- Delivers Revenue of $751.7 Million
- GAAP Operating Margin 31.7%; Non-GAAP
Operating Margin 36.5%
- GAAP Diluted EPS $0.97; Non-GAAP
Diluted EPS $1.24
- Returns Over $240 Million in Cash to
Shareholders
- Guides to Double Digit Sequential Top
Line Growth with Operating Leverage
- Increases Dividend and Initiates New
Stock Repurchase Program
Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high
performance analog semiconductors connecting people, places and
things, today reported third fiscal quarter results for the period
ending July 1, 2016. Revenue for the third fiscal quarter was
$751.7 million, exceeding the Company’s guidance and First Call
consensus estimates.
On a GAAP basis, operating income for the third fiscal quarter
of 2016 was $238.6 million with diluted earnings per share of
$0.97. On a non-GAAP basis, operating income for the third fiscal
quarter of 2016 was $274.7 million with non-GAAP diluted earnings
per share of $1.24, $0.03 better than guidance and First Call
consensus estimates.
“Skyworks exceeded expectations in the third fiscal quarter of
2016 driven by increasing global demand for high-speed connectivity
coupled with strong operational execution,” said Liam K. Griffin,
president and chief executive officer of Skyworks. “Our highly
integrated solutions are enabling a broad array of applications
ranging from streaming media to e-commerce to cloud-based services.
Specifically, we are capturing performance-driven content gains
within the world’s premium mobile platforms while expanding our
customer and end-market reach across the Internet of Things.
Accordingly, we are planning for sustained market outperformance
with operating leverage.”
Third Fiscal Quarter Business Highlights
- Supported Huawei’s P9 platform
incorporating 10 unique devices including SkyOne® systems across
low, mid and high bands
- Launched advanced carrier aggregation
capabilities at multiple smartphone OEMs
- Ramped SkyBlue™ technology enabling
enhanced power management and LED flash drivers
- Commenced volume production of
proprietary diversity receive solutions
- Expanded antenna tuning portfolio
enabling higher data rates and smaller footprints
- Secured telematics design wins at
Continental for 4G LTE automotive systems
- Released Bluetooth® Low Energy long
range modules for industrial applications
- Enabled connectivity within leading
always-listening virtual assistant platforms
- Supported world’s first head cam with
LTE connectivity and 4K streaming video
- Powered enterprise radios for the
Google 3.5 GHz band ecosystem
- Captured digital attenuator and
multimode repeater design wins at Audi
- Exceeded two billion cumulative
shipments of filters from Panasonic joint venture
- Repurchased 3 million shares of common
stock
Fourth Fiscal Quarter 2016 Outlook
We provide earnings guidance solely on a non-GAAP basis because
certain information necessary to reconcile such guidance to GAAP is
difficult to estimate and dependent on future events outside of our
control. Please refer to the attached Discussion Regarding the Use
of Non-GAAP Financial Measures in this press release for a further
discussion of our use of non-GAAP measures, including
quantification of known expected adjustment items.
“Based on our broad market traction and new program ramps as
well as analog and mixed signal content gains, we expect a strong
second half of 2016 with further operational improvements,” said
Donald W. Palette, executive vice president and chief financial
officer of Skyworks. “In particular, for the fourth fiscal quarter
of 2016, we anticipate revenue to be up 10 to 11 percent
sequentially to $831 million at the midpoint with gross and
operating margin expansion driving non-GAAP diluted earnings per
share of $1.43. Further, given the confidence in our business model
and plans to enhance cash returns to our shareholders, today we are
separately announcing that our Board of Directors has authorized a
dividend increase and a new stock repurchase program.”
Skyworks' Third Fiscal Quarter 2016 Conference Call
Skyworks will host a conference call with analysts to discuss
its third fiscal quarter 2016 results and business outlook today at
5:00 p.m. Eastern time. To listen to the conference call via the
Internet, please visit the investor relations section of Skyworks'
website. To listen to the conference call via telephone, please
call (800) 230-1059 (domestic) or (612) 332-0819 (international),
confirmation code: 397064.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on July 21, and end at 9:00 p.m. Eastern time on July 28. The
replay will be available on Skyworks' website or by calling (800)
475-6701 (domestic) or (320) 365-3844 (international), access code:
397064.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places, and things, spanning a number of new and
previously unimagined applications within the automotive,
broadband, cellular infrastructure, connected home, industrial,
medical, military, smartphone, tablet and wearable markets.
