Synaptics Incorporated (NASDAQ: SYNA), the leading developer of
human interface solutions, today reported financial results for its
second fiscal quarter ended December 29, 2018.
Net revenue for the second quarter of fiscal 2019 was down one
percent from the comparable quarter last year and up two percent
sequentially to $425.5 million. GAAP net income for the second
quarter of fiscal 2019 was $12.8 million, or $0.36 per diluted
share. Non-GAAP net income for the second quarter of fiscal 2019
increased $16.2 million from the prior year period to $54.4
million, or $1.55 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.)
“Synaptics posted very strong second quarter results and a
positive first half of fiscal 2019, marking the sixth consecutive
quarter of non-GAAP gross margin improvement and another period of
accelerated growth in non-GAAP earnings per share, which was up 40%
over the prior year despite unfavorable market conditions,” stated
Rick Bergman, President and CEO. “Our increased operating leverage
is a result of the smart decisions we have made as we transition to
a more diversified company with a broader product line and customer
base. While we expect the first half of calendar 2019 to be
impacted by weaker demand trends in some of our end-markets, we
anticipate a stronger back half of the year as we continue to focus
on executing to our Synaptics 3.0 strategy, with growth driven by
our strategic investments in our three key product areas, IoT, OLED
and automotive.”
Synaptics also announced that as of February 7, 2019, Senior
Vice President and Chief Financial Officer Wajid Ali is leaving in
order to accept an executive-level position at another
publicly-held company. Mr. Ali’s resignation to pursue other
opportunities is not a result of any disagreement with the Company
or any matter relating to the Company’s operations, accounting or
other policies, or practices. Kermit Nolan has been promoted to
Corporate Vice President, Chief Accounting Officer and Interim
Chief Financial Officer. Mr. Nolan has served in various
accounting, tax and finance roles since he joined Synaptics nearly
15 years ago, most recently as Vice President and Corporate
Controller. The Company has commenced a search for a new Chief
Financial Officer. Both Mr. Ali and Mr. Nolan will participate on
today’s earnings call.
“On behalf of the Board, I’d like to thank Wajid for his
numerous contributions to Synaptics over the last several years,”
concluded Mr. Bergman.
Second Quarter 2019 Business Metrics
- Revenue mix from mobile products was 64.5 percent. Revenue from
mobile products of $274.4 million was up five percent
year-over-year and up four percent sequentially.
- Revenue mix from IoT products was approximately 20.5 percent.
Revenue from IoT products of $87.2 million was down 18 percent
year-over-year and up one percent sequentially.
- Revenue mix from PC products was approximately 15 percent.
Revenue from PC products totaled $63.9 million, an increase of four
percent year-over-year and a decrease of seven percent
sequentially.
Mr. Nolan added, “Considering our backlog of $255 million
entering the March quarter, subsequent bookings, customer forecasts
and product sell-in and sell-through timing patterns, and the
resulting expected product mix, we anticipate revenue for the third
quarter of fiscal 2019 to be in the range of $340 to $380 million.
Based on this guidance, we expect the revenue mix from mobile, IoT
and PC products to be approximately 62 percent, 20 percent and 18
percent, respectively.”
Cash at December 31, 2018 was $283 million. Cash flow from
operations during the second quarter of fiscal 2019 was $59
million, and the company used $38 million to repurchase
approximately 988,000 shares of its common stock.
Earnings Call and Supplementary Slides The
Synaptics second quarter fiscal 2019 teleconference and webcast is
scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday,
February 7, 2019, during which the company will provide
forward-looking information. To participate on the live call,
analysts and investors should dial 888-204-4368 (conference ID:
1767837). Supplementary slides 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, 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.
As presented in the “Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures” tables that follow, each of the
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 generally infrequent, 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.
