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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|
|
|
|
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|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
(in millions, except per share amounts) |
July 1,
|
|
July 2,
|
|
July 1,
|
|
July 2,
|
|||||||||
Net revenue |
$ |
1,232.6 |
|
|
$ |
1,116.4 |
|
|
$ |
4,078.6 |
|
|
$ |
3,798.2 |
|
|
Cost of goods sold |
|
649.3 |
|
|
|
557.8 |
|
|
|
2,142.9 |
|
|
|
1,899.5 |
|
|
Gross profit |
|
583.3 |
|
|
|
558.6 |
|
|
|
1,935.7 |
|
|
|
1,898.7 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Research and development |
|
156.5 |
|
|
|
130.8 |
|
|
|
468.4 |
|
|
|
383.1 |
|
|
| Selling, general, and administrative |
|
77.0 |
|
|
|
85.1 |
|
|
|
242.1 |
|
|
|
222.0 |
|
|
| Amortization of intangibles |
|
21.9 |
|
|
|
2.4 |
|
|
|
77.0 |
|
|
|
7.9 |
|
|
| Restructuring, impairment, and other charges |
|
2.1 |
|
|
|
0.5 |
|
|
|
9.3 |
|
|
|
0.5 |
|
|
| Total operating expenses |
|
257.5 |
|
|
|
218.8 |
|
|
|
796.8 |
|
|
|
613.5 |
|
|
| Operating income |
|
325.8 |
|
|
|
339.8 |
|
|
|
1,138.9 |
|
|
|
1,285.2 |
|
|
| Interest expense |
|
(11.3 |
) |
|
|
(2.6 |
) |
|
|
(33.6 |
) |
|
|
(2.6 |
) |
|
| Other expense, net |
|
(0.4 |
) |
|
|
(1.0 |
) |
|
|
(0.9 |
) |
|
|
(0.1 |
) |
|
| Income before income taxes |
|
314.1 |
|
|
|
336.2 |
|
|
|
1,104.4 |
|
|
|
1,282.5 |
|
|
| Provision (benefit) for income taxes |
|
46.8 |
|
|
|
(1.6 |
) |
|
|
131.4 |
|
|
|
110.5 |
|
|
| Net income |
$ |
267.3 |
|
|
$ |
337.8 |
|
|
$ |
973.0 |
|
|
$ |
1,172.0 |
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|||||||||
| Basic |
$ |
1.66 |
|
|
$ |
2.05 |
|
|
$ |
5.96 |
|
|
$ |
7.10 |
|
|
| Diluted |
$ |
1.66 |
|
|
$ |
2.02 |
|
|
$ |
5.93 |
|
|
$ |
7.02 |
|
|
| Weighted average shares: |
|
|
|
|
|
|
|
|||||||||
| Basic |
|
160.9 |
|
|
|
165.1 |
|
|
|
163.3 |
|
|
|
165.2 |
|
|
| Diluted |
|
161.5 |
|
|
|
167.0 |
|
|
|
164.1 |
|
|
|
166.9 |
|
|
| SKYWORKS SOLUTIONS, INC. |
||||||||||||||||
| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
| (in millions) |
July 1,
|
July 2,
|
July 1,
|
July 2,
|
||||||||||||
| GAAP gross profit |
$ |
583.3 |
|
$ |
558.6 |
|
$ |
1,935.7 |
|
$ |
1,898.7 |
|
||||
| Share-based compensation expense [a] |
|
8.0 |
|
|
4.9 |
|
|
22.9 |
|
|
24.0 |
|
||||
| Acquisition-related expenses |
|
— |
|
|
— |
|
|
7.3 |
|
|
— |
|
||||
| Amortization of acquisition-related intangibles |
|
39.4 |
|
|
1.3 |
|
|
121.2 |
|
|
8.0 |
|
||||
| Non-GAAP gross profit |
$ |
630.7 |
|
$ |
564.8 |
|
$ |
2,087.1 |
|
$ |
1,930.7 |
|
||||
| GAAP gross margin % |
|
47.3 |
% |
|
50.0 |
% |
|
47.5 |
% |
|
50.0 |
% |
||||
| Non-GAAP gross margin % |
|
