Synaptics Incorporated (NASDAQ: SYNA), the leading developer of
human interface solutions, today reported financial results for its
first fiscal quarter ended September 28, 2019.
Net revenue for the first quarter of fiscal 2020 was up 15%
sequentially to $339.9 million and exceeded the guidance the
company provided last quarter. GAAP net income for the first
quarter of fiscal 2020 was $4.0 million, or $0.12 per diluted
share. Non-GAAP net income for the first quarter of fiscal 2020
increased $27.7 million sequentially to $41.0 million, or $1.22 per
diluted share. (See below under the heading “Use of Non-GAAP
Financial Information” and the attached table for a description and
a reconciliation of GAAP to Non-GAAP financial measures.)
“Our September quarter was stronger than expected as we
had a number of successful large OEM customer product launches this
quarter including smart home devices leveraging our edge computing
SoCs, and new smartphones with both LCD and OLED panels featuring
our display and touch IC solutions,” stated Michael Hurlston,
president and chief executive officer, Synaptics. “As we continue
our corporate transformation, I am committed to focusing our
investments on sustainable franchise solutions that are more
defensible with better margins. We have a strong foundation in
technology and IP at Synaptics, and I am confident that we will
become a stronger, more profitable growth company long-term.”
Cash at September 30, 2019 was $351 million. Cash flow from
operations during the first quarter of fiscal 2020 was $47 million
and the company used $17 million to repurchase approximately 556
thousand shares of its common stock.
Business Outlook
Dean Butler, chief financial officer of Synaptics, added, “We
had a strong start to our fiscal year and continue to maintain a
healthy backlog of $265 million entering the December quarter, and
expect that subsequent bookings, customer forecasts and product
sell-in and sell-through patterns will result in revenue for the
second quarter of fiscal 2020 to be in the range of $345 to $365
million. Based upon this guidance, we expect the revenue mix from
mobile, IoT and PC products to be approximately 54 percent, 25
percent and 21 percent respectively.”
For the second quarter of fiscal 2020, the company expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$345M to $365M +2 percent to +7 percent Q/Q |
N/A |
N/A |
Gross Margin |
38 percent to 40 percent |
Approximately $8.8m* |
40.5 percent to 42.5 percent |
Operating Expense |
$121M to $126M |
Approximately $31M to $33M** |
$90M to $93M |
*Projected Non-GAAP gross margin excludes $8 million of
intangible asset amortization, $0.7 million of stock-based
compensation, and $0.1 million of retention program costs.
**Projected Non-GAAP operating expense excludes $15 million to $16
million of stock-based compensation, $10 million to $11 million of
restructuring, $4 million of retention program costs, and $3
million of intangible asset amortization.
Earnings Call and Supplementary Materials The
Synaptics first quarter and fiscal 2020 teleconference and webcast
is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday,
November 7, 2019, during which the company will provide
forward-looking information.
Speakers:
- Michael Hurlston, President and Chief Executive Officer
- Dean Butler, Chief Financial Officer
- Saleel Awsare, Senior Vice President and General Manager, IoT
Division
- Jason Tsai, Head of Investor Relations
To participate on the live call, analysts and investors should
dial 800-367-2403 (conference ID: 9659203). Supplementary slides, a
copy of the prepared remarks, and a live and archived webcast of
the conference call will be accessible from the “Investor
Relations” section of the company’s Website at
www.synaptics.com.
About Synaptics Incorporated Synaptics is the
pioneer and leader of the human interface revolution, bringing
innovative and intuitive user experiences to intelligent devices.
Synaptics’ broad portfolio of touch, display, biometrics, voice,
audio, and multimedia products is built on the company’s rich
R&D, extensive IP and dependable supply chain capabilities.
With solutions designed for mobile, PC, smart home, and automotive
industries, Synaptics combines ease of use, functionality and
aesthetics to enable products that help make our digital lives more
productive, secure and enjoyable. (NASDAQ: SYNA)
www.synaptics.com.
Join Synaptics on Twitter, LinkedIn, and Facebook or visit
www.synaptics.com.