Headquartered in Woburn, Massachusetts, Skyworks is a global
company with engineering, marketing, operations, sales, and service
facilities located throughout Asia, Europe and North America. For
more information, please visit Skyworks’ website at:
www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to future results and expectations of Skyworks (e.g.,
certain projections and business trends), plans for dividend
payments, and expectations with respect to its stock repurchase
program. Forward-looking statements can often be identified by
words such as "anticipates," "expects," "forecasts," "intends,"
"believes," "plans," "may," "will," or "continue," and similar
expressions and variations or negatives of these words. All such
statements are subject to certain risks, uncertainties and other
important factors that could cause actual results to differ
materially and adversely from those projected, and may affect our
future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: uncertainty regarding global economic and
financial market conditions; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers', products to economic downturns; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; the
availability and pricing of third-party semiconductor foundry,
assembly and test capacity, raw materials and supplier components;
changes in laws, regulations and/or policies that could adversely
affect either (i) the economy and our customers’ demand for our
products or (ii) the financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate, including security and health
risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; fluctuations in
our manufacturing yields due to our complex and specialized
manufacturing processes; delays or disruptions in production due to
equipment maintenance, repairs and/or upgrades; our reliance on
several key customers for a large percentage of our sales;
fluctuations in the manufacturing yields of our third-party
semiconductor foundries and other problems or delays in the
fabrication, assembly, testing or delivery of our products; our
ability to timely and accurately predict market requirements and
evolving industry standards, and to identify opportunities in new
markets; uncertainties of litigation, including potential disputes
over intellectual property infringement and rights, as well as
payments related to the licensing and/or sale of such rights; our
ability to rapidly develop new products and avoid product
obsolescence; our ability to retain, recruit and hire key
executives, technical personnel and other employees in the
positions and numbers, with the experience and capabilities, and at
the compensation levels needed to implement our business and
product plans; lengthy product development cycles that impact the
timing of new product introductions; unfavorable changes in product
mix; the quality of our products and any remediation costs;
shorter-than-expected product life cycles; problems or delays that
we may face in shifting our products to smaller geometry process
technologies and in achieving higher levels of design integration;
and our ability to continue to grow and maintain an intellectual
property portfolio and obtain needed licenses from third parties,
as well as other risks and uncertainties, including, but not
limited to, those detailed from time to time in our filings with
the Securities and Exchange Commission.
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 Skyworks Solutions are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended July 1, July 3,
July 1, July 3, (in millions, except per share amounts) 2016 2015
2016 2015 Net revenue $ 751.7 $ 810.0 $ 2,453.6 $ 2,377.6
Cost of goods sold 373.4 416.9 1,212.8 1,259.3 Gross
profit 378.3 393.1 1,240.8 1,118.3 Operating expenses:
Research and development 77.9 76.8 239.2 220.8 Selling, general and
administrative 46.9 48.6 142.6 143.9 Amortization of intangibles
10.0 8.4 27.0 25.2 Restructuring and other charges 4.9 0.5
5.2 2.9 Total operating expenses 139.7 134.3 414.0 392.8
Operating income 238.6 258.8 826.8 725.5 Other
(expense) income, net (2.4 ) 0.6 (5.8 ) 1.9 Merger termination fee
