- Delivers Revenue of $810 Million
- Posts GAAP Diluted EPS of $1.23;
Non-GAAP Diluted EPS of $1.47
- Guides to Sequential Revenue and
Earnings Growth in Q3 FY19
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
ended March 29, 2019. Revenue for the second fiscal quarter was
$810.4 million.
On a GAAP basis, operating income for the second fiscal quarter
of 2019 was $237.6 million with diluted earnings per share of
$1.23. On a non-GAAP basis, operating income was $276.1 million
with non-GAAP diluted earnings per share of $1.47.
“Leveraging the strength of our business model and momentum
across our high-growth broad markets and Internet of Things
portfolio, Skyworks delivered another quarter of solid
performance,” said Liam K. Griffin, president and chief executive
officer of Skyworks. “At a higher level, our advanced connectivity
solutions are enabling the critical wireless protocols that form
the backbone of today’s mobile economy. From data center to cloud,
media and entertainment, to e-commerce and ride-hailing services,
our innovative technology is underpinning the newest generation of
connected applications. As we transition to 5G, these connections
become increasingly more important. Through our unique systems
expertise, strategic partnerships and global scale, Skyworks is
well positioned to address the technical challenges and complexity
of 5G, capitalizing on a new era of unprecedented opportunity.”
Second Fiscal Quarter Business Highlights
- Unveiled Sky5™ Ultra and Sky5™ LiTE for
cellular applications
- Powered Google’s Pixel with a suite of
front-end solutions
- Deployed SkyOne® and DRx technology for
Samsung’s flagship Galaxy S10 smartphones
- Secured 5G massive MIMO infrastructure
wins with Ericsson and Nokia
- Commenced volume production of
ultra-compact mini circulators for 5G base stations
- Captured sockets in the first
commercially ready 5G indoor access point
- Extended reach into aerospace and
defense markets with introduction of C-band filters
- Leveraged portfolio of analog SoCs
across new high-fidelity gaming headsets and Samsung’s premium
soundbars
- Expanded automotive footprint with LTE
devices supporting eCall, remote entry and in-cabin entertainment
features
- Launched Wi-Fi 6 engines at Aruba,
Asus, Cisco and NetGear
- Enabled long-range M2M communications
in smart meters and city street lighting
- Achieved Verizon certification for
mobile IoT system-in-package deployments
- Ramped connectivity modules and analog
control ICs for Arlo’s industry-leading security systems
Third Fiscal Quarter 2019 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.
“For the June quarter, we expect sequential revenue and earnings
growth driven by strategic wins and content gains in mobile, as
well as traction across diverse customers, markets and
applications,” said Kris Sennesael, senior vice president and chief
financial officer of Skyworks. “Specifically, in the third fiscal
quarter of 2019, we anticipate revenue to be between $815 and $835
million with non-GAAP diluted earnings per share of $1.50 at the
midpoint of our revenue range. Looking ahead, we are well
positioned to outperform with seasonal product ramps and 5G gaining
further traction.”
Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.38 per share of the Company's common stock, payable on June 11,
2019 to stockholders of record at the close of business on May 21,
2019.
Skyworks' Second Fiscal Quarter 2019 Conference Call
Skyworks will host a conference call with analysts to discuss
its second fiscal quarter 2019 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) 230-1092 (domestic) or (612) 288-0329 (international),
confirmation code: 466093.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on May 2, and end at 9:00 p.m. Eastern time on May 9. The
replay will be available on Skyworks' website or by calling (800)
475-6701 (domestic) or (320) 365-3844 (international), access code:
466093.
