- Delivers Revenue of $767 Million
- Posts GAAP Diluted EPS of $0.83; Non-GAAP Diluted EPS of
$1.35
- Guides to Sequential Revenue and Earnings Growth in Q4
FY19
- Increases Quarterly Dividend by 16% to $0.44 Per Share
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
ended June 28, 2019. Revenue for the third fiscal quarter was
$767.0 million.
On a GAAP basis, operating income for the third fiscal quarter
of 2019 was $159.6 million with diluted earnings per share of
$0.83. On a non-GAAP basis, operating income was $252.2 million
with non-GAAP diluted earnings per share of $1.35.
“The core fundamentals of our business remain strong despite
current market volatility,” said Liam K. Griffin, president and
chief executive officer of Skyworks. “Demand for advanced
connectivity and the expansive nature of 5G are creating real-time
opportunities for architectures that facilitate high-speed data,
near-zero latency and exceptional reliability. As a proven
technology leader, we are leveraging our Sky5® platform and systems
expertise to enable billions of connections across a vast set of
diverse end markets, providing the foundation for an entirely new
ecosystem in today’s connected world.”
Third Fiscal Quarter Business Highlights
- Commenced volume production of BAW-enabled Sky5® devices
- Powered Samsung’s Galaxy S10 premium 5G smartphone
- Bolstered Sky5® portfolio with MIPI® ultra-high linearity
antenna tuners
- Leveraged SkyOne® and SkyLiTE™ across Oppo, Vivo and Xiaomi
flagship phones
- Unveiled high-efficiency amplifiers enabling 5G massive MIMO
TDD base stations for a tier-one Korean customer
- Shipped 5G circulators, LNAs and controllers to leading
European infrastructure manufacturers
- Ramped 802.11ax engines for Cisco’s enterprise platforms
- Secured wins across DIRECTV’s high-definition 4K streaming set
top boxes
- Expanded automotive footprint with CAT 6 LTE modules for
embedded in-vehicle displays
- Enabled Facebook’s Oculus virtual reality gaming headsets with
highly integrated SkyOne® connectivity solutions
- Captured content in award-winning wireless earphones designed
for Xbox
- Launched analog SoCs and cognitive wireless devices for Vizio
sound bars and wireless subwoofers
- Introduced proprietary low-k materials for thermal barrier
coatings in aerospace applications
Fourth 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.
“Skyworks is on track to deliver sequential revenue and earnings
growth in the September quarter as we execute on strategic product
ramps,” said Kris Sennesael, senior vice president and chief
financial officer of Skyworks. “Specifically, in the fourth 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. Further, given our confidence in
Skyworks’ strategic outlook and strong cash flow generation, we are
announcing a substantial raise to our quarterly dividend.”
Dividend Increase and Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.44 per share of the Company’s common stock, representing a 16
percent increase from the prior quarterly dividend of $0.38 per
share. The dividend is payable on September 17, 2019, to
stockholders of record at the close of business on August 27,
2019.
Skyworks’ Third Fiscal Quarter 2019 Conference Call
Skyworks will host a conference call with analysts to discuss
its third 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) 230-1059 (domestic) or (612) 234-9959 (international),
confirmation code: 469789.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on August 7, and end at 9:00 p.m. Eastern time on August 14.
The replay will be available on Skyworks’ website or by calling
(800) 475-6701 (domestic) or (320) 365-3844 (international), access
code: 469789.