- - 88.5 - Income before income taxes 236.2 259.4
909.5 727.4 Provision for income taxes 51.2 52.0 161.1
158.3 Net income $ 185.0 $ 207.4 $ 748.4 $
569.1 Earnings per share: Basic $ 0.98 $ 1.09 $ 3.94 $ 3.00
Diluted $ 0.97 $ 1.06 $ 3.87 $ 2.92 Weighted average shares: Basic
188.7 190.0 189.8 189.5 Diluted 191.7 195.4 193.2 194.9
SKYWORKS SOLUTIONS, INC. UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended Nine Months Ended July 1, July 3,
July 1, July 3, (in millions) 2016 2015 2016 2015
GAAP gross profit $ 378.3 $ 393.1 $ 1,240.8 $ 1,118.3 Share-based
compensation expense [a] 2.2 3.6 9.4 10.6 Acquisition-related
expenses [b] 1.8 - 1.8 0.2 Non-GAAP
gross profit $ 382.3 $ 396.7 $ 1,252.0 $
1,129.1 GAAP gross margin % 50.3 % 48.5 % 50.6 % 47.0
% Non-GAAP gross margin % 50.9 % 49.0 % 51.0 % 47.5 % Three
Months Ended Nine Months Ended July 1, July 3, July 1, July
3, (in millions) 2016 2015 2016 2015 GAAP operating
income $ 238.6 $ 258.8 $ 826.8 $ 725.5 Share-based compensation
expense [a] 17.9 25.9 58.3 74.4 Acquisition-related expenses [b]
3.3 0.8 7.2 6.1 Amortization of intangibles 10.0 8.4 27.0 25.2
Restructuring and other charges [c] 4.9 0.5 5.2 2.9 Litigation
settlement gains, losses and expenses [d] - 1.0 1.8
2.1 Non-GAAP operating income $ 274.7 $ 295.4
$ 926.3 $ 836.2 GAAP operating margin %
31.7 % 32.0 % 33.7 % 30.5 % Non-GAAP operating margin % 36.5 % 36.5
% 37.8 % 35.2 % Three Months Ended Nine Months Ended
July 1, July 3, July 1, July 3, (in millions) 2016 2015 2016 2015
GAAP net income $ 185.0 $ 207.4 $ 748.4 $ 569.1
Share-based compensation expense [a] 17.9 25.9 58.3 74.4
Acquisition-related expenses [b] 3.3 0.8 7.2 6.1 Amortization of
intangibles 10.0 8.4 27.0 25.2 Restructuring and other charges [c]
4.9 0.5 5.2 2.9 Litigation settlement gains, losses and expenses
[d] - 1.0 1.8 2.1 Merger termination fee [e] - - (88.5 ) - Interest
expense on seller-financed debt [f] 0.3 0.4 1.0 1.0 Tax adjustments
[g] 16.7 18.1 31.2 51.0 Non-GAAP net
income $ 238.1 $ 262.5 $ 791.6 $ 731.8
Three Months Ended Nine Months Ended July 1, July 3,
July 1, July 3, 2016 2015 2016 2015 GAAP net income
per share, diluted $ 0.97 $ 1.06 $ 3.87 $ 2.92 Share-based
compensation expense [a] 0.09 0.13 0.30 0.38 Acquisition-related
expenses [b] 0.02 - 0.04 0.03 Amortization of intangibles 0.05 0.04
0.14 0.13 Restructuring and other charges [c] 0.03 - 0.03 0.01
Litigation settlement gains, losses and expenses [d] - 0.01 0.01
0.01 Merger termination fee [e] - - (0.46 ) - Interest expense on
seller-financed debt [f] - - 0.01 0.01 Tax adjustments [g] 0.08
0.10 0.16 0.26 Non-GAAP net income per
share, diluted $ 1.24 $ 1.34 $ 4.10 $ 3.75
SKYWORKS SOLUTIONS, INC.DISCUSSION
REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following
financial measures that have not been calculated in accordance with
United States Generally Accepted Accounting Principles ("GAAP"):
(i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating
income and operating margin, (iii) non-GAAP net income, and (iv)
non-GAAP diluted earnings per share. As set forth in the "Unaudited
Reconciliation of Non-GAAP Financial Measures" table found above,
we derive such non-GAAP financial measures by excluding
certain expenses and other items from the respective GAAP
financial measure that is most directly comparable to each non-GAAP
financial measure. Management uses these non-GAAP financial
measures to evaluate our operating performance and compare it
against past periods, make operating decisions, forecast for future
periods, compare our operating performance against peer companies
and determine payments under certain compensation programs. These
non-GAAP financial measures provide management with additional
means to understand and evaluate the operating results and trends
in our ongoing business by eliminating certain non-recurring
expenses and other items that management believes might otherwise
make comparisons of our ongoing business with prior periods and
competitors more difficult, obscure trends in ongoing operations or
reduce management's ability to make forecasts.
