- Delivers Revenue of $851.7 Million, Up
10% Year-over-Year
- GAAP Operating Margin 33.0%; Non-GAAP
Operating Margin 36.7%
- GAAP Diluted EPS $1.20; Non-GAAP
Diluted EPS $1.45
- Generates $235.9 Million in Cash Flow
from Operations
- Guides to Q3 FY17 Revenue and Non-GAAP
Diluted EPS above Consensus
Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and
things, today reported second fiscal quarter results for the period
ending March 31, 2017. Revenue for the second fiscal quarter was
$851.7 million, up 10 percent year-over-year and exceeding
consensus estimates.
On a GAAP basis, operating income for the second fiscal quarter
of 2017 was $281.2 million with diluted earnings per share of
$1.20. On a non-GAAP basis, operating income was $312.5 million
with non-GAAP diluted earnings per share of $1.45, up 16 percent
year-over-year and $0.05 better than consensus estimates.
“Skyworks exceeded financial expectations in the second fiscal
quarter of 2017 driven by insatiable demand for high-speed,
reliable, always-on connectivity spanning Mobile and Internet of
Things ecosystems,” said Liam K. Griffin, president and chief
executive officer of Skyworks. “We are capitalizing on these
powerful macrotrends, pushing the technology envelope and extending
our product reach to enable the world’s most exciting
communications platforms. At a higher level, we are well positioned
to create shareholder value while executing on our ambitious vision
of connecting everyone and everything, all the time.”
Second Fiscal Quarter Business Highlights
- Enabled Huawei’s P10/P10+ smartphones
with low/mid/high band SkyOne® solutions, antenna tuners, carrier
aggregation switches and power management devices
- Powered Samsung’s Galaxy S8 platform
with proprietary DRx™ and SkyOne® content as well as GPS and DC/DC
converters
- Secured reference design sockets across
MediaTek’s next generation architectures
- Supported Cisco’s enterprise-grade MIMO
gateways
- Captured strategic design wins with
three leading auto manufacturers providing advanced LTE modules,
supporting high-reliability connectivity, GPS and data transport
capability
- Delivered analog control ICs for
Nintendo’s recently launched Switch gaming consoles
- Ramped audio solutions for Sonos’
high-fidelity wireless speakers
- Extended Wi-Fi mesh networking wins to
Google and Plume
- Deployed high-power smart meter devices
for Itron
- Shipped custom connectivity engines to
Fitbit, Garmin and LG
Third Fiscal Quarter 2017 Outlook
We provide earnings guidance 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.
“Expanding content gains coupled with successful product ramps
across a diverse customer set are enabling Skyworks to demonstrably
outpace our addressable markets,” said Kris Sennesael, senior vice
president and chief financial officer of Skyworks. “Specifically,
for the third fiscal quarter of 2017, we anticipate revenue of $890
million and non-GAAP diluted earnings per share of $1.52, up 18 and
23 percent year-over-year, respectively.”
Dividend Payment
Skyworks’ Board of Directors declared a cash dividend of $0.28
per share of the Company’s common stock, payable on June 6, 2017,
to stockholders of record at the close of business on May 16,
2017.
Skyworks' Second Fiscal Quarter 2017 Conference Call
Skyworks will host a conference call with analysts to discuss
its second fiscal quarter 2017 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) 234-9959 (international),
confirmation code: 421059.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on April 27, and end at 9:00 p.m. Eastern time on May 4. The
replay will be available on Skyworks' website or by calling (800)
475-6701 (domestic) or (320) 365-3844 (international), access code:
421059.