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 risks of doing
business internationally, including increased import/export
restrictions and controls (e.g., the effect of the U.S. Bureau of
Industry and Security of the U.S. Department of Commerce placing
Huawei Technologies Co., Ltd. and certain of its affiliates on the
Bureau’s Entity List), imposition of trade protection measures
(e.g., tariffs or taxes), security and health risks, possible
disruptions in transportation networks, fluctuations in foreign
currency exchange rates, and other economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate; 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; 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; our products’ ability to perform
under stringent operating conditions; 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
Nine Months Ended
(in millions, except per share
amounts)
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
Net revenue
$
767.0
$
894.3
$
2,549.4
$
2,859.6
Cost of goods sold
454.5
442.7
1,351.6
1,412.5
Gross profit
312.5
451.6
1,197.8
1,447.1
Operating expenses:
Research and development
100.6
96.8
317.3
301.5
Selling, general and administrative
46.8
44.6
142.5
153.4
Amortization of intangibles
5.5
3.9
18.6
12.0
Restructuring and other charges
—
—
1.3
1.0
Total operating expenses
152.9
145.3
479.7
467.9
Operating income
159.6
306.3
718.1
979.2
Other income, net
2.3
4.5
8.9
9.5
Income before income taxes
161.9
310.8
727.0
988.7
Provision for income taxes
17.8
24.3
84.0
355.8
Net income
$
144.1
$
286.5
$
643.0
$
632.9
Earnings per share:
Basic
$
0.83
$
1.58
$
3.69
$
3.47
Diluted
$
0.83
$
1.57
$
3.67
$
3.44
Weighted average shares:
Basic
172.6
181.2
174.3
182.3
Diluted
173.4
182.8
175.2
184.2
SKYWORKS SOLUTIONS,
INC.
UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended
Nine Months Ended
(in millions)
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
GAAP gross profit
$
312.5
$
451.6
$
1,197.8
$
1,447.1
Share-based compensation expense [a]
1.4
3.3
8.2
11.6
Acquisition-related expenses [b]
—
—
1.9
—
Amortization of acquisition-related
intangibles [c]
5.9
—
15.3
—
Settlements, gains, losses and impairments
[d]
66.6
—
69.2
—
Restructuring and other charges [e]
—
—
0.4
—
Non-GAAP gross profit
$
386.4
$
454.9
$
1,292.8
$
1,458.7
GAAP gross margin %
40.7
%
50.5
%
47.0
%
50.6
%
Non-GAAP gross margin %
50.4
%
50.9
%
50.7
%
51.0
%
Three Months Ended
Nine Months Ended
(in millions)
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
GAAP operating income
$
159.6
$
306.3
$
718.1
$
979.2
Share-based compensation expense [a]
16.1
19.5
58.6
86.3
Acquisition-related expenses (benefit)
[b]
(1.5
)
(4.9
)
2.1
(6.9
)
Amortization of acquisition-related
intangibles [c]
11.4
3.9
33.8
12.0
Settlements, gains, losses and impairments
[d]
66.6
—
70.4
—
Restructuring and other charges [e]
—
—
1.8
1.0
Deferred executive compensation (benefit)
[f]
—
—
(0.1
)
(1.7
)
Non-GAAP operating income
$
252.2
$
324.8
$
884.7
$
1,069.9
GAAP operating margin %
20.8
%
34.3
%
28.2
%
34.2
%
Non-GAAP operating margin %
32.9
%
36.3
%
34.7
%
37.4
%
Three Months Ended
Nine Months Ended
(in millions)
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
GAAP net income
$
144.1
$
286.5
$
643.0
$
632.9
Share-based compensation expense [a]
16.1
19.5
58.6
86.3
Acquisition-related expenses (benefit)
[b]
(1.5
)
(4.9
)
2.1
(6.9
)
Amortization of acquisition-related
intangibles [c]
11.4
3.9
33.8
12.0
Settlements, gains, losses and impairments
[d]
66.6
—
70.4
—
Restructuring and other charges [e]
—
—
1.8
1.0
Deferred executive compensation (benefit)
[f]
—
—
(0.1
)
(1.7
)
Tax adjustments [g]
(3.1
)
(5.1
)
5.2
250.1
Non-GAAP net income
$
233.6
$
299.9
$
814.8
$
973.7
Three Months Ended
Nine Months Ended
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
GAAP net income per share, diluted
$
0.83
$
1.57
$
3.67
$
3.44
Share-based compensation expense [a]
0.10
0.11
0.34
0.47
Acquisition-related expenses (benefit)
[b]
(0.01
)
(0.03
)
0.01
(0.04
)
Amortization of acquisition-related
intangibles [c]
0.07
0.02
0.19
0.07
Settlements, gains, losses and impairments
[d]
0.38
—
0.40
—
Restructuring and other charges [e]
—
—
0.01
0.01
Deferred executive compensation (benefit)
[f]
—
—
—
(0.01
)
Tax adjustments [g]
(0.02
)
(0.03
)
0.03
1.35
Non-GAAP net income per share, diluted
$
1.35
$
1.64
$
4.65
$
5.29
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, settlements, gains, losses and
impairments, 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,
settlements, gains, losses and impairments, 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, settlements, gains, losses and
impairments, 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, settlements, gains, losses and impairments,
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, and
acquisition-related expenses 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 or reversals does not necessarily reflect the performance
of our ongoing operations for the period in which such charges or
reversals are incurred.
