Skyworks Reports Q4 and Full Year FY23 Results

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.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions, except per share amounts)

September 29,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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:

 

 

 

 

 

 

 

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.

UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 29,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 29,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 29,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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,
2023

 

September 30,
2022

 

September 29,
2023

 

September 30,
2022

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


« Previous Page 1 | 2 | 3 | 4  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise