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 |
|
Nine Months Ended |
||||||||||||
(in millions, except per share amounts) |
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
Net revenue |
$ |
905.5 |
|
|
$ |
1,071.2 |
|
|
$ |
3,153.0 |
|
|
$ |
3,553.6 |
|
Cost of goods sold |
|
541.4 |
|
|
|
607.1 |
|
|
|
1,862.0 |
|
|
|
1,924.4 |
|
Gross profit |
|
364.1 |
|
|
|
464.1 |
|
|
|
1,291.0 |
|
|
|
1,629.2 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
160.7 |
|
|
|
148.0 |
|
|
|
468.1 |
|
|
|
460.0 |
|
| Selling, general, and administrative |
|
71.2 |
|
|
|
77.2 |
|
|
|
226.7 |
|
|
|
240.7 |
|
| Amortization of intangibles |
|
0.2 |
|
|
|
3.8 |
|
|
|
0.7 |
|
|
|
29.5 |
|
| Restructuring, impairment, and other charges |
|
1.6 |
|
|
|
4.4 |
|
|
|
17.5 |
|
|
|
28.0 |
|
| Total operating expenses |
|
233.7 |
|
|
|
233.4 |
|
|
|
713.0 |
|
|
|
758.2 |
|
| Operating income |
|
130.4 |
|
|
|
230.7 |
|
|
|
578.0 |
|
|
|
871.0 |
|
| Interest expense |
|
(6.6 |
) |
|
|
(16.2 |
) |
|
|
(23.8 |
) |
|
|
(52.0 |
) |
| Other income, net |
|
9.6 |
|
|
|
7.6 |
|
|
|
23.8 |
|
|
|
13.6 |
|
| Income before income taxes |
|
133.4 |
|
|
|
222.1 |
|
|
|
578.0 |
|
|
|
832.6 |
|
| Provision for income taxes |
|
12.5 |
|
|
|
26.3 |
|
|
|
42.5 |
|
|
|
94.6 |
|
| Net income |
$ |
120.9 |
|
|
$ |
195.8 |
|
|
$ |
535.5 |
|
|
$ |
738.0 |
|
| Earnings per share: |
|
|
|
|
|
|
|
||||||||
| Basic |
$ |
0.75 |
|
|
$ |
1.23 |
|
|
$ |
3.34 |
|
|
$ |
4.63 |
|
| Diluted |
$ |
0.75 |
|
|
$ |
1.22 |
|
|
$ |
3.32 |
|
|
$ |
4.61 |
|
| Weighted average shares: |
|
|
|
|
|
|
|
||||||||
| Basic |
|
160.4 |
|
|
|
159.2 |
|
|
|
160.2 |
|
|
|
159.4 |
|
| Diluted |
|
161.4 |
|
|
|
160.0 |
|
|
|
161.4 |
|
|
|
160.0 |
|
| SKYWORKS SOLUTIONS, INC. |
|||||||||||||||
| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
| GAAP gross profit |
$ |
364.1 |
|
|
$ |
464.1 |
|
|
$ |
1,291.0 |
|
|
$ |
1,629.2 |
|
| Share-based compensation expense [a] |
|
5.7 |
|
|
|
3.3 |
|
|
|
26.1 |
|
|
|
13.4 |
|
| Amortization of acquisition-related intangibles |
|
39.5 |
|
|
|
41.6 |
|
|
|
120.2 |
|
|
|
127.4 |
|
| Restructuring and other charges |
|
6.8 |
|
|
|
— |
|
|
|
6.8 |
|
|
|
— |
|
| Non-GAAP gross profit |
$ |
416.1 |
|
|
$ |
509.0 |
|
|
$ |
1,444.1 |
|
|
$ |
1,770.0 |
|
| GAAP gross margin % |
|
40.2 |
% |
|
|
43.3 |
% |
|
|
40.9 |
% |
|
|
45.8 |
% |
| Non-GAAP gross margin % |
|
46.0 |
% |
|
|
47.5 |
% |
|
|
45.8 |
% |
|
|
49.8 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
| GAAP operating income |
$ |
130.4 |
|
|
$ |
230.7 |
|
|
$ |
578.0 |
|
|
$ |
871.0 |
|
| Share-based compensation expense [a] |
|
42.7 |
|
|
|
44.8 |
|
|
|
142.1 |
|
|
|
135.2 |
|
| Acquisition-related expenses |
|
0.5 |
|
|
|
1.5 |
|
|
|
1.6 |
|
|
|
10.6 |
|
