Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors enabling a broad range of end
markets, today reported first fiscal quarter 2013 results for the
period ending December 28, 2012. Revenue for the quarter was $453.7
million, up 15 percent when compared to $393.7 million in the first
fiscal quarter of 2012 and exceeding the Company’s guidance of $450
million.
On a non-GAAP basis, operating income for the first fiscal
quarter of 2013 was $114.8 million, up from $105.2 million in the
comparable prior year period. Non-GAAP diluted earnings per share
for the first fiscal quarter was $0.55, a penny better than
guidance. On a GAAP basis, operating income for the first fiscal
quarter of 2013 was $86.6 million and diluted earnings per share
was $0.34.
“As our results and guidance reflect, Skyworks is enabling
anytime, anywhere communications across a diverse set of end
markets and applications,” said David J. Aldrich, president and
chief executive officer of Skyworks. “We’re capitalizing on growing
consumer and enterprise demand for ubiquitous connectivity spanning
all modes of wireline and wireless communications. In fact, our
analog semiconductor solutions are increasingly at the heart of
everything from smartphones to smart appliances to home security
systems to satellites to medical sensors to hybrid vehicles. This
market diversity coupled with Skyworks’ leadership scale, product
breadth and system IP is setting the stage for continued market
outperformance and shareholder value creation.”
Q1 Business Highlights
- Supported Nest’s market-leading,
energy-efficient, intelligent thermostat
- Developed high voltage protection
circuits for Boston Scientific heart defibrillators
- Introduced a sixteen channel LED TV
backlighting controller at LG and others
- Secured multiple SOI switch and antenna
tuning design wins
- Commenced volume production of
radiation tolerant optocouplers supporting new Iridium
satellites
- Ramped analog solutions in support of
Comcast’s Xfinity home security and surveillance systems
- Captured connectivity sockets within
the Google Chrome notebook series
- Provided wireless solutions for
Aclara’s suite of gas meters
- Enabled the world’s smallest 4G LTE
datacard with family of antenna switch modules
- Launched camera flash drivers across
Samsung’s Galaxy platforms
- Repurchased 1.9 million shares of
common stock
Second Fiscal Quarter 2013 Outlook
“Given order visibility and specific product launches, we expect
to continue to gain market share and capture additional content per
platform in the seasonally low March quarter,” said Donald W.
Palette, vice president and chief financial officer of Skyworks.
“Specifically, for the second fiscal quarter of 2013, we anticipate
revenue to be up 15 percent year-over-year with better than normal
seasonality to approximately $420 million with non-GAAP diluted
earnings per share of $0.47.”
For further information regarding use of non-GAAP measures in
this press release, please refer to the Discussion Regarding the
Use of Non-GAAP Financial Measures set forth below.
Skyworks' First Fiscal Quarter 2013 Conference Call
Skyworks will host a conference call with analysts to discuss
its first fiscal quarter 2013 results and business outlook today at
5:00 p.m. Eastern time. To listen to the conference call via the
Internet, please visit the investor relations section of Skyworks'
Web site. To listen to the conference call via telephone, please
call 800-288-8975 (domestic) or 612-332-0630 (international),
confirmation code: 275282.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on Jan. 30, and end at 9:00 p.m. Eastern time on Feb. 6. The
replay will be available on Skyworks' Web site or by calling
800-475-6701 (domestic) or 320-365-3844 (international), access
code: 275282.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high performance
analog semiconductors. Leveraging core technologies, Skyworks
supports automotive, broadband, cellular infrastructure, energy
management, GPS, industrial, medical, military, wireless
networking, smartphone and tablet applications. The Company’s
portfolio includes amplifiers, attenuators, circulators,
demodulators, detectors, diodes, directional couplers, front-end
modules, hybrids, infrastructure RF subsystems, isolators, lighting
and display solutions, mixers, modulators, optocouplers,
optoisolators, phase shifters, PLLs/synthesizers/VCOs, power
dividers/combiners, power management devices, receivers, switches
and technical ceramics.
