The forward-looking statements contained in this news 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 |
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Three Months Ended |
|
Nine Months Ended |
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(in millions, except per share amounts) |
July 2,
|
|
June 26,
|
|
July 2,
|
|
June 26,
|
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Net revenue |
$ |
1,116.4 |
|
|
$ |
736.8 |
|
|
$ |
3,798.2 |
|
|
$ |
2,398.9 |
Cost of goods sold |
557.8 |
|
|
402.7 |
|
|
1,899.5 |
|
|
1,244.9 |
||||
Gross profit |
558.6 |
|
|
334.1 |
|
|
1,898.7 |
|
|
1,154.0 |
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Operating expenses: |
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|
|
|
|
|
|
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Research and development |
130.8 |
|
|
117.0 |
|
|
383.1 |
|
|
337.9 |
||||
Selling, general, and administrative |
85.1 |
|
|
55.0 |
|
|
222.0 |
|
|
169.1 |
||||
Amortization of intangibles |
2.4 |
|
|
2.8 |
|
|
7.9 |
|
|
9.0 |
||||
| Restructuring, impairment, and other charges |
0.5 |
|
|
11.8 |
|
|
0.5 |
|
|
13.8 |
||||
| Total operating expenses |
218.8 |
|
|
186.6 |
|
|
613.5 |
|
|
529.8 |
||||
| Operating income |
339.8 |
|
|
147.5 |
|
|
1,285.2 |
|
|
624.2 |
||||
| Interest expense |
(2.6 |
) |
|
— |
|
|
(2.6 |
) |
|
— |
||||
| Other income (expense), net |
(1.0 |
) |
|
(3.5 |
) |
|
(0.1 |
) |
|
1.4 |
||||
| Income before income taxes |
336.2 |
|
|
144.0 |
|
|
1,282.5 |
|
|
625.6 |
||||
| Provision (benefit) for income taxes |
(1.6 |
) |
|
14.3 |
|
|
110.5 |
|
|
57.7 |
||||
| Net income |
$ |
337.8 |
|
|
$ |
129.7 |
|
|
$ |
1,172.0 |
|
|
$ |
567.9 |
| Earnings per share: |
|
|
|
|
|
|
|
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| Basic |
$ |
2.05 |
|
|
$ |
0.78 |
|
|
$ |
7.10 |
|
|
$ |
3.36 |
| Diluted |
$ |
2.02 |
|
|
$ |
0.77 |
|
|
$ |
7.02 |
|
|
$ |
3.33 |
| Weighted average shares: |
|
|
|
|
|
|
|
|||||||
| Basic |
165.1 |
|
|
167.0 |
|
|
165.2 |
|
|
169.1 |
||||
| Diluted |
167.0 |
|
|
168.3 |
|
|
166.9 |
|
|
170.3 |
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| SKYWORKS SOLUTIONS, INC. |
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| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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|
Three Months Ended |
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Nine Months Ended |
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| (in millions) |
|
July 2,
|
|
June 26,
|
|
July 2,
|
|
June 26,
|
||||||||||
| GAAP gross profit |
|
$ |
558.6 |
|
|
$ |
334.1 |
|
|
$ |
1,898.7 |
|
|
$ |
1,154.0 |
|
||
|
|
|
Share-based compensation expense [a] |
|
4.9 |
|
|
4.7 |
|
|
24.0 |
|
|
16.1 |
|
||||
|
|
|
Amortization of acquisition-related intangibles |
|
1.3 |
|
|
7.6 |
|
|
8.0 |
|
|
19.4 |
|
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|
|
|
Settlements, gains, losses, and impairments |
|
— |
|
|
22.8 |
|
|
— |
|
|
13.0 |
|
||||
| Non-GAAP gross profit |
|
$ |
564.8 |
|
|
$ |
369.2 |
|
|
$ |
1,930.7 |
|
|
$ |
1,202.5 |
|
