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 |
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Six Months Ended |
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(in millions, except per share amounts) |
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April 2, 2021 |
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March 27, 2020 |
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April 2, 2021 |
|
March 27, 2020 |
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Net revenue |
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$ |
1,171.8 |
|
|
$ |
766.1 |
|
|
$ |
2,681.8 |
|
|
$ |
1,662.2 |
|
Cost of goods sold |
|
593.4 |
|
|
390.5 |
|
|
1,341.7 |
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|
842.3 |
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Gross profit |
|
578.4 |
|
|
375.6 |
|
|
1,340.1 |
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|
819.9 |
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Operating expenses: |
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Research and development |
|
130.7 |
|
|
113.2 |
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252.3 |
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220.8 |
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Selling, general, and administrative |
|
70.2 |
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58.6 |
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|
136.9 |
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114.0 |
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| Amortization of intangibles |
|
2.8 |
|
|
3.1 |
|
|
5.5 |
|
|
6.3 |
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| Restructuring, impairment, and other charges |
|
— |
|
|
1.2 |
|
|
— |
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|
2.0 |
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| Total operating expenses |
|
203.7 |
|
|
176.1 |
|
|
394.7 |
|
|
343.1 |
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| Operating income |
|
374.7 |
|
|
199.5 |
|
|
945.4 |
|
|
476.8 |
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| Other income, net |
|
0.8 |
|
|
3.5 |
|
|
0.9 |
|
|
4.9 |
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| Income before income taxes |
|
375.5 |
|
|
203.0 |
|
|
946.3 |
|
|
481.7 |
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| Provision for income taxes |
|
50.5 |
|
|
21.9 |
|
|
112.0 |
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|
43.6 |
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| Net income |
|
$ |
325.0 |
|
|
$ |
181.1 |
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$ |
834.3 |
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$ |
438.1 |
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| Earnings per share: |
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| Basic |
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$ |
1.97 |
|
|
$ |
1.07 |
|
|
$ |
5.05 |
|
|
$ |
2.58 |
|
| Diluted |
|
$ |
1.95 |
|
|
$ |
1.06 |
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|
$ |
5.00 |
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$ |
2.56 |
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| Weighted average shares: |
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| Basic |
|
165.0 |
|
|
170.0 |
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|
165.2 |
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|
170.1 |
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| Diluted |
|
166.8 |
|
|
171.1 |
|
|
166.9 |
|
|
171.3 |
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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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Six Months Ended |
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| (in millions) |
|
April 2, 2021 |
|
March 27, 2020 |
|
April 2, 2021 |
|
March 27, 2020 |
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| GAAP gross profit |
|
$ |
578.4 |
|
|
$ |
375.6 |
|
|
$ |
1,340.1 |
|
|
$ |
819.9 |
|
| Share-based compensation expense [a] |
|
12.7 |
|
|
7.2 |
|
|
19.1 |
|
|
11.4 |
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| Amortization of acquisition-related intangibles |
|
3.7 |
|
|
5.9 |
|
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6.7 |
|
|
11.8 |
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| Settlements, gains, losses, and impairments |
