The forward-looking statements contained in this earnings 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 |
|
Twelve Months Ended |
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(in millions, except per share amounts) |
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
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Net revenue |
$ |
1,218.8 |
|
|
$ |
1,407.0 |
|
|
$ |
4,772.4 |
|
|
$ |
5,485.5 |
|
Cost of goods sold |
|
740.6 |
|
|
|
738.4 |
|
|
|
2,665.1 |
|
|
|
2,881.2 |
|
Gross profit |
|
478.2 |
|
|
|
668.6 |
|
|
|
2,107.3 |
|
|
|
2,604.3 |
|
Operating expenses: |
|
|
|
|
|
|
|
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Research and development |
|
146.7 |
|
|
|
149.5 |
|
|
|
606.8 |
|
|
|
617.9 |
|
| Selling, general, and administrative |
|
73.4 |
|
|
|
87.7 |
|
|
|
314.0 |
|
|
|
329.8 |
|
| Amortization of intangibles |
|
3.8 |
|
|
|
21.9 |
|
|
|
33.2 |
|
|
|
98.9 |
|
| Restructuring, impairment, and other charges |
|
0.3 |
|
|
|
21.5 |
|
|
|
28.3 |
|
|
|
30.7 |
|
| Total operating expenses |
|
224.2 |
|
|
|
280.6 |
|
|
|
982.3 |
|
|
|
1,077.3 |
|
| Operating income |
|
254.0 |
|
|
|
388.0 |
|
|
|
1,125.0 |
|
|
|
1,527.0 |
|
| Interest expense |
|
(12.4 |
) |
|
|
(14.3 |
) |
|
|
(64.4 |
) |
|
|
(47.9 |
) |
| Other expense, net |
|
4.6 |
|
|
|
(1.5 |
) |
|
|
18.2 |
|
|
|
(2.5 |
) |
| Income before income taxes |
|
246.2 |
|
|
|
372.2 |
|
|
|
1,078.8 |
|
|
|
1,476.6 |
|
| Provision (benefit) for income taxes |
|
1.4 |
|
|
|
70.0 |
|
|
|
96.0 |
|
|
|
201.4 |
|
| Net income |
$ |
244.8 |
|
|
$ |
302.2 |
|
|
$ |
982.8 |
|
|
$ |
1,275.2 |
|
| Earnings per share: |
|
|
|
|
|
|
|
||||||||
| Basic |
$ |
1.54 |
|
|
$ |
1.88 |
|
|
$ |
6.17 |
|
|
$ |
7.85 |
|
| Diluted |
$ |
1.52 |
|
|
$ |
1.88 |
|
|
$ |
6.13 |
|
|
$ |
7.81 |
|
| Weighted average shares: |
|
|
|
|
|
|
|
||||||||
| Basic |
|
159.4 |
|
|
|
160.4 |
|
|
|
159.4 |
|
|
|
162.4 |
|
| Diluted |
|
160.5 |
|
|
|
161.1 |
|
|
|
160.3 |
|
|
|
163.3 |
|
| SKYWORKS SOLUTIONS, INC. |
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| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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|
Three Months Ended |
|
Twelve Months Ended |
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| (in millions) |
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
| GAAP gross profit |
|
$ |
478.2 |
|
|
$ |
668.6 |
|
|
$ |
2,107.3 |
|
|
$ |
2,604.3 |
|
| Share-based compensation expense [a] |
|
|
7.2 |
|
|
|
4.1 |
|
|
|
20.7 |
|
|
|
26.9 |
|
| Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.3 |
|
| Amortization of acquisition-related intangibles |
|
|
41.6 |
|
|
|
48.4 |
|
|
|
169.1 |
|
|
|
169.7 |
|
| Settlements, gains, losses, and impairments |
|
|
47.5 |
|
|
|
— |
|
|
|
47.5 |
|
|
|
— |
|
| Non-GAAP gross profit |
|
$ |
574.5 |
|
|
$ |
721.1 |
|
|
$ |
2,344.6 |
|
|
$ |
2,808.2 |
|
| GAAP gross margin % |
|
|
39.2 |
% |
|
|
47.5 |
% |
|
|
44.2 |
% |
|
|
47.5 |
% |
| Non-GAAP gross margin % |
|
|
47.1 |
% |
|
|
51.3 |
% |
|
|
49.1 |
% |
|
|
51.2 |
% |
|
|
|
|
|
|
|
|
|
|
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|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
| (in millions) |
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
| GAAP operating income |
|
$ |
254.0 |
|
|
$ |
388.0 |
|
