Q4 FY21 Results
- Delivers Record Q4 Revenue of $1.311 Billion, up 17%
Sequentially and 37% Y-o-Y
- Posts Q4 FY21 GAAP Diluted EPS of $1.95, up 34% Y-o-Y; Non-GAAP
Diluted EPS of $2.62, up 42% Y-o-Y
- Guides to Double-Digit Sequential Revenue and Earnings Growth
in Q1 FY22
Full Year FY21 Results
- Delivers Record FY21 Revenue of $5.109 Billion, up 52%
Y-o-Y
- Posts FY21 GAAP Diluted EPS of $8.97, up 87% Y-o-Y; FY21
Non-GAAP Diluted EPS of $10.50, up 71% Y-o-Y
- Generates Record Operating Cash Flow in FY21 of $1.772 Billion,
up 47% Y-o-Y
Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of
high-performance analog semiconductors connecting people, places
and things, today reported fourth fiscal quarter and fiscal
year-end results for the period ended Oct. 1, 2021.
Revenue for the fourth fiscal quarter of 2021 was $1.311
billion, up 17 percent sequentially and 37 percent year over year
and exceeding consensus estimates. On a GAAP basis, operating
income for the fourth fiscal quarter was $327.5 million with
diluted earnings per share of $1.95. On a non-GAAP basis, operating
income was $487.6 million with non-GAAP diluted earnings per share
of $2.62.
For fiscal year 2021, revenue was $5.109 billion, with GAAP
diluted earnings per share of $8.97, up 87 percent year over year.
Non-GAAP diluted earnings per share for fiscal year 2021 were
$10.50, up 71 percent year over year.
“Skyworks set new records for revenue and earnings for the
fourth quarter and the fiscal year, delivering significant
year-over-year growth in response to robust demand across our
expanded product portfolio,” said Liam K. Griffin, chairman, CEO
and president of Skyworks. “Our strong performance throughout the
initial stage of a multi-year wireless transition has been powered
by deep customer relationships and decades of investments in
innovative connectivity solutions. Leveraging strategic
technologies from high-performance filters to custom gallium
arsenide and advanced packaging, our world-class manufacturing
capabilities enable us to effectively navigate a complex supply
environment, capturing expanding opportunities across our end
markets.
“Looking ahead, Skyworks’ cash generation ability is funding
capacity expansion and next-generation technology development,
positioning us for continued leadership and sustainable growth as
the transition to 5G and other advanced connectivity solutions
continues.”
Fourth Fiscal Quarter Business Highlights
- Extended the reach of our Sky5® portfolio, powering the latest
launches of leading Tier-1 smartphone OEMs
- Delivered 5G CPE solutions to Nokia
- Partnered with Swisscom to launch their Wi-Fi 6 GPON
residential gateways
- Ramped Wi-Fi 6 and 6E platforms at NETGEAR and Cisco
- Launched connected home and security devices with Amazon Ring
and Comcast
- Shipped Sky5® platforms supporting Samsung’s Galaxy Book Pro
360
- Captured design wins at Garmin supporting mobile fitness
applications
- Provided power isolation solutions to a strategic manufacturer
of EV, residential solar and energy storage systems
- Supported autonomous driving at a market-leading Robotaxi
vehicle platform
- Enabled advanced Charge Control Unit systems for a Tier-1
European automotive OEM
First Fiscal Quarter 2022 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.
“Based on continued content gains, product ramps and design wins
across both mobile and broad markets, we expect further
double-digit sequential revenue and earnings growth in the December
quarter,” said Kris Sennesael, senior vice president and chief
financial officer of Skyworks. “Specifically, in the first fiscal
quarter of 2022, we anticipate revenue to be between $1.475 billion
and $1.525 billion with non-GAAP diluted earnings per share of
$3.10 at the midpoint of our revenue range.”
Dividend Payment
Skyworks’ board of directors has declared a cash dividend of
$0.56 per share of the Company’s common stock, payable on Dec. 14,
2021, to stockholders of record at the close of business on Nov.
23, 2021.
Skyworks’ Fourth Quarter 2021 Conference Call
Skyworks will host a conference call with analysts to discuss
its fourth quarter fiscal 2021 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 (844) 583-4549 (domestic) or (825) 312-2257 (international),
Conference ID: 4648638.
Playback of the conference call will begin at 9 p.m. EDT on Nov.
4, 2021, and end at 9 p.m. EST on Nov. 11, 2021. The replay will be
available on Skyworks’ website or by calling (800) 585-8367
(domestic) or (416) 621-4642 (international), Conference ID:
4648638.