Headquartered in Woburn, Mass., Skyworks is worldwide with
engineering, manufacturing, sales and service facilities throughout
Asia, Europe and North America. For more information, please visit
Skyworks’ Web site 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). 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: uncertainty regarding global economic and
financial market conditions; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers', products to economic downturns; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; the
availability and pricing of third party semiconductor foundry,
assembly and test capacity, raw materials and supplier components;
changes in laws, regulations and/or policies, including the
possibility of mandatory reductions in federal spending in the
United States, that could adversely affect either (i) the economy
and our customers’ demand for our products or (ii) the financial
markets and our ability to raise capital; our ability to develop,
manufacture and market innovative products in a highly price
competitive and rapidly changing technological environment;
economic, social and political conditions in the countries in which
we, our customers or our suppliers operate, including security and
health risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; fluctuations in
our manufacturing yields due to our complex and specialized
manufacturing processes; delays or disruptions in production due to
equipment maintenance, repairs and/or upgrades; our reliance on
several key customers for a large percentage of our sales;
fluctuations in the manufacturing yields of our third party
semiconductor foundries and other problems or delays in the
fabrication, assembly, testing or delivery of our products; our
ability to timely and accurately predict market requirements and
evolving industry standards, and to identify opportunities in new
markets; 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 rapidly develop new products and avoid product
obsolescence; 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; lengthy product development cycles that impact the
timing of new product introductions; unfavorable changes in product
mix; the quality of our products and any remediation costs; shorter
than expected product life cycles; problems or delays that we may
face in shifting our products to smaller geometry process
technologies and in achieving higher levels of design integration;
and our ability to continue to grow and maintain an intellectual
property portfolio and obtain needed licenses from third parties,
as well as 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 Skyworks Solutions are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENT OF OPERATIONS
Three Months Ended Dec. 28, Dec. 30,
(in thousands) 2012 2011 Net revenue $ 453,723
$ 393,740 Cost of goods sold 261,158 221,890 Gross
profit 192,565 171,850 Operating expenses: Research and
development 58,054 46,941 Selling, general and administrative
38,128 42,909 Amortization of intangibles 8,156 6,312 Restructuring
and other charges 1,644 720 Total operating expenses
105,982 96,882 Operating income 86,583 74,968
Interest expense (11 ) (481 ) Gain on early retirement of
convertible debt - 76 Other income, net 270 99 Income
before income taxes 86,842 74,662 Provision for income taxes 20,349
17,536 Net income $ 66,493 $ 57,126
Earnings per share: Basic $ 0.35 $ 0.31 Diluted $ 0.34 $
0.30 Weighted average shares: Basic 189,377 183,956 Diluted 194,001
189,682
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Three
Months Ended Dec. 28, Dec. 30, (in thousands) 2012
2011 GAAP gross profit $ 192,565 $ 171,850
Share-based compensation expense [a] 2,406 2,517
Acquisition-related expense [b] 11 76 Non-GAAP gross
profit $ 194,982 $ 174,443 Non-GAAP gross
margin % 43.0 % 44.3 % Three Months
Ended Dec. 28, Dec. 30, (in thousands) 2012 2011
GAAP operating income $ 86,583 $ 74,968 Share-based
compensation expense [a] 17,696 15,750 Acquisition-related expense
[b] 555 7,283 Amortization of intangibles 8,156 6,312 Restructuring
and other charges [c] 1,644 720 Deferred executive compensation 143
143 Non-GAAP operating income $ 114,777 $
105,176 Non-GAAP operating margin % 25.3 % 26.7 %
Three Months Ended Dec. 28, Dec.
30, (in thousands) 2012 2011 GAAP net income $
66,493 $ 57,126 Share-based compensation expense [a] 17,696 15,750
Acquisition-related expense [b] 555 7,283 Amortization of
intangibles 8,156 6,312 Restructuring and other charges [c] 1,644
720 Deferred executive compensation 143 143 Gain on early
retirement of convertible debt [d] - (76 ) Amortization of discount
on convertible debt [e] - 351 Tax adjustments [f] 11,919
8,632 Non-GAAP net income $ 106,606 $ 96,241
Three Months Ended Dec. 28, Dec.