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 30, 2018,
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: Jennifer Jarman
The Blueshirt Group 415-217-5866 jennifer@blueshirtgroup.com
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONSOLIDATED BALANCE SHEETS |
(In millions except share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
|
|
|
2018 |
|
2018 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
283.0 |
|
|
$ |
301.0 |
|
|
Accounts receivables, net of allowances of $2.1 and $1.8 at
December 31, 2018 and June 30, 2018, respectively |
|
326.0 |
|
|
|
289.1 |
|
|
Inventories |
|
145.7 |
|
|
|
131.2 |
|
|
Prepaid
expenses and other current assets |
|
35.1 |
|
|
|
18.2 |
|
Total
current assets |
|
789.8 |
|
|
|
739.5 |
|
|
|
|
|
|
|
|
Property
and equipment at cost, net |
|
106.0 |
|
|
|
117.8 |
|
Goodwill |
|
|
|
372.8 |
|
|
|
372.8 |
|
Purchased
intangibles, net |
|
181.2 |
|
|
|
219.2 |
|
Non-current
other assets |
|
49.8 |
|
|
|
50.5 |
|
Total
assets |
$ |
1,499.6 |
|
|
$ |
1,499.8 |
|
|
|
|
|
Liabilities
and stockholders' equity |
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
172.6 |
|
|
$ |
156.9 |
|
|
Accrued
compensation |
|
23.2 |
|
|
|
25.4 |
|
|
Income
taxes payable |
|
11.6 |
|
|
|
13.1 |
|
|
Acquisition-related liabilities |
|
- |
|
|
|
8.7 |
|
|
Other
accrued liabilities |
|
91.9 |
|
|
|
79.7 |
|
Total
current liabilities |
|
299.3 |
|
|
|
283.8 |
|
|
|
|
|
|
|
|
Convertible
notes, net |
|
459.4 |
|
|
|
450.7 |
|
Other
long-term liabilities |
|
36.7 |
|
|
|
36.0 |
|
Total
liabilities |
|
|
795.4 |
|
|
|
770.5 |
|
|
|
|
|
|
|
|
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; |
|
|
|
|
|
|
63,803,849 and
62,889,679 shares issued, and 34,313,973 and |
|
|
|
|
|
|
35,249,803 shares
outstanding, respectively |
|
0.1 |
|
|
|
0.1 |
|
|
Additional
paid in capital |
|
1,232.3 |
|
|
|
1,195.2 |
|
|
Less:
29,489,876 and 27,639,876 treasury shares, respectively, at
cost |
|
(1,151.2 |
) |
|
|
(1,073.9 |
) |
|
Accumulated
other comprehensive income |
|
- |
|
|
|
1.5 |
|
|
Retained
earnings |
|
623.0 |
|
|
|
606.4 |
|
Total
stockholders' equity |
|
704.2 |
|
|
|
729.3 |
|
Total
liabilities and stockholders' equity |
$ |
1,499.6 |
|
|
$ |
1,499.8 |
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(In millions except per share data) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
425.5 |
|
|
$ |
430.4 |
|
|
$ |
843.1 |
|
|
$ |
847.8 |
|
Acquisition
related costs (1) |
|
|
15.1 |
|
|
|
38.4 |
|
|
|
32.1 |
|
|
|
70.1 |
|
Cost of
revenue |
|
|
260.6 |
|
|
|
276.8 |
|
|
|
520.3 |
|
|
|
548.1 |
|
Gross
margin |
|
|
149.8 |
|
|
|
115.2 |
|
|
|
290.7 |
|
|
|
229.6 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
84.0 |
|
|
|
90.8 |
|
|
|
173.6 |
|
|
|
177.0 |
|
|
Selling, general, and administrative |
|
|
35.4 |
|
|
|
36.4 |
|
|
|
69.0 |
|
|
|
74.0 |
|
|
Acquisition related costs, net (2) |
|
|
3.3 |
|
|
|
5.4 |
|
|
|
6.9 |
|
|
|
11.5 |
|
|
Restructuring costs (3) |
|
|
2.1 |
|
|
|
6.6 |
|
|
|
10.4 |
|
|
|
8.0 |
|
Total
operating expenses |
|
|
124.8 |
|
|
|
139.2 |
|
|
|
259.9 |
|
|
|
270.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
|
25.0 |
|
|
|
(24.0 |
) |
|
|
30.8 |
|
|
|
(40.9 |
) |
Interest
and other income/(expense), net |
|
|
(4.3 |
) |
|
|
(4.7 |
) |
|
|
(6.2 |
) |
|
|
(10.7 |
) |
Income/(loss) before provision/(benefit) for income taxes |
|
|
20.7 |
|
|
|
(28.7 |
) |
|
|
24.6 |
|
|
|
(51.6 |
) |
Provision/(benefit) for income taxes |
|
|
7.5 |
|
|
|
53.3 |
|
|
|
7.2 |
|
|
|
56.5 |
|
Equity
investment loss |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
Net
income/(loss) |
|
$ |
12.8 |
|
|
$ |
(82.4 |
) |
|
$ |
16.6 |
|
|
$ |
(108.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.37 |
|
|
$ |
(2.42 |
) |
|
$ |
0.48 |
|
|
$ |
(3.22 |
) |
|
Diluted |
|
$ |
0.36 |
|
|
$ |
(2.42 |
) |
|
$ |
0.47 |
|
|
$ |
(3.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
Shares used
in computing net income/(loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
34.5 |
|
|
|
34.1 |
|
|
|
34.8 |
|
|
|
33.8 |
|
|
Diluted |
|
|
35.1 |
|
|
|
34.1 |
|
|
|
35.6 |
|
|
|
33.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Six Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin |
|
$ |
149.8 |
|
|
$ |
115.2 |
|
|
$ |
290.7 |
|
|
$ |
229.6 |
|
|
Acquisition related costs |
|
|
15.1 |
|
|
|
38.4 |
|
|
|
32.1 |
|
|
|
70.1 |
|
|
Share-based compensation |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
1.7 |
|
|
|
1.4 |
|
Non-GAAP
gross margin |
|
$ |
165.7 |
|
|
$ |
154.3 |
|
|
$ |
324.5 |
|
|
$ |
301.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin - percentage of revenue |
|
|
35.2 |
% |
|
|
26.8 |
% |
|
|
34.5 |
% |
|
|
27.1 |
% |
|
Acquisition related costs - percentage of revenue |
|
|
3.5 |
% |
|
|
8.9 |
% |
|
|
3.8 |
% |
|
|
8.3 |
% |
|
Share-based compensation - percentage of revenue |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
Non-GAAP
gross margin - percentage of revenue |
|
|
38.9 |
% |
|
|
35.9 |
% |
|
|
38.5 |
% |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
research and development expense |
|
$ |
84.0 |
|
|
$ |
90.8 |
|
|
$ |
173.6 |
|
|
$ |
177.0 |
|
|
Acquisition and integration related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.4 |
) |
|
Share-based compensation |
|
|
(8.5 |
) |
|
|
(9.8 |
) |
|
|
(16.8 |
) |
|
|
(18.9 |
) |
Non-GAAP
research and development expense |
|
$ |
75.5 |
|
|
$ |
81.0 |
|
|
$ |
156.8 |
|
|
$ |
157.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
selling, general, and administrative expense |
|
$ |
35.4 |
|
|
$ |
36.4 |
|
|
$ |
69.0 |
|
|
$ |
74.0 |
|
|
Acquisition and integration related costs |
|
|
- |
|
|
|
- |
|
|
|
(1.2 |
) |
|
|
(1.5 |
) |
|
Arbitration settlement, net |
|
|
- |
|
|
|
- |
|
|
|
1.7 |
|
|
|
- |
|
|
Share-based compensation |
|
|
(6.9 |
) |
|
|
(7.3 |
) |
|
|
(14.4 |
) |
|
|
(14.0 |
) |
Non-GAAP
selling, general, and administrative expense |
|
$ |
28.5 |
|
|
$ |
29.1 |
|
|
$ |
55.1 |
|
|
$ |
58.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income/(loss) |
|
$ |
25.0 |
|
|
$ |
(24.0 |
) |
|
$ |
30.8 |
|
|
$ |
(40.9 |
) |
|
Acquisition related costs |
|
|
18.4 |
|
|
|
43.8 |
|
|
|
40.2 |
|
|
|
83.5 |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
- |
|
|
|
(1.7 |
) |
|
|
- |
|
|
Share-based compensation |
|
|
16.2 |
|
|
|
17.8 |
|
|
|
32.9 |
|
|
|
34.3 |
|
|
Restructuring costs |
|
|
2.1 |
|
|
|
6.6 |
|
|
|
10.4 |
|
|
|
8.0 |
|
Non-GAAP
operating income |
|
$ |
61.7 |
|
|
$ |
44.2 |
|
|
$ |
112.6 |
|
|
$ |
84.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) |
|
$ |
12.8 |
|
|
$ |
(82.4 |
) |
|
$ |
16.6 |
|
|
$ |
(108.9 |
) |
|
Acquisition related costs |
|
|
18.4 |
|
|
|
43.8 |
|
|
|
40.2 |
|
|
|
83.5 |
|
|
Share-based compensation |
|
|
16.2 |
|
|
|
17.8 |
|
|
|
32.9 |
|
|
|
34.3 |
|
|
Restructuring costs |
|
|
2.1 |
|
|
|
6.6 |
|
|
|
10.4 |
|
|
|
8.0 |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
- |
|
|
|
(1.7 |
) |
|
|
- |
|
|
Other
non-cash items |
|
|
4.4 |
|
|
|
4.3 |
|
|
|
8.9 |
|
|
|
10.0 |
|
|
Recovery
on sale of investment |
|
|
- |
|
|
|
- |
|
|
|
(2.8 |
) |
|
|
- |
|
|
Equity
investment loss |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.8 |
|
|
|
0.8 |
|
|
Non-GAAP
tax adjustments |
|
|
0.1 |
|
|
|
47.7 |
|
|
|
(6.3 |
) |
|
|
45.6 |
|
Non-GAAP
net income |
|
$ |
54.4 |
|
|
$ |
38.2 |
|
|
$ |
99.0 |
|
|
$ |
73.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) per share - diluted |
|
$ |
0.36 |
|
|
$ |
(2.42 |
) |
|
$ |
0.47 |
|
|
$ |
(3.22 |
) |
|
Acquisition related costs |
|
|
0.53 |
|
|
|
1.28 |
|
|
|
1.14 |
|
|
|
2.47 |
|
|
Share-based compensation |
|
|
0.46 |
|
|
|
0.52 |
|
|
|
0.92 |
|
|
|
1.02 |
|
|
Restructuring costs |
|
|
0.06 |
|
|
|
0.19 |
|
|
|
0.29 |
|
|
|
0.24 |
|
|
Arbitration settlement, net |
|
|
- |
|
|
|
- |
|
|
|
(0.05 |
) |
|
|
- |
|
|
Other
non-cash items |
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.25 |
|
|
|
0.30 |
|
|
Recovery
on sale of investment |
|
|
- |
|
|
|
- |
|
|
|
(0.08 |
) |
|
|
- |
|
|
Equity
investment loss |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Non-GAAP
tax adjustments |
|
|
- |
|
|
|
1.41 |
|
|
|
(0.18 |
) |
|
|
1.34 |
|
|
Non-GAAP
share adjustment |
|
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.03 |
) |
Non-GAAP
net income per share - diluted |
|
$ |
1.55 |
|
|
$ |
1.11 |
|
|
$ |
2.78 |
|
|
$ |
2.14 |
|
|
|
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED CASH FlOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
Six Months Ended |
|
December 31, |
|
2018 |
|
2017 |
|
|
|
|
Net Income/(loss) |
$ |
16.6 |
|
|
$ |
(108.9 |
) |
|
|
|
|
Non-cash
operating items |
|
90.9 |
|
|
|
131.1 |
|
Changes
in working capital |
|
(44.0 |
) |
|
|
81.0 |
|
|
|
|
|
Provided by
operations |
|
63.5 |
|
|
|
103.2 |
|
|
|
|
|
Acquisition of businesses |
|
- |
|
|
|
(395.9 |
) |
Fixed
asset & intangible asset purchases |
|
(11.2 |
) |
|
|
(27.2 |
) |
Proceeds
from sales and maturities of investments |
|
2.8 |
|
|
|
- |
|
Used in investing |
|
(8.4 |
) |
|
|
(423.1 |
) |
|
|
|
|
Treasury
shares purchased |
|
(77.3 |
) |
|
|
(93.6 |
) |
Equity
compensation, net |
|
4.2 |
|
|
|
4.6 |
|
Debt
related, net |
|
- |
|
|
|
293.4 |
|
Provided by/(Used in)
financing |
|
(73.1 |
) |
|
|
204.4 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
- |
|
|
|
(0.1 |
) |
Net change in cash and
cash equivalents |
|
(18.0 |
) |
|
|
(115.6 |
) |
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
301.0 |
|
|
|
367.8 |
|
Cash and cash
equivalents at end of period |
$ |
283.0 |
|
|
$ |
252.2 |
|
|
|
|
|
Cash paid for
taxes |
$ |
4.0 |
|
|
$ |
18.1 |
|
Cash refund on
taxes |
$ |
5.2 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
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