Use of Non-GAAP Financial Information In
evaluating its business, Synaptics considers and uses Non-GAAP Net
Income, which we define as net income excluding share-based
compensation, acquisition related costs, and certain other non-cash
or recurring and non-recurring items the company does not believe
are indicative of its core operating performance as a supplemental
measure of operating performance. Non-GAAP Net Income is not a
measurement of the company’s financial performance under GAAP and
should not be considered as an alternative to GAAP net income. The
company presents Non-GAAP Net Income because it considers it an
important supplemental measure of its performance since it
facilitates operating performance comparisons from period to period
by eliminating potential differences in net income caused by the
existence and timing of share-based compensation charges,
acquisition related costs, and certain other non-cash or recurring
and non-recurring items. Non-GAAP Net Income has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for the company’s GAAP net income. The principal
limitations of this measure are that it does not reflect the
company’s actual expenses and may thus have the effect of inflating
its net income and net income per share as compared to its
operating results reported under GAAP. In addition, the company
presents components of Non-GAAP Net Income, such as Non-GAAP Gross
Margin and Non-GAAP operating expenses, for similar reasons.
As presented in the “Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures” tables that follow, Non-GAAP Net
Income and each of the other Non-GAAP financial measures excludes
one or more of the following items:
Acquisition related costs. Acquisition related costs primarily
consist of:
- amortization of purchased intangibles, which includes acquired
intangibles such as developed technology, customer relationships,
trademarks, backlog, licensed technology, patents, and in-process
technology when post-acquisition development is determined to be
substantively complete,
- inventory adjustments affecting the carrying value of inventory
acquired in an acquisition,
- transitory post-acquisition incentive programs negotiated in
connection with an acquired business or designed to encourage
post-acquisition retention of key employees, and
- legal and consulting costs associated with acquisitions that
have been announced, including non-recurring post-acquisition costs
and services.
These acquisition related costs are not factored into the
company’s evaluation of its ongoing business operating performance
or potential acquisitions, as they are not considered as part of
the company’s principal operations. Further, the amount of these
costs can vary significantly from period to period based on the
terms of an earn-out arrangement, revisions to assumptions that
went into developing the estimate of the contingent consideration
associated with an earn-out arrangement, the size and timing of an
acquisition, the lives assigned to the acquired intangible assets,
and the maturity of the business acquired. Excluding acquisition
related costs from Non-GAAP measures provides investors with a
basis to compare Synaptics against the performance of other
companies without the variability and potential earnings volatility
associated with purchase accounting and acquisition related
items.
Share-based compensation. Share-based compensation expense
relates to employee equity award programs and the vesting of the
underlying awards, which includes stock options, deferred stock
units, market stock units and the employee stock purchase plan.
Share-based compensation is a non-cash expense that varies in
amount from period to period and is dependent on market forces that
are often beyond the company’s control. As a result, the company
excludes this item from its internal operating forecasts and
models. The company believes that Non-GAAP measures reflecting
adjustments for share-based compensation provide investors with a
basis to compare the company’s principal operating performance
against the performance of peer companies without the variability
created by share-based compensation resulting from the variety of
equity awards used by other companies and the varying methodologies
and assumptions used.
Restructuring costs. Restructuring costs consist primarily of
employee severance and office closure costs, including the reversal
of such costs. These costs are cash-based and designed to address
cost structure inefficiencies. As a result, the company excludes
restructuring costs from its internal operating forecasts and
models when evaluating its ongoing business performance. The
company believes that Non-GAAP measures reflecting adjustments for
restructuring costs provide investors with a basis to compare the
company’s principal operating performance against the performance
of other companies without the variability created by restructuring
costs designed to address cost structure inefficiencies in its
business.
Retention program costs. Retention program costs consist of
employee retention arrangement costs designed to ensure operational
continuity and support through employee retention. These costs are
cash-based and designed to ensure retention of certain key
engineering and management employees as we transition the company
through senior level management and product focus changes. As a
result, the company excludes retention program costs from its
internal operating forecasts and models when evaluating its ongoing
business performance. The company believes that Non-GAAP measures
reflecting adjustments for retention program costs provide
investors with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by retention program costs designed to ensure
operational continuity and support through employee retention
during a transition of senior level management and product focus
changes.