51.2 |
% |
|
50.6 |
% |
|
51.2 |
% |
|
50.8 |
% |
||||
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
| (in millions) |
July 1,
|
July 2,
|
July 1,
|
July 2,
|
||||||||||||
| GAAP operating income |
$ |
325.8 |
|
$ |
339.8 |
|
$ |
1,138.9 |
|
$ |
1,285.2 |
|
||||
| Share-based compensation expense [a] |
|
52.1 |
|
|
43.4 |
|
|
158.2 |
|
|
144.3 |
|
||||
| Acquisition-related expenses |
|
3.2 |
|
|
14.9 |
|
|
14.2 |
|
|
16.7 |
|
||||
| Amortization of acquisition-related intangibles |
|
61.3 |
|
|
3.7 |
|
|
198.3 |
|
|
15.9 |
|
||||
| Settlements, gains, losses, and impairments |
|
(4.8 |
) |
|
1.1 |
|
|
(2.2 |
) |
|
2.9 |
|
||||
| Restructuring and other charges |
|
2.1 |
|
|
0.5 |
|
|
9.3 |
|
|
0.5 |
|
||||
| Non-GAAP operating income |
$ |
439.7 |
|
$ |
403.4 |
|
$ |
1,516.7 |
|
$ |
1,465.5 |
|
||||
| GAAP operating margin % |
|
26.4 |
% |
|
30.4 |
% |
|
27.9 |
% |
|
33.8 |
% |
||||
| Non-GAAP operating margin % |
|
35.7 |
% |
|
36.1 |
% |
|
37.2 |
% |
|
38.6 |
% |
||||
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
| (in millions) |
July 1,
|
July 2,
|
July 1,
|
July 2,
|
||||||||||||
| GAAP net income |
$ |
267.3 |
|
$ |
337.8 |
|
$ |
973.0 |
|
$ |
1,172.0 |
|
||||
| Share-based compensation expense [a] |
|
52.1 |
|
|
43.4 |
|
|
158.2 |
|
|
144.3 |
|
||||
| Acquisition-related expenses |
|
3.2 |
|
|
14.9 |
|
|
14.2 |
|
|
16.7 |
|
||||
| Amortization of acquisition-related intangibles |
|
61.3 |
|
|
3.7 |
|
|
198.3 |
|
|
15.9 |
|
||||
| Settlements, gains, losses, and impairments |
|
(4.4 |
) |
|
1.6 |
|
|
(0.8 |
) |
|
4.4 |
|
||||
| Restructuring and other charges |
|
2.1 |
|
|
0.5 |
|
|
9.3 |
|
|
0.5 |
|
||||
| Tax adjustments |
|
12.0 |
|
|
(43.3 |
) |
|
(3.3 |
) |
|
(39.5 |
) |
||||
| Non-GAAP net income |
$ |
393.6 |
|
$ |
358.6 |
|
$ |
1,348.9 |
|
$ |
1,314.3 |
|
||||
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
|
July 1,
|
July 2,
|
July 1,
|
July 2,
|
||||||||||||
| GAAP net income per share, diluted |
$ |
1.66 |
|
$ |
2.02 |
|
$ |
5.93 |
|
$ |
7.02 |
|
||||
| Share-based compensation expense [a] |
|
0.33 |
|
|
0.26 |
|
|
0.96 |
|
|
0.86 |
|
||||
| Acquisition-related expenses |
|
0.02 |
|
|
0.09 |
|
|
0.08 |
|
|
0.10 |
|
||||
| Amortization of acquisition-related intangibles |
|
0.38 |
|
|
0.02 |
|
|
1.21 |
|
|
0.10 |
|
||||
| Settlements, gains, losses, and impairments |
|
(0.03 |
) |
|
0.01 |
|
|
— |
|
|
0.03 |
|
||||
| Restructuring and other charges |
|
0.01 |
|
|
— |
|
|
0.06 |
|
|
— |
|
||||
| Tax adjustments |
|
0.07 |
|
|
(0.25 |
) |
|
(0.02 |
) |
|
(0.24 |
) |
||||
| Non-GAAP net income per share, diluted |
$ |
2.44 |
|
$ |
2.15 |
|
$ |
8.22 |
|
$ |
7.87 |
|
||||
SKYWORKS SOLUTIONS, INC.