30, 2012 2011 GAAP net income per share,
diluted $ 0.34 $ 0.30 Share-based compensation expense [a] 0.09
0.08 Acquisition-related expense [b] - 0.04 Amortization of
intangibles 0.05 0.03 Restructuring and other charges [c] 0.01 0.01
Tax adjustments [f] 0.06 0.05 Non-GAAP net income per
share, diluted $ 0.55 $ 0.51
SKYWORKS SOLUTIONS, INC.DISCUSSION
REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following
financial measures which 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 net income per share (diluted). As set forth in
the "Unaudited Reconciliation 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 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 (which may not occur in each period
presented) 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 useful forecasts.
We provide investors with non-GAAP gross profit and gross
margin, non-GAAP operating income and operating margin and non-GAAP
net income 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,
additional means of evaluating period-over-period operating
performance and a method to facilitate certain comparisons of
operating results to peer companies. We also believe that providing
non-GAAP operating income and operating margin allows investors to
assess the extent to which ongoing operations impact our overall
financial performance. We further believe that providing non-GAAP
net income and non-GAAP net income per share (diluted) allows
investors to assess the overall financial performance of ongoing
operations by eliminating the impact of certain financing decisions
related to our convertible debt and certain tax items which may not
occur in each period presented and which may represent non-cash
items or gains or losses 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, stock compensation expense, restructuring-related charges
and acquisition-related expenses. We calculate non-GAAP operating
income by excluding from GAAP operating income, stock compensation
expense, restructuring-related charges, acquisition-related
expenses, litigation settlement gains and losses and certain
deferred executive compensation. We calculate non-GAAP net income
and net income per share (diluted) by excluding from GAAP net
income and net income per share (diluted), stock compensation
expense, restructuring-related charges, acquisition-related
expenses, litigation settlement gains and losses, amortization of
discount on convertible debt, and certain deferred executive
compensation, as well as certain items related to the retirement of
convertible debt, and certain tax items, which may not occur in all
periods for which financial information is presented. 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:
Stock 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, acquisition-related
professional fees and deemed compensation 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
future business operations and thereby including such charges does
not accurately reflect the performance of our ongoing operations
for the period in which such charges are incurred.
Litigation Settlement Gains and Losses - including gains and
losses related to the resolution of other than ordinary course
threatened and actually filed lawsuits and other than ordinary
course contractual disputes, because (1) they are not considered by
management in making operating decisions, (2) such gains and losses
tend to be infrequent in nature, (3) such gains and losses are
generally not directly controlled by management, (4) we believe
such gains and losses do not necessarily reflect the performance of
our ongoing operations for the period in which such charges are
recognized and (5) the amount of such gains or losses can vary
significantly between companies and make comparisons difficult.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to future business operations and including such
charges does not necessarily reflect the performance of our ongoing
operations for the period in which such charges are incurred.
Deferred Executive Compensation - including charges related to
any contingent obligation pursuant to an executive severance
agreement because we believe the period over which the obligation
is amortized may not reflect the period of benefit and that such
expense has no direct correlation with our recurring business
operations and including such expenses does not accurately reflect
the compensation expense for the period in which incurred.
Amortization of Discount on Convertible Debt - comprised of the
amortization of the debt discount recorded at inception of the
convertible debt borrowing related to the adoption of ASC 470-20,
because the expense is dependent on fair value assessments and is
not considered by management when making operating decisions.
Gains and Losses on Retirement of Convertible Debt - because, to
the extent that gains or losses from such repurchases impact a
period presented, we do not believe that they reflect the
underlying performance of ongoing business operations for such
period.
