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) |
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
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Net revenue |
$ |
1,310.9 |
|
|
$ |
956.8 |
|
|
$ |
5,109.1 |
|
|
$ |
3,355.7 |
|
Cost of goods sold |
697.2 |
|
|
497.9 |
|
|
2,596.7 |
|
|
1,742.8 |
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Gross profit |
613.7 |
|
|
458.9 |
|
|
2,512.4 |
|
|
1,612.9 |
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Operating expenses: |
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Research and development |
149.2 |
|
|
126.3 |
|
|
532.3 |
|
|
464.1 |
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Selling, general, and administrative |
100.5 |
|
|
62.2 |
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|
322.5 |
|
|
231.4 |
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| Amortization of intangibles |
28.1 |
|
|
2.8 |
|
|
36.0 |
|
|
11.8 |
|
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| Restructuring, impairment, and other charges |
8.4 |
|
|
— |
|
|
8.9 |
|
|
13.8 |
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| Total operating expenses |
286.2 |
|
|
191.3 |
|
|
899.7 |
|
|
721.1 |
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| Operating income |
327.5 |
|
|
267.6 |
|
|
1,612.7 |
|
|
891.8 |
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| Interest expense |
(10.8 |
) |
|
— |
|
|
(13.4 |
) |
|
— |
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| Other income (expense), net |
(0.5 |
) |
|
(1.5 |
) |
|
(0.6 |
) |
|
(0.1 |
) |
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| Income before income taxes |
316.2 |
|
|
266.1 |
|
|
1,598.7 |
|
|
891.7 |
|
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| Provision (benefit) for income taxes |
(10.1 |
) |
|
19.2 |
|
|
100.4 |
|
|
76.9 |
|
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| Net income |
$ |
326.3 |
|
|
$ |
246.9 |
|
|
$ |
1,498.3 |
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|
$ |
814.8 |
|
| Earnings per share: |
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|
|
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|
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| Basic |
$ |
1.97 |
|
|
$ |
1.48 |
|
|
$ |
9.07 |
|
|
$ |
4.84 |
|
| Diluted |
$ |
1.95 |
|
|
$ |
1.46 |
|
|
$ |
8.97 |
|
|
$ |
4.80 |
|
| Weighted average shares: |
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| Basic |
165.2 |
|
|
166.6 |
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|
165.2 |
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|
168.5 |
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| Diluted |
167.3 |
|
|
168.6 |
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|
167.0 |
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|
169.9 |
|
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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) |
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
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| GAAP gross profit |
$ |
613.7 |
|
|
$ |
458.9 |
|
|
$ |
2,512.4 |
|
|
$ |
1,612.9 |
|
| Share-based compensation expense [a] |
5.0 |
|
|
7.2 |
|
|
28.9 |
|
|
23.2 |
|
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| Acquisition-related expenses |
17.7 |
|
|
— |
|
|
17.7 |
|
|
— |
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| Amortization of acquisition-related intangibles |
31.6 |
|
|
5.2 |
|
|
39.6 |
|
|
24.7 |
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| Settlements, gains, losses, and impairments |
— |
|
|
10.6 |
|
|
— |
|
|
23.5 |
|
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| Non-GAAP gross profit |
$ |
668.0 |
|
|
$ |
481.9 |
|
|
$ |
2,598.6 |
|
|
$ |
1,684.3 |
|
| GAAP gross margin % |
46.8 |
% |
|
48.0 |
% |
|
49.2 |
% |
|
48.1 |
% |
||||
| Non-GAAP gross margin % |
51.0 |
% |
|
50.4 |
% |
|
50.9 |
% |
|
50.2 |
% |
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|
Three Months Ended |
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Twelve Months Ended |
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| (in millions) |
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
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| GAAP operating income |
$ |
327.5 |
|
|
$ |
267.6 |
|
|
$ |
1,612.7 |
|
|
$ |
891.8 |
|
| Share-based compensation expense [a] |
47.6 |
|
|
45.1 |
|
|
191.9 |
|
|
156.6 |
|
||||
| Acquisition-related expenses |
43.5 |
|
|
— |
|
|
60.2 |
|
|
1.3 |
|
||||
| Amortization of acquisition-related intangibles |
59.7 |
|
|
8.0 |
|
|
75.6 |
|
|
36.5 |
|
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| Settlements, gains, losses, and impairments |
8.0 |
|
|
14.2 |
|
|
10.9 |
|
|
41.2 |
|
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| Restructuring and other charges |
1.3 |
|
|
— |
|
|
1.8 |
|
|
2.0 |
|
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| Non-GAAP operating income |
$ |
487.6 |
|
|
$ |
334.9 |
|
|
$ |
1,953.1 |
|
|
$ |
1,129.4 |
|
| GAAP operating margin % |
25.0 |
% |
|
28.0 |
% |
|
31.6 |
% |
|
26.6 |
% |
||||
| Non-GAAP operating margin % |
37.2 |
% |
|
35.0 |
% |
|
38.2 |
% |
|
33.7 |
% |
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|
Three Months Ended |
|
Twelve Months Ended |
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| (in millions) |
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
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| GAAP net income |
$ |
326.3 |
|
|
$ |
246.9 |
|
|
$ |
1,498.3 |
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|
$ |
814.8 |
|
| Share-based compensation expense [a] |
47.6 |
|
|
45.1 |
|
|
191.9 |
|
|
156.6 |
|
||||
| Acquisition-related expenses |
43.5 |
|
|
— |
|
|
60.2 |
|
|
1.3 |
|
||||
| Amortization of acquisition-related intangibles |
59.7 |
|
|
8.0 |
|
|
75.6 |
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|
36.5 |
|
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| Settlements, gains, losses, and impairments |
8.5 |
|
|
14.7 |
|
|
12.9 |
|
|
43.8 |
|
||||
| Restructuring and other charges |
1.3 |
|
|
— |
|
|
1.8 |
|
|
2.0 |
|
||||
| Tax adjustments |
(48.1 |
) |
|
(2.5 |
) |
|
(87.6 |
) |
|
(13.7 |
) |
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| Non-GAAP net income |
$ |
438.8 |
|
|
$ |
312.2 |
|
|
$ |
1,753.1 |
|
|
$ |
1,041.3 |
|
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|
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|
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|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
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| GAAP net income per share, diluted |
$ |
1.95 |
|
|
$ |
1.46 |
|
|
$ |
8.97 |
|
|
$ |
4.80 |
|
| Share-based compensation expense [a] |
0.28 |
|
|
0.27 |
|
|
1.15 |
|
|
0.92 |
|
||||
| Acquisition-related expenses |
0.26 |
|
|
— |
|
|
0.36 |
|
|
0.01 |
|
||||
| Amortization of acquisition-related intangibles |
0.36 |
|
|
0.05 |
|
|
0.45 |
|
|
0.21 |
|
||||
| Settlements, gains, losses, and impairments |
0.05 |
|
|
0.09 |
|
|
0.08 |
|
|
0.26 |
|
||||
| Restructuring and other charges |
0.01 |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
||||
| Tax adjustments |
(0.29 |
) |
|
(0.02 |
) |
|
(0.52 |
) |
|
(0.08 |
) |
||||
| Non-GAAP net income per share, diluted |
$ |
2.62 |
|
|
$ |
1.85 |
|
|
$ |
10.50 |
|
|
$ |
6.13 |
|
SKYWORKS SOLUTIONS, INC.
