0.01
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$
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0.05
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Net income (loss) per share - diluted
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$
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0.01
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$
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(0.00
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)
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$
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0.05
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$
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0.01
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$
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0.04
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Weighted average shares - basic
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78,150
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77,858
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77,245
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78,261
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76,934
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Weighted average shares - diluted
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79,988
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77,858
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78,713
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80,367
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78,353
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(1) Includes amortization of acquisition-related intangible assets
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$
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225
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$
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225
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$
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250
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$
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450
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$
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500
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(2) Includes stock-based compensation expense
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$
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148
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$
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173
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$
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153
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$
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321
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$
|
288
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(3) Includes stock-based compensation expense
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$
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792
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$
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913
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$
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827
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$
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1,705
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$
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1,845
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(4) Includes stock-based compensation expense
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$
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1,344
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$
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1,951
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$
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1,438
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$
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3,295
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$
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3,209
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(5) Includes stock-based compensation expense
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$
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44
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$
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30
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$
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-
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$
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74
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$
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-
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SILICON IMAGE, INC.
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GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME RECONCILIATION
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(In thousands, except per share amounts)
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Unaudited
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|
Three Months Ended
|
|
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|
|
Six Months Ended
|
|
|
|
|
June 30, 2014
|
|
|
March 31, 2014
|
|
|
June 30, 2013
|
|
|
|
|
June 30, 2014