Certain Income Tax Items - including certain deferred tax
charges and benefits which do not result in a current tax payment
or tax refund and other adjustments which are not indicative of
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 operating
performance or ongoing business. Further, non-GAAP financial
measures are likely to have limited value for purposes of drawing
comparisons between companies because different companies may
calculate 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 a forward looking estimate of
non-GAAP diluted earnings per share for the second quarter of our
2013 fiscal year ("Q2 2013"). We provide this non-GAAP measure to
investors on a prospective basis for the same reasons (set forth
above) that we provide them to investors on a historical basis. We
are unable to provide a reconciliation of our forward looking
estimate of Q2 2013 non-GAAP diluted earnings per share to a
forward looking estimate of Q2 2013 GAAP diluted earnings per share
because certain information needed to make a reasonable forward
looking estimate of GAAP diluted earnings per share for Q2 2013
(other than estimated stock compensation expense of $0.10 per
diluted share, certain tax items of $0.05 per diluted share,
estimated acquisition related expense of $0.04 per diluted share,
restructuring and other charges of $0.01 per diluted share and
estimated deferred executive compensation expense with a de minimis
impact on diluted earnings per share) is difficult to predict and
estimate and is often dependent on future events which may be
uncertain or outside of our control. Such events may include
unanticipated one time charges related to asset impairments (fixed
assets, intangibles or goodwill), unanticipated acquisition related
costs, unanticipated litigation settlement gains and losses and
other unanticipated non-recurring items not reflective of ongoing
operations. We believe the probable significance of these unknown
items, in aggregate, to be in the range of $0.00 to $0.05 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] These charges represent expense recognized in accordance
with ASC 718 - Compensation, Stock Compensation.
Approximately $2.4 million, $7.4 million
and $7.9 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the three months ended December 28,
2012.
For the three months ended December 30,
2011, approximately $2.5 million, $5.6 million and $7.7 million
were included in cost of goods sold, research and development
expense and selling, general and administrative expense,
respectively.
[b]
The acquisition-related expense of $0.6
million recognized during the three months ended December 28, 2012
primarily relates to general and administrative expenses associated
with acquisitions.
The acquisition-related expense recognized
during the three months ended December 30, 2011 includes a $0.1
million charge to cost of sales related to the sale of acquired
inventory. Also included in acquisition-related expense is $7.2
million in transaction costs included in general and administrative
expense associated with acquisitions, and an arbitration, completed
or contemplated during the three months ended December 30,
2011.
[c]
During the three months ended December 28,
2012, the Company implemented a restructuring plan to reduce
headcount primarily associated with its front end-solutions team. A
$1.6 million charge to restructuring was recorded during the three
months ended December 28, 2012 related to this plan.
During the fiscal year ended September 30,
2011, the Company implemented a restructuring plan to reduce
headcount associated with its acquisition of SiGe Semiconductor,
Inc. A $0.7 million charge to restructuring was recorded during the
three months ended December 30, 2011 related to this plan.
[d]
The gain recorded during the three months
ended December 30, 2011 relates to the early retirement of $9.4
million of the Company's 1.50% convertible subordinated notes due
on March 1, 2012.
[e]
These charges represent the amortization
expense recognized in accordance with ASC 470-20. Approximately
$0.4 million of amortization expense was recognized during the
three months ended December 30, 2011.
[f]
During the three months ended December 28,
2012, these amounts primarily represent the utilization of net
operating loss and research and development tax credit
carryforwards and non-cash expense related to uncertain tax
positions.
During the three months ended December 30,
2011, these amounts primarily represent the utilization of research
and development tax credit carryforwards and non-cash expense
related to uncertain tax positions.
SKYWORKS SOLUTIONS, INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET Dec. 28,
Sept. 28, (in thousands) 2012 2012
Assets Current assets:
Cash and cash equivalents $ 378,355 $ 307,110 Accounts receivable,
net 252,149 297,589 Inventory 229,534 232,920 Other current assets
39,515 45,744 Property, plant and equipment, net 287,253 279,383
Goodwill and intangible assets, net 886,367 894,523 Other assets
77,934 79,377 Total assets $ 2,151,107 $ 2,136,646
Liabilities and Equity Current liabilities: Accounts payable
$ 111,362 $ 140,583 Accrued and other current liabilities 44,326
42,121 Other long-term liabilities 51,450 48,467 Stockholders'
equity 1,943,969 1,905,475 Total liabilities and equity $ 2,151,107
$ 2,136,646
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