In-process research and development. In-process research and
development represents research and development that is not yet
complete. In the context of a business combination,
in-process research and development costs will be capitalized and
subsequently amortized over an estimated life or impaired. In
the context of an asset acquisition, in-process research and
development costs will be expensed immediately unless there is an
alternative future use. From time to time, we may acquire
in-process research and development assets as part of an asset
acquisition. If determined to have no alternative future use, these
in-process research and development assets will be expensed in the
period acquired. As a result, the company excludes in-process
research and development costs from its internal operating
forecasts and models when evaluating its ongoing business
performance. The company believes that Non-GAAP measures reflecting
adjustments for in-process research and development costs provide
investors with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by in-process research and development
costs.
Other non-cash items. Other non-cash items includes non-cash
amortization of debt discount and issuance costs. These items are
excluded from Non-GAAP results as they are non-cash. Excluding
other non-cash items from Non-GAAP measures provides investors with
a basis to compare Synaptics against the performance of other
companies without the variability associated with other non-cash
items.
Recovery on sale of investment. Recovery on sale of investment,
represents the gain on the recovery of an investment in which the
cost basis was previously written down to fair value. This item is
excluded from Non-GAAP results as the previous write-down was
excluded from Non-GAAP results. Excluding recovery on sale of
investment from Non-GAAP measures provides investors with a basis
to compare Synaptics against the performance of other companies
without the variability associated with recovery on sale of
investment.
Arbitration settlement, net Arbitration settlement, net
represents the impact of the settlement of an arbitration matter
net of related legal and consulting services that is unusual or
infrequent. As a result, the company excludes from its internal
operating forecasts and models, when evaluating its ongoing
business performance, arbitration settlement amounts net of related
costs. The company believes that Non-GAAP measures reflecting
an adjustment for arbitration settlements net of related costs
provides investors with a basis to compare the company’s principal
operating performance against the performance of other companies
without the variability created by infrequent, non-recurring or
non-routine arbitration settlements net of related costs.
Equity investment loss. Equity investment loss represents an
adjustment in the book value of an equity investment in a minority
owned company. The equity investment loss is a non-cash item. As a
result, the company excludes equity investment loss from its
internal operating forecasts and models when evaluating its ongoing
business performance. The company believes that Non-GAAP measures
reflecting adjustments for equity investment loss provide investors
with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by non-cash items.
Non-GAAP tax adjustments. The company forecasts its long-term
Non-GAAP tax rate in order to provide investors with improved
long-term modeling accuracy and consistency across financial
reporting periods by eliminating the effects of certain items in
our Non-GAAP net income and Non-GAAP net income per share,
including the type and amount of deductible stock options, delivery
of shares under deferred stock unit awards, market stock unit
awards, and performance stock unit awards, the taxation of
post-acquisition intercompany intellectual property cross-licensing
or transfer transactions, and the impact of other acquisition items
that may or may not be tax deductible. The company intends to
evaluate its long-term Non-GAAP tax rate annually for significant
events, including material tax law changes in the major tax
jurisdictions in which the company operates, corporate
organizational changes related to acquisitions or tax planning
opportunities, and substantive changes in our geographic earnings
mix.
Forward-Looking Statements This press release
contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business, and
can be identified by the fact that they do not relate strictly to
historical or current facts. Such forward-looking statements may
include words such as “expect,” “anticipate,” “intend,” “believe,”
“estimate,” “plan,” “target,” “strategy,” “continue,” “may,”
“will,” “should,” variations of such words, or other words and
terms of similar meaning. All forward-looking statements reflect
our best judgment and are based on several factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control. Such factors
include, but are not limited to, the risks as identified in the
“Risk Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Business” sections of our
Annual Report on Form 10-K for the fiscal year ended June 29, 2019,
and other risks as identified from time to time in our Securities
and Exchange Commission reports. Forward-looking statements are
based on information available to us on the date hereof, and we do
not have, and expressly disclaim, any obligation to publicly
release any updates or any changes in our expectations, or any
change in events, conditions, or circumstances on which any
forward-looking statement is based. Our actual results and
the timing of certain events could differ materially from the
forward-looking statements. These forward-looking statements do not
reflect the potential impact of any mergers, acquisitions, or other
business combinations that had not been completed as of the date of
this release.
