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 |
||||||
(in millions, except per share amounts) |
December 29, 2023 |
|
December 30, 2022 |
||||
Net revenue |
$ |
1,201.5 |
|
|
$ |
1,329.3 |
|
Cost of goods sold |
|
694.9 |
|
|
|
691.6 |
|
Gross profit |
|
506.6 |
|
|
|
637.7 |
|
Operating expenses: |
|
|
|
||||
Research and development |
|
153.1 |
|
|
|
163.9 |
|
Selling, general, and administrative |
|
78.8 |
|
|
|
84.5 |
|
Amortization of intangibles |
|
0.2 |
|
|
|
21.9 |
|
Restructuring, impairment, and other charges |
|
16.2 |
|
|
|
0.4 |
|
Total operating expenses |
|
248.3 |
|
|
|
270.7 |
|
Operating income |
|
258.3 |
|
|
|
367.0 |
|
| Interest expense |
|
(10.0 |
) |
|
|
(16.9 |
) |
| Other income, net |
|
3.4 |
|
|
|
0.6 |
|
| Income before income taxes |
|
251.7 |
|
|
|
350.7 |
|
| Provision for income taxes |
|
20.4 |
|
|
|
41.3 |
|
| Net income |
$ |
231.3 |
|
|
$ |
309.4 |
|
| Earnings per share: |
|
|
|
||||
| Basic |
$ |
1.45 |
|
|
$ |
1.94 |
|
| Diluted |
$ |
1.44 |
|
|
$ |
1.93 |
|
| Weighted average shares: |
|
|
|
||||
| Basic |
|
159.9 |
|
|
|
159.8 |
|
| Diluted |
|
161.0 |
|
|
|
160.2 |
|
| SKYWORKS SOLUTIONS, INC. |
||||||||||
| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
||||||||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended |
||||||
| (in millions) |
|
December 29, 2023 |
|
December 30, 2022 |
||||||
| GAAP gross profit |
|
$ |
506.6 |
|
|
$ |
637.7 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
8.8 |
|
|
|
2.6 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
41.6 |
|
|
|
44.1 |
|
| Non-GAAP gross profit |
|
$ |
557.0 |
|
|
$ |
684.4 |
|
||
| GAAP gross margin % |
|
|
42.2 |
% |
|
|
48.0 |
% |
||
| Non-GAAP gross margin % |
|
|
46.4 |
% |
|
|
51.5 |
% |
||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended |
||||||
| (in millions) |
|
December 29, 2023 |
|
December 30, 2022 |
||||||
| GAAP operating income |
|
$ |
258.3 |
|
|
$ |
367.0 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
53.3 |
|
|
|
49.4 |
|
|
|
|
Acquisition-related expenses |
|
|
0.1 |
|
|
|
8.2 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
41.9 |
|
|
|
66.0 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
12.1 |
|
|
|
0.3 |
|
|
|
|
Restructuring and other charges |
|
|
— |
|
|
|
0.4 |
|
| Non-GAAP operating income |
|
$ |
365.7 |
|
|
$ |
491.3 |
|
||
| GAAP operating margin % |
|
|
21.5 |
% |
|
|
27.6 |
% |
||
| Non-GAAP operating margin % |
|
|
30.4 |
% |
|
|
37.0 |
% |
||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended |
||||||
| (in millions) |
|
December 29, 2023 |
|
December 30, 2022 |
||||||
| GAAP net income |
|
$ |
231.3 |
|
|
$ |
309.4 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
53.3 |
|
|
|
49.4 |
|
|
|
|
Acquisition-related expenses |
|
|
0.1 |
|
|
|
8.2 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
41.9 |
|
|
|
66.0 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
12.1 |
|
|
|
0.7 |
|
|
|
|
Restructuring and other charges |
|
|
— |
|
|
|
0.4 |
|
|
|
|
Tax adjustments |
|
|
(21.7 |
) |
|
|
(19.5 |
) |
| Non-GAAP net income |
|
$ |
317.0 |
|
|
$ |
414.6 |
|
||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended |
||||||
|
|
|
|
|
December 29, 2023 |
|
December 30, 2022 |
||||
| GAAP net income per share, diluted |
|
$ |
1.44 |
|
|
$ |
1.93 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
0.33 |
|
|
|
0.31 |
|
|
|
|
Acquisition-related expenses |
|
|
— |
|
|
|
0.05 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
0.26 |
|
|
|
0.41 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
0.07 |
|
|
|
0.01 |
|
|
|
|
Restructuring and other charges |
|
|
— |
|
|
|
— |
|
|
|
|
Tax adjustments |
|
|
(0.13 |
) |
|
|
(0.12 |
) |
| Non-GAAP net income per share, diluted |
|
$ |
1.97 |
|
|
$ |
2.59 |
|
||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended |
||||||
| (in millions) |
|
December 29, 2023 |
|
December 30, 2022 |
||||||
| GAAP net cash provided by operating activities |
|
$ |
774.9 |
|
|
$ |
773.4 |
|
||
|
|
|
Capital expenditures |
|
|
(22.2 |
) |
|
|
(63.5 |
) |
| Non-GAAP free cash flow |
|
$ |
752.7 |
|
|
$ |
709.9 |
|
||
| GAAP net cash provided by operating activities margin % |
|
|
64.5 |
% |
|
|
64.4 |
% |
||
| Non-GAAP free cash flow margin % |
|
|
62.6 |
% |
|
|
59.1 |
% |
||
SKYWORKS SOLUTIONS, INC.
