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 |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||||
(in millions, except per share amounts) |
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
Net revenue |
$ |
1,046.0 |
|
$ |
1,153.1 |
|
$ |
2,247.5 |
|
$ |
2,482.4 |
|
|||
Cost of goods sold |
|
625.7 |
|
|
625.7 |
|
|
1,320.7 |
|
|
1,317.4 |
|
|||
Gross profit |
|
420.3 |
|
|
527.4 |
|
|
926.8 |
|
|
1,165.0 |
|
|||
Operating expenses: |
|
|
|
|
|||||||||||
Research and development |
|
154.4 |
|
|
148.2 |
|
|
307.3 |
|
|
312.0 |
|
|||
Selling, general, and administrative |
|
76.8 |
|
|
79.0 |
|
|
155.5 |
|
|
163.5 |
|
|||
| Amortization of intangibles |
|
0.2 |
|
|
3.8 |
|
|
0.5 |
|
|
25.7 |
|
|||
| Restructuring, impairment, and other charges (benefits) |
|
(0.3 |
) |
|
23.1 |
|
|
15.9 |
|
|
23.5 |
|
|||
| Total operating expenses |
|
231.1 |
|
|
254.1 |
|
|
479.2 |
|
|
524.7 |
|
|||
| Operating income |
|
189.2 |
|
|
273.3 |
|
|
447.6 |
|
|
640.3 |
|
|||
| Interest expense |
|
(7.1 |
) |
|
(18.9 |
) |
|
(17.1 |
) |
|
(35.8 |
) |
|||
| Other income, net |
|
10.8 |
|
|
5.4 |
|
|
14.1 |
|
|
6.0 |
|
|||
| Income before income taxes |
|
192.9 |
|
|
259.8 |
|
|
444.6 |
|
|
610.5 |
|
|||
| Provision for income taxes |
|
9.6 |
|
|
27.0 |
|
|
30.0 |
|
|
68.3 |
|
|||
| Net income |
$ |
183.3 |
|
$ |
232.8 |
|
$ |
414.6 |
|
$ |
542.2 |
|
|||
| Earnings per share: |
|
|
|
|
|||||||||||
| Basic |
$ |
1.14 |
|
$ |
1.46 |
|
$ |
2.59 |
|
$ |
3.40 |
|
|||
| Diluted |
$ |
1.14 |
|
$ |
1.46 |
|
$ |
2.57 |
|
$ |
3.39 |
|
|||
| Weighted average shares: |
|
|
|
|
|||||||||||
| Basic |
|
160.4 |
|
|
159.1 |
|
|
160.1 |
|
|
159.5 |
|
|||
| Diluted |
|
161.4 |
|
|
159.9 |
|
|
161.3 |
|
|
160.1 |
|
|||
| SKYWORKS SOLUTIONS, INC. |
|||||||||||||||
| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
| (in millions) |
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
| GAAP gross profit |
$ |
420.3 |
|
$ |
527.4 |
|
$ |
926.8 |
|
$ |
1,165.0 |
|
|||
| Share-based compensation expense [a] |
|
11.5 |
|
|
7.5 |
|
|
20.3 |
|
|
10.2 |
|
|||
| Amortization of acquisition-related intangibles |
|
39.1 |
|
|
41.7 |
|
|
80.8 |
|
|
85.7 |
|
|||
| Non-GAAP gross profit |
$ |
470.9 |
|
$ |
576.6 |
|
$ |
1,027.9 |
|
$ |
1,260.9 |
|
|||
| GAAP gross margin % |
|
40.2 |
% |
|
45.7 |
% |
|
41.2 |
% |
|
46.9 |
% |
|||
| Non-GAAP gross margin % |
|
45.0 |
% |
|
50.0 |
% |
|
45.7 |
% |
|
50.8 |
% |
|||
|
|
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
| (in millions) |
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
| GAAP operating income |
$ |
189.2 |
|
$ |
273.3 |
|
$ |
447.6 |
|
$ |
640.3 |
|
|||
| Share-based compensation expense [a] |
|
46.0 |
|
|
40.9 |
|
|
99.3 |
|
|
90.4 |
|
|||
| Acquisition-related expenses |
|
1.1 |
|
|
0.9 |
|
|
1.1 |
|
|
9.1 |
|
|||
| Amortization of acquisition-related intangibles |
