Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of $0.32 per share of the Company's common stock, payable on December 12, 2017, to stockholders of record at the close of business on November 21, 2017.
Skyworks' Fourth Fiscal Quarter 2017 Conference Call
Skyworks will host a conference call with analysts to discuss its fourth fiscal quarter 2017 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please visit the investor relations section of Skyworks' website. To listen to the conference call via telephone, please call (800) 700-7860 (domestic) or (612) 332-0718 (international), confirmation code: 431422.
Playback of the conference call will begin at 9:00 p.m. Eastern time on November 6, and end at 9:00 p.m. Eastern time on November 13. The replay will be available on Skyworks' website or by calling (800) 475-6701 (domestic) or (320) 365-3844 (international), access code: 431422.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Our highly innovative analog semiconductors are connecting people, places and things spanning a number of new and previously unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® and Nasdaq-100® market indices (NASDAQ: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation information relating to future results and expectations of Skyworks (e.g., certain projections and business trends) and plans for dividend payments. Forward-looking statements can often be identified by words such as "anticipates," "expects," "forecasts," "intends," "believes," "plans," "may," "will," or "continue," and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected, and may affect our future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include, but are not limited to: the susceptibility of the semiconductor industry and the markets addressed by our, and our customers', products to economic downturns; our reliance on several key customers for a large percentage of our sales; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to develop, manufacture and market innovative products and avoid product obsolescence; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; problems or delays that we may face in shifting our products to smaller geometry process technologies and in achieving higher levels of design integration; the quality of our products and any defect remediation costs; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials and supplier components; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate, including security and health risks, possible disruptions in transportation networks and fluctuations in foreign currency exchange rates; changes in laws, regulations and/or policies that could adversely affect either (i) the economy and our customers' demand for our products or (ii) the financial markets and our ability to raise capital; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings with the Securities and Exchange Commission.
The forward-looking statements contained in this news release are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only, and are the property of their respective owners.
| SKYWORKS SOLUTIONS, INC. | ||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
|
(in millions, except per share amounts) |
September 29,
2017 |
September 30,
2016 |
September 29,
2017 |
September 30,
2016 |
||||||||||||||
| Net revenue | $ | 984.6 | $ | 835.4 | $ | 3,651.4 | $ | 3,289.0 | ||||||||||
| Cost of goods sold | 485.7 | 411.0 | 1,809.6 | 1,623.8 | ||||||||||||||
| Gross profit | 498.9 | 424.4 | 1,841.8 | 1,665.2 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 91.8 | 73.2 | 355.2 | 312.4 | ||||||||||||||
| Selling, general and administrative | 56.4 | 53.3 | 204.6 | 195.9 | ||||||||||||||
| Amortization of intangibles | 5.0 | 6.4 | 27.6 | 33.4 | ||||||||||||||
| Restructuring and other charges | (0.2 | ) | (0.4 | ) | 0.6 | 4.8 | ||||||||||||
| Total operating expenses | 153.0 | 132.5 | 588.0 | 546.5 | ||||||||||||||
| Operating income | 345.9 | 291.9 | 1,253.8 | 1,118.7 | ||||||||||||||
| Other income (expense), net | 1.8 | (0.8 | ) | 3.2 | (6.6 | ) | ||||||||||||
| Merger termination fee | — | — | — | 88.5 | ||||||||||||||
| Income before income taxes | 347.7 | 291.1 | 1,257.0 | 1,200.6 | ||||||||||||||
| Provision for income taxes | 66.4 | 44.3 | 246.8 | 205.4 | ||||||||||||||