|
|
|
June 30, 2013
|
GAAP net income (loss)
|
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|
|
$
|
1,073
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|
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$
|
(99
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)
|
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|
$
|
4,193
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|
|
|
|
|
$
|
974
|
|
|
|
$
|
3,489
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|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Stock-based compensation expense (1)
|
|
|
|
|
2,328
|
|
|
|
|
3,067
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|
|
|
|
2,418
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|
|
|
|
|
|
5,395
|
|
|
|
|
5,342
|
|
Amortization of intangible assets (2)
|
|
|
|
|
735
|
|
|
|
|
433
|
|
|
|
|
480
|
|
|
|
|
|
|
1,168
|
|
|
|
|
981
|
|
Amortization of intangible assets of an unconsolidated affiliate (2)
|
|
|
|
|
-
|
|
|
|
|
40
|
|
|
|
|
41
|
|
|
|
|
|
|
40
|
|
|
|
|
76
|
|
Strategic initiative and acquisition related expenses (2)
|
|
|
|
|
138
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|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
138
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|
|
|
|
-
|
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Gain from business acquisition (2)
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|
|
|
(361
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)
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|
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|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
(361
|
)
|
|
|
|
-
|
|
Restructuring expense (recoveries) (3)
|
|
|
|
|
69
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|
|
|
|
99
|
|
|
|
|
-
|
|
|
|
|
|
|
168
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|
|
|
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(7
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)
|
Other than temporary impairment of a privately held company
investment (3)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,500
|
|
|
|
|
|
|
-
|
|
|
|
|
1,500
|
|
Other income from prepaid royalty settlement (3)
|
|
|
|
|
(639
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)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
(639
|
)
|
|
|
|
-
|
|
Proceeds from legal settlement (3)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1,275
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)
|
|
|
|
|
|
-
|
|
|
|
|
(1,275
|
)
|
Non-GAAP net income before tax adjustments
|
|
|
|
|
3,343
|
|
|
|
|
3,540
|
|
|
|
|
7,357
|
|
|
|
|
|
|
6,883
|
|
|
|
|
10,106
|
|
Tax adjustments (4)
|
|
|
|
|
38
|
|
|
|
|
726
|
|
|
|
|
(886
|
)
|
|
|
|
|
|
764
|
|
|
|
|
(491
|
)
|
Non-GAAP net income
|
|
|
|
$
|
3,381
|
|
|
|
$
|
4,266
|
|
|
|
$
|
6,472
|
|
|
|
|
|
$
|
7,647
|
|
|
|
$
|
9,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share - basic
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.08
|
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.12
|
|
Non-GAAP net income per share - diluted
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.08
|
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.12
|
|
Weighted average shares - basic
|
|
|
|
|
78,150
|
|
|
|
|
77,858
|
|
|
|
|
77,245
|
|
|
|
|
|
|
78,261
|
|
|
|
|
76,934
|
|
Weighted average shares - diluted
|
|
|
|
|
79,988
|
|
|
|
|
80,100
|
|
|
|
|
78,713
|
|
|
|
|
|
|
80,367
|
|
|
|
|
78,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense is composed of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
$
|
148
|
|
|
|
$
|
173
|
|
|
|
$
|
153
|
|
|
|
|
|
$
|
321
|
|
|
|
$
|
288
|
|
Research and development
|
|
|
|
|
792
|
|
|
|
|
913
|
|
|
|
|
827
|
|
|
|
|
|
|
1,705
|
|
|
|
|
1,845
|
|
Selling, general and administrative
|
|
|
|
|
1,344
|
|
|
|
|
1,951
|
|
|
|
|
1,438
|
|
|
|
|
|
|
3,295
|
|
|
|
|
3,209
|
|
Restructuring expense
|
|
|
|
|
44
|
|
|
|
|
30
|
|
|
|
|
-
|
|
|
|
|
|
|
74
|
|
|
|
|
-
|
|
Total
|
|
|
|
$
|
2,328
|
|
|
|
$
|
3,067
|
|
|
|
$
|
2,418
|
|
|
|
|
|
$
|
5,395
|
|
|
|
$
|
5,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 provide investors
with a basis to measure our core performance against the
performance of other companies without the variability created by
stock-based compensation 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 Initiatives and Acquisition Related Items: We
exclude certain expense items resulting from our strategic
initiatives and acquisitions including the following, when
applicable: (i) amortization of purchased intangible assets
associated with our acquisitions or relating to our unconsolidated
affiliates, (ii) strategic initiatives and
acquisition-related charges, and (iii) gain from business
acquisition. 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. 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 and gain from
business acquisition 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 legal settlement and (iv) restructuring and
related costs. 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
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.
Restructuring charges result from events which arise from
unforeseen circumstances, which often occur outside of the
ordinary course of continuing operations. 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 six months ended June
30, 2014 and June 30, 2013 and the three months ended March 31,