|
39.3 |
|
|
45.5 |
|
|
81.3 |
|
|
111.3 |
|
|||
| Settlements, gains, losses, and impairments |
|
2.3 |
|
|
19.0 |
|
|
14.3 |
|
|
19.1 |
|
|||
| Restructuring and other charges |
|
1.2 |
|
|
6.5 |
|
|
1.2 |
|
|
7.2 |
|
|||
| Non-GAAP operating income |
$ |
279.1 |
|
$ |
386.1 |
|
$ |
644.8 |
|
$ |
877.4 |
|
|||
| GAAP operating margin % |
|
18.1 |
% |
|
23.7 |
% |
|
19.9 |
% |
|
25.8 |
% |
|||
| Non-GAAP operating margin % |
|
26.7 |
% |
|
33.5 |
% |
|
28.7 |
% |
|
35.3 |
% |
|||
|
|
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
| (in millions) |
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
| GAAP net income |
$ |
183.3 |
|
$ |
232.8 |
|
$ |
414.6 |
|
$ |
542.2 |
|
|||
| Share-based compensation expense [a] |
|
46.0 |
|
|
40.9 |
|
|
99.3 |
|
|
90.4 |
|
|||
| Acquisition-related expenses |
|
1.1 |
|
|
0.9 |
|
|
1.1 |
|
|
9.1 |
|
|||
| Amortization of acquisition-related intangibles |
|
39.3 |
|
|
45.5 |
|
|
81.3 |
|
|
111.3 |
|
|||
| Settlements, gains, losses, and impairments |
|
2.3 |
|
|
19.4 |
|
|
14.3 |
|
|
19.9 |
|
|||
| Restructuring and other charges |
|
1.2 |
|
|
6.5 |
|
|
1.2 |
|
|
7.2 |
|
|||
| Tax adjustments |
|
(22.5 |
) |
|
(22.9 |
) |
|
(44.2 |
) |
|
(42.5 |
) |
|||
| Non-GAAP net income |
$ |
250.7 |
|
$ |
323.1 |
|
$ |
567.6 |
|
$ |
737.6 |
|
|||
|
|
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
|
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
| GAAP net income per share, diluted |
$ |
1.14 |
|
$ |
1.46 |
|
$ |
2.57 |
|
$ |
3.39 |
|
|||
| Share-based compensation expense [a] |
|
0.29 |
|
|
0.25 |
|
|
0.62 |
|
|
0.56 |
|
|||
| Acquisition-related expenses |
|
— |
|
|
0.01 |
|
|
0.01 |
|
|
0.06 |
|
|||
| Amortization of acquisition-related intangibles |
|
0.24 |
|
|
0.28 |
|
|
0.50 |
|
|
0.70 |
|
|||
| Settlements, gains, losses, and impairments |
|
0.01 |
|
|
0.12 |
|
|
0.09 |
|
|
0.12 |
|
|||
| Restructuring and other charges |
|
0.01 |
|
|
0.04 |
|
|
— |
|
|
0.04 |
|
|||
| Tax adjustments |
|
(0.14 |
) |
|
(0.14 |
) |
|
(0.27 |
) |
|
(0.26 |
) |
|||
| Non-GAAP net income per share, diluted |
$ |
1.55 |
|
$ |
2.02 |
|
$ |
3.52 |
|
$ |
4.61 |
|
|||
|
|
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
| (in millions) |
March 29, 2024 |
March 31, 2023 |
March 29, 2024 |
March 31, 2023 |
|||||||||||
| GAAP net cash provided by operating activities |
$ |
300.2 |
|
$ |
411.7 |
|
$ |
1,075.1 |
|
$ |
1,185.1 |
|
|||
| Capital expenditures |
|
(27.6 |
) |
|
(45.3 |
) |
|
(49.8 |
) |
|
(108.9 |
) |
|||
| Non-GAAP free cash flow |
$ |
272.6 |
|
$ |
366.4 |
|
$ |
1,025.3 |
|
$ |
1,076.2 |
|
|||
| GAAP net cash provided by operating activities margin % |
|
28.7 |
% |
|
35.7 |
% |
|
47.8 |
% |
|
47.7 |
% |
|||
| Non-GAAP free cash flow margin % |
|
26.1 |
% |
|
31.8 |
% |
|
45.6 |
% |
|
43.4 |
% |
|||
SKYWORKS SOLUTIONS, INC.