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.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). 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) and plans for dividend payments. 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: the susceptibility of the semiconductor
industry and the markets addressed by our, and our customers',
products to economic downturns; our reliance on several key
customers for a large percentage of our sales; the volatility of
our stock price; declining selling prices, decreased gross margins,
and loss of market share as a result of increased competition; our
ability to develop, manufacture and market innovative products and
avoid product obsolescence; fluctuations in our manufacturing
yields due to our complex and specialized manufacturing processes;
problems or delays that we may face in shifting our products to
smaller geometry process technologies and in achieving higher
levels of design integration; the quality of our products and any
remediation costs; the availability and pricing of third-party
semiconductor foundry, assembly and test capacity, raw materials
and supplier components; 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; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; 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 continue to
grow and maintain an intellectual property portfolio and obtain
needed licenses from third parties; 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; 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
make certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; our ability to
prevent theft of our intellectual property, disclosure of
confidential information, or breaches of our information technology
systems; and 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 Six Months Ended March 31, April 1, March 31, April 1,
(in millions, except per share amounts) 2017 2016
2017 2016 Net revenue $ 851.7 $ 775.1 $
1,766.0 $ 1,701.9 Cost of goods sold 426.3 384.7
876.7 839.4 Gross profit 425.4
390.4 889.3 862.5 Operating expenses: Research and development 89.4
79.8 171.4 161.3 Selling, general and administrative 47.8 44.0 98.7
95.7 Amortization of intangibles 7.0 8.6 15.5 17.0 Restructuring
and other charges — 0.3 0.6
0.3 Total operating expenses 144.2 132.7 286.2 274.3
Operating income 281.2 257.7 603.1 588.2 Other income (expense),
net 0.2 (2.6 ) (0.6 ) (3.4 ) Merger termination fee —
— — 88.5 Income before income
taxes 281.4 255.1 602.5 673.3 Provision for income taxes
56.5 47.0 119.8 109.9 Net
income $ 224.9 $ 208.1 $ 482.7 $ 563.4
Earnings per share: Basic $ 1.22 $ 1.09 $ 2.61 $ 2.96
Diluted $ 1.20 $ 1.08 $ 2.58 $ 2.90
Weighted average shares: Basic 184.8 190.2
184.8 190.3 Diluted 187.1
193.3 187.2 194.0
SKYWORKS SOLUTIONS, INC. UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES Three
Months Ended Six Months Ended March 31, April 1, March 31, April 1,
(in millions) 2017 2016 2017
2016 GAAP gross profit $ 425.4 $ 390.4 $ 889.3
$ 862.5 Share-based compensation expense [a] 3.4
3.2 7.2 7.2 Non-GAAP
gross profit $ 428.8 $ 393.6 $ 896.5 $ 869.7
GAAP gross margin % 49.9 % 50.4 % 50.4 % 50.7 % Non-GAAP
gross margin % 50.4 % 50.8 % 50.8 % 51.1 % Three Months
Ended Six Months Ended March 31, April 1, March 31, April 1, (in
millions) 2017 2016 2017
2016 GAAP operating income $ 281.2 $ 257.7 $ 603.1 $
588.2 Share-based compensation expense [a] 22.1 17.1 43.7 40.4
Acquisition-related expenses [b] 2.2 1.2 3.9 3.9 Amortization of
intangibles [c] 7.0 8.6 15.5 17.0 Restructuring and other charges
[d] — 0.3 0.6 0.3 Litigation settlement gains, losses and expenses
[e] — 0.1 — 1.8
Non-GAAP operating income $ 312.5 $ 285.0 $
666.8 $ 651.6 GAAP operating margin % 33.0 % 33.2 %
34.2 % 34.6 % Non-GAAP operating margin % 36.7 % 36.8 % 37.8 % 38.3
% Three Months Ended Six Months Ended March 31, April 1,
March 31, April 1, (in millions) 2017 2016
2017 2016 GAAP net income $
224.9 $ 208.1 $ 482.7 $ 563.4 Share-based compensation expense [a]
22.1 17.1 43.7 40.4 Acquisition-related expenses [b] 2.2 1.2 3.9
3.9 Amortization of intangibles [c] 7.0 8.6 15.5 17.0 Restructuring
and other charges [d] — 0.3 0.6 0.3 Litigation settlement gains,
losses and expenses [e] — 0.1 — 1.8 Merger termination fee [f] — —
— (88.5 ) Interest expense on seller-financed debt [g] — 0.4 — 0.7
Tax adjustments [h] 15.8 6.5
27.2 14.5 Non-GAAP net income $ 272.0 $
242.3 $ 573.6 $ 553.5 Three Months
Ended Six Months Ended March 31, April 1, March 31, April 1,
2017 2016 2017 2016
GAAP net income per share, diluted $ 1.20 $ 1.08 $ 2.58 $
2.90 Share-based compensation expense [a] 0.12 0.09 0.23 0.21
Acquisition-related expenses [b] 0.01 0.01 0.02 0.02 Amortization
of intangibles [c] 0.04 0.04 0.08 0.09 Litigation settlement gains,
losses and expenses [e] — — — 0.01 Merger termination fee [f] — — —
(0.46 ) Tax adjustments [h] 0.08 0.03
0.15 0.08 Non-GAAP net income per
share, diluted $ 1.45 $ 1.25 $ 3.06 $ 2.85
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 Reconciliations 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 diluted earnings per share
for the third quarter of our 2017 fiscal year (“Q3 2017”). We
provide this non-GAAP measure to investors on a prospective basis
for the same reasons (set forth above) that we provide it to
investors on a historical basis. We are unable to provide a
reconciliation of our forward-looking estimate of Q3 2017 GAAP
diluted earnings per share to a forward-looking estimate of Q3 2017
non-GAAP diluted earnings per share because certain information
needed to make a reasonable forward-looking estimate of GAAP
diluted earnings per share for Q3 2017 (other than estimated
share-based compensation expense of $0.11 to $0.13 per diluted
share, certain tax items of $0.05 to $0.09 per diluted share and
estimated amortization of intangibles of $0.04 to $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 March 31, 2017, approximately $3.4 million,
$8.5 million and $10.2 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively. For the six months ended
March 31, 2017, approximately $7.2 million, $16.8 million and $19.7
million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively.
For the three months ended April 1, 2016, approximately $3.2
million, $6.7 million and $7.2 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively. For the six months ended
April 1, 2016, approximately $7.2 million, $16.2 million and $17.0
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 six months ended March 31,
2017, include a $2.2 million and a $3.9 million charge,
respectively, to general and administrative expenses, primarily
associated with expenses related to acquisitions completed or
contemplated during the period. The acquisition-related
expenses recognized during the three months and six months ended
April 1, 2016, include a $1.2 million and a $3.9 million charge,
respectively, to general and administrative expenses, primarily
associated with expenses related to acquisitions completed or
contemplated during the period. [c] During the three months
and six months ended March 31, 2017, the Company incurred $7.0
million and $15.5 million, respectively, in amortization of
intangibles. During the three months and six months ended
April 1, 2016, the Company incurred $8.6 million and $17.0 million,
respectively, in amortization of intangibles. [d] During the
six months ended March 31, 2017, the Company incurred a $0.6
million charge in employee severance costs primarily related to
restructuring plans that were implemented during the period.
During the three months and six months ended April 1, 2016, the
Company incurred a $0.3 million charge in employee severance costs
primarily related to restructuring plans that were implemented
during the periods. [e] During the three months and six
months ended April 1, 2016, the Company recognized a $0.1 million
and a $1.8 million charge, respectively, primarily related to
general and administrative expenses associated with ongoing
litigation(s). [f] During the six months ended April 1,
2016, PMC-Sierra, Inc. (“PMC”), notified the Company that it had
terminated the Amended and Restated Agreement and Plan of Merger
entered into between the parties in order to accept a superior
proposal. As a result, on November 24, 2015, PMC paid the Company a
$88.5 million merger termination fee. [g] During the three
months and six months ended April 1, 2016, the Company recognized
$0.4 million and $0.7 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. [h] During the three and six months ended March
31, 2017, 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, the release of previously
reserved items that are no longer required as a result of audits,
and non-cash expense (benefit) related to uncertain tax positions.
During the three months and six months ended April 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, the tax attributable to the merger termination fee, the
release of previously reserved items that are no longer required as
a result of the IRS audits, and non-cash expense (benefit) related
to uncertain tax positions.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, September 30, (in millions) 2017 2016
Assets Current assets: Cash and cash equivalents $ 1,406.9 $
1,083.8 Accounts receivable, net 368.8 416.6 Inventory 444.5 424.0
Other current assets 87.9 77.7 Property, plant and equipment, net
800.4 806.3 Goodwill and intangible assets, net 949.7 940.3 Other
assets 108.6 106.7 Total assets $ 4,166.8 $ 3,855.4
Liabilities and Equity Current liabilities: Accounts
payable $ 163.8 $ 110.4 Accrued and other current liabilities 103.1
99.8 Other long-term liabilities 108.1 103.8 Stockholders’ equity
3,791.8 3,541.4 Total liabilities and equity $
4,166.8 $ 3,855.4
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Six Months Ended March 31,
April 1, March 31, April 1, (in millions) 2017
2016 2017 2016
Cash flow from
operating activities Net income $ 224.9 $ 208.1 $ 482.7 $ 563.4
Adjustments to reconcile net income to net cash provided by
operating activities: Share-based compensation 22.1 17.1 43.7 40.4
Depreciation 55.9 53.5 111.2 105.0 Amortization of intangible
assets 7.0 8.6 15.5 17.0 Contribution of common shares to savings
and retirement plans 7.2 8.6 7.2 11.3 Deferred income taxes (0.3 )
(2.2 ) 0.9 (0.2 ) Excess tax benefit from share-based compensation
(6.7 ) (4.3 ) (28.2 ) (41.6 ) Changes in operating assets:
Receivables, net (0.5 ) (3.6 ) 48.8 (0.5 ) Inventory (21.9 ) (47.4
) (21.3 ) (66.4 ) Other current and long-term assets (30.4 ) (16.1
) (18.1 ) (4.3 ) Accounts payable 2.3 (14.3 ) 53.2 (110.5 ) Other
current and long-term liabilities (23.7 ) (53.5 )
36.2 (13.8 )
Net cash provided by
operations 235.9 154.5 731.8
499.8
Cash flow from investing
activities Capital expenditures (54.9 ) (37.4 ) (105.0 ) (116.9
) Payments for acquisitions, net of cash acquired — — (13.7 ) —
Maturity of investments — — 3.2
—
Net cash used in investing activities
(54.9 ) (37.4 ) (115.5 ) (116.9 )
Cash flow from financing activities Excess tax benefit from
share-based compensation 6.7 4.3 28.2 41.6 Repurchase of common
stock — payroll tax withholdings on equity awards (0.2 ) (0.5 )
(44.6 ) (72.4 ) Repurchase of common stock — share repurchase
program (95.2 ) (135.1 ) (201.7 ) (135.1 ) Dividends paid (51.9 )
(49.2 ) (104.1 ) (99.4 ) Net proceeds from exercise of stock
options 17.2 7.7 31.9 16.3 Payments of contingent consideration
(1.2 ) — (2.9 ) —
Net
cash used in financing activities (124.6 ) (172.8
) (293.2 ) (249.0 ) Net increase (decrease) in cash
and cash equivalents 56.4 (55.7 ) 323.1 133.9 Cash and cash
equivalents at beginning of period 1,350.5
1,233.2 1,083.8 1,043.6 Cash and
cash equivalents at end of period $ 1,406.9 $ 1,177.5
$ 1,406.9 $ 1,177.5
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Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061orInvestor Relations:Mitch Haws(949)
231-3223
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