Settlements, Gains, Losses and Impairments - because such
settlements, gains, losses and impairments (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 or
reversals do 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 fourth quarter of our
2019 fiscal year (“Q4 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 Q4 2019 GAAP diluted earnings per share to a
forward-looking estimate of Q4 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 Q4
2019 (other than estimated share-based compensation expense of
$0.08 to $0.12 per diluted share, certain tax items of $0.00 to
$0.05 per diluted share and estimated amortization of intangibles
of $0.05 to $0.08 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 settlements, gains,
losses and impairments 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 June 28, 2019, approximately $1.4 million,
$9.4 million and $5.3 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively. For the nine months ended
June 28, 2019, approximately $8.2 million, $31.9 million and $18.5
million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively.
For the three months ended June 29, 2018,
approximately $3.3 million, $6.5 million and $9.7 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively. For
the nine months ended June 29, 2018, approximately $11.6 million,
$32.2 million and $42.5 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 ended June 28, 2019, include a
$3.1 million benefit for a fair value adjustment to reduce the
contingent consideration accrued partially offset by a $1.6 million
charge primarily associated with acquisitions completed or
contemplated during the period. The acquisition-related expenses
recognized during the nine months ended June 28, 2019, include a
$3.3 million charge primarily associated with acquisitions
completed or contemplated during the period and 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, partially
offset by a $3.1 million benefit for a fair value adjustment to
reduce the contingent consideration accrued.
The acquisition-related expenses
recognized during the three months ended June 29, 2018, include a
$5.0 million benefit for fair value adjustments to reduce
contingent considerations partially offset by a $0.1 million charge
primarily associated with acquisitions completed or contemplated
during the period. The acquisition-related expenses recognized
during the nine months ended June 29, 2018, include a $7.8 million
benefit for fair value adjustments to reduce contingent
considerations partially offset by a $0.9 million charge primarily
associated with acquisitions completed or contemplated during the
period.
[c]
During the three and nine months ended
June 28, 2019, the Company incurred $5.9 million and $15.3 million,
respectively, in amortization of acquisition-related intangibles
included in cost of goods sold and $5.5 million and $18.5 million,
respectively, in amortization of acquisition-related intangibles
included in selling, general and administrative expense.
During the three and nine months ended
June 29, 2018, the Company incurred $3.9 million and $12.0 million,
respectively, in amortization of acquisition-related intangibles
included in selling, general and administrative expense.
[d]
During the three and nine months ended
June 28, 2019, the Company incurred $66.6 million and $70.9 million
in non-recurring charges, respectively, primarily consisting of
inventory-related charges due to lower expected demand as a result
of the U.S. Bureau of Industry and Security of the U.S. Department
of Commerce placing Huawei Technologies Co., Ltd. and certain of
its affiliates on the Bureau’s Entity List.
