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We're Ready for What's Next 2013 was a year of innovation and exceptional opportunity — we're ready for what's next SILICON LABS 2013 ANNUAL REPORT SILICON LABS 400 WEST CESAR CHAVEZ AUSTIN, TEXAS 78701 512-416-8500 | WWW.SILABS.COM TO OUR SHAREHOLDERS: Silicon Labs exited 2013 with growing momentum, The proliferation of cloud computing and other Silicon Labs is a global leader in the innovation of mixed-signal integrated circuit (IC) technology bridging the analog achieving record revenue of $580 million for the data-intensive services is also driving explosive world we live in and the digital world of computing. The company applies its renowned design expertise to develop year. We expanded our Broad-based portfolio, demand for Internet bandwidth and the related proprietary analog-intensive, mixed-signal ICs that offer significant advantages in performance, size, cost and power which now represents about half of our revenue, networking and communications infrastructure. consumption over traditional solutions. The company’s product portfolio targets a broad range of markets including grew our market-leading position in Broadcast, and Timing devices, ranging from clock generators to consumer, communications, computing, industrial and automotive. The company, founded in 1996, has over 1,300 introduced important new microcontroller, wireless, frequency control devices, are essential components patents issued or pending. Based in Austin, Texas, Silicon Labs’ common stock is traded on the NASDAQ® exchange sensor, timing, isolation and video products, which for high-speed networking equipment as well as under the ticker symbol “SLAB.” we believe will serve as growth engines for 2014 virtually all electronic products, from digital cameras and beyond. and set-top boxes to home gateways and routers. For a number of years, we have aligned our Broad- Silicon Labs is a leading supplier of timing products, based product development to address three key which represent a promising growth area. We 2013 DIRECTORS CORPORATE INFORMATION Stock listing: common stock traded trends: the rapid growth of the Internet of Things continue to invest in our diverse timing portfolio NAV S. SOOCH on NASDAQ Chief Executive Officer, (IoT), the need for greater energy efficiency, and and have established ourselves as a market leader Ketra SYMBOL the continuing demand for higher bandwidth and in high-performance clocking and frequency control SLAB TYSON TUTTLE Internet infrastructure. To support this strategy, solutions. In addition, our new CMEMS oscillator Chief Executive Officer, OPTIONS Silicon Labs we broadened our embedded portfolio for the family is driving strong customer interest, especially The Company’s options are traded on the IoT in 2013 with the strategic acquisition of in cost-sensitive, high-volume industrial, embedded WILLIAM G. BOCK Chicago Board Option Exchange and the President, American Stock Exchange. Energy Micro, and we launched our first CMEMS™ and consumer electronics applications, where it Silicon Labs products, which reaffirmed our ability to develop makes sense to replace quartz-based oscillators LEGAL COUNSEL DAVID R. WELLAND DLA Piper US LLP highly integrated, single-chip solutions based on with more reliable MEMS-based frequency Vice President and Fellow, 401 Congress Avenue, Suite 2500 disruptive technologies. control solutions. Silicon Labs Austin, Texas 78701 ALF-EGIL BOGEN INDEPENDENT REGISTERED PUBLIC At the 2014 Consumer Electronics Show, keynote We are very pleased with our performance in Chief Executive Officer, ACCOUNTING FIRM Novelda AS Ernst & Young LLP speakers and industry leaders proclaimed 2014 will truly Broadcast, which delivered record revenue in 401 Congress Avenue, Suite 1800 be “the year of the Internet of Things.” Google’s widely 2013, driven by the success of our silicon TV tuner HARVEY B. CASH Austin, Texas 78701 General Partner, publicized plans to acquire smart thermostat maker, solutions and continuing adoption of our automotive InterWest Partners TRANSFER AGENT Nest, for $3.2 billion further underscores the strength of radio products. In 2013, we increased our share AND REGISTRAR ROBERT TED ENLOE, III American Stock Transfer & Trust Company the IoT market and the high value of connected devices to more than 45 percent of the overall TV market. Managing General Partner, 59 Maiden Lane that enhance our comfort, convenience, security, health, Looking forward, we will continue to diversify Balquita Partners, Ltd. Plaza Level New York, New York 10038 fitness and energy savings. our Broadcast revenue as we expand our market JACK LAZAR 800-937-5449 share. Strong design win activity in our digital video Chief Financial Officer, With our leading software capabilities and portfolio GoPro STOCK DATA broadcast demodulators for TVs and set-top boxes, As of January 21, 2014, there were 42,826,583 of energy-friendly microcontroller, wireless and and multi-tuner adoption in higher end products will LAURENCE G. WALKER, PHD shares outstanding, and 