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.