[e]
During the nine months ended June 28,
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 nine months ended June 29,
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]
These amounts represent the changes in the
estimated amount to be paid for executive severance agreements.
[g]
During the three and nine months ended
June 28, 2019 and June 29, 2018, these amounts primarily represent
certain deferred tax charges and benefits that do not result in a
current tax payment or tax refund as well as other adjustments,
including but not limited to, tax items unrelated to the current
fiscal year or that are not indicative of our ongoing business
operations.
Included in these amounts for the nine
months ended June 29, 2018, is a one-time charge of $238.0 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)
June 28,
2019
September 28,
2018
Assets
Cash, cash equivalents and marketable
securities
$
970.1
$
1,050.2
Accounts receivable, net
557.8
655.8
Inventory
580.8
490.2
Property, plant and equipment, net
1,230.1
1,140.9
Goodwill and intangible assets, net
1,303.9
1,333.5
Other assets
199.6
158.3
Total assets
$
4,842.3
$
4,828.9
Liabilities and Equity
Accounts payable
$
218.9
$
229.9
Accrued and other liabilities
523.5
502.0
Stockholders’ equity
4,099.9
4,097.0
Total liabilities and equity
$
4,842.3
$
4,828.9
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Nine Months Ended
(in millions)
June 28,
2019
June 29,
2018
June 28,
2019
June 29,
2018
Cash flow from operating
activities
Net income
$
144.1
$
286.5
$
643.0
$
632.9
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation
16.0
19.5
58.6
86.3
Depreciation
79.0
69.3
235.4
198.9
Amortization of intangible assets,
including inventory step-up
14.7
5.4
43.3
16.5
Deferred income taxes
15.5
10.0
(12.1
)
35.6
Changes in fair value of contingent
consideration
(3.1
)
(7.8
)
(3.1
)
(7.8
)
Other, net
(0.7
)
0.3
0.1
—
Changes in operating assets:
Receivables, net
(14.0
)
(101.2
)
98.0
(13.7
)
Inventory
(22.8
)
(36.5
)
(89.7
)
(10.2
)
Other current and long-term assets
(29.2
)
(18.7
)
(44.1
)
(45.8
)
Accounts payable
(0.5
)
25.9
(24.5
)
(56.3
)
Other current and long-term
liabilities
10.3
5.3
45.5
216.3
Net cash provided by operations
209.3
258.0
950.4
1,053.0
Cash flow from investing
activities
Capital expenditures
(87.8
)
(191.5
)
(314.0
)
(310.0
)
Purchased intangibles
1.1
(2.6
)
(11.8
)
(8.6
)
Purchases of marketable securities
(77.0
)
(523.2
)
(243.7
)
(523.2
)
Sales and maturities of marketable
securities
25.2
32.6
334.4
32.6
Net cash used in investing
activities
(138.5
)
(684.7
)
(235.1
)
(809.2
)
Cash flow from financing
activities
Repurchase of common stock — payroll tax
withholdings on equity awards
(0.6
)
(1.0
)
(21.6
)
(47.5
)
Repurchase of common stock — stock
repurchase program
(85.8
)
(240.3
)
(511.3
)
(524.5
)
Dividends paid
(65.7
)
(57.7
)
(198.8
)
(175.2
)
Net proceeds from exercise of stock
options
7.8
2.5
14.6
34.8
Proceeds from employee stock purchase
plan
—
—
11.3
9.9
Net cash used in financing
activities
(144.3
)
(296.5
)
(705.8
)
(702.5
)
Net increase (decrease) in cash and cash
equivalents
(73.5
)
(723.2
)
9.5
(458.7
)
Cash and cash equivalents at beginning of
period
816.3
1,881.3
733.3
1,616.8
Cash and cash equivalents at end of
period
$
742.8
$
1,158.1
$
742.8
$
1,158.1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190807005799/en/
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Investor Relations: Mitch Haws (949) 231-3223
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