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. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(in millions, except per share amounts) |
March 31,
|
|
April 1,
|
|
March 31,
|
|
April 1,
|
||||||||
Net revenue |
$ |
1,153.1 |
|
|
$ |
1,335.6 |
|
|
$ |
2,482.4 |
|
|
$ |
2,846.0 |
|
Cost of goods sold |
|
625.7 |
|
|
|
698.0 |
|
|
|
1,317.4 |
|
|
|
1,493.6 |
|
Gross profit |
|
527.4 |
|
|
|
637.6 |
|
|
|
1,165.0 |
|
|
|
1,352.4 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
148.2 |
|
|
|
160.7 |
|
|
|
312.0 |
|
|
|
311.9 |
|
| Selling, general, and administrative |
|
79.0 |
|
|
|
83.0 |
|
|
|
163.5 |
|
|
|
165.1 |
|
| Amortization of intangibles |
|
3.8 |
|
|
|
21.9 |
|
|
|
25.7 |
|
|
|
55.2 |
|
| Restructuring, impairment, and other charges |
|
23.1 |
|
|
|
4.7 |
|
|
|
23.5 |
|
|
|
7.1 |
|
| Total operating expenses |
|
254.1 |
|
|
|
270.3 |
|
|
|
524.7 |
|
|
|
539.3 |
|
| Operating income |
|
273.3 |
|
|
|
367.3 |
|
|
|
640.3 |
|
|
|
813.1 |
|
| Interest expense |
|
(18.9 |
) |
|
|
(11.4 |
) |
|
|
(35.8 |
) |
|
|
(22.3 |
) |
| Other income (expense), net |
|
5.4 |
|
|
|
(1.8 |
) |
|
|
6.0 |
|
|
|
(0.5 |
) |
| Income before income taxes |
|
259.8 |
|
|
|
354.1 |
|
|
|
610.5 |
|
|
|
790.3 |
|
| Provision for income taxes |
|
27.0 |
|
|
|
48.3 |
|
|
|
68.3 |
|
|
|
84.6 |
|
| Net income |
$ |
232.8 |
|
|
$ |
305.8 |
|
|
$ |
542.2 |
|
|
$ |
705.7 |
|
| Earnings per share: |
|
|
|
|
|
|
|
||||||||
| Basic |
$ |
1.46 |
|
|
$ |
1.87 |
|
|
$ |
3.40 |
|
|
$ |
4.29 |
|
| Diluted |
$ |
1.46 |
|
|
$ |
1.86 |
|
|
$ |
3.39 |
|
|
$ |
4.27 |
|
| Weighted average shares: |
|
|
|
|
|
|
|
||||||||
| Basic |
|
159.1 |
|
|
|
163.7 |
|
|
|
159.5 |
|
|
|
164.4 |
|
| Diluted |
|
159.9 |
|
|
|
164.4 |
|
|
|
160.1 |
|
|
|
165.4 |
|
| SKYWORKS SOLUTIONS, INC. |
|||||||||||||||||
| UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
| (in millions) |
|
March 31,
|
|
April 1,
|
|
March 31,
|
|
April 1,
|
|||||||||
| GAAP gross profit |
|
$ |
527.4 |
|
|
$ |
637.6 |
|
|
$ |
1,165.0 |
|
|
$ |
1,352.4 |
|
|
|
|
Share-based compensation expense [a] |
|
|
7.5 |
|
|
|
6.3 |
|
|
|
10.2 |
|
|
|
14.9 |
|
|
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.3 |
|
|
|
Amortization of acquisition-related intangibles |
|
|
41.7 |
|
|
|
39.4 |
|
|
|
85.7 |
|
|
|
81.8 |
|
| Non-GAAP gross profit |
|
$ |
576.6 |
|
|
$ |
683.3 |
|
|
$ |
1,260.9 |
|
|
$ |
1,456.4 |
|
|
| GAAP gross margin % |
|
|
45.7 |
% |
|
|
47.7 |
% |
|
|
46.9 |
% |
|
|
47.5 |
% |
|
| Non-GAAP gross margin % |
|
|
50.0 |
% |
|
|
51.2 |
% |
|
|
50.8 |
% |
|
|
51.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
| (in millions) |
|
March 31,
|
|
