Silicon Labs' Board of Directors Authorizes Additional $50 Million to Existing Share Repurchase Program

Rhea-AI Summary

Silicon Labs (NASDAQ: SLAB) has announced a $50 million increase in its stock repurchase program, raising the total authorized buyback amount to $300 million, effective until December 30, 2023. This decision highlights the company’s strong cash generation capabilities and commitment to returning capital to shareholders. The board's confidence in investing for future growth while actively managing shareholder value is evident, especially as this repurchase plan builds on previous increases announced in July and August 2022.

Positive

• Authorization for an additional $50 million in stock buyback, increasing total to $300 million.
• Demonstrates strong liquidity and cash generation capabilities.
• Reflects commitment to returning capital to shareholders.

Negative

• None.

AUSTIN, Texas, Nov. 1, 2022 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, today announced its board of directors has increased the authorization for repurchase of the company's common stock by an additional $50 million. Originally announced on July 27, 2022, and subsequently increased on August 29, 2022, the stock repurchase program has a remaining authorized amount of $300 million, inclusive of this incremental $50 million. The authorization remains in effect until December 30, 2023.

"Silicon Labs' proven cash generation capability and strong liquidity position provide the company flexibility to invest in future growth while returning capital to its shareholders through ongoing share repurchases," said John Hollister, Senior Vice President and Chief Financial Officer at Silicon Labs.

Silicon Labs

Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com

Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, the Silicon Laboratories logo and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

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SOURCE Silicon Labs

FAQ

What is the latest repurchase amount authorized by Silicon Labs?

Silicon Labs has authorized an additional $50 million for its stock repurchase program.

What is the total buyback amount for Silicon Labs as of November 2022?

The total authorized buyback amount for Silicon Labs is now $300 million.

Until when is the repurchase program for Silicon Labs effective?

The stock repurchase program is effective until December 30, 2023.

Why is Silicon Labs increasing its share repurchase program?

The increase reflects Silicon Labs' strong cash generation capabilities and commitment to returning capital to shareholders while investing in future growth.