|
$ |
1,125.0 |
|
|
$ |
1,527.0 |
|
| Share-based compensation expense [a] |
|
|
49.9 |
|
|
|
37.0 |
|
|
|
185.1 |
|
|
|
195.2 |
|
| Acquisition-related expenses |
|
|
0.1 |
|
|
|
7.9 |
|
|
|
10.7 |
|
|
|
22.1 |
|
| Amortization of acquisition-related intangibles |
|
|
45.4 |
|
|
|
70.3 |
|
|
|
202.3 |
|
|
|
268.5 |
|
| Settlements, gains, losses, and impairments |
|
|
47.3 |
|
|
|
24.6 |
|
|
|
65.4 |
|
|
|
22.2 |
|
| Restructuring and other charges |
|
|
1.2 |
|
|
|
0.8 |
|
|
|
13.4 |
|
|
|
10.0 |
|
| Non-GAAP operating income |
|
$ |
397.9 |
|
|
$ |
528.6 |
|
|
$ |
1,601.9 |
|
|
$ |
2,045.0 |
|
| GAAP operating margin % |
|
|
20.8 |
% |
|
|
27.6 |
% |
|
|
23.6 |
% |
|
|
27.8 |
% |
| Non-GAAP operating margin % |
|
|
32.6 |
% |
|
|
37.6 |
% |
|
|
33.6 |
% |
|
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
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|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
| (in millions) |
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
| GAAP net income |
|
$ |
244.8 |
|
|
$ |
302.2 |
|
|
$ |
982.8 |
|
|
$ |
1,275.2 |
|
| Share-based compensation expense [a] |
|
|
49.9 |
|
|
|
37.0 |
|
|
|
185.1 |
|
|
|
195.2 |
|
| Acquisition-related expenses |
|
|
0.1 |
|
|
|
7.9 |
|
|
|
10.7 |
|
|
|
22.1 |
|
| Amortization of acquisition-related intangibles |
|
|
45.4 |
|
|
|
70.3 |
|
|
|
202.3 |
|
|
|
268.5 |
|
| Settlements, gains, losses, and impairments |
|
|
47.7 |
|
|
|
24.9 |
|
|
|
66.9 |
|
|
|
23.9 |
|
| Restructuring and other charges |
|
|
1.2 |
|
|
|
0.8 |
|
|
|
13.4 |
|
|
|
10.0 |
|
| Tax adjustments |
|
|
(36.3 |
) |
|
|
42.9 |
|
|
|
(94.5 |
) |
|
|
39.7 |
|
| Non-GAAP net income |
|
$ |
352.8 |
|
|
$ |
486.0 |
|
|
$ |
1,366.7 |
|
|
$ |
1,834.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
| GAAP net income per share, diluted |
|
$ |
1.52 |
|
|
$ |
1.88 |
|
|
$ |
6.13 |
|
|
$ |
7.81 |
|
| Share-based compensation expense [a] |
|
|
0.31 |
|
|
|
0.23 |
|
|
|
1.15 |
|
|
|
1.20 |
|
| Acquisition-related expenses |
|
|
— |
|
|
|
0.05 |
|
|
|
0.07 |
|
|
|
0.14 |
|
| Amortization of acquisition-related intangibles |
|
|
0.28 |
|
|
|
0.44 |
|
|
|
1.26 |
|
|
|
1.64 |
|
| Settlements, gains, losses, and impairments |
|
|
0.30 |
|
|
|
0.15 |
|
|
|
0.42 |
|
|
|
0.15 |
|
| Restructuring and other charges |
|
|
0.01 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
0.06 |
|
| Tax adjustments |
|
|
(0.22 |
) |
|
|
0.27 |
|
|
|
(0.59 |
) |
|
|
0.24 |
|
| Non-GAAP net income per share, diluted |
|
$ |
2.20 |
|
|
$ |
3.02 |
|
|
$ |
8.52 |
|
|
$ |
11.24 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
| (in millions) |
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
||||||||
| GAAP net cash provided by operating activities |
|
$ |
365.7 |
|
|
$ |
236.3 |
|
|
$ |
1,856.4 |
|
|
$ |
1,424.6 |
|
| Capital expenditures |
|
$ |
(70.1 |
) |
|
$ |
(141.8 |
) |
|
$ |
(210.3 |
) |
|
$ |
(489.4 |
) |
| Non-GAAP free cash flow |
|
$ |
295.6 |
|
|
$ |
94.5 |
|
|
$ |
1,646.1 |
|
|
$ |
935.2 |
|
| GAAP net cash provided by operating activities margin % |
|
|
30.0 |
% |
|
|
16.8 |
% |
|
|
38.9 |
% |
|
|
26.0 |
% |
| Non-GAAP free cash flow margin % |
|
|
24.3 |
% |
|
|
6.7 |
% |
|
|
34.5 |
% |
|
|
17.0 |
% |
| SKYWORKS SOLUTIONS, INC. |
| DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES |