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 aerospace,
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, as well as plans for dividend payments and share
repurchases). 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 obtain design wins from customers; economic, social,
military and geo-political conditions in the countries in which we,
our customers or our suppliers operate, including security and
health risks, imposition of trade protection measures (e.g.,
tariffs or taxes), increased import/export restrictions and
controls, and possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; changes in laws,
regulations and/or policies that could adversely affect our
operations and financial results, the economy and our customers'
demand for our products, or the financial markets and our ability
to raise capital; fluctuations in our manufacturing yields due to
our complex and specialized manufacturing processes; our ability to
develop, manufacture and market innovative products, avoid product
obsolescence, reduce costs in a timely manner, transition our
products to smaller geometry process technologies, and achieve
higher levels of design integration; the quality of our products
and any defect 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; our ability to prevent theft
of our intellectual property, disclosure of confidential
information, or breaches of our information technology systems;
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; our ability to make
certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; 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 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 29,2019 March 30,2018 March 29,2019 March
30,2018 Net revenue $ 810.4 $ 913.4 $ 1,782.4 $ 1,965.3 Cost of
goods sold 410.2 454.7 897.0 969.8 Gross
profit 400.2 458.7 885.4 995.5 Operating expenses: Research and
development 107.5 106.7 216.7 204.7 Selling, general and
administrative 47.9 57.5 95.7 108.8 Amortization of intangibles 5.7
4.1 13.1 8.1 Restructuring and other charges 1.5 1.0
1.4 1.0 Total operating expenses 162.6 169.3 326.9 322.6
Operating income 237.6 289.4 558.5 672.9 Other income, net 3.7
2.9 6.6 5.0 Income before income taxes 241.3
292.3 565.1 677.9 Provision for income taxes 27.3 16.3
66.3 331.5 Net income $ 214.0 $ 276.0 $
498.8 $ 346.4 Earnings per share: Basic $ 1.23
$ 1.51 $ 2.85 $ 1.89 Diluted $ 1.23 $ 1.50
$ 2.83 $ 1.87 Weighted average shares: Basic 173.8
182.5 175.2 182.8 Diluted 174.6 184.3
176.1 184.9
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Six
Months Ended (in millions) March 29,2019 March 30,2018 March
29,2019 March 30,2018 GAAP gross profit $ 400.2 $ 458.7 $ 885.4 $
995.5 Share-based compensation expense [a] 3.3 4.2 6.9 8.3
Acquisition-related expenses [b] — — 1.9 — Amortization of
acquisition-related intangibles [c] 4.7 — 9.3 — Litigation
settlement, gains, losses and expenses [d] 2.5 — 2.5 —
Restructuring and other charges [e] 0.4 — 0.4
— Non-GAAP gross profit $ 411.1 $ 462.9 $
906.4 $ 1,003.8 GAAP gross margin % 49.4 % 50.2 %
49.7 % 50.7 % Non-GAAP gross margin % 50.7 % 50.7 % 50.9 % 51.1 %
Three Months Ended Six Months Ended (in millions) March
29,2019 March 30,2018 March 29,2019 March 30,2018 GAAP operating
income $ 237.6 $ 289.4 $ 558.5 $ 672.9 Share-based compensation
expense [a] 21.8 41.0 42.6 66.8 Acquisition-related expenses
(benefit) [b] 1.5 (2.7 ) 3.6 (2.0 ) Amortization of
acquisition-related intangibles [c] 10.4 4.1 22.4 8.1 Litigation
settlement, gains, losses and expenses [d] 3.0 — 3.7 —
Restructuring and other charges [e] 1.8 1.0 1.8 1.0 Deferred
executive compensation (benefit) [f] — (1.7 ) (0.1 ) (1.7 )
Non-GAAP operating income $ 276.1 $ 331.1 $ 632.5
$ 745.1 GAAP operating margin % 29.3 % 31.7 % 31.3 %
34.2 % Non-GAAP operating margin % 34.1 % 36.3 % 35.5 % 37.9 %
Three Months Ended Six Months Ended (in millions) March
29,2019 March 30,2018 March 29,2019 March 30,2018 GAAP net income $
214.0 $ 276.0 $ 498.8 $ 346.4 Share-based compensation expense [a]
21.8 41.0 42.6 66.8 Acquisition-related expenses (benefit) [b] 1.5
(2.7 ) 3.6 (2.0 ) Amortization of acquisition-related intangibles
[c] 10.4 4.1 22.4 8.1 Litigation settlement, gains, losses and
expenses [d] 3.0 — 3.7 — Restructuring and other charges [e] 1.8
1.0 1.8 1.0 Deferred executive compensation (benefit) [f] — (1.7 )
(0.1 ) (1.7 ) Tax adjustments [g] 4.1 (15.4 ) 8.4
255.2 Non-GAAP net income $ 256.6 $ 302.3 $
581.2 $ 673.8 Three Months Ended Six Months
Ended March 29,2019 March 30,2018 March 29,2019 March 30,2018 GAAP
net income per share, diluted $ 1.23 $ 1.50 $ 2.83 $ 1.87
Share-based compensation expense [a] 0.12 0.22 0.24 0.36
Acquisition-related expenses (benefit) [b] 0.01 (0.02 ) 0.02 (0.01
) Amortization of acquisition-related intangibles [c] 0.06 0.02
0.13 0.04 Litigation settlement, gains, losses and expenses [d]
0.02 — 0.02 — Restructuring and other charges [e] 0.01 0.01 0.01
0.01 Deferred executive compensation (benefit) [f] — (0.01 ) —
(0.01 ) Tax adjustments [g] 0.02 (0.08 ) 0.05 1.38
Non-GAAP net income per share, diluted $ 1.47 $ 1.64
$ 3.30 $ 3.64
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
acquisition-related intangibles, litigation settlement, gains,
losses and expenses, restructuring-related charges, certain
deferred executive compensation 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, acquisition-related
expenses, amortization of acquisition-related intangibles,
litigation settlement, gains, losses and expenses, and
restructuring-related charges. We calculate non-GAAP operating
income by excluding from GAAP operating income, share-based
compensation expense, acquisition-related expenses, amortization of
acquisition-related intangibles, litigation settlement, gains,
losses and expenses, restructuring-related charges, and certain
deferred executive compensation. 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 acquisition-related
intangibles, litigation settlement, gains, losses and expenses,
restructuring-related charges, certain deferred executive
compensation, 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
expenses, including 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 necessarily
reflect the performance of our ongoing operations for the period in
which such charges or reversals are incurred.
Restructuring-Related Charges - these charges 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 - because such
gains, losses and expenses (1) are not considered by management in
making operating decisions, (2) are infrequent in nature, (3) are
generally not directly controlled by management, (4) do not
necessarily reflect the performance of our ongoing operations for
the period in which such charges are recognized and/ or (5) can
vary significantly in amount between companies and make comparisons
less reliable.
Deferred Executive Compensation - including charges related to
any contingent obligation pursuant to an executive severance
agreement, because that expense has no direct correlation with our
recurring business operations and including such expenses does not
accurately reflect the compensation expense for the period in which
incurred.
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
2019 fiscal year (“Q3 2019”). 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 2019 GAAP diluted earnings per share to a
forward-looking estimate of Q3 2019 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
2019 (other than estimated share-based compensation expense of
$0.10 to $0.15 per diluted share, certain tax items of $0.00 to
$0.05 per diluted share and estimated amortization of intangibles
of $0.05 to $0.07 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. The probable
significance of these unknown items, in the aggregate, is estimated
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 29, 2019, approximately $3.3 million, $9.9
million and $8.6 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 29, 2019, approximately $6.9 million, $22.5 million and $13.2
million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively. For the three months ended March 30,
2018, approximately $4.2 million, $14.5 million and $22.3 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 30, 2018,
approximately $8.3 million, $25.7 million and $32.8 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 29, 2019, include a $1.5
million charge and a $1.7 million charge, respectively, to general
and administrative expenses primarily associated with acquisitions
completed or contemplated during the period. Included in these
amounts for the six months ended March 29, 2019, is a $1.9 million
charge to cost of goods sold related to the fair market value
step-up associated with the sale of acquired inventory. The
acquisition-related expenses recognized during the three months and
six months ended March 30, 2018, include a $2.8 million credit for
fair value adjustments to contingent considerations partially
offset by a $0.1 million charge and a $0.8 million charge,
respectively, to general and administrative expenses, primarily
associated with acquisitions completed or contemplated during the
period. [c] During the three and six months ended March 29,
2019, the Company incurred $4.7 million and $9.3 million,
respectively, in amortization of acquisition-related intangibles
included in cost of goods sold and $5.8 million and $13.1 million,
respectively, in amortization of acquisition-related intangibles
included in selling, general and administrative expense.
During the three months and six months ended March 30, 2018, the
Company incurred $4.1 million and $8.1 million, respectively, in
amortization of acquisition-related intangibles included in
selling, general and administrative expense. [d] During the
three and six months ended March 29, 2019, the Company incurred
$3.0 million and $4.2 million in non-recurring charges,
respectively, related to losses on the sale or impairment of
assets. During the six months ended March 29, 2019, these amounts
include a $0.5 million gain related to a litigation settlement
completed during the period. [e] During the three and six
months ended March 29, 2019, the Company incurred a $1.8 million
charge in employee severance costs primarily related to
restructuring plans that were implemented during the period.
During the three and six months ended March 30, 2018, the Company
recognized a $1.0 million charge to revise an estimate related to a
leased facility included in a previously announced restructuring
plan. [f] During the six months ended March 29, 2019, the
Company recognized a $0.1 million benefit in deferred executive
compensation expense. During the three and six months ended
March 30, 2018, the Company recognized a $1.7 million benefit for a
change in the estimated expense related to an executive agreement.
[g] During the three and six months ended March 29, 2019,
these amounts primarily represent the use of net operating loss and
credit carryforwards, deferred tax expense not affecting taxes
payable, and non-cash expense (benefit) related to uncertain tax
positions. During the three and six months ended March 30,
2018, these amounts generally represent use of net operating loss
and research and development tax credit carryforwards, deferred tax
expense not affecting taxes payable, non-cash expense (benefit)
related to uncertain tax positions and a one-time benefit of $16.9
million related to a change in estimate to the previously recorded
repatriation tax on foreign earnings. During the six months ended
March 30, 2018, these amounts included a one-time charge of $240.9
million related to the mandatory deemed repatriation tax on foreign
earnings and a one-time charge of $18.5 million related to the
revaluation of deferred tax assets and liabilities related to tax
reform.
SKYWORKS SOLUTIONS, INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions) March 29,2019 September 28,2018
Assets Cash, cash equivalents and marketable securities $
991.3 $ 1,050.2 Accounts receivable, net 543.8 655.8 Inventory
555.0 490.2 Property, plant and equipment, net 1,169.8 1,140.9
Goodwill and intangible assets, net 1,319.7 1,333.5 Other assets
185.9 158.3 Total assets $ 4,765.5 $ 4,828.9
Liabilities and Equity Accounts payable $ 167.9 $ 229.9
Accrued and other liabilities 516.7 502.0 Stockholders’ equity
4,080.9 4,097.0 Total liabilities and equity $ 4,765.5
$ 4,828.9
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Six Months
Ended (in millions) March 29,2019 March 30,2018 March 29,2019 March
30,2018
Cash flow from operating activities Net income $
214.0 $ 276.0 $ 498.8 $ 346.4 Adjustments to reconcile net income
to net cash provided by operating activities: Share-based
compensation 21.8 41.0 42.6 66.8 Depreciation 78.9 66.0 156.4 129.6
Amortization of intangible assets, including inventory step-up 13.1
5.6 28.6 11.1 Deferred income taxes (29.4 ) 4.2 (27.6 ) 25.6 Other,
net (0.3 ) — 0.8 — Changes in operating assets: Receivables, net
(19.4 ) 91.6 112.0 87.5 Inventory (61.9 ) (8.2 ) (66.9 ) 26.3 Other
current and long-term assets (12.3 ) (6.5 ) (14.9 ) (27.1 )
Accounts payable (1.7 ) 23.2 (23.9 ) (82.2 ) Other current and
long-term liabilities (10.7 ) (58.7 ) 35.2 211.0
Net cash provided by operations 192.1 434.2
741.1 795.0
Cash flow from investing
activities Capital expenditures (96.7 ) (90.3 ) (226.2 ) (118.5
) Purchased intangibles (12.9 ) — (12.9 ) (6.0 ) Purchases of
marketable securities (164.5 ) — (166.7 ) — Sales and maturities of
marketable securities 6.0 — 309.2 —
Net cash used in investing activities (268.1 ) (90.3 ) (96.6
) (124.5 )
Cash flow from financing activities Repurchase of
common stock — payroll tax withholdings on equity awards (1.6 )
(1.8 ) (21.0 ) (46.5 ) Repurchase of common stock — stock
repurchase program (141.5 ) (111.7 ) (425.5 ) (284.2 ) Dividends
paid (66.0 ) (58.4 ) (133.1 ) (117.5 ) Net proceeds from exercise
of stock options 4.4 17.9 6.8 32.3 Proceeds from employee stock
purchase plan 11.3 9.9 11.3 9.9
Net
cash used in financing activities (193.4 ) (144.1 ) (561.5 )
(406.0 ) Net increase (decrease) in cash and cash equivalents
(269.4 ) 199.8 83.0 264.5 Cash and cash equivalents at beginning of
period 1,085.7 1,681.5 733.3 1,616.8
Cash and cash equivalents at end of period $ 816.3 $ 1,881.3
$ 816.3 $ 1,881.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190502005887/en/
Media Relations:Pilar Barrigas(949) 231-3061
Investor Relations:Mitch Haws(949) 231-3223
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From Aug 2023 to Aug 2024