- Delivers Revenue of $766.1 Million
- Posts GAAP Diluted EPS of $1.06; Non-GAAP Diluted EPS of
$1.34
- Generates $280.4 Million in Cash Flow from Operations
- Ended Quarter with $1.1 Billion in Cash and Investments and No
Debt
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 27, 2020. Revenue for the second fiscal quarter
was $766.1 million.
On a GAAP basis, operating income for the second fiscal quarter
of 2020 was $199.5 million with diluted earnings per share of
$1.06. On a non-GAAP basis, operating income was $248.7 million
with non-GAAP diluted earnings per share of $1.34.
“The COVID-19 outbreak is impacting individuals, companies,
governments and markets across the globe, and our thoughts are with
all those who have endured the effects of this global pandemic,”
said Liam K. Griffin, president and chief executive officer of
Skyworks.
“By enabling always-on, high-speed connectivity, Skyworks’
wireless technologies are essential for adapting to today’s rapidly
changing business conditions and are playing a critical role in
virus containment efforts worldwide. Skyworks’ trusted solutions
are connecting people throughout the world enabling telemedicine
and emergency response applications, as well as supporting
shelter-in-place efforts through remote work and online
education.
“Looking forward, our sustained investment in systems-level
solutions, together with our strong balance sheet and
cash-generation abilities, differentiates Skyworks as both a
leading technology innovator and consistent provider of cash
returns to stockholders.”
Second Fiscal Quarter Business Highlights
- Leveraged our Sky5® platform across flagship 5G handset
launches at Samsung, Oppo, Vivo, Xiaomi and other Tier-1
players
- Expanded our technology reach across our customized Diversity
Receive platforms, with new 5G-centric solutions being deployed
across a growing set of customers
- Ramped wireless remote patient monitoring systems with GE
- Extended our market leadership in Wi-Fi 6 home and enterprise
grade gateways at Cisco
- Enabled home security systems at Honeywell
- Accelerated content across multiple automotive leaders
including Volkswagen, Renault, Hyundai and Nissan
- Launched asset tracking and fleet management solutions at
Juniper and Blackberry
- Powered 5G mobile hotspots with Verizon and AT&T,
supporting work-from-home trends
- Supported 5G Massive MIMO and small cell base station
deployments across the U.S., Europe and Japan
Third Fiscal Quarter 2020 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.
“Given the supply chain and demand disruptions associated with
COVID-19, visibility is limited for the June quarter, resulting in
a wider revenue range compared to prior quarters,” said Kris
Sennesael, senior vice president and chief financial officer of
Skyworks. “Specifically, in the third fiscal quarter of 2020, we
anticipate revenue to be between $670 and $710 million with
non-GAAP diluted earnings per share of $1.13 at the midpoint of our
revenue range.” This guidance is based on our current expectations
of customer demand and our continued ability to manufacture and
ship products, each of which could be impacted by COVID-19, as
discussed further below.
Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.44 per share of the Company’s common stock, payable on June 11,
2020, to stockholders of record at the close of business on May 21,
2020.
COVID-19 Update
As announced on April 14, 2020, we temporarily suspended our
manufacturing operations in Mexicali, Mexico, pursuant to an order
by the government of the state of Baja California, Mexico, in an
effort to reduce the spread of the COVID-19 pandemic. After working
in close collaboration with state and local officials in Mexicali,
on April 27, 2020, we were given permission to resume our Mexicali
operations. In resuming the Mexicali operations, we continue to
employ safety protocols in accordance with applicable guidance from
government officials. We do not expect that the temporary
suspension of our Mexicali operations experienced in April will
have a significant impact on the company’s overall business
operations.
Other than the temporary suspension of manufacturing activities
in Mexicali, to date we have not experienced any significant
disruptions to our ongoing operations or to our supply chain as a
result of the COVID-19 pandemic. In response to the pandemic,
Skyworks continues to implement multiple protocols in its
facilities worldwide, including social distancing, pre-shift
temperature screening, enhanced use of personal protective
equipment, heightened sanitation standards and remote-work options
wherever possible. In addition, Skyworks continues to implement
rotating shifts with reduced staffing at its various manufacturing
sites. Implementation of these protective measures allows Skyworks
to better safeguard employee health while simultaneously
maintaining business and manufacturing operations and continuing to
provide products critical to sectors deemed “essential” under the
applicable laws, regulations and orders of the jurisdictions in
which the company has facilities.
Skyworks’ Second Quarter 2020 Conference Call
Skyworks will host a conference call with analysts to discuss
its second fiscal quarter 2020 results and business outlook today
at 4:30 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 (844) 583-4549 (domestic) or (825) 312-2257 (international),
confirmation code: 9073455.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on May 4 and end at 9:00 p.m. Eastern time on May 11. The
replay will be available on Skyworks’ website or by calling (800)
585-8367 (domestic) or (416) 621-4642 (international), access code:
9073455.