For more information contact: Jason TsaiHead of
Investor Relationsjason.tsai@synaptics.com
SYNAPTICS
INCORPORATED |
CONSOLIDATED BALANCE
SHEETS |
(In millions except
share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept 30, |
|
June 30, |
|
|
|
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
350.8 |
|
|
$ |
327.8 |
|
|
Accounts receivables, net of allowances of $2.1 at September 30,
and June 30, 2019 |
|
232.2 |
|
|
|
230.0 |
|
|
Inventories |
|
138.2 |
|
|
|
158.7 |
|
|
Prepaid expenses and other current assets |
|
15.9 |
|
|
|
14.6 |
|
Total current assets |
|
737.1 |
|
|
|
731.1 |
|
|
|
|
|
|
|
|
|
Property and equipment at cost, net |
|
98.8 |
|
|
|
103.0 |
|
Goodwill |
|
372.8 |
|
|
|
372.8 |
|
Purchased intangibles, net |
|
126.6 |
|
|
|
144.8 |
|
Non-current other assets |
|
89.0 |
|
|
|
58.1 |
|
Total assets |
$ |
1,424.3 |
|
|
$ |
1,409.8 |
|
|
|
0.00 |
|
|
|
0.00 |
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
99.0 |
|
|
$ |
98.3 |
|
|
Accrued compensation |
|
31.3 |
|
|
|
30.4 |
|
|
Income taxes payable |
|
9.5 |
|
|
|
19.1 |
|
|
Other accrued liabilities |
|
107.7 |
|
|
|
106.1 |
|
Total current liabilities |
|
247.5 |
|
|
|
253.9 |
|
|
|
|
|
|
|
|
|
Convertible notes, net |
|
472.8 |
|
|
|
468.3 |
|
Non-current portion of acquisition-related liabilities |
|
1.3 |
|
|
|
Other long-term liabilities |
|
47.9 |
|
|
|
30.3 |
|
Total liabilities |
|
769.5 |
|
|
|
752.5 |
|
|
|
|
|
0 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock; |
|
|
|
|
|
$.001 par value; 10,000,000 shares authorized; |
|
|
|
|
|
|
no shares issued and outstanding |
|
- |
|
|
|
- |
|
|
Common stock; |
|
|
|
|
|
$.001 par value; 120,000,000 shares authorized; |
|
|
|
|
|
|
64,493,058 and 64,283,948 shares issued, and 33,003,182 and |
|
|
|
|
|
|
33,349,735 shares outstanding, respectively |
|
0.1 |
|
|
|
0.1 |
|
|
Additional paid in capital |
|
1,277.5 |
|
|
|
1,266.1 |
|
|
Less: 31,489,876 and 30,934,213 treasury shares, respectively, at
cost |
|
(1,209.4 |
) |
|
|
(1,192.4 |
) |
|
Accumulated other comprehensive income |
|
- |
|
|
|
- |
|
|
Retained earnings |
|
586.6 |
|
|
|
583.5 |
|
Total stockholders' equity |
|
654.8 |
|
|
|
657.3 |
|
Total liabilities and stockholders' equity |
$ |
1,424.3 |
|
|
$ |
1,409.8 |
|
|
|
|
|
|
|
|
|
SYNAPTICS
INCORPORATED |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In millions except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
September 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
339.9 |
|
|
$ |
417.6 |
|
Acquisition related costs (1) |
|
|
15.3 |
|
|
|
17.0 |
|
Cost of revenue |
|
|
198.4 |
|
|
|
259.7 |
|
Gross margin |
|
|
126.2 |
|
|
|
140.9 |
|
Operating expenses |
|
|
|
|
|
Research and development |
|
|
86.0 |
|
|
|
89.6 |
|
|
Selling, general, and administrative |
|
|
27.5 |
|
|
|
33.6 |
|
|
Acquisition related costs, net (2) |
|
|
2.9 |
|
|
|
3.6 |
|
|
Restructuring costs (3) |
|
|
6.6 |
|
|
|
8.3 |
|
Total operating expenses |
|
|
123.0 |
|
|
|
135.1 |
|
|
|
|
|
|
|
|
Operating income |
|
|
3.2 |
|
|
|
5.8 |
|
Interest and other income, net |
|
|
(3.6 |
) |
|
|
(1.9 |
) |
Income/(loss) before income taxes |
|
|
(0.4 |
) |
|
|
3.9 |
|
Benefit for income taxes |
|
|
(4.9 |
) |
|
|
(0.3 |
) |
Equity investment loss |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
Net income |
|
$ |
4.0 |
|
|
$ |
3.8 |
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
Diluted |
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
Shares used in computing net income per share: |
|
|
|
|
|
Basic |
|
|
33.0 |
|
|
|
35.1 |
|
|
Diluted |
|
|
33.6 |
|
|
|
36.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
These acquisition related costs consist primarily of amortization
of acquired intangible |
|
|
assets and inventory fair value adjustments associated with
acquisitions. |
|
|
|
(2 |
) |
These acquisition related costs, net consist primarily of
amortization associated with certain |
|
|
acquired intangible assets as well as transitory acquisition
related compensation plans. |
|
(3 |
) |
Restructuring costs primarily include severance costs and facility
consolidation |
|
|
|
costs associated with operational restructurings and
acquisitions. |
|
|
|
|
|
|
|
|
|
SYNAPTICS
INCORPORATED |
Reconciliation of
GAAP Financial Measures to Non-GAAP Financial Measures |
(In millions except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
September 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
GAAP gross margin |
|
$ |
126.2 |
|
|
$ |
140.9 |
|
|
Acquisition related costs |
|
|
15.3 |
|
|
|
17.0 |
|
|
Loss/(recovery) on supply commitment |
|
|
(1.2 |
) |
|
|
- |
|
|
Retention costs |
|
|
0.1 |
|
|
|
- |
|
|
Share-based compensation |
|
|
0.7 |
|
|
|
0.9 |
|
Non-GAAP gross margin |
|
$ |
141.1 |
|
|
$ |
158.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin - percentage of revenue |
|
|
37.1 |
% |
|
|
33.7 |
% |
|
Acquisition related costs - percentage of revenue |
|
|
4.5 |
% |
|
|
4.1 |
% |
|
Loss/(recovery) on supply commitment |
|
|
-0.3 |
% |
|
|
- |
|
|
Share-based compensation - percentage of revenue |
|
|
0.2 |
% |
|
|
0.2 |
% |
Non-GAAP gross margin - percentage of revenue |
|
|
41.5 |
% |
|
|
38.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expense |
|
$ |
86.0 |
|
|
$ |
89.6 |
|
|
Share-based compensation |
|
|
(7.5 |
) |
|
|
(8.3 |
) |
|
Retention costs |
|
|
(2.5 |
) |
|
|
- |
|
|
In-process research and development charge |
|
|
(3.7 |
) |
|
|
- |
|
Non-GAAP research and development expense |
|
$ |
72.3 |
|
|
$ |
81.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general, and administrative expense |
|
$ |
27.5 |
|
|
$ |
33.6 |
|
|
Share-based compensation |
|
|
(3.0 |
) |
|
|
(7.5 |
) |
|
Acquisition and integration related costs |
|
|
- |
|
|
|
(1.2 |
) |
|
Retention costs |
|
|
(1.3 |
) |
|
|
- |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
1.7 |
|
Non-GAAP selling, general, and administrative expense |
|
$ |
23.2 |
|
|
$ |
26.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
3.2 |
|
|
$ |
5.8 |
|
|
Share-based compensation |
|
|
11.2 |
|
|
|
16.7 |
|
|
Acquisition related costs |
|
|
18.2 |
|
|
|
21.8 |
|
|
Loss/(recovery) on supply commitment |
|
|
(1.2 |
) |
|
|
- |
|
|
Restructuring costs |
|
|
6.6 |
|
|
|
8.3 |
|
|
Retention costs |
|
|
3.9 |
|
|
|
- |
|
|
In-process research and development charge |
|
|
3.7 |
|
|
|
- |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
(1.7 |
) |
Non-GAAP operating income |
|
$ |
45.6 |
|
|
$ |
50.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
4.0 |
|
|
$ |
3.8 |
|
|
Share-based compensation |
|
|
11.2 |
|
|
|
16.7 |
|
|
Acquisition related costs |
|
|
18.2 |
|
|
|
21.8 |
|
|
Loss/(recovery) on supply commitment |
|
|
(1.2 |
) |
|
|
- |
|
|
Restructuring costs |
|
|
6.6 |
|
|
|
8.3 |
|
|
Retention costs |
|
|
3.9 |
|
|
|
- |
|
|
In-process research and development charge |
|
|
3.7 |
|
|
|
- |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
(1.7 |
) |
|
Other non-cash items |
|
|
4.6 |
|
|
|
4.5 |
|
|
Recovery on sale of investment |
|
|
- |
|
|
|
(2.8 |
) |
|
Equity investment loss |
|
|
0.5 |
|
|
|
0.4 |
|
|
Non-GAAP tax adjustments |
|
|
(10.5 |
) |
|
|
(6.4 |
) |
Non-GAAP net income |
|
$ |
41.0 |
|
|
$ |
44.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share - diluted |
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
Share-based compensation |
|
|
0.33 |
|
|
|
0.46 |
|
|
Acquisition related costs |
|
|
0.54 |
|
|
|
0.61 |
|
|
Loss/(recovery) on supply commitment |
|
|
(0.04 |
) |
|
|
- |
|
|
Restructuring costs |
|
|
0.20 |
|
|
|
0.23 |
|
|
Retention costs |
|
|
0.12 |
|
|
|
- |
|
|
In-process research and development charge |
|
|
0.11 |
|
|
|
- |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
(0.05 |
) |
|
Other non-cash items |
|
|
0.14 |
|
|
|
0.12 |
|
|
Recovery on sale of investment |
|
|
- |
|
|
|
(0.08 |
) |
|
Equity investment loss |
|
|
0.01 |
|
|
|
0.01 |
|
|
Non-GAAP tax adjustments |
|
|
(0.31 |
) |
|
|
(0.17 |
) |
Non-GAAP net income per share - diluted |
|
$ |
1.22 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
SYNAPTICS
INCORPORATED |
CONDENSED
CONSOLIDATED CASH FlOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
Net
income |
|
$ |
4.0 |
|
|
$ |
3.8 |
|
|
|
|
|
|
Non-cash operating items |
|
|
43.0 |
|
|
|
41.4 |
|
Changes in working capital |
|
|
0.3 |
|
|
|
(40.6 |
) |
|
|
|
|
|
Provided by
operations |
|
|
47.3 |
|
|
|
4.6 |
|
|
|
|
|
|
Acquisitions |
|
|
(2.5 |
) |
|
|
- |
|
Fixed
asset & intangible asset purchases |
|
|
(5.0 |
) |
|
|
(6.8 |
) |
Proceeds from sales and maturities of investments |
|
|
- |
|
|
|
2.8 |
|
Used in
investing |
|
|
(7.5 |
) |
|
|
(4.0 |
) |
|
|
|
|
|
Treasury shares purchased |
|
|
(17.0 |
) |
|
|
(39.4 |
) |
Equity compensation, net |
|
|
0.2 |
|
|
|
1.2 |
|
Used in
financing |
|
|
(16.8 |
) |
|
|
(38.2 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
- |
|
|
|
(0.1 |
) |
Net change
in cash and cash equivalents |
|
|
23.0 |
|
|
|
(37.7 |
) |
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
327.8 |
|
|
|
301.0 |
|
Cash and
cash equivalents at end of period |
|
$ |
350.8 |
|
|
$ |
263.3 |
|
|
|
|
|
|
Cash paid
for taxes |
|
$ |
7.1 |
|
|
$ |
1.7 |
|
|
|
|
|
|
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