- Delivers Revenue of $736.8 Million
- Posts GAAP Diluted EPS of $0.77; Non-GAAP Diluted EPS of
$1.25
- Guides to Double-Digit Sequential Revenue and Earnings Growth
in Q4 FY20
- Increases Quarterly Dividend by 14 Percent to $0.50 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 26, 2020. Revenue for the third fiscal quarter
was $736.8 million, exceeding consensus estimates.
On a GAAP basis, operating income for the third fiscal quarter
of 2020 was $147.5 million with diluted earnings per share of
$0.77. On a non-GAAP basis, operating income was $230.3 million
with non-GAAP diluted earnings per share of $1.25.
“Skyworks delivered results well above expectations in the June
quarter, as our Sky5® platform gains traction, powering innovation
in 5G applications at the leading mobile phone OEMs worldwide, and
increasingly across our IoT customers,” said Liam K. Griffin,
president and chief executive officer of Skyworks.
“At the cusp of a multi-year upgrade cycle, we are capitalizing
on early market momentum and accelerating widespread 5G adoption.
Our efforts are underpinned by years of investment in
next-generation technologies, uniquely positioning Skyworks to
deliver long-term profitable growth.”
Third Fiscal Quarter Business Highlights
- Expanded Sky5® platform across major handsets OEMs, including
wins at Samsung, Oppo, Vivo, Xiaomi, Motorola and other Tier-1
players
- Enabled Wi-Fi 6 tri-band home gateways at AT&T
- Ramped indoor and outdoor access points at Aruba, Juniper and
Linksys
- Powered highly integrated connectivity in Amazon/Ring security
systems
- Launched mesh router and voice assistant solutions at
Google
- Leveraged 4x4 MIMO and Wi-Fi engines in premium sound bars at
Sonos
- Delivered new cognitive wireless audio solutions, powering the
leading gaming headsets
- Supported industrial IoT platforms at Gemalto
- Captured new design wins leveraging Sky5® at BMW, Ford and
other automotive leaders
- Secured design wins at Tier-1 aerospace and defense OEMs with
highly integrated GPS, circulator and advanced filter
solutions
Fourth 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.
“Looking ahead to the fourth fiscal quarter, we expect
double-digit sequential revenue and earnings per share growth
driven by the strong demand for our market-leading solutions,” said
Kris Sennesael, senior vice president and chief financial officer
of Skyworks. “Specifically, in the fourth fiscal quarter of 2020,
we anticipate revenue to be between $830 million and $850 million
with non-GAAP diluted earnings per share of $1.51 at the midpoint
of our revenue range. Further, given our confidence in Skyworks’
strategic outlook and strong cash flow generation, we are
announcing another substantial raise to our quarterly
dividend.”
The above 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 the COVID-19 pandemic,
among other factors.
Dividend Increase and Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.50 per share of the Company’s common stock, representing a 14
percent increase from the prior quarterly dividend of $0.44 per
share. The dividend is payable on Sept. 1, 2020, to stockholders of
record at the close of business on Aug. 11, 2020.
Skyworks’ Third Quarter 2020 Conference Call
Skyworks will host a conference call with analysts to discuss
its third quarter fiscal 2020 results and business outlook today at
4:30 p.m. EDT. 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 (833)
714-0912 (domestic) or (778) 560-2690 (international), Conference
ID: 8137919.
Playback of the conference call will begin at 9 p.m. EDT on July
23, 2020, and end at 9 p.m. EDT on July 30, 2020. The replay will
be available on Skyworks’ website or by calling (800) 585-8367
(domestic) or (416) 621-4642 (international), Conference ID:
8137919.