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 the impact of the temporary suspension of our
operations in Mexicali, Mexico, the impact of the global COVID-19
pandemic on our business operations, and the 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 effects of the global COVID-19 pandemic
and the measures taken to limit COVID-19’s spread on our business
operations and financial condition, including reduced shift
staffing across all of our manufacturing facilities, as well as
potential other disruptions to our business, including but not
limited to the suspension or restriction of operations at our
facilities and third-party supply chain disruptions, that could
result from social distancing measures or additional actions that
may be taken by us, our suppliers and partners or governmental
authorities in the jurisdictions in which we operate in an effort
to contain the COVID-19 pandemic; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers’, products to economic downturns, including as a result
of the COVID-19 pandemic; 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; delays in the standardization
or commercial deployment of 5G technologies; 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
Six Months Ended
(in millions, except per share
amounts)
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
Net revenue
$
766.1
$
810.4
$
1,662.2
$
1,782.4
Cost of goods sold
390.5
410.2
842.3
897.0
Gross profit
375.6
400.2
819.9
885.4
Operating expenses:
Research and development
113.2
107.5
220.8
216.7
Selling, general and administrative
58.6
47.9
114.0
95.7
Amortization of intangibles
3.1
5.7
6.3
13.1
Restructuring and other charges
1.2
1.5
2.0
1.4
Total operating expenses
176.1
162.6
343.1
326.9
Operating income
199.5
237.6
476.8
558.5
Other income, net
3.5
3.7
4.9
6.6
Income before income taxes
203.0
241.3
481.7
565.1
Provision for income taxes
21.9
27.3
43.6
66.3
Net income
$
181.1
$
214.0
$
438.1
$
498.8
Earnings per share:
Basic
$
1.07
$
1.23
$
2.58
$
2.85
Diluted
$
1.06
$
1.23
$
2.56
$
2.83
Weighted average shares:
Basic
170.0
173.8
170.1
175.2
Diluted
171.1
174.6
171.3
176.1
SKYWORKS SOLUTIONS,
INC.
UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended
Six Months Ended
(in millions)
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
GAAP gross profit
$
375.6
$
400.2
$
819.9
$
885.4
Share-based compensation expense [a]
7.2
3.3
11.4
6.9
Acquisition-related expenses
—
—
—
1.9
Amortization of acquisition-related
intangibles
5.9
4.7
11.8
9.3
Settlements, gains, losses and impairments
[b]
(4.5
)
2.5
(9.9
)
2.5
Restructuring and other charges
$
—
$
0.4
$
—
$
0.4
Non-GAAP gross profit
$
384.2
$
411.1
$
833.2
$
906.4
GAAP gross margin %
49.0
%
49.4
%
49.3
%
49.7
%
Non-GAAP gross margin %
50.2
%
50.7
%
50.1
%
50.9
%
Three Months Ended
Six Months Ended
(in millions)
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
GAAP operating income
$
199.5
$
237.6
$
476.8
$
558.5
Share-based compensation expense [a]
40.2
21.8
73.8
42.6
Acquisition-related expenses
1.0
1.5
1.2
3.6
Amortization of acquisition-related
intangibles
9.1
10.4
18.1
22.4
Settlements, gains, losses and impairments
[b]
(2.2
)
3.0
(7.8
)
3.7
Restructuring and other charges
1.1
1.8
2.0
1.8
Deferred executive compensation
(benefit)
—
—
—
(0.1
)
Non-GAAP operating income
$
248.7
$
276.1
$
564.1
$
632.5
GAAP operating margin %
26.0
%
29.3
%
28.7
%
31.3
%
Non-GAAP operating margin %
32.5
%
34.1
%
33.9
%
35.5
%
Three Months Ended
Six Months Ended
(in millions)
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
GAAP net income
$
181.1
$
214.0
$
438.1
$
498.8
Share-based compensation expense [a]
40.2
21.8
73.8
42.6
Acquisition-related expenses
1.0
1.5
1.2
3.6
Amortization of acquisition-related
intangibles
9.1
10.4
18.1
22.4
Settlements, gains, losses and impairments
[b]
(1.2
)
3.0
(6.8
)
3.7
Restructuring and other charges
1.1
1.8
2.0
1.8
Deferred executive compensation
(benefit)
—
—
—
(0.1
)
Tax adjustments
(1.8
)
4.1
(8.2
)
8.4
Non-GAAP net income
$
229.5
$
256.6
$
518.2
$
581.2
Three Months Ended
Six Months Ended
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
GAAP net income per share, diluted
$
1.06
$
1.23
$
2.56
$
2.83
Share-based compensation expense [a]
0.23
0.12
0.43
0.24
Acquisition-related expenses
0.01
0.01
0.01
0.02
Amortization of acquisition-related
intangibles
0.05
0.06
0.11
0.13
Settlements, gains, losses and impairments
[b]
(0.01
)
0.02
(0.04
)
0.02
Restructuring and other charges
0.01
0.01
0.01
0.01
Tax adjustments
(0.01
)
0.02
(0.05
)
0.05
Non-GAAP net income per share, diluted
$
1.34
$
1.47
$
3.03
$
3.30
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 - because 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 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 as a result of different
companies potentially calculating 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
2020 fiscal year (“Q3 2020”). 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 2020 GAAP diluted earnings per share to a
forward-looking estimate of Q3 2020 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
2020 (other than estimated share-based compensation expense of
$0.20 to $0.25 per diluted share, estimated amortization of
intangibles of $0.04 to $0.06 per diluted share and certain tax
items of -$0.05 to $0.05 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, expenses related to the temporary
suspension of our Mexicali operations, 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 $0.10 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 27, 2020,
approximately $7.2 million, $17.1 million and $15.8 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 27, 2020, approximately $11.4 million,
$32.0 million and $30.4 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 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.