We provide investors with non-GAAP gross profit and gross
margin, non-GAAP operating income and operating margin, non-GAAP
net income and non-GAAP diluted earnings per share because we
believe it is important for investors to be able to closely monitor
and understand changes in our ability to generate income from
ongoing business operations. We believe these non-GAAP financial
measures give investors an additional method to evaluate historical
operating performance and identify trends, an additional means of
evaluating period-over-period operating performance and a method to
facilitate certain comparisons of our operating results to those of
our peer companies. We also believe that providing non-GAAP
operating income and operating margin allows investors to assess
the extent to which our ongoing operations impact our overall
financial performance. We further believe that providing non-GAAP
net income and non-GAAP diluted earnings per share allows investors
to assess the overall financial performance of our ongoing
operations by eliminating the impact of share-based compensation
expense, acquisition-related expenses, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, merger termination fees, interest expense on
seller-financed debt and certain tax items which may not occur in
each period presented and which may represent non-cash items
unrelated to our ongoing operations. We believe that disclosing
these non-GAAP financial measures contributes to enhanced financial
reporting transparency and provides investors with added
clarity about complex financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross
profit, share-based compensation expense and acquisition-related
expenses. We calculate non-GAAP operating income by excluding from
GAAP operating income, share-based compensation expense,
acquisition-related expenses, amortization of intangibles,
restructuring-related charges, and litigation settlement gains,
losses and expenses. We calculate non-GAAP net income and diluted
earnings per share by excluding from GAAP net income and diluted
earnings per share, share-based compensation expense,
acquisition-related expenses, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, merger termination fees, interest expense on
seller-financed debt and certain tax items. We exclude the items
identified above from the respective non-GAAP financial measure
referenced above for the reasons set forth with respect to each
such excluded item below:
Share-Based Compensation - because (1) the total amount of
expense is partially outside of our control because it is based on
factors such as stock price volatility and interest rates, which
may be unrelated to our performance during the period in which the
expense is incurred, (2) it is an expense based upon a valuation
methodology premised on assumptions that vary over time, and (3)
the amount of the expense can vary significantly between companies
due to factors that can be outside of the control of such
companies.
Acquisition-Related Expenses - including such items as, when
applicable, amortization of acquired intangible assets, fair value
adjustments to contingent consideration, fair value charges
incurred upon the sale of acquired inventory, acquisition-related
professional fees, deemed compensation expenses and interest
expense on seller-financed debt, because they are not considered by
management in making operating decisions and we believe that such
expenses do not have a direct correlation to our future business
operations and thereby including such charges does not accurately
reflect the performance of our ongoing operations for the period in
which such charges are incurred.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to our future business operations and including
such charges does not necessarily reflect the performance of our
ongoing operations for the period in which such charges are
incurred.
Litigation Settlement Gains, Losses and Expenses - including
gains, losses and expenses related to the resolution of
other-than-ordinary-course threatened and actually filed lawsuits
and other-than-ordinary-course contractual disputes, because (1)
they are not considered by management in making operating
decisions, (2) such litigation has been infrequent in nature, (3)
such gains, losses and expenses are generally not directly
controlled by management, (4) we believe such gains, losses and
expenses do not necessarily reflect the performance of our ongoing
operations for the period in which such charges are recognized and
(5) the amount of such gains or losses and expenses can vary
significantly between companies and make comparisons less
reliable.
Merger Termination Fees - because we believe such non-recurring
fees have no direct correlation to our business operations or
performance during the period in which they are received or for any
future period.
Certain Income Tax Items - including certain deferred tax
charges and benefits that do not result in a current tax payment or
tax refund and other adjustments, including but not limited to,
items unrelated to the current fiscal year or that are not
indicative of our ongoing business operations.
The non-GAAP financial measures presented in the table above
should not be considered in isolation and are not an alternative
for the respective GAAP financial measure that is most directly
comparable to each such non-GAAP financial measure. Investors are
cautioned against placing undue reliance on these non-GAAP
financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable
GAAP financial measures to arrive at these non-GAAP financial
measures. Non-GAAP financial measures may have limited value as
analytical tools because they may exclude certain expenses that
some investors consider important in evaluating our operating
performance or ongoing business performance. Further, non-GAAP
financial measures are likely to have limited value for purposes of
drawing comparisons between companies because different companies
may calculate similarly titled non-GAAP financial measures in
different ways because non-GAAP measures are not based on any
comprehensive set of accounting rules or principles.
Our earnings release contains forward-looking estimates of
non-GAAP gross margin and non-GAAP diluted earnings per share for
the fourth quarter of our 2016 fiscal year ("Q4 2016"). We provide
these non-GAAP measures to investors on a prospective basis for the
same reasons (set forth above) that we provide them to investors on
a historical basis.