|
— |
|
|
(4.5 |
) |
|
— |
|
|
(9.9 |
) |
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| Non-GAAP gross profit |
|
$ |
594.8 |
|
|
$ |
384.2 |
|
|
$ |
1,365.9 |
|
|
$ |
833.2 |
|
| GAAP gross margin % |
|
49.4 |
% |
|
49.0 |
% |
|
50.0 |
% |
|
49.3 |
% |
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| Non-GAAP gross margin % |
|
50.8 |
% |
|
50.2 |
% |
|
50.9 |
% |
|
50.1 |
% |
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Three Months Ended |
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Six Months Ended |
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| (in millions) |
|
April 2, 2021 |
|
March 27, 2020 |
|
April 2, 2021 |
|
March 27, 2020 |
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| GAAP operating income |
|
$ |
374.7 |
|
|
$ |
199.5 |
|
|
$ |
945.4 |
|
|
$ |
476.8 |
|
| Share-based compensation expense [a] |
|
56.4 |
|
|
40.2 |
|
|
100.8 |
|
|
73.8 |
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| Acquisition-related expenses |
|
1.9 |
|
|
1.0 |
|
|
1.8 |
|
|
1.2 |
|
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| Amortization of acquisition-related intangibles |
|
6.5 |
|
|
9.1 |
|
|
12.3 |
|
|
18.1 |
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| Settlements, gains, losses, and impairments |
|
0.6 |
|
|
(2.2 |
) |
|
1.8 |
|
|
(7.8 |
) |
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| Restructuring and other charges |
|
— |
|
|
1.1 |
|
|
— |
|
|
2.0 |
|
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| Non-GAAP operating income |
|
$ |
440.1 |
|
|
$ |
248.7 |
|
|
$ |
1,062.1 |
|
|
$ |
564.1 |
|
| GAAP operating margin % |
|
32.0 |
% |
|
26.0 |
% |
|
35.3 |
% |
|
28.7 |
% |
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| Non-GAAP operating margin % |
|
37.6 |
% |
|
32.5 |
% |
|
39.6 |
% |
|
33.9 |
% |
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Three Months Ended |
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Six Months Ended |
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| (in millions) |
|
April 2, 2021 |
|
March 27, 2020 |
|
April 2, 2021 |
|
March 27, 2020 |
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| GAAP net income |
|
$ |
325.0 |
|
|
$ |
181.1 |
|
|
$ |
834.3 |
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|
$ |
438.1 |
|
| Share-based compensation expense [a] |
|
56.4 |
|
|
40.2 |
|
|
100.8 |
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|
73.8 |
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||||
| Acquisition-related expenses |
|
1.9 |
|
|
1.0 |
|
|
1.8 |
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|
1.2 |
|
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| Amortization of acquisition-related intangibles |
|
6.5 |
|
|
9.1 |
|
|
12.3 |
|
|
18.1 |
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| Settlements, gains, losses, and impairments |
|
1.0 |
|
|
(1.2 |
) |
|
2.8 |
|
|
(6.8 |
) |
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| Restructuring and other charges |
|
— |
|
|
1.1 |
|
|
— |
|
|
2.0 |
|
||||
| Tax adjustments |
|
4.4 |
|
|
(1.8 |
) |
|
3.7 |
|
|
(8.2 |
) |
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| Non-GAAP net income |
|
$ |
395.2 |
|
|
$ |
229.5 |
|
|
$ |
955.7 |
|
|
$ |
518.2 |
|
|
|
|
|
|
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|
|
|
|
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|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
April 2, 2021 |
|
March 27, 2020 |
|
April 2, 2021 |
|
March 27, 2020 |
||||||||
| GAAP net income per share, diluted |
|
$ |
1.95 |
|
|
$ |
1.06 |
|
|
$ |
5.00 |
|
|
$ |
2.56 |
|
| Share-based compensation expense [a] |
|
0.34 |
|
|
0.23 |
|
|
0.61 |
|
|
0.43 |
|
||||
| Acquisition-related expenses |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
||||
| Amortization of acquisition-related intangibles |
|
0.04 |
|
|
0.05 |
|
|
0.07 |
|
|
0.11 |
|
||||
| Settlements, gains, losses, and impairments |
|
— |
|
|
(0.01 |
) |
|
0.02 |
|
|
(0.04 |
) |
||||
| Restructuring and other charges |
|
— |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
||||
| Tax adjustments |
|
0.03 |
|
|
(0.01 |
) |
|
0.02 |
|
|
(0.05 |
) |
||||
| Non-GAAP net income per share, diluted |
|
$ |
2.37 |
|
|
$ |
1.34 |
|
|
$ |
5.73 |
|
|
$ |
3.03 |
|
SKYWORKS SOLUTIONS, INC.