111 shareholders sensor integrated circuits (ICs), Silicon Labs is very of record. drive further market share gains to more than half of BILL WOOD well positioned to deliver system-level solutions for The following table shows the record high the overall TV market in 2014. In addition to shipping General Partner, and low per share prices of the Company’s Silverton Partners the IoT. We are shipping low-energy 8- and 32-bit silicon tuners to nine out of the world’s top ten TV common stock as reported by the NASDAQ ® for the periods. microcontroller, ZigBee and sub-GHz wireless makers, we are now supplying tuners to four out of HIGH LOW connectivity and sensor products into a wide range the top five TV makers in China. EXECUTIVE OFFICERS of IoT applications including smart thermostats, TYSON TUTTLE Q1 $47.41 $39.65 Chief Executive Officer smart meters, home automation, lighting control, We also look forward to another year of meaningful Q2 $44.00 $38.04 security and surveillance systems, personal medical growth in automotive radios as we continue to WILLIAM G. BOCK Q3 $46.21 $38.16 President devices, smart watches and fitness trackers. penetrate that market with our comprehensive Q4 $44.19 $37.57 JOHN HOLLISTER portfolio of best-in-class AM/FM tuner solutions ANNUAL MEETING Senior Vice President and The global demand for energy efficiency is spurring The Silicon Laboratories Inc. annual meeting scaling from entry level to high performance. We are Chief Financial Officer the development of connected devices that tap will be held on Tuesday, April 15, 2014 at 9:30 now supplying radio solutions to Tier 1 automotive am Central Time at the Lady Bird Johnson KURT HOFF the power of the Internet to capture, analyze and Wildflower Center, 4801 La Crosse Avenue, infotainment suppliers around the world, in addition Senior Vice President of Austin, Texas, 78739. communicate data in ways that reduce energy and to achieving success in the automotive aftermarket. Worldwide Sales resource consumption. Continued deployment of INVESTOR RELATIONS Offering industry-leading solutions for single- and JONATHAN IVESTER For more information about Silicon Labs, smart grid and smart energy infrastructure is driving Senior Vice President multi-tuner designs and digital radio, we are please visit our website at www.silabs.com, of Strategic Operations strong demand for energy-efficient processing, or contact: aggressively growing our market share in the $300 standards-based wireless connectivity and a variety million automotive radio IC market. Investor Relations of sensors. Silicon Labs Inc. 400 West Cesar Chavez Austin, Texas 78701 512-416-8500 [email protected] We are well-positioned in growth markets such as the Internet of Things, smart energy and Internet infrastructure, with very little exposure to the handset business. There is growing momentum in the number of new opportunities in our target markets, and our ability to meet those opportunities continues to expand. We appreciate your investment in Silicon Labs. Our future is exciting as we continue to build a high- quality business. Tyson Tuttle Nav Sooch Chief Executive Offi cer Chairman FINANCIAL HIGHLIGHTS In 2013, the Company experienced significant shown impressive operating performance through growth across a number of its strategically semiconductor cycles. As a result, the company’s important Broad-based and Broadcast product cash flow from operations has been positive for lines, with expected declines from certain nearly every quarter since it went public in 2000. Access and handset-based products. Revenue Strong cash generation enabled the company to of $580 million grew three percent from 2012. fund the acquisition of Energy Micro as well as Operating expenses increased in the second half repurchase approximately $26 million in shares. The of the year with the acquisition of Energy Micro. company ended the year with nearly $300 million in cash, cash equivalents and investments. Silicon Labs was founded on principles of conservative financial management, and has NON-GAAP FINANCIALS* IN THOUSANDS, EXCEPT PER SHARE DATA REVENUE IN MILLIONS Q1 Q2 Q3 Q4 FY2013 $580 $563 REVENUE $145,375 $141,543 $146,933 $146,236 $580,087 % GROWTH -4.6% -2.6% 3.8% -0.5% 3.0% $493 $492 GROSS MARGIN $88,015 $89,426 $89,775 $89,554 $356,770 $441 % OF REVENUE 60.5% 63.2% 61.1% 61.2% 61.5% $416 R&D $30,707 $31,798 $33,716 $34,525 $130,746 % OF REVENUE 21.1% 22.5% 22.9% 23.6% 22.5% SG&A $27,559 $26,790 $29,763 $27,685 $111,797 % OF REVENUE 18.9% 18.9% 20.3% 18.9% 19.3% OPERATING EXPENSES $58,266 $58,588 $63,479 $62,210 $242,543 % OF REVENUE 40.0% 41.4% 43.2% 42.5% 41.8% OPERATING INCOME $29,749 $30,838 $26,296 $27,344 $114,227 % OF REVENUE 20.5% 21.8% 17.9% 18.7% 19.7% NET INCOME $27,233 $23,311 $19,816 $21,396 $91,756 % OF REVENUE 18.7% 16.5% 13.5% 14.6% 15.8% EPS $0.63 $0.54 $0.45 $0.49 $2.11 FY08 FY09 FY10 FY11 FY12 FY13 *Please see the supplemental tables provided in this report for a reconciliation of GAAP to non-GAAP results in Appendix I.
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