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| GAAP gross margin % |
|
50.0 |
% |
|
45.3 |
% |
|
50.0 |
% |
|
48.1 |
% |
||||||
| Non-GAAP gross margin % |
|
50.6 |
% |
|
50.1 |
% |
|
50.8 |
% |
|
50.1 |
% |
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|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
|
July 2,
|
|
June 26,
|
|
July 2,
|
|
June 26,
|
||||||||||
| GAAP operating income |
|
$ |
339.8 |
|
|
$ |
147.5 |
|
|
$ |
1,285.2 |
|
|
$ |
624.2 |
|
||
|
|
|
Share-based compensation expense [a] |
|
43.4 |
|
|
37.8 |
|
|
144.3 |
|
|
111.6 |
|
||||
|
|
|
Acquisition-related expenses |
|
14.9 |
|
|
— |
|
|
16.7 |
|
|
1.2 |
|
||||
|
|
|
Amortization of acquisition-related intangibles |
|
3.7 |
|
|
10.3 |
|
|
15.9 |
|
|
28.4 |
|
||||
|
|
|
Settlements, gains, losses, and impairments |
|
1.1 |
|
|
34.7 |
|
|
2.9 |
|
|
27.0 |
|
||||
|
|
|
Restructuring and other charges |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
2.0 |
|
||||
| Non-GAAP operating income |
|
$ |
403.4 |
|
|
$ |
230.3 |
|
|
$ |
1,465.5 |
|
|
$ |
794.4 |
|
||
| GAAP operating margin % |
|
30.4 |
% |
|
20.0 |
% |
|
33.8 |
% |
|
26.0 |
% |
||||||
| Non-GAAP operating margin % |
|
36.1 |
% |
|
31.3 |
% |
|
38.6 |
% |
|
33.1 |
% |
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|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
| (in millions) |
|
July 2,
|
|
June 26,
|
|
July 2,
|
|
June 26,
|
||||||||||
| GAAP net income |
|
$ |
337.8 |
|
|
$ |
129.7 |
|
|
$ |
1,172.0 |
|
|
$ |
567.9 |
|
||
|
|
|
Share-based compensation expense [a] |
|
43.4 |
|
|
37.8 |
|
|
144.3 |
|
|
111.6 |
|
||||
|
|
|
Acquisition-related expenses |
|
14.9 |
|
|
— |
|
|
16.7 |
|
|
1.2 |
|
||||
|
|
|
Amortization of acquisition-related intangibles |
|
3.7 |
|
|
10.3 |
|
|
15.9 |
|
|
28.4 |
|
||||
|
|
|
Settlements, gains, losses, and impairments |
|
1.6 |
|
|
35.8 |
|
|
4.4 |
|
|
29.1 |
|
||||
|
|
|
Restructuring and other charges |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
2.0 |
|
||||
|
|
|
Tax adjustments |
|
(43.3 |
) |
|
(2.8 |
) |
|
(39.5 |
) |
|
(11.1 |
) |
||||
| Non-GAAP net income |
|
$ |
358.6 |
|
|
$ |
210.8 |
|
|
$ |
1,314.3 |
|
|
$ |
729.1 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
July 2,
|
|
June 26,
|
|
July 2,
|
|
June 26,
|
||||||||
| GAAP net income per share, diluted |
|
$ |
2.02 |
|
|
$ |
0.77 |
|
|
$ |
7.02 |
|
|
$ |
3.33 |
|
||
|
|
|
Share-based compensation expense [a] |
|
0.26 |
|
|
0.22 |
|
|
0.86 |
|
|
0.66 |
|
||||
|
|
|
Acquisition-related expenses |
|
0.09 |
|
|
— |
|
|
0.10 |
|
|
0.01 |
|
||||
|
|
|
Amortization of acquisition-related intangibles |
|
0.02 |
|
|
0.06 |
|
|
0.10 |
|
|
0.17 |
|
||||
|
|
|
Settlements, gains, losses, and impairments |
|
0.01 |
|
|
0.21 |
|
|
0.03 |
|
|
0.17 |
|
||||
|
|
|
Restructuring and other charges |
|
— |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
||||
|
|
|
Tax adjustments |
|
(0.25 |
) |
|
(0.02 |
) |
|
(0.24 |
) |
|
(0.07 |
) |
||||
| Non-GAAP net income per share, diluted |
|
$ |
2.15 |
|
|
$ |
1.25 |
|
|
$ |
7.87 |
|
|
$ |
4.28 |
|
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SKYWORKS SOLUTIONS, INC.