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,
entertainment and gaming, 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, debt repayment 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 on our business operations of
the global COVID-19 pandemic, including the spread of more
contagious variants of the virus that causes COVID-19, as well as
of the measures taken to limit COVID-19’s spread, 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, our requirement that
U.S.-based employees receive the COVID-19 vaccination as a
condition of employment 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 cycles; our reliance on a small number of key customers
for a large percentage of our sales; the availability and pricing
of third-party semiconductor foundry, assembly and test capacity,
raw materials, supplier components, equipment and shipping and
logistics services, including limits on our customers’ ability to
obtain such services and materials; our ability to realize the
anticipated benefits from the transaction with Silicon Laboratories
Inc. (“Silicon Labs”), including the ability to successfully
integrate the assets acquired and employees transferred; 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;
delays in the deployment of commercial 5G networks or in consumer
adoption of 5G-enabled devices; 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; reduced flexibility in
operating our business as a result of the indebtedness incurred in
connection with the transaction with Silicon Labs; 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
Twelve Months Ended
(in millions, except per share
amounts)
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
Net revenue
$
1,310.9
$
956.8
$
5,109.1
$
3,355.7
Cost of goods sold
697.2
497.9
2,596.7
1,742.8
Gross profit
613.7
458.9
2,512.4
1,612.9
Operating expenses:
Research and development
149.2
126.3
532.3
464.1
Selling, general, and administrative
100.5
62.2
322.5
231.4
Amortization of intangibles
28.1
2.8
36.0
11.8
Restructuring, impairment, and other
charges
8.4
—
8.9
13.8
Total operating expenses
286.2
191.3
899.7
721.1
Operating income
327.5
267.6
1,612.7
891.8
Interest expense
(10.8
)
—
(13.4
)
—
Other income (expense), net
(0.5
)
(1.5
)
(0.6
)
(0.1
)
Income before income taxes
316.2
266.1
1,598.7
891.7
Provision (benefit) for income taxes
(10.1
)
19.2
100.4
76.9
Net income
$
326.3
$
246.9
$
1,498.3
$
814.8
Earnings per share:
Basic
$
1.97
$
1.48
$
9.07
$
4.84
Diluted
$
1.95
$
1.46
$
8.97
$
4.80
Weighted average shares:
Basic
165.2
166.6
165.2
168.5
Diluted
167.3
168.6
167.0
169.9
SKYWORKS SOLUTIONS,
INC.
UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended
Twelve Months Ended
(in millions)
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
GAAP gross profit
$
613.7
$
458.9
$
2,512.4
$
1,612.9
Share-based compensation expense [a]
5.0
7.2
28.9
23.2
Acquisition-related expenses
17.7
—
17.7
—
Amortization of acquisition-related
intangibles
31.6
5.2
39.6
24.7
Settlements, gains, losses, and
impairments
—
10.6
—
23.5
Non-GAAP gross profit
$
668.0
$
481.9
$
2,598.6
$
1,684.3
GAAP gross margin %
46.8
%
48.0
%
49.2
%
48.1
%
Non-GAAP gross margin %
51.0
%
50.4
%
50.9
%
50.2
%
Three Months Ended
Twelve Months Ended
(in millions)
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
GAAP operating income
$
327.5
$
267.6
$
1,612.7
$
891.8
Share-based compensation expense [a]
47.6
45.1
191.9
156.6
Acquisition-related expenses
43.5
—
60.2
1.3
Amortization of acquisition-related
intangibles
59.7
8.0
75.6
36.5
Settlements, gains, losses, and
impairments
8.0
14.2
10.9
41.2
Restructuring and other charges
1.3
—
1.8
2.0
Non-GAAP operating income
$
487.6
$
334.9
$
1,953.1
$
1,129.4
GAAP operating margin %
25.0
%
28.0
%
31.6
%
26.6
%
Non-GAAP operating margin %
37.2
%
35.0
%
38.2
%
33.7
%
Three Months Ended
Twelve Months Ended
(in millions)
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
GAAP net income
$
326.3
$
246.9
$
1,498.3
$
814.8
Share-based compensation expense [a]
47.6
45.1
191.9
156.6
Acquisition-related expenses
43.5
—
60.2
1.3
Amortization of acquisition-related
intangibles
59.7
8.0
75.6
36.5
Settlements, gains, losses, and
impairments
8.5
14.7
12.9
43.8
Restructuring and other charges
1.3
—
1.8
2.0
Tax adjustments
(48.1
)
(2.5
)
(87.6
)
(13.7
)
Non-GAAP net income
$
438.8
$
312.2
$
1,753.1
$
1,041.3
Three Months Ended
Twelve Months Ended
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
GAAP net income per share, diluted
$
1.95
$
1.46
$
8.97
$
4.80
Share-based compensation expense [a]
0.28
0.27
1.15
0.92
Acquisition-related expenses
0.26
—
0.36
0.01
Amortization of acquisition-related
intangibles
0.36
0.05
0.45
0.21
Settlements, gains, losses, and
impairments
0.05
0.09
0.08
0.26
Restructuring and other charges
0.01
—
0.01
0.01
Tax adjustments
(0.29
)
(0.02
)
(0.52
)
(0.08
)
Non-GAAP net income per share, diluted
$
2.62
$
1.85
$
10.50
$
6.13
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, 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, and
settlements, gains, losses, and impairments. 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, and restructuring-related charges.