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 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, employee quarantines,
restricting certain employees from working 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, as well as
other entities, 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
Nine Months Ended
(in millions, except per share
amounts)
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
Net revenue
$
736.8
$
767.0
$
2,398.9
$
2,549.4
Cost of goods sold
402.7
454.5
1,244.9
1,351.6
Gross profit
334.1
312.5
1,154.0
1,197.8
Operating expenses:
Research and development
117.0
100.6
337.9
317.3
Selling, general and administrative
55.0
46.8
169.1
142.5
Amortization of intangibles
2.8
5.5
9.0
18.6
Restructuring, impairment and other
charges
11.8
—
13.8
1.3
Total operating expenses
186.6
152.9
529.8
479.7
Operating income
147.5
159.6
624.2
718.1
Other income (expense), net
(3.5
)
2.3
1.4
8.9
Income before income taxes
144.0
161.9
625.6
727.0
Provision for income taxes
14.3
17.8
57.7
84.0
Net income
$
129.7
$
144.1
$
567.9
$
643.0
Earnings per share:
Basic
$
0.78
$
0.83
$
3.36
$
3.69
Diluted
$
0.77
$
0.83
$
3.33
$
3.67
Weighted average shares:
Basic
167.0
172.6
169.1
174.3
Diluted
168.3
173.4
170.3
175.2
SKYWORKS SOLUTIONS,
INC.
UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended
Nine Months Ended
(in millions)
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
GAAP gross profit
$
334.1
$
312.5
$
1,154.0
$
1,197.8
Share-based compensation expense [a]
4.7
1.4
16.1
8.2
Acquisition-related expenses
—
—
—
1.9
Amortization of acquisition-related
intangibles
7.6
5.9
19.4
15.3
Settlements, gains, losses and impairments
[b]
22.8
66.6
13.0
69.2
Restructuring and other charges
—
—
—
0.4
Non-GAAP gross profit
$
369.2
$
386.4
$
1,202.5
$
1,292.8
GAAP gross margin %
45.3
%
40.7
%
48.1
%
47.0
%
Non-GAAP gross margin %
50.1
%
50.4
%
50.1
%
50.7
%
Three Months Ended
Nine Months Ended
(in millions)
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
GAAP operating income
$
147.5
$
159.6
$
624.2
$
718.1
Share-based compensation expense [a]
37.8
16.1
111.6
58.6
Acquisition-related expenses (benefit)
—
(1.5
)
1.2
2.1
Amortization of acquisition-related
intangibles
10.3
11.4
28.4
33.8
Settlements, gains, losses and impairments
[b]
34.7
66.6
27.0
70.4
Restructuring and other charges
—
—
2.0
1.8
Deferred executive compensation
(benefit)
—
—
—
(0.1
)
Non-GAAP operating income
$
230.3
$
252.2
$
794.4
$
884.7
GAAP operating margin %
20.0
%
20.8
%
26.0
%
28.2
%
Non-GAAP operating margin %
31.3
%
32.9
%
33.1
%
34.7
%
Three Months Ended
Nine Months Ended
(in millions)
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
GAAP net income
$
129.7
$
144.1
$
567.9
$
643.0
Share-based compensation expense [a]
37.8
16.1
111.6
58.6
Acquisition-related expenses (benefit)
—
(1.5
)
1.2
2.1
Amortization of acquisition-related
intangibles
10.3
11.4
28.4
33.8
Settlements, gains, losses and impairments
[b]
35.8
66.6
29.1
70.4
Restructuring and other charges
—
—
2.0
1.8
Deferred executive compensation
(benefit)
—
—
—
(0.1
)
Tax adjustments
(2.8
)
(3.1
)
(11.1
)
5.2
Non-GAAP net income
$
210.8
$
233.6
$
729.1
$
814.8
Three Months Ended
Nine Months Ended
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
GAAP net income per share, diluted
$
0.77
$
0.83
$
3.33
$
3.67
Share-based compensation expense [a]
0.22
0.10
0.66
0.34
Acquisition-related expenses (benefit)
—
(0.01
)
0.01
0.01
Amortization of acquisition-related
intangibles
0.06
0.07
0.17
0.19
Settlements, gains, losses and impairments
[b]
0.21
0.38
0.17
0.40
Restructuring and other charges
0.01
—
0.01
0.01
Tax adjustments
(0.02
)
(0.02
)
(0.07
)
0.03
Non-GAAP net income per share, diluted
$
1.25
$
1.35
$
4.28
$
4.65
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 fourth quarter of our
2020 fiscal year (“Q4 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 Q4 2020 GAAP diluted earnings per share to a
forward-looking estimate of Q4 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 Q4
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, 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 June 26, 2020, approximately $4.7 million,
$17.0 million and $16.1 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 26, 2020, approximately $16.1 million, $49.0 million and $46.5
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 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.