| Amortization of acquisition-related intangibles |
|
39.7 |
|
|
|
45.5 |
|
|
|
120.9 |
|
|
|
156.9 |
|
| Settlements, gains, losses, and impairments |
|
(4.2 |
) |
|
|
(1.0 |
) |
|
|
10.1 |
|
|
|
18.1 |
|
| Restructuring and other charges |
|
9.9 |
|
|
|
5.1 |
|
|
|
11.1 |
|
|
|
12.2 |
|
| Non-GAAP operating income |
$ |
219.0 |
|
|
$ |
326.6 |
|
|
$ |
863.8 |
|
|
$ |
1,204.0 |
|
| GAAP operating margin % |
|
14.4 |
% |
|
|
21.5 |
% |
|
|
18.3 |
% |
|
|
24.5 |
% |
| Non-GAAP operating margin % |
|
24.2 |
% |
|
|
30.5 |
% |
|
|
27.4 |
% |
|
|
33.9 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
| GAAP net income |
$ |
120.9 |
|
|
$ |
195.8 |
|
|
$ |
535.5 |
|
|
$ |
738.0 |
|
| Share-based compensation expense [a] |
|
42.7 |
|
|
|
44.8 |
|
|
|
142.1 |
|
|
|
135.2 |
|
| Acquisition-related expenses |
|
0.5 |
|
|
|
1.5 |
|
|
|
1.6 |
|
|
|
10.6 |
|
| Amortization of acquisition-related intangibles |
|
39.7 |
|
|
|
45.5 |
|
|
|
120.9 |
|
|
|
156.9 |
|
| Settlements, gains, losses, and impairments |
|
(4.2 |
) |
|
|
(0.6 |
) |
|
|
10.1 |
|
|
|
19.3 |
|
| Restructuring and other charges |
|
9.9 |
|
|
|
5.1 |
|
|
|
11.1 |
|
|
|
12.2 |
|
| Tax adjustments |
|
(14.4 |
) |
|
|
(15.8 |
) |
|
|
(58.6 |
) |
|
|
(58.2 |
) |
| Non-GAAP net income |
$ |
195.1 |
|
|
$ |
276.3 |
|
|
$ |
762.7 |
|
|
$ |
1,014.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
| GAAP net income per share, diluted |
$ |
0.75 |
|
|
$ |
1.22 |
|
|
$ |
3.32 |
|
|
$ |
4.61 |
|
| Share-based compensation expense [a] |
|
0.26 |
|
|
|
0.28 |
|
|
|
0.88 |
|
|
|
0.85 |
|
| Acquisition-related expenses |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.07 |
|
| Amortization of acquisition-related intangibles |
|
0.25 |
|
|
|
0.28 |
|
|
|
0.75 |
|
|
|
0.98 |
|
| Settlements, gains, losses, and impairments |
|
(0.02 |
) |
|
|
— |
|
|
|
0.06 |
|
|
|
0.13 |
|
| Restructuring and other charges |
|
0.06 |
|
|
|
0.03 |
|
|
|
0.07 |
|
|
|
0.08 |
|
| Tax adjustments |
|
(0.09 |
) |
|
|
(0.09 |
) |
|
|
(0.36 |
) |
|
|
(0.36 |
) |
| Non-GAAP net income per share, diluted |
$ |
1.21 |
|
|
$ |
1.73 |
|
|
$ |
4.73 |
|
|
$ |
6.36 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
June 28, 2024 |
|
June 30, 2023 |
|
June 28, 2024 |
|
June 30, 2023 |
||||||||
| GAAP net cash provided by operating activities |
$ |
273.5 |
|
|
$ |
305.7 |
|
|
$ |
1,348.6 |
|
|
$ |
1,490.9 |
|
| Capital expenditures |
|
(24.4 |
) |
|
|
(31.3 |
) |
|
|
(74.2 |
) |
|
|
(140.2 |
) |
| Non-GAAP free cash flow |
$ |
249.1 |
|
|
$ |
274.4 |
|
|
$ |
1,274.4 |
|
|
$ |
1,350.7 |
|
| GAAP net cash provided by operating activities margin % |
|
30.2 |
% |
|
|
28.5 |
% |
|
|
42.8 |
% |
|
|
42.0 |
% |
| Non-GAAP free cash flow margin % |
27.5 |
% |
|
25.6 |
% |
|
40.4 |
% |
|
38.0 |
% |
||||
SKYWORKS SOLUTIONS, INC.