[b] During the three and six months ended
March 27, 2020, the Company recognized $1.2 million and $6.8
million in non-recurring benefits, respectively, primarily
consisting of inventory-related charges that were reversed as we
settled supplier purchasing commitments that were booked in prior
periods 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.
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.
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions)
March 27, 2020
September 27, 2019
Assets
Cash, cash equivalents and marketable
securities
$
1,108.0
$
1,082.2
Accounts receivable, net
367.6
465.3
Inventory
648.9
609.7
Property, plant and equipment, net
1,207.9
1,205.6
Goodwill and intangible assets, net
1,275.2
1,297.7
Other assets
374.3
179.1
Total assets
$
4,981.9
$
4,839.6
Liabilities and Equity
Accounts payable
$
169.5
$
190.5
Accrued and other liabilities
669.6
526.8
Stockholders’ equity
4,142.8
4,122.3
Total liabilities and equity
$
4,981.9
$
4,839.6
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Six Months Ended
(in millions)
March 27, 2020
March 29, 2019
March 27, 2020
March 29, 2019
Cash flow from operating
activities
Net income
$
181.1
$
214.0
$
438.1
$
498.8
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation
40.2
21.8
73.8
42.6
Depreciation
80.5
78.9
160.3
156.4
Amortization of intangible assets,
including inventory step-up
11.3
13.1
22.7
28.6
Deferred income taxes
0.2
(29.4
)
1.1
(27.6
)
Other, net
2.1
(0.3
)
2.1
0.8
Changes in operating assets:
Receivables, net
59.2
(19.4
)
97.7
112.0
Inventory
(44.9
)
(61.9
)
(37.0
)
(66.9
)
Accounts payable
(6.5
)
(1.7
)
(13.2
)
(23.9
)
Other current and long-term assets and
liabilities
(42.8
)
(23.0
)
(66.8
)
20.3
Net cash provided by operations
280.4
192.1
678.8
741.1
Cash flow from investing
activities
Capital expenditures
(60.7
)
(96.7
)
(171.9
)
(226.2
)
Purchased intangibles
(0.2
)
(12.9
)
(0.2
)
(12.9
)
Purchases of marketable securities
(47.3
)
(164.5
)
(178.8
)
(166.7
)
Sales and maturities of marketable
securities
152.2
6.0
214.4
309.2
Net cash provided by (used in)
investing activities
44.0
(268.1
)
(136.5
)
(96.6
)
Cash flow from financing
activities
Repurchase of common stock — payroll tax
withholdings on equity awards
(2.0
)
(1.6
)
(28.7
)
(21.0
)
Repurchase of common stock — stock
repurchase program
(283.8
)
(141.5
)
(358.0
)
(425.5
)
Dividends paid
(74.9
)
(66.0
)
(150.0
)
(133.1
)
Net proceeds from exercise of stock
options
8.3
4.4
43.3
6.8
Proceeds from employee stock purchase
plan
12.2
11.3
12.2
11.3
Net cash used in financing
activities
(340.2
)
(193.4
)
(481.2
)
(561.5
)
Net increase (decrease) in cash and cash
equivalents
(15.8
)
(269.4
)
61.1
83.0
Cash and cash equivalents at beginning of
period
928.2
1,085.7
851.3
733.3
Cash and cash equivalents at end of
period
$
912.4
$
816.3
$
912.4
$
816.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200504005694/en/
Investor Relations: Mitch Haws (949) 231-3223
Skyworks Solutions (NASDAQ:SWKS)
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