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. |
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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three Months Ended |
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Twelve Months Ended |
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(in millions, except per share amounts) |
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September 27,
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September 28,
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September 27,
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September 28,
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Net revenue |
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$ |
827.4 |
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$ |
1,008.4 |
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$ |
3,376.8 |
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$ |
3,868.0 |
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Cost of goods sold |
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421.4 |
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504.8 |
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1,773.0 |
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1,917.3 |
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Gross profit |
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406.0 |
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503.6 |
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1,603.8 |
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1,950.7 |
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Operating expenses: |
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Research and development |
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106.8 |
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103.0 |
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424.1 |
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404.5 |
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Selling, general and administrative |
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55.8 |
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54.4 |
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198.3 |
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207.8 |
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Amortization of intangibles |
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4.0 |
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6.3 |
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22.6 |
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18.3 |
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Restructuring and other charges (benefit) |
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5.5 |
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(0.2 |
) |
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6.8 |
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0.8 |
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Total operating expenses |
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172.1 |
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163.5 |
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651.8 |
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631.4 |
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| Operating income |
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233.9 |
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|
340.1 |
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|
952.0 |
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1,319.3 |
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Other income, net |
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0.1 |
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3.3 |
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9.0 |
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12.8 |
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| Income before income taxes |
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234.0 |
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343.4 |
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961.0 |
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1,332.1 |
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| Provision for income taxes |
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23.4 |
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57.9 |
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107.4 |
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413.7 |
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| Net income |
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$ |
210.6 |
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$ |
285.5 |
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$ |
853.6 |
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$ |
918.4 |
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Earnings per share: |
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Basic |
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$ |
1.23 |
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$ |
1.60 |
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$ |
4.92 |
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$ |
5.06 |
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Diluted |
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$ |
1.22 |
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$ |
1.58 |
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$ |
4.89 |
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$ |
5.01 |
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Weighted average shares: |
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Basic |
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171.2 |
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178.6 |
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173.5 |
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181.3 |
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Diluted |
172.2 |
180.2 |
174.5 |
183.2 |
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| SKYWORKS SOLUTIONS, INC. |
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| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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Three Months Ended |
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Twelve Months Ended |
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| (in millions) |
|
September 27,
|
|
September 28,
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|
September 27,
|
|
September 28,
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| GAAP gross profit |
|
$ |
406.0 |
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$ |
503.6 |
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$ |
1,603.8 |
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$ |
1,950.7 |
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Share-based compensation expense [a] |
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4.8 |
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2.8 |
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13.0 |
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14.4 |
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Acquisition-related expenses [b] |
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— |
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4.5 |
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1.9 |
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4.5 |
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Amortization of acquisition-related intangibles [c] |
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5.9 |
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2.3 |
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21.1 |
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2.3 |
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Settlements, gains, losses and impairments [d] |
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(0.5 |
) |
|
3.0 |
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68.7 |
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2.0 |
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Restructuring and other charges (benefit) [e] |
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— |
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(0.2 |
) |
|
0.4 |
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0.8 |
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| Non-GAAP gross profit |
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$ |
416.2 |
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$ |
516.0 |
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$ |
1,708.9 |
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$ |
1,974.7 |
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| GAAP gross margin % |
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49.1 |
% |
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49.9 |
% |
|
47.5 |
% |
|
50.4 |
% |
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| Non-GAAP gross margin % |
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50.3 |
% |
|
51.2 |
% |
|
50.6 |
% |
|
51.1 |
% |
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Three Months Ended |
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Twelve Months Ended |
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| (in millions) |
|
September 27,
|
|
September 28,
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September 27,
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September 28,
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| GAAP operating income |
|
$ |
233.9 |
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$ |
340.1 |
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$ |
952.0 |
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$ |
1,319.3 |
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Share-based compensation expense [a] |
|
21.5 |
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21.5 |
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80.1 |
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|
107.8 |
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Acquisition-related expenses (benefit) [b] |
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— |
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|
4.3 |
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|
2.1 |
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(2.6 |
) |
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Amortization of acquisition-related intangibles [c] |
|
9.9 |
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8.7 |
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|
43.7 |
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20.7 |
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Settlements, gains, losses and impairments [d] |
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10.3 |
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5.2 |
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80.7 |
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5.2 |
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Restructuring and other charges (benefit) [e] |
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5.5 |
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(0.2 |
) |
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7.3 |
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0.8 |
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Deferred executive compensation (benefit) [f] |
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— |
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— |
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(0.1 |
) |
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(1.7 |
) |
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| Non-GAAP operating income |
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$ |
281.1 |
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$ |
379.6 |
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$ |
1,165.8 |
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$ |
1,449.5 |
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| GAAP operating margin % |
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28.3 |
% |
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33.7 |
% |
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28.2 |
% |
|
34.1 |
% |
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| Non-GAAP operating margin % |
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34.0 |
% |
|
37.6 |
% |
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34.5 |
% |
|
37.5 |
% |
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Three Months Ended |
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Twelve Months Ended |
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| (in millions) |
|
September 27,
|
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September 28,
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September 27,
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September 28,
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| GAAP net income |
|
$ |
210.6 |
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$ |
285.5 |
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$ |
853.6 |
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$ |
918.4 |
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Share-based compensation expense [a] |
|
21.5 |
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|
21.5 |
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80.1 |
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|
107.8 |
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Acquisition-related expenses (benefit) [b] |
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— |
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|
4.3 |
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|
2.1 |
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(2.6 |
) |
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Amortization of acquisition-related intangibles [c] |
|
9.9 |
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8.7 |
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43.7 |
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20.7 |
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Settlements, gains, losses and impairments [d] |
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12.8 |
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5.2 |
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83.2 |
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5.2 |
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Restructuring and other charges (benefit) [e] |
|
5.5 |
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(0.2 |
) |
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7.3 |
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0.8 |
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Deferred executive compensation (benefit) [f] |
|
— |
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— |
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(0.1 |
) |
|
(1.7 |
) |
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Tax adjustments [g] |
|
1.6 |
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|
24.7 |
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6.8 |
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|
274.8 |
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| Non-GAAP net income |
|
$ |
261.9 |
|
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$ |
349.7 |
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$ |
1,076.7 |
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$ |
1,323.4 |
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Three Months Ended |
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Twelve Months Ended |
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|
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September 27,
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September 28,
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September 27,
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September 28,
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| GAAP net income per share, diluted |
|
$ |
1.22 |
|
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$ |
1.58 |
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$ |
4.89 |
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$ |
5.01 |
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Share-based compensation expense [a] |
|
0.12 |
|
|
0.12 |
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|
0.46 |
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|
0.59 |
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Acquisition-related expenses (benefit) [b] |
|
— |
|
|
0.02 |
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|
0.01 |
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(0.01 |
) |
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Amortization of acquisition-related intangibles [c] |
|
0.06 |
|
|
0.05 |
|
|
0.25 |
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|
0.11 |
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Settlements, gains, losses and impairments [d] |
|
0.08 |
|
|
0.03 |
|
|
0.48 |
|
|
0.03 |
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Restructuring and other charges (benefit) [e] |
|
0.03 |
|
|
— |
|
|
0.04 |
|
|
— |
|
||||
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|
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Deferred executive compensation (benefit) [f] |
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
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|
|
Tax adjustments [g] |
|
0.01 |
|
|
0.14 |
|
|
0.04 |
|
|
1.50 |
|
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| Non-GAAP net income per share, diluted |
|
$ |
1.52 |
|
|
$ |
1.94 |
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$ |
6.17 |
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$ |
7.22 |
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SKYWORKS SOLUTIONS, INC.
