Skyworks Reports Q4 and Full Year FY24 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 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

Net revenue

$

1,024.9

 

 

$

1,218.8

 

 

$

4,178.0

 

 

$

4,772.4

 

Cost of goods sold

 

595.1

 

 

 

740.6

 

 

 

2,457.2

 

 

 

2,665.1

 

Gross profit

 

429.8

 

 

 

478.2

 

 

 

1,720.8

 

 

 

2,107.3

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

163.5

 

 

 

146.7

 

 

 

631.7

 

 

 

606.8

 

Selling, general, and administrative

 

74.1

 

 

 

73.4

 

 

 

300.8

 

 

 

314.0

 

Amortization of intangibles

 

0.2

 

 

 

3.8

 

 

 

0.9

 

 

 

33.2

 

Impairment, restructuring, and other charges

 

132.5

 

 

 

0.3

 

 

 

150.0

 

 

 

28.3

 

Total operating expenses

 

370.3

 

 

 

224.2

 

 

 

1,083.4

 

 

 

982.3

 

Operating income

 

59.5

 

 

 

254.0

 

 

 

637.4

 

 

 

1,125.0

 

Interest expense

 

(6.9

)

 

 

(12.4

)

 

 

(30.7

)

 

 

(64.4

)

Other income, net

 

5.8

 

 

 

4.6

 

 

 

29.7

 

 

 

18.2

 

Income before income taxes

 

58.4

 

 

 

246.2

 

 

 

636.4

 

 

 

1,078.8

 

Provision for income taxes

 

(2.1

)

 

 

1.4

 

 

 

40.4

 

 

 

96.0

 

Net income

$

60.5

 

 

$

244.8

 

 

$

596.0

 

 

$

982.8

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

1.54

 

 

$

3.72

 

 

$

6.17

 

Diluted

$

0.37

 

 

$

1.52

 

 

$

3.69

 

 

$

6.13

 

Weighted average shares:

 

 

 

 

 

 

 

Basic

 

159.8

 

 

 

159.4

 

 

 

160.1

 

 

 

159.4

 

Diluted

 

161.4

 

 

 

160.5

 

 

 

161.5

 

 

 

160.3

 

SKYWORKS SOLUTIONS, INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

September 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

GAAP gross profit

$

429.8

 

 

$

478.2

 

 

$

1,720.8

 

 

$

2,107.3

 

Share-based compensation expense [a]

 

6.0

 

 

 

7.2

 

 

 

32.0

 

 

 

20.7

 

Amortization of acquisition-related intangibles

 

40.0

 

 

 

41.6

 

 

 

160.2

 

 

 

169.1

 

Settlements, gains, losses, and impairments

 

0.1

 

 

 

47.5

 

 

 

0.1

 

 

 

47.5

 

Restructuring and other charges

 

0.3

 

 

 

 

 

 

7.1

 

 

 

 

Non-GAAP gross profit

$

476.2

 

 

$

574.5

 

 

$

1,920.2

 

 

$

2,344.6

 

GAAP gross margin %

 

41.9

%

 

 

39.2

%

 

 

41.2

%

 

 

44.2

%

Non-GAAP gross margin %

 

46.5

%

 

 

47.1

%

 

 

46.0

%

 

 

49.1

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

September 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

GAAP operating income

$

59.5

 

 

$

254.0

 

 

$

637.4

 

 

$

1,125.0

 

Share-based compensation expense [a]

 

38.2

 

 

 

49.9

 

 

 

180.3

 

 

 

185.1

 

Acquisition-related expenses

 

0.2

 

 

 

0.1

 

 

 

1.8

 

 

 

10.7

 

Amortization of acquisition-related intangibles

 

40.2

 

 

 

45.4

 

 

 

161.1

 

 

 

202.3

 

Settlements, gains, losses, and impairments

 

131.8

 

 

 

47.3

 

 

 

141.9

 

 

 

65.4

 

Restructuring and other charges

 

3.6

 

 

 

1.2

 

 

 

14.7

 

 

 

13.4

 

Non-GAAP operating income

$

273.5

 

 

$

397.9

 

 

$

1,137.2

 

 

$

1,601.9

 

GAAP operating margin %

 

5.8

%

 

 

20.8

%

 

 

15.3

%

 

 

23.6

%

Non-GAAP operating margin %

 

26.7

%

 

 

32.6

%

 

 

27.2

%

 

 

33.6

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

September 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

GAAP net income

$

60.5

 

 

$

244.8

 

 

$

596.0

 

 

$

982.8

 

Share-based compensation expense [a]

 

38.2

 

 

 

49.9

 

 

 

180.3

 

 

 

185.1

 

Acquisition-related expenses

 

0.1

 

 

 

0.1

 

 

 

1.8

 

 

 

10.7

 

Amortization of acquisition-related intangibles

 

40.2

 

 

 

45.4

 

 

 

161.1

 

 

 

202.3

 

Settlements, gains, losses, and impairments

 

131.0

 

 

 

47.7

 

 

 

141.1

 

 

 

66.9

 

Restructuring and other charges

 

3.6

 

 

 

1.2

 

 

 

14.6

 

 

 

13.4

 

Tax adjustments

 

(23.7

)

 

 

(36.3

)

 

 

(82.2

)

 

 

(94.5

)

Non-GAAP net income

$

249.9

 

 

$

352.8

 

 

$

1,012.7

 

 

$

1,366.7

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

September 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

GAAP net income per share, diluted

$

0.37

 

 

$

1.52

 

 

$

3.69

 

 

$

6.13

 

Share-based compensation expense [a]

 

0.24

 

 

 

0.31

 

 

 

1.12

 

 

 

1.15

 

Acquisition-related expenses

 

 

 

 

 

 

 

0.01

 

 

 

0.07

 

Amortization of acquisition-related intangibles

 

0.25

 

 

 

0.28

 

 

 

1.00

 

 

 

1.26

 

Settlements, gains, losses, and impairments

 

0.82

 

 

 

0.30

 

 

 

0.87

 

 

 

0.42

 

Restructuring and other charges

 

0.02

 

 

 

0.01

 

 

 

0.09

 

 

 

0.08

 

Tax adjustments

 

(0.15

)

 

 

(0.22

)

 

 

(0.51

)

 

 

(0.59

)

Non-GAAP net income per share, diluted

$

1.55

 

 

$

2.20

 

 

$

6.27

 

 

$

8.52

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

September 27, 2024

 

September 29, 2023

 

September 27, 2024

 

September 29, 2023

GAAP net cash provided by operating activities

$

476.0

 

 

$

365.7

 

 

$

1,824.7

 

 

$

1,856.4

 

Capital expenditures

 

(82.8

)

 

 

(70.1

)

 

 

(157.0

)

 

 

(210.3

)

Non-GAAP free cash flow

$

393.2

 

 

$

295.6

 

 

$

1,667.7

 

 

$

1,646.1

 

GAAP net cash provided by operating activities margin %

 

46.4

%

 

 

30.0

%

 

 

43.7

%

 

 

38.9

%

Non-GAAP free cash flow margin %

 

38.4

%

 

 

24.3

%

 

 

39.9

%

 

 

34.5

%

SKYWORKS SOLUTIONS, INC.

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