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 |
|
Twelve Months Ended |
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(in millions, except per share amounts) |
September 30,
|
|
October 1,
|
|
September 30,
|
|
October 1,
|
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Net revenue |
$ |
1,407.0 |
|
|
$ |
1,310.9 |
|
|
$ |
5,485.5 |
|
|
$ |
5,109.1 |
|
|
Cost of goods sold |
|
738.4 |
|
|
|
697.2 |
|
|
|
2,881.2 |
|
|
|
2,596.7 |
|
|
Gross profit |
|
668.6 |
|
|
|
613.7 |
|
|
|
2,604.3 |
|
|
|
2,512.4 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
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Research and development |
|
149.5 |
|
|
|
149.2 |
|
|
|
617.9 |
|
|
|
532.3 |
|
|
| Selling, general, and administrative |
|
87.7 |
|
|
|
100.5 |
|
|
|
329.8 |
|
|
|
322.5 |
|
|
| Amortization of intangibles |
|
21.9 |
|
|
|
28.1 |
|
|
|
98.9 |
|
|
|
36.0 |
|
|
| Restructuring, impairment, and other charges |
|
21.5 |
|
|
|
8.4 |
|
|
|
30.7 |
|
|
|
8.9 |
|
|
| Total operating expenses |
|
280.6 |
|
|
|
286.2 |
|
|
|
1,077.3 |
|
|
|
899.7 |
|
|
| Operating income |
|
388.0 |
|
|
|
327.5 |
|
|
|
1,527.0 |
|
|
|
1,612.7 |
|
|
| Interest expense |
|
(14.3 |
) |
|
|
(10.8 |
) |
|
|
(47.9 |
) |
|
|
(13.4 |
) |
|
| Other expense, net |
|
(1.5 |
) |
|
|
(0.5 |
) |
|
|
(2.5 |
) |
|
|
(0.6 |
) |
|
| Income before income taxes |
|
372.2 |
|
|
|
316.2 |
|
|
|
1,476.6 |
|
|
|
1,598.7 |
|
|
| Provision (benefit) for income taxes |
|
70.0 |
|
|
|
(10.1 |
) |
|
|
201.4 |
|
|
|
100.4 |
|
|
| Net income |
$ |
302.2 |
|
|
$ |
326.3 |
|
|
$ |
1,275.2 |
|
|
$ |
1,498.3 |
|
|
| Earnings per share: |
|
|
|
|
|
|
|
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| Basic |
$ |
1.88 |
|
|
$ |
1.97 |
|
|
$ |
7.85 |
|
|
$ |
9.07 |
|
|
| Diluted |
$ |
1.88 |
|
|
$ |
1.95 |
|
|
$ |
7.81 |
|
|
$ |
8.97 |
|
|
| Weighted average shares: |
|
|
|
|
|
|
|
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| Basic |
|
160.4 |
|
|
|
165.2 |
|
|
|
162.4 |
|
|
|
165.2 |
|
|
| Diluted |
|
161.1 |
|
|
|
167.3 |
|
|
|
163.3 |
|
|
|
167.0 |
|
|
| SKYWORKS SOLUTIONS, INC. |
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| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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|
Three Months Ended |
|
Twelve Months Ended |
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| (in millions) |
|
September 30,
|
|
October 1,
|
|
September 30,
|
|
October 1,
|
||||||||||
| GAAP gross profit |
|
$ |
668.6 |
|
|
$ |
613.7 |
|
|
$ |
2,604.3 |
|
|
$ |
2,512.4 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
4.1 |
|
|
|
5.0 |
|
|
|
26.9 |
|
|
|
28.9 |
|
|
|
|
Acquisition-related expenses |
|
|
— |
|
|
|
17.7 |
|
|
|
7.3 |
|
|
|
17.7 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
48.4 |
|
|
|
31.6 |
|
|
|
169.7 |
|
|
|
39.6 |
|
| Non-GAAP gross profit |
|
$ |
721.1 |
|
|
$ |
668.0 |
|
|
$ |
2,808.2 |
|
|
$ |
2,598.6 |
|
||
| GAAP gross margin % |
|
|
47.5 |
% |
|
|
46.8 |
% |
|
|
47.5 |
% |
|
|
49.2 |
% |
||
| Non-GAAP gross margin % |
|
|
51.3 |
% |
|
|
51.0 |
% |
|
|
51.2 |
% |
|
|
50.9 |
% |
||
|
|
|
|
|
|
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|
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|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
| (in millions) |
|
September 30,
|
|
October 1,
|
|
September 30,
|
|
October 1,
|
||||||||||
| GAAP operating income |
|
$ |
388.0 |
|
|
$ |
327.5 |
|
|
$ |
1,527.0 |
|
|
$ |
1,612.7 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
37.0 |
|
|
|
47.6 |
|
|
|
195.2 |
|
|
|
191.9 |
|
|
|
|
Acquisition-related expenses |
|
|
7.9 |
|
|
|
43.5 |
|
|
|
22.1 |
|
|
|
60.2 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
70.3 |
|
|
|
59.7 |
|
|
|
268.5 |
|
|
|
75.6 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
24.6 |
|
|
|
8.0 |
|
|
|
22.2 |
|
|
|
10.9 |
|
|
|
|
Restructuring and other charges |
|
|
0.8 |
|
|
|
1.3 |
|
|
|
10.0 |
|
|
|
1.8 |
|
| Non-GAAP operating income |
|
$ |
528.6 |
|
|
$ |
487.6 |
|
|
$ |
2,045.0 |
|
|
$ |
1,953.1 |
|
||
| GAAP operating margin % |
|
|
27.6 |
% |
|
|
25.0 |
% |
|
|
27.8 |
% |
|
|
31.6 |
% |
||
| Non-GAAP operating margin % |
|
|
37.6 |
% |
|
|
37.2 |
% |
|
|
37.3 |
% |
|
|
38.2 |
% |
||
|
|
|
|
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|
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|
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|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
| (in millions) |
|
September 30,
|
|
October 1,
|
|
September 30,
|
|
October 1,
|
||||||||||
| GAAP net income |
|
$ |
302.2 |
|
|
$ |
326.3 |
|
|
$ |
1,275.2 |
|
|
$ |
1,498.3 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
37.0 |
|
|
|
47.6 |
|
|
|
195.2 |
|
|
|
191.9 |
|
|
|
|
Acquisition-related expenses |
|
|
7.9 |
|
|
|
43.5 |
|
|
|
22.1 |
|
|
|
60.2 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
70.3 |
|
|
|
59.7 |
|
|
|
268.5 |
|
|
|
75.6 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
24.9 |
|
|
|
8.5 |
|
|
|
23.9 |
|
|
|
12.9 |
|
|
|
|
Restructuring and other charges |
|
|
0.8 |
|
|
|
1.3 |
|
|
|
10.0 |
|
|
|
1.8 |
|
|
|
|
Tax adjustments |
|
|
42.9 |
|
|
|
(48.1 |
) |
|
|
39.7 |
|
|
|
(87.6 |
) |
| Non-GAAP net income |
|
$ |
486.0 |
|
|
$ |
438.8 |
|
|
$ |
1,834.6 |
|
|
$ |
1,753.1 |
|
||
|
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|
|
|
|
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|
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|
|
|
||||||||
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
September 30,
|
|
October 1,
|
|
September 30,
|
|
October 1,
|
||||||||
| GAAP net income per share, diluted |
|
$ |
1.88 |
|
|
$ |
1.95 |
|
|
$ |
7.81 |
|
|
$ |
8.97 |
|
||
|
|
|
Share-based compensation expense [a] |
|
|
0.23 |
|
|
|
0.28 |
|
|
|
1.20 |
|
|
|
1.15 |
|
|
|
|
Acquisition-related expenses |
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.14 |
|
|
|
0.36 |
|
|
|
|
Amortization of acquisition-related intangibles |
|
|
0.44 |
|
|
|
0.36 |
|
|
|
1.64 |
|
|
|
0.45 |
|
|
|
|
Settlements, gains, losses, and impairments |
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.15 |
|
|
|
0.08 |
|
|
|
|
Restructuring and other charges |
|
|
— |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.01 |
|
|
|
|
Tax adjustments |
|
|
0.27 |
|
|
|
(0.29 |
) |
|
|
0.24 |
|
|
|
(0.52 |
) |
| Non-GAAP net income per share, diluted |
|
$ |
3.02 |
|
|
$ |
2.62 |
|
|
$ |
11.24 |
|
|
$ |
10.50 |
|
||
SKYWORKS SOLUTIONS, INC.
