- Delivers Revenue of $806 Million, up
59% Year-over-Year
- Expands Non-GAAP Operating Margin to
35% (30.6% GAAP)
- Posts $1.26 of Non-GAAP Diluted EPS
($1.01 GAAP) vs. $0.67 a Year Ago
- Generates $383 Million in Cash Flow
from Operations
- Guides to Better-than-Seasonal Q2
Revenue of $750 Million
Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and
things, today reported first fiscal quarter results for the period
ending January 2, 2015. Revenue for the first fiscal quarter was
$805.5 million, up 59 percent year-over-year and 12 percent
sequentially, exceeding the Company’s original guidance of $770
million.
On a non-GAAP basis, operating income for the first fiscal
quarter of 2015 was $282.0 million, up 99 percent from $141.8
million in the first fiscal quarter of 2014. Non-GAAP diluted
earnings per share for the first fiscal quarter was $1.26, $0.08
better than guidance and up 88 percent from the $0.67 reported for
the first fiscal quarter of 2014. On a GAAP basis, operating income
for the first fiscal quarter of 2015 was $246.8 million and diluted
earnings per share was $1.01.
“We are off to a solid start to fiscal 2015,” said David J.
Aldrich, chairman and chief executive officer of Skyworks. “Our
business results are being fueled by a global surge in connectivity
across a wide-ranging set of applications and by the increase in
analog-rich content that is required to power today’s most
innovative devices. Skyworks is at the forefront of this technology
advancement—facilitating secure, high-speed, seamless connections
through our integrated solutions. As our results show, we are
capitalizing on these trends today—driving superior financial
returns for shareholders.”
Q1 Business Highlights
- Captured new design wins in Cisco’s
latest home gateway for cable operators
- Secured multiple analog devices in a
leading telematics platform for GM vehicles
- Commenced volume production of SkyLiTE™
integrated systems supporting Mediatek’s latest reference designs
at several OEM customers
- Ramped ICs in Fire TV and Echo
streaming media devices at major online retailer
- Delivered diversity receive modules for
LTE smartphones at Samsung and others
- Introduced Zigbee® solutions for smart
lighting products at LG and Philips
- Expanded wearable designs with multiple
devices in Timex’s Ironman smartwatch
- Delivered switching and connectivity
modules for Xiaomi’s Mi4 platform
- Supported Thales avionics platforms
with hi-rel switching products
- Captured over ten dollars of analog
content in set top box application for DirecTV
- Powered Linksys’ 9-stream access points
with 802.11ac front end solutions
Second Fiscal Quarter 2015 Outlook
“We have created a unique business model, combining the strong
growth of connectivity and the Internet of Things with the
financial returns of a diversified analog company,” said Donald W.
Palette, executive vice president and chief financial officer of
Skyworks. “Our increasing market reach, expanding content
opportunities and new product launches are enabling us to
outperform normal March quarter seasonal trends. For the second
fiscal quarter of 2015, we anticipate revenue to be $750 million—up
56 percent year-over-year with non-GAAP diluted earnings per share
of $1.12.”
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.
Dividend Declaration
Skyworks’ Board of Directors has declared a cash dividend of
$0.13 per share of the Company’s common stock. The dividend is
payable on March 3, 2015 to stockholders of record at the close of
business on February 5, 2015.
Skyworks' First Fiscal Quarter 2015 Conference Call
Skyworks will host a conference call with analysts to discuss
its first fiscal quarter 2015 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 800-230-1085 (domestic) or 612-234-9960 (international),
confirmation code: 349791.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on January 22 and end at 9:00 p.m. Eastern time on January 29.
The replay will be available on Skyworks' Web site or by calling
800-475-6701 (domestic) or 320-365-3844 (international), access
code: 349791.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution, connecting virtually everyone and everything, all the
time. Our highly innovative analog semiconductors are linking
people, places, and things spanning a number of new and previously
unimagined applications within automotive, broadband, cellular
infrastructure, the connected home, industrial, medical, military,
smartphone, tablet and wearable markets.
