Skyworks Exceeds Q3 FY15 Revenue and EPS Guidance
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[a]
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These charges represent expense recognized in accordance with ASC
718 - Compensation, Stock Compensation.
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For the three months ended July 3, 2015, approximately $3.6 million,
$11.7 million and $10.6 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively.
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For the nine months ended July 3, 2015, approximately $10.6 million,
$33.9 million and $29.9 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively.
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For the three months ended June 27, 2014, approximately $2.4
million, $10.4 million and $10.0 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively.
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For the nine months ended June 27, 2014, approximately $7.9 million,
$26.5 million and $28.0 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively.
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[b]
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The acquisition-related expenses recognized during the nine months
ended July 3, 2015, includes a $0.2 million charge to cost of
sales related to the sale of acquired inventory. The
acquisition-related expenses recognized during the three months
and nine months ended July 3, 2015, includes $0.8 million and $5.9
million in transaction costs, respectively, included in general
and administrative expenses primarily associated with the purchase
of an interest in a joint venture with Panasonic Corporation on
August 1, 2014.
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The acquisition-related expenses recognized during the three months
and nine months ended June 27, 2014, of $0.9 million and $1.0
million, respectively, primarily relate to general and
administrative expenses associated with the purchase of an interest
in a joint venture with Panasonic Corporation on August 1, 2014.
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For additional information regarding the joint venture, please refer
to the Company's Current Reports on Form 8-K filed with the
Securities and Exchange Commission on July 10, 2014 and August 7,
2014.
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[c]
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During the three months and nine months ended July 3, 2015, the
Company incurred $0.5 million and $2.9 million, respectively, in
employee severance costs primarily related to restructuring plans
that were implemented during the periods.
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[d]
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During the three months and nine months ended July 3, 2015, the
Company recognized a $1.0 million and a $2.1 million charge,
respectively, primarily related to general and administrative
expenses associated with ongoing litigation(s).
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During the three months and nine months ended June 27, 2014, the
Company recognized a $1.2 million and a $2.3 million charge,
respectively, primarily related to general and administrative
expense associated with ongoing litigation(s).
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[e]
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During the three months and nine months ended July 3, 2015, the
Company recognized $0.4 million and $1.0 million, respectively, in
interest expense associated with the accretion of the present value
of the $76.5 million liability related to the future purchase of the
remaining 34% interest in the joint venture between the Company and
Panasonic.
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[f]
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During the three months and nine months ended July 3, 2015, these
amounts primarily represent the use of net operating loss
carryforwards, deferred tax expense not affecting taxes payable, tax
deductible share-based compensation expense in excess of GAAP
share-based compensation expense, and non-cash expense related to
uncertain tax positions.
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During the three months and nine months ended June 27, 2014, these
amounts primarily represent the use of net operating loss and
research and development tax credit carryforwards, deferred tax
expense not affecting taxes payable, and non-cash expense related to
uncertain tax positions.
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SKYWORKS SOLUTIONS, INC.
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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July 3,
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Oct. 3,
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(in millions)
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2015
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2014
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Assets
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Current assets:
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Cash and cash equivalents
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$
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1,106.0
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$
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805.8
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Accounts receivable, net
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381.7
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317.6
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Inventory
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272.7
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270.8
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Other current assets
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57.7
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35.0
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Property, plant and equipment, net
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721.6
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555.9
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Goodwill and intangible assets, net
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908.0
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926.0
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Other assets
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70.6
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62.7
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Total assets
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$
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3,518.3
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$
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2,973.8
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Liabilities and Equity
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Current liabilities:
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Accounts payable
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$
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228.2
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$
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200.6
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Accrued and other current liabilities
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90.8
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97.0
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Other long-term liabilities
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157.3
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143.8
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Stockholders' equity
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3,042.0
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2,532.4
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Total liabilities and equity
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$
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3,518.3
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$
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2,973.8
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