| Net income | $ | 281.3 | $ | 246.8 | $ | 1,010.2 | $ | 995.2 | ||||||||||
| Earnings per share: | ||||||||||||||||||
| Basic | $ | 1.53 | $ | 1.33 | $ | 5.48 | $ | 5.27 | ||||||||||
| Diluted | $ | 1.51 | $ | 1.31 | $ | 5.41 | $ | 5.18 | ||||||||||
| Weighted average shares: | ||||||||||||||||||
| Basic | 183.4 | 185.7 | 184.3 | 188.7 | ||||||||||||||
| Diluted | 185.7 | 188.8 | 186.7 | 192.1 | ||||||||||||||
|
SKYWORKS SOLUTIONS, INC. |
||||||||||||||||||
|
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (in millions) |
September 29,
2017 |
September 30,
2016 |
September 29,
2017 |
September 30,
2016 |
||||||||||||||
| GAAP gross profit | $ | 498.9 | $ | 424.4 | $ | 1,841.8 | $ | 1,665.2 | ||||||||||
| Share-based compensation expense [a] | 3.5 | 1.9 | 13.6 | 11.3 | ||||||||||||||
| Acquisition-related expenses [b] | — | (0.4 | ) | — | 1.4 | |||||||||||||
| Non-GAAP gross profit | $ | 502.4 | $ | 425.9 | $ | 1,855.4 | $ | 1,677.9 | ||||||||||
| GAAP gross margin % | 50.7 | % | 50.8 | % | 50.4 | % | 50.6 | % | ||||||||||
| Non-GAAP gross margin % | 51.0 | % | 51.0 | % | 50.8 | % | 51.0 | % | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (in millions) |
September 29,
2017 |
September 30,
2016 |
September 29,
2017 |
September 30,
2016 |
||||||||||||||
| GAAP operating income | $ | 345.9 | $ | 291.9 | $ | 1,253.8 | $ | 1,118.7 | ||||||||||
| Share-based compensation expense [a] | 24.2 | 19.7 | 88.5 | 78.0 | ||||||||||||||
| Acquisition-related expenses [b] | 0.3 | 0.3 | 4.6 | 7.5 | ||||||||||||||
| Amortization of intangibles [c] | 5.0 | 6.4 | 27.6 | 33.4 | ||||||||||||||
| Restructuring and other charges [d] | (0.2 | ) | (0.4 | ) | 0.6 | 4.8 | ||||||||||||
| Litigation settlement gains, losses and expenses [e] | 4.0 | (0.1 | ) | 4.0 | 1.7 | |||||||||||||
| Deferred executive compensation [f] | — | 0.6 | — | 0.6 | ||||||||||||||
| Non-GAAP operating income | $ | 379.2 | $ | 318.4 | $ | 1,379.1 | $ | 1,244.7 | ||||||||||
| GAAP operating margin % | 35.1 | % | 34.9 | % | 34.3 | % | 34.0 | % | ||||||||||
| Non-GAAP operating margin % | 38.5 | % | 38.1 | % | 37.8 | % | 37.8 | % | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (in millions) |
September 29,
2017 |
September 30,
2016 |
September 29,
2017 |
September 30,
2016 |
||||||||||||||
| GAAP net income | $ | 281.3 | $ | 246.8 | $ | 1,010.2 | $ | 995.2 | ||||||||||
| Share-based compensation expense [a] | 24.2 | 19.7 | 88.5 | 78.0 | ||||||||||||||
| Acquisition-related expenses [b] | 0.3 | 0.3 | 4.6 | 7.5 | ||||||||||||||
| Amortization of intangibles [c] | 5.0 | 6.4 | 27.6 | 33.4 | ||||||||||||||
| Restructuring and other charges [d] | (0.2 | ) | (0.4 | ) | 0.6 | 4.8 | ||||||||||||
| Litigation settlement gains, losses and expenses [e] | 4.0 | (0.1 | ) | 4.0 | 1.7 | |||||||||||||
| Deferred executive compensation [f] | — | 0.6 | — | 0.6 | ||||||||||||||
| Merger termination fee [g] | — | — | — | (88.5 | ) | |||||||||||||
| Interest expense on seller-financed debt [h] | — | 0.1 | — | 1.1 | ||||||||||||||
| Tax adjustments [i] | 24.2 | 4.2 | 69.6 | 35.4 | ||||||||||||||
| Non-GAAP net income | $ | 338.8 | $ | 277.6 | $ | 1,205.1 | $ | 1,069.2 | ||||||||||
|
SKYWORKS SOLUTIONS, INC. |
||||||||||||||||||
|
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
|
September 29,
2017 |
September 30,
2016 |
September 29,
2017 |
September 30,
2016 |
|||||||||||||||
| GAAP net income per share, diluted | $ | 1.51 | $ | 1.31 | $ | 5.41 | $ | 5.18 | ||||||||||
| Share-based compensation expense [a] | 0.13 | 0.11 | 0.48 | 0.41 | ||||||||||||||
| Acquisition-related expenses [b] | — | — | 0.02 | 0.04 | ||||||||||||||
| Amortization of intangibles [c] | 0.03 | 0.03 | 0.15 | 0.17 | ||||||||||||||
| Restructuring and other charges [d] | — | — | — | 0.02 | ||||||||||||||
| Litigation settlement gains, losses and expenses [e] | 0.02 | — | 0.02 | 0.01 | ||||||||||||||
| Deferred executive compensation [f] | — | — | — | 0.01 | ||||||||||||||
| Merger termination fee [g] | — | — | — | (0.46 | ) | |||||||||||||
| Interest expense on seller-financed debt [h] | — | — | — | 0.01 | ||||||||||||||
| Tax adjustments [i] | 0.13 | 0.02 | 0.37 | 0.18 | ||||||||||||||
| Non-GAAP net income per share, diluted | $ | 1.82 | $ | 1.47 | $ | 6.45 | $ | 5.57 | ||||||||||
SKYWORKS SOLUTIONS, INC.