April 1,
|
|
March 31,
|
|
April 1,
|
|||||||||
| GAAP operating income |
|
$ |
273.3 |
|
|
$ |
367.3 |
|
|
$ |
640.3 |
|
|
$ |
813.1 |
|
|
|
|
Share-based compensation expense [a] |
|
|
40.9 |
|
|
|
55.7 |
|
|
|
90.4 |
|
|
|
106.1 |
|
|
|
Acquisition-related expenses |
|
|
0.9 |
|
|
|
1.8 |
|
|
|
9.1 |
|
|
|
11.0 |
|
|
|
Amortization of acquisition-related intangibles |
|
|
45.5 |
|
|
|
61.2 |
|
|
|
111.3 |
|
|
|
137.0 |
|
|
|
Settlements, gains, losses, and impairments |
|
|
19.0 |
|
|
|
0.2 |
|
|
|
19.1 |
|
|
|
2.4 |
|
|
|
Restructuring and other charges |
|
|
6.5 |
|
|
|
4.7 |
|
|
|
7.2 |
|
|
|
7.1 |
|
| Non-GAAP operating income |
|
$ |
386.1 |
|
|
$ |
490.9 |
|
|
$ |
877.4 |
|
|
$ |
1,076.7 |
|
|
| GAAP operating margin % |
|
|
23.7 |
% |
|
|
27.5 |
% |
|
|
25.8 |
% |
|
|
28.6 |
% |
|
| Non-GAAP operating margin % |
|
|
33.5 |
% |
|
|
36.8 |
% |
|
|
35.3 |
% |
|
|
37.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
| (in millions) |
|
March 31,
|
|
April 1,
|
|
March 31,
|
|
April 1,
|
|||||||||
| GAAP net income |
|
$ |
232.8 |
|
|
$ |
305.8 |
|
|
$ |
542.2 |
|
|
$ |
705.7 |
|
|
|
|
Share-based compensation expense [a] |
|
|
40.9 |
|
|
|
55.7 |
|
|
|
90.4 |
|
|
|
106.1 |
|
|
|
Acquisition-related expenses |
|
|
0.9 |
|
|
|
1.8 |
|
|
|
9.1 |
|
|
|
11.0 |
|
|
|
Amortization of acquisition-related intangibles |
|
|
45.5 |
|
|
|
61.2 |
|
|
|
111.3 |
|
|
|
137.0 |
|
|
|
Settlements, gains, losses, and impairments |
|
|
19.4 |
|
|
|
0.7 |
|
|
|
19.9 |
|
|
|
3.3 |
|
|
|
Restructuring and other charges |
|
|
6.5 |
|
|
|
4.7 |
|
|
|
7.2 |
|
|
|
7.1 |
|
|
|
Tax adjustments |
|
|
(22.9 |
) |
|
|
2.4 |
|
|
|
(42.5 |
) |
|
|
(15.1 |
) |
| Non-GAAP net income |
|
$ |
323.1 |
|
|
$ |
432.3 |
|
|
$ |
737.6 |
|
|
$ |
955.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
March 31,
|
|
April 1,
|
|
March 31,
|
|
April 1,
|
||||||||
| GAAP net income per share, diluted |
|
$ |
1.46 |
|
|
$ |
1.86 |
|
|
$ |
3.39 |
|
|
$ |
4.27 |
|
|
|
|
Share-based compensation expense [a] |
|
|
0.25 |
|
|
|
0.34 |
|
|
|
0.56 |
|
|
|
0.64 |
|
|
|
Acquisition-related expenses |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
Amortization of acquisition-related intangibles |
|
|
0.28 |
|
|
|
0.37 |
|
|
|
0.70 |
|
|
|
0.83 |
|
|
|
Settlements, gains, losses, and impairments |
|
|
0.12 |
|
|
|
— |
|
|
|
0.12 |
|
|
|
0.02 |
|
|
|
Restructuring and other charges |
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
Tax adjustments |
|
|
(0.14 |
) |
|
|
0.02 |
|
|
|
(0.26 |
) |
|
|
(0.10 |
) |
| Non-GAAP net income per share, diluted |
|
$ |
2.02 |
|
|
$ |
2.63 |
|
|
$ |
4.61 |
|
|
$ |
5.77 |
|
|
SKYWORKS SOLUTIONS, INC.
