Skyworks Reports Q1 FY23 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

(in millions, except per share amounts)

December 30,
2022

 

December 31,
2021

Net revenue

$

1,329.3

 

 

$

1,510.4

 

Cost of goods sold

 

691.6

 

 

 

795.7

 

Gross profit

 

637.7

 

 

 

714.7

 

Operating expenses:

 

 

 

Research and development

 

163.9

 

 

 

151.1

 

Selling, general, and administrative

 

84.5

 

 

 

82.0

 

Amortization of intangibles

 

21.9

 

 

 

33.3

 

Restructuring, impairment, and other charges

 

0.4

 

 

 

2.4

 

Total operating expenses

 

270.7

 

 

 

268.8

 

Operating income

 

367.0

 

 

 

445.9

 

Interest expense

 

(16.9

)

 

 

(11.0

)

Other income, net

 

0.6

 

 

 

1.2

 

Income before income taxes

 

350.7

 

 

 

436.1

 

Provision for income taxes

 

41.3

 

 

 

36.2

 

Net income

$

309.4

 

 

$

399.9

 

Earnings per share:

 

 

 

Basic

$

1.94

 

 

$

2.42

 

Diluted

$

1.93

 

 

$

2.40

 

Weighted average shares:

 

 

 

Basic

 

159.8

 

 

 

165.1

 

Diluted

 

160.2

 

 

 

166.4

 

SKYWORKS SOLUTIONS, INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

Three Months Ended

(in millions)

 

December 30,
2022

 

December 31,
2021

GAAP gross profit

 

$

637.7

 

 

$

714.7

 

Share-based compensation expense [a]

 

 

2.6

 

 

 

8.7

 

Acquisition-related expenses

 

 

 

 

 

7.3

 

Amortization of acquisition-related intangibles

 

 

44.1

 

 

 

42.5

 

Non-GAAP gross profit

 

$

684.4

 

 

$

773.2

 

GAAP gross margin %

 

 

48.0

%

 

 

47.3

%

Non-GAAP gross margin %

 

 

51.5

%

 

 

51.2

%

 

 

 

 

 

 

 

Three Months Ended

(in millions)

 

December 30,
2022

 

December 31,
2021

GAAP operating income

 

$

367.0

 

 

$

445.9

 

Share-based compensation expense [a]

 

 

49.4

 

 

 

50.4

 

Acquisition-related expenses

 

 

8.2

 

 

 

9.2

 

Amortization of acquisition-related intangibles

 

 

66.0

 

 

 

75.7

 

Settlements, gains, losses, and impairments

 

 

0.3

 

 

 

2.2

 

Restructuring and other charges

 

 

0.4

 

 

 

2.4

 

Non-GAAP operating income

 

$

491.3

 

 

$

585.8

 

GAAP operating margin %

 

 

27.6

%

 

 

29.5

%

Non-GAAP operating margin %

 

 

37.0

%

 

 

38.8

%

 

 

 

 

 

 

 

Three Months Ended

(in millions)

 

December 30,
2022

 

December 31,
2021

GAAP net income

 

$

309.4

 

 

$

399.9

 

Share-based compensation expense [a]

 

 

49.4

 

 

 

50.4

 

Acquisition-related expenses

 

 

8.2

 

 

 

9.2

 

Amortization of acquisition-related intangibles

 

 

66.0

 

 

 

75.7

 

Settlements, gains, losses, and impairments

 

 

0.7

 

 

 

2.7

 

Restructuring and other charges

 

 

0.4

 

 

 

2.4

 

Tax adjustments

 

 

(19.5

)

 

 

(17.6

)

Non-GAAP net income

 

$

414.6

 

 

$

522.7

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 30,
2022

 

December 31,
2021

GAAP net income per share, diluted

 

$

1.93

 

 

$

2.40

 

Share-based compensation expense [a]

 

 

0.31

 

 

 

0.30

 

Acquisition-related expenses

 

 

0.05

 

 

 

0.06

 

Amortization of acquisition-related intangibles

 

 

0.41

 

 

 

0.46

 

Settlements, gains, losses, and impairments

 

 

0.01

 

 

 

0.02

 

Restructuring and other charges

 

 

 

 

 

0.01

 

Tax adjustments

 

 

(0.12

)

 

 

(0.11

)

Non-GAAP net income per share, diluted

 

$

2.59

 

 

$

3.14

 

SKYWORKS SOLUTIONS, INC.

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