Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of
high-performance analog and mixed signal 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 through Feb. 1, 2025, 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
succeeds in its entirety the $2 billion stock repurchase program
that was approved by the board of directors on Jan. 26, 2021.
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.
The Company currently expects to fund the repurchase program
using the Company’s working capital. As of Dec. 30, 2022, the
Company had cash and marketable securities of approximately $993
million.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog and mixed signal
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, defense, entertainment and gaming, industrial,
medical, 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® market
index (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 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:
the effects of the COVID-19 pandemic on business conditions in our
industry, including supply constraints and supply chain
disruptions, and the potential for the uncertain duration, severity
and future impact of the pandemic, including as a result of more
contagious variants of the virus that causes COVID-19, to result in
significant disruptions to our business operations, as well as
negative impacts to our financial condition; the susceptibility of
the semiconductor industry and the markets addressed by our, and
our customers’, products to economic cycles, including a rise in
inflation and the current heightened risk of recession; 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; the risks of doing business internationally,
including increased import/export restrictions and controls (e.g.,
our ability to sell products to certain specified foreign 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
geopolitical conditions in the countries in which we, our customers
or our suppliers operate, including the war in Ukraine; delays in
the deployment of commercial 5G networks or in consumer adoption of
5G-enabled devices; the volatility of our stock price; 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 Laboratories Inc.;
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 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/20230206005132/en/
Media Relations: Constance Griffiths (949) 231-4207
Investor Relations: Mitch Haws (949) 231-3223
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