The following table provides a reconciliation of our
forward-looking estimate of GAAP gross margin to a forward-looking
estimate of non-GAAP gross margin for Q4 2016:
Forward-looking GAAP gross margin
estimate 50.7 % Share-based compensation expense 0.4
Forward-looking non-GAAP gross margin estimate 51.1 %
We are unable to provide a reconciliation of our forward-looking
estimate of Q4 2016 GAAP diluted earnings per share to a
forward-looking estimate of Q4 2016 non-GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q4
2016 (other than estimated share-based compensation expense of
$0.11 per diluted share, certain tax items of $0.15 per diluted
share and estimated amortization of intangibles of $0.06 per
diluted share) is difficult to predict and estimate and is often
dependent on future events that may be uncertain or outside of our
control. Such events may include unanticipated changes in our GAAP
effective tax rate, unanticipated one-time charges related to asset
impairments (fixed assets, inventory, intangibles or goodwill),
unanticipated acquisition-related expenses, unanticipated
litigation settlement gains, losses and expenses and other
unanticipated non-recurring items not reflective of ongoing
operations. We believe the probable significance of these unknown
items, in the aggregate, to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. Our
forward-looking estimates of both GAAP and non-GAAP measures of our
financial performance may differ materially from our actual results
and should not be relied upon as statements of fact.
[a] These charges represent expense recognized in
accordance with ASC 718 - Compensation, Stock Compensation.
For the three months ended July 1, 2016,
approximately $2.2 million, $7.7 million and $8.0 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively.
For the nine months ended July 1, 2016,
approximately $9.4 million, $23.9 million and $25.0 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively.
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.
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.
[b]
The acquisition-related expenses
recognized during the three months and nine months ended July 1,
2016, include a $1.8 million charge to cost of sales related to the
sale of acquired inventory and $1.5 million and $5.4 million,
respectively, in general and administrative expenses primarily
associated with acquisitions completed or contemplated during the
periods.
The acquisition-related expenses
recognized during the nine months ended July 3, 2015, include 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, include
$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.
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.
[c]
During the three months and nine months
ended July 1, 2016, the Company incurred $4.9 million and $5.2
million, respectively, in employee severance costs primarily
related to restructuring plans that were implemented during the
periods.
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.
[d]
During the nine months ended July 1, 2016,
the Company recognized a $1.8 million charge, primarily related to
general and administrative expenses associated with ongoing
litigation(s).
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).
[e]
During the nine months ended July 1, 2016,
PMC-Sierra, Inc. ("PMC"), notified the Company on November 23,
2015, that it had terminated the Amended and Restated Agreement and
Plan of Merger entered into between the parties in order to accept
an acquisition proposal from Microsemi Corporation. As a result, on
November 24, 2015, PMC paid the Company a $88.5 million merger
termination fee.
[f]
During the three months and nine months
ended July 1, 2016, the Company recognized $0.3 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.
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.
[g]
During the three months and nine months
ended July 1, 2016, these amounts primarily represent the use of
net operating loss and research and development tax credit
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 (benefit)
related to uncertain tax positions. Included in these amounts for
the nine months ended July 1, 2016 are adjustments of $19.0 million
related to the tax effect of the PMC merger termination fee and a
net tax benefit of $21.4 million related to the release of
previously reserved items which were included in the GAAP expense
for uncertain tax positions that are no longer required as a result
of the settlement of the IRS audits for our fiscal year 2012 and
fiscal year 2013 federal tax returns.
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.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS July 1,
Oct. 2, (in millions) 2016 2015
Assets Current assets: Cash
and cash equivalents $ 973.7 $ 1,043.6 Accounts receivable, net
570.0 538.0 Inventory 437.6 267.9 Other current assets 96.8 65.2
Property, plant and equipment, net 844.5 826.4 Goodwill and
intangible assets, net 934.0 901.7 Other assets 99.1 76.6 Total
assets $ 3,955.7 $ 3,719.4
Liabilities and Equity
Current liabilities: Accounts payable $ 181.7 $ 291.1 Accrued and
other current liabilities 165.3 172.8 Other long-term liabilities
94.4 96.3 Stockholders' equity 3,514.3 3,159.2 Total liabilities
and equity $ 3,955.7 $ 3,719.4
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160721006354/en/
Skyworks Solutions, Inc.Media Relations:Pilar Barrigas,
949-231-3061orInvestor Relations:Mitch Haws, 949-231-3223
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