Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of
high-performance analog semiconductors connecting people, places
and things, today announced that its board of directors has
authorized the repurchase of up to $2 billion of the Company’s
common stock from time to time prior to Jan. 26, 2023, on the open
market or in privately negotiated transactions, in compliance with
applicable securities laws and other legal requirements. This newly
authorized stock repurchase program replaces in its entirety the $2
billion stock repurchase program that was approved by the board of
directors on Jan. 30, 2019, and had approximately $783 million of
repurchase authority remaining.
The timing and amount of any shares of the Company’s common
stock that are repurchased under the new repurchase program will be
determined by the Company’s management based on its evaluation of
market conditions and other factors. The repurchase program may be
suspended or discontinued at any time. Any repurchased shares will
be available for use in connection with the Company’s stock plans
and for other corporate purposes.
The Company currently expects to fund the repurchase program
using the Company’s working capital. As of Jan. 1, 2021, the
Company had cash and marketable securities of $1 billion.
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, the amount and timing of repurchases and our
expectations with respect to the use of repurchased shares.
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, including reduced shift staffing in certain 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 a small number of key customers for a large
percentage of our sales; delays in the deployment of commercial 5G
networks or in consumer adoption of 5G-enabled devices; the risks
of doing business internationally, including increased
import/export restrictions and controls (e.g., our ability to sell
products to Huawei Technologies Co., Ltd. and certain of its
affiliates, as well as other specified entities, only pursuant to a
limited export license from the U.S. Department of Commerce),
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210128006049/en/
Media Relations: Constance Griffiths (949) 231-4207
Investor Relations: Mitch Haws (949) 231-3223
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