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, 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.
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 first quarter of our
2022 fiscal year (“Q1 2022”). 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 Q1 2022 GAAP diluted earnings per share to a
forward-looking estimate of Q1 2022 non-GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q1
2022 (other than estimated share-based compensation expense of
$0.25 to $0.35 per diluted share, estimated amortization of
intangibles of $0.50 to $0.75 per diluted share and certain tax
items of -$0.15 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 $0.15 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]
The following table summarizes the expense
recognized in accordance with ASC 718 - Compensation, Stock
Compensation (in millions):
Three Months Ended
Twelve Months Ended
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
Cost of goods sold
$
5.0
$
7.2
$
28.9
$
23.2
Research and development
23.4
19.8
85.7
68.7
Selling, general, and administrative
19.2
18.1
77.3
64.7
Total share-based compensation
$
47.6
$
45.1
$
191.9
$
156.6
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions)
October 1,
2021
October 2,
2020
Assets
Cash, cash equivalents, and marketable
securities
$
1,027.2
$
980.0
Accounts receivable, net
756.2
393.6
Inventory
885.0
806.0
Property, plant, and equipment, net
1,501.6
1,249.5
Goodwill and intangible assets, net
3,875.3
1,243.3
Other assets
545.4
434.3
Total assets
$
8,590.7
$
5,106.7
Liabilities and Equity
Accounts payable
$
236.0
$
226.9
Accrued and other liabilities
822.0
715.6
Long-term debt
2,235.6
—
Stockholders’ equity
5,297.1
4,164.2
Total liabilities and equity
$
8,590.7
$
5,106.7
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Twelve Months Ended
(in millions)
October 1,
2021
October 2,
2020
October 1,
2021
October 2,
2020
Cash flow from operating
activities
Net income
$
326.3
$
246.9
$
1,498.3
$
814.8
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation
47.6
45.0
191.9
156.6
Depreciation
89.3
80.1
332.2
318.3
Amortization of intangible assets,
including inventory step-up
80.6
10.7
104.5
46.0
Deferred income taxes
(56.9
)
(11.6
)
(59.5
)
(13.4
)
Asset impairment charges
7.1
—
7.1
11.8
Amortization of debt discount and issuance
costs
0.9
—
1.1
—
Other, net
0.2
0.9
0.2
3.8
Changes in assets and liabilities:
Receivables, net
(238.9
)
(36.2
)
(397.7
)
76.6
Inventory
(35.4
)
(106.8
)
(41.2
)
(190.4
)
Accounts payable
37.9
48.3
59.6
61.1
Other current and long-term assets and
liabilities
139.6
(10.3
)
75.5
(80.7
)
Net cash provided by operating
activities
398.3
267.0
1,772.0
1,204.5
Cash flow from investing
activities
Capital expenditures
(263.0
)
(145.9
)
(637.8
)
(389.4
)
Purchased intangibles
(6.8
)
(1.5
)
(14.3
)
(9.1
)
Purchases of marketable securities
(92.4
)
(350.6
)
(500.8
)
(790.5
)
Sales and maturities of marketable
securities
81.1
307.7
770.7
607.6
Payments for acquisitions
(2,751.0
)
—
(2,751.0
)
—
Net cash used in investing
activities
(3,032.1
)
(190.3
)
(3,133.2
)
(581.4
)
Cash flow from financing
activities
Repurchase of common stock — payroll tax
withholdings on equity awards
(1.7
)
(2.2
)
(55.2
)
(33.1
)
Repurchase of common stock — stock
repurchase program
—
(231.1
)
(195.6
)
(647.5
)
Dividends paid
(92.5
)
(83.5
)
(340.6
)
(307.0
)
Net proceeds from exercise of stock
options
3.8
5.0
11.6
57.1
Proceeds from employee stock purchase
plan
12.1
10.5
24.8
22.8
Proceeds from issuance of long-term debt,
net
998.4
—
2,488.2
—
Debt financing costs
1.6
—
(5.8
)
—
Payments of debt
(250.0
)
—
(250.0
)
—
Net cash provided by (used in)
financing activities
671.7
(301.3
)
1,677.4
(907.7
)
Net increase (decrease) in cash and cash
equivalents
(1,962.1
)
(224.6
)
316.2
(284.6
)
Cash and cash equivalents at beginning of
period
2,845.0
791.3
566.7
851.3
Cash and cash equivalents at end of
period
$
882.9
$
566.7
$
882.9
$
566.7
View source
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