Skyworks Reports Q4 and Full Year FY22 Results

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 30,
2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

Net revenue

$

1,407.0

 

 

$

1,310.9

 

 

$

5,485.5

 

 

$

5,109.1

 

Cost of goods sold

 

738.4

 

 

 

697.2

 

 

 

2,881.2

 

 

 

2,596.7

 

Gross profit

 

668.6

 

 

 

613.7

 

 

 

2,604.3

 

 

 

2,512.4

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

149.5

 

 

 

149.2

 

 

 

617.9

 

 

 

532.3

 

Selling, general, and administrative

 

87.7

 

 

 

100.5

 

 

 

329.8

 

 

 

322.5

 

Amortization of intangibles

 

21.9

 

 

 

28.1

 

 

 

98.9

 

 

 

36.0

 

Restructuring, impairment, and other charges

 

21.5

 

 

 

8.4

 

 

 

30.7

 

 

 

8.9

 

Total operating expenses

 

280.6

 

 

 

286.2

 

 

 

1,077.3

 

 

 

899.7

 

Operating income

 

388.0

 

 

 

327.5

 

 

 

1,527.0

 

 

 

1,612.7

 

Interest expense

 

(14.3

)

 

 

(10.8

)

 

 

(47.9

)

 

 

(13.4

)

Other expense, net

 

(1.5

)

 

 

(0.5

)

 

 

(2.5

)

 

 

(0.6

)

Income before income taxes

 

372.2

 

 

 

316.2

 

 

 

1,476.6

 

 

 

1,598.7

 

Provision (benefit) for income taxes

 

70.0

 

 

 

(10.1

)

 

 

201.4

 

 

 

100.4

 

Net income

$

302.2

 

 

$

326.3

 

 

$

1,275.2

 

 

$

1,498.3

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.88

 

 

$

1.97

 

 

$

7.85

 

 

$

9.07

 

Diluted

$

1.88

 

 

$

1.95

 

 

$

7.81

 

 

$

8.97

 

Weighted average shares:

 

 

 

 

 

 

 

Basic

 

160.4

 

 

 

165.2

 

 

 

162.4

 

 

 

165.2

 

Diluted

 

161.1

 

 

 

167.3

 

 

 

163.3

 

 

 

167.0

 

SKYWORKS SOLUTIONS, INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 30,
2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

GAAP gross profit

 

$

668.6

 

 

$

613.7

 

 

$

2,604.3

 

 

$

2,512.4

 

 

 

Share-based compensation expense [a]

 

 

4.1

 

 

 

5.0

 

 

 

26.9

 

 

 

28.9

 

 

 

Acquisition-related expenses

 

 

 

 

 

17.7

 

 

 

7.3

 

 

 

17.7

 

 

 

Amortization of acquisition-related intangibles

 

 

48.4

 

 

 

31.6

 

 

 

169.7

 

 

 

39.6

 

Non-GAAP gross profit

 

$

721.1

 

 

$

668.0

 

 

$

2,808.2

 

 

$

2,598.6

 

GAAP gross margin %

 

 

47.5

%

 

 

46.8

%

 

 

47.5

%

 

 

49.2

%

Non-GAAP gross margin %

 

 

51.3

%

 

 

51.0

%

 

 

51.2

%

 

 

50.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 30,
2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

GAAP operating income

 

$

388.0

 

 

$

327.5

 

 

$

1,527.0

 

 

$

1,612.7

 

 

 

Share-based compensation expense [a]

 

 

37.0

 

 

 

47.6

 

 

 

195.2

 

 

 

191.9

 

 

 

Acquisition-related expenses

 

 

7.9

 

 

 

43.5

 

 

 

22.1

 

 

 

60.2

 

 

 

Amortization of acquisition-related intangibles

 

 

70.3

 

 

 

59.7

 

 

 

268.5

 

 

 

75.6

 

 

 

Settlements, gains, losses, and impairments

 

 

24.6

 

 

 

8.0

 

 

 

22.2

 

 

 

10.9

 

 

 

Restructuring and other charges

 

 

0.8

 

 

 

1.3

 

 

 

10.0

 

 

 

1.8

 

Non-GAAP operating income

 

$

528.6

 

 

$

487.6

 

 

$

2,045.0

 

 

$

1,953.1

 

GAAP operating margin %

 

 

27.6

%

 

 

25.0

%

 

 

27.8

%

 

 

31.6

%

Non-GAAP operating margin %

 

 

37.6

%

 

 

37.2

%

 

 

37.3

%

 

 

38.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 30,
2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

GAAP net income

 

$

302.2

 

 

$

326.3

 

 

$

1,275.2

 

 

$

1,498.3

 

 

 

Share-based compensation expense [a]

 

 

37.0

 

 

 

47.6

 

 

 

195.2

 

 

 

191.9

 

 

 

Acquisition-related expenses

 

 

7.9

 

 

 

43.5

 

 

 

22.1

 

 

 

60.2

 

 

 

Amortization of acquisition-related intangibles

 

 

70.3

 

 

 

59.7

 

 

 

268.5

 

 

 

75.6

 

 

 

Settlements, gains, losses, and impairments

 

 

24.9

 

 

 

8.5

 

 

 

23.9

 

 

 

12.9

 

 

 

Restructuring and other charges

 

 

0.8

 

 

 

1.3

 

 

 

10.0

 

 

 

1.8

 

 

 

Tax adjustments

 

 

42.9

 

 

 

(48.1

)

 

 

39.7

 

 

 

(87.6

)

Non-GAAP net income

 

$

486.0

 

 

$

438.8

 

 

$

1,834.6

 

 

$

1,753.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

 

September 30,
2022

 

October 1,
2021

 

September 30,
2022

 

October 1,
2021

GAAP net income per share, diluted

 

$

1.88

 

 

$

1.95

 

 

$

7.81

 

 

$

8.97

 

 

 

Share-based compensation expense [a]

 

 

0.23

 

 

 

0.28

 

 

 

1.20

 

 

 

1.15

 

 

 

Acquisition-related expenses

 

 

0.05

 

 

 

0.26

 

 

 

0.14

 

 

 

0.36

 

 

 

Amortization of acquisition-related intangibles

 

 

0.44

 

 

 

0.36

 

 

 

1.64

 

 

 

0.45

 

 

 

Settlements, gains, losses, and impairments

 

 

0.15

 

 

 

0.05

 

 

 

0.15

 

 

 

0.08

 

 

 

Restructuring and other charges

 

 

 

 

 

0.01

 

 

 

0.06

 

 

 

0.01

 

 

 

Tax adjustments

 

 

0.27

 

 

 

(0.29

)

 

 

0.24

 

 

 

(0.52

)

Non-GAAP net income per share, diluted

 

$

3.02

 

 

$

2.62

 

 

$

11.24

 

 

$

10.50

 

SKYWORKS SOLUTIONS, INC.

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