[b]
During the three and nine months ended
June 26, 2020, the Company incurred a $23.4 million production
utilization charge due to the suspension of the Company's
operations in Mexicali, Mexico, for approximately two weeks
pursuant to an order by the government of the state of Baja
California, Mexico, designed to mitigate the spread of COVID-19, as
well as a $9.8 million impairment charge on its intangible assets.
These charges were partially offset by non-recurring benefits
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 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.
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions)
June 26,
2020
September 27,
2019
Assets
Cash, cash equivalents and marketable
securities
$
1,162.4
$
1,082.2
Accounts receivable, net
346.1
465.3
Inventory
698.2
609.7
Property, plant and equipment, net
1,206.9
1,205.6
Goodwill and intangible assets, net
1,252.7
1,297.7
Other assets
406.1
179.1
Total assets
$
5,072.4
$
4,839.6
Liabilities and Equity
Accounts payable
$
200.9
$
190.5
Accrued and other liabilities
689.1
526.8
Stockholders’ equity
4,182.4
4,122.3
Total liabilities and equity
$
5,072.4
$
4,839.6
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Nine Months Ended
(in millions)
June 26,
2020
June 28,
2019
June 26,
2020
June 28,
2019
Cash flow from operating
activities
Net income
$
129.7
$
144.1
$
567.9
$
643.0
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation
37.8
16.0
111.6
58.6
Depreciation
77.9
79.0
238.2
235.4
Amortization of intangible assets,
including inventory step-up
12.7
14.7
35.4
43.3
Deferred income taxes
(2.9
)
15.5
(1.8
)
(12.1
)
Asset impairment charges
11.8
—
11.8
—
Changes in fair value of contingent
consideration
—
(3.1
)
—
(3.1
)
Other, net
0.7
(0.7
)
2.8
0.1
Changes in operating assets:
Receivables, net
21.5
(14.0
)
119.2
98.0
Inventory
(46.4
)
(22.8
)
(83.5
)
(89.7
)
Accounts payable
25.9
(0.5
)
12.7
(24.5
)
Other current and long-term assets and
liabilities
(10.0
)
(18.9
)
(76.8
)
1.4
Net cash provided by operations
258.7
209.3
937.5
950.4
Cash flow from investing
activities
Capital expenditures
(71.6
)
(87.8
)
(243.5
)
(314.0
)
Purchased intangibles
(7.4
)
1.1
(7.6
)
(11.8
)
Purchases of marketable securities
(261.1
)
(77.0
)
(439.9
)
(243.7
)
Sales and maturities of marketable
securities
85.6
25.2
300.0
334.4
Net cash used in investing
activities
(254.5
)
(138.5
)
(391.0
)
(235.1
)
Cash flow from financing
activities
Repurchase of common stock — payroll tax
withholdings on equity awards
(2.2
)
(0.6
)
(30.9
)
(21.6
)
Repurchase of common stock — stock
repurchase program
(58.5
)
(85.8
)
(416.5
)
(511.3
)
Dividends paid
(73.5
)
(65.7
)
(223.5
)
(198.8
)
Net proceeds from exercise of stock
options
8.9
7.8
52.2
14.6
Proceeds from employee stock purchase
plan
—
—
12.2
11.3
Net cash used in financing
activities
(125.3
)
(144.3
)
(606.5
)
(705.8
)
Net increase (decrease) in cash and cash
equivalents
(121.1
)
(73.5
)
(60.0
)
9.5
Cash and cash equivalents at beginning of
period
912.4
816.3
851.3
733.3
Cash and cash equivalents at end of
period
$
791.3
$
742.8
$
791.3
$
742.8
View source
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