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014
|
|
|
|
|
December 31, 2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
93,348
|
|
|
|
|
$
|
82,220
|
Short-term investments
|
|
|
|
|
|
47,367
|
|
|
|
|
|
56,003
|
Accounts receivable, net
|
|
|
|
|
|
25,963
|
|
|
|
|
|
34,729
|
Inventories
|
|
|
|
|
|
23,710
|
|
|
|
|
|
11,727
|
Prepaid expenses and other current assets
|
|
|
|
|
|
5,775
|
|
|
|
|
|
7,733
|
Deferred income taxes
|
|
|
|
|
|
631
|
|
|
|
|
|
191
|
Total current assets
|
|
|
|
|
|
196,794
|
|
|
|
|
|
192,603
|
Property and equipment, net
|
|
|
|
|
|
14,369
|
|
|
|
|
|
14,676
|
Deferred income taxes, non-current
|
|
|
|
|
|
-
|
|
|
|
|
|
4,368
|
Intangible assets, net
|
|
|
|
|
|
18,250
|
|
|
|
|
|
10,348
|
Goodwill
|
|
|
|
|
|
30,458
|
|
|
|
|
|
21,646
|
Other assets
|
|
|
|
|
|
6,354
|
|
|
|
|
|
8,498
|
Total assets
|
|
|
|
|
$
|
266,225
|
|
|
|
|
$
|
252,139
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
16,580
|
|
|
|
|
$
|
12,894
|
Accrued and other current liabilities
|
|
|
|
|
|
26,828
|
|
|
|
|
|
20,622
|
Deferred margin on sales to distributors
|
|
|
|
|
|
11,086
|
|
|
|
|
|
9,634
|
Deferred license revenue
|
|
|
|
|
|
1,889
|
|
|
|
|
|
2,742
|
Total current liabilities
|
|
|
|
|
|
56,383
|
|
|
|
|
|
45,892
|
Other long-term liabilities
|
|
|
|
|
|
13,650
|
|
|
|
|
|
16,522
|
Total liabilities
|
|
|
|
|
|
70,033
|
|
|
|
|
|
62,414
|
Stockholders' equity
|
|
|
|
|
|
196,192
|
|
|
|
|
|
189,725
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
266,225
|
|
|
|
|
$
|
252,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILICON IMAGE, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
974
|
|
|
|
|
$
|
3,489
|
|
Adjustments to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
3,106
|
|
|
|
|
|
3,127
|
|
Stock-based compensation expense
|
|
|
|
|
|
5,395
|
|
|
|
|
|
5,342
|
|
Amortization of investment premium
|
|
|
|
|
|
487
|
|
|
|
|
|
578
|
|
Tax benefits from employee stock-based transactions
|
|
|
|
|
|
76
|
|
|
|
|
|
182
|
|
Other than temporary impairment of a privately held company
investment
|
|
|
|
|
|
-
|
|
|
|
|
|
1,500
|
|
Amortization of intangible assets
|
|
|
|
|
|
1,798
|
|
|
|
|
|
1,384
|
|
Non-operating proceeds from legal settlement
|
|
|
|
|
|
-
|
|
|
|
|
|
(1,275
|
)
|
Gain from business acquisition
|
|
|
|
|
|
(361
|
)
|
|
|
|
|
-
|
|
Deferred income taxes
|
|
|
|
|
|
(440
|
)
|
|
|
|
|
-
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
|
|
|
(76
|
)
|
|
|
|
|
(182
|
)
|
Realized gain on sale of short-term investments
|
|
|
|
|
|
-
|
|
|
|
|
|
(143
|
)
|
Equity in net loss of unconsolidated affiliate
|
|
|
|
|
|
150
|
|
|
|
|
|
259
|
|
Others
|
|
|
|
|
|
(21
|
)
|
|
|
|
|
283
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
9,108
|
|
|
|
|
|
10,421
|
|
Inventories
|
|
|
|
|
|
(11,983
|
)
|
|
|
|
|
(4,734
|
)
|
Prepaid expenses and other assets
|
|
|
|
|
|
1,927
|
|
|
|
|
|
1,418
|
|
Accounts payable
|
|
|
|
|
|
3,823
|
|
|
|
|
|
4,536
|
|
Accrued and other liabilities
|
|
|
|
|
|
5,673
|
|
|
|
|
|
(2,316
|
)
|
Deferred margin on sales to distributors
|
|
|
|
|
|
1,452
|
|
|
|
|
|
3,067
|
|
Deferred license revenue
|
|
|
|
|
|
(1,958
|
)
|
|
|
|
|
41
|
|
Cash provided by operating activities
|
|
|
|
|
|
19,130
|
|
|
|
|
|
26,977
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of short-term investments
|
|
|
|
|
|
13,796
|
|
|
|
|
|
48,330
|
|
Purchases of short-term investments
|
|
|
|
|
|
(5,798
|
)
|
|
|
|
|
(26,588
|
)
|
Cash used in business acquisition, net of cash acquired
|
|
|
|
|
|
(13,464
|
)
|
|
|
|
|
-
|
|
Purchases of property and equipment
|
|
|
|
|
|
(2,797
|
)
|
|
|
|
|
(2,466
|
)
|
Proceeds from legal settlement
|
|
|
|
|
|
-
|
|
|
|
|
|
1,275
|
|
Investment in privately-held companies
|
|
|
|
|
|
-
|
|
|
|
|
|
(500
|
)
|
Cash paid for assets purchased from a privately-held company
|
|
|
|
|
|
-
|
|
|
|
|
|
(300
|
)
|
Purchase of intellectual properties
|
|
|
|
|
|
-
|
|
|
|
|
|
(1,513
|
)
|
Cash provided by (used in) investing activities
|
|
|
|
|
|
(8,263
|
)
|
|
|
|
|
18,238
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from employee stock program
|
|
|
|
|
|
3,453
|
|
|
|
|
|
3,090
|
|
Excess tax benefits from employee stock-based transactions
|
|
|
|
|
|
76
|
|
|
|
|
|
182
|
|
Repurchase of restricted stock units for income tax withholding
|
|
|
|
|
|
(974
|
)
|
|
|
|
|
(1,332
|
)
|
Payment to acquire treasure shares
|
|
|
|
|
|
(2,377
|
)
|
|
|
|
|
-
|
|
Cash paid to settle contingent consideration liabilities
|
|
|
|
|
|
(18
|
)
|
|
|
|
|
(45
|
)
|
Cash provided by financing activities
|
|
|
|
|
|
160
|
|
|
|
|
|
1,895
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
101
|
|
|
|
|
|
(233
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
|
11,128
|
|
|
|
|
|
46,877
|
|
Cash and cash equivalents - beginning of period
|
|
|
|
|
|
82,220
|
|
|
|
|
|
29,069
|
|
Cash and cash equivalents - end of period
|
|
|
|
|
$
|
93,348
|
|
|
|
|
$
|
75,946
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash payment for income taxes
|
|
|
|
|
$
|
(3,710
|
)
|
|
|
|
$
|
(2,705
|
)
|
Restricted stock units vested
|
|
|
|
|
$
|
2,936
|
|
|
|
|
$
|
3,902
|
|
Property and equipment and other assets purchased but not paid for
|
|
|
|
|
$
|
603
|
|
|
|
|
$
|
688
|
|
Unrealized gain (loss) on short-term investments
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
(435
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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