Headquartered in Woburn, Massachusetts, Skyworks is a global
company with engineering, marketing, operations, sales, and service
facilities located throughout Asia, Europe and North America. 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). 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 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, military and
geo-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
Jan. 2, Dec. 27, (in millions, except per share amounts) 2015 2013
Net revenue $ 805.5 $ 505.2 Cost of goods sold 432.5
283.2 Gross profit 373.0 222.0 Operating expenses:
Research and development 68.5 58.4 Selling, general and
administrative 47.9 41.1 Amortization of intangibles 8.5 6.5
Restructuring and other charges 1.3 - Total operating
expenses 126.2 106.0 Operating income 246.8 116.0
Other income, net 0.7 - Income before income taxes
247.5 116.0 Provision for income taxes 52.3 21.5 Net
income $ 195.2 $ 94.5 Earnings per share: Basic $ 1.03 $
0.51 Diluted $ 1.01 $ 0.49 Weighted average shares: Basic 188.7
186.2 Diluted 194.2 191.2
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Jan. 2, Dec. 27, (in
millions) 2015 2013 GAAP gross
profit $ 373.0 $ 222.0 Share-based compensation expense [a] 3.2 2.7
Acquisition-related expenses [b]
0.2 - Non-GAAP gross profit $ 376.4
$ 224.7 Non-GAAP gross margin % 46.7 % 44.5 %
Three Months Ended Jan. 2, Dec. 27, (in millions)
2015 2013 GAAP operating income
$ 246.8 $ 116.0 Share-based compensation expense [a] 21.7 18.8
Acquisition-related expenses [b] 3.5 - Amortization of intangibles
8.5 6.5 Restructuring and other charges [c] 1.3 - Litigation
settlement gains, losses and expenses [d] 0.1 0.5 Deferred
executive compensation 0.1 - Non-GAAP
operating income $ 282.0 $ 141.8 Non-GAAP
operating margin % 35.0 % 28.1 % Three Months Ended
Jan. 2, Dec. 27, (in millions) 2015 2013
GAAP net income $ 195.2 $ 94.5 Share-based
compensation expense [a] 21.7 18.8 Acquisition-related expenses [b]
3.5 - Amortization of intangibles 8.5 6.5 Restructuring and other
charges [c] 1.3 - Litigation settlement gains, losses and expenses
[d] 0.1 0.5 Deferred executive compensation 0.1 - Interest expense
on seller-financed debt [e] 0.3 - Tax adjustments [f] 14.1
7.4 Non-GAAP net income $ 244.8 $ 127.7
Three Months Ended Jan. 2, Dec. 27,
2015 2013 GAAP net income per share,
diluted $ 1.01 $ 0.49 Share-based compensation expense [a] 0.11
0.10
Acquisition-related expenses [b]
0.02 - Amortization of intangibles 0.04 0.03 Restructuring and
other charges [c] 0.01 - Litigation settlement gains, losses and
expenses [d] - 0.01 Tax adjustments [f] 0.07
0.04 Non-GAAP net income per share, diluted $ 1.26 $
0.67
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 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 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 (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, 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,
restructuring-related charges, litigation settlement gains, losses
and expenses, certain deferred executive compensation 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
and acquisition-related expenses. We calculate non-GAAP operating
income by excluding from GAAP operating income, share-based
compensation expense, acquisition-related expenses,
restructuring-related charges, litigation settlement gains, losses
and expenses and certain deferred executive compensation. 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,
restructuring-related charges, litigation settlement gains, losses
and expenses, certain deferred executive compensation 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:
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,
acquisition-related professional fees, deemed compensation expenses
and interest expense on seller-financed debt, 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 accurately reflect the performance of our ongoing operations
for the period in which such charges are incurred.
Restructuring-Related Charges - because,
to the extent such charges impact a period presented, we believe
that they have no direct correlation to our 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.
Litigation Settlement Gains, Losses and
Expenses - including gains, losses and expenses 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, losses and expenses tend to be
infrequent in nature, (3) such gains, losses and expenses are
generally not directly controlled by management, (4) we believe
such gains, losses and expenses 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
and expenses can vary significantly between companies and make
comparisons less reliable.
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.
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 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
forward-looking estimates of non-GAAP diluted earnings per share
for the second quarter of our 2015 fiscal year ("Q2 2015"). 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 Q2 2015 non-GAAP
diluted earnings per share to a forward-looking estimate of Q2 2015
GAAP diluted earnings per share because certain information needed
to make a reasonable forward-looking estimate of GAAP diluted
earnings per share for Q2 2015 (other than estimated share-based
compensation expense of $0.13 per diluted share, certain tax items
of $0.11 per diluted share and estimated amortization of
intangibles of $0.04 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 litigation settlement
gains, losses and expenses and other unanticipated non-recurring
items not reflective of ongoing operations. We believe the probable
significance of these unknown items, in the 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 $3.2 million, $9.8 million
and $8.7 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the three months ended January 2,
2015.
For the three months ended December 27,
2013, approximately $2.7 million, $7.5 million and $8.6 million
were included in cost of goods sold, research and development
expense and selling, general and administrative expense,
respectively.
[b]
The acquisition-related expenses
recognized during the three months ended January 2, 2015, includes
a $0.2 million charge to cost of sales related to the sale of
acquired inventory and $3.3 million in transaction costs included
in general and administrative expenses associated with the purchase
of an interest in a joint venture with Panasonic Corporation on
August 1, 2014. For additional information regarding the joint
venture, please refer to the Company’s Current Reports on Form 8-K
filed with the Securities and Exchange Commission on July 10, 2014,
and August 7, 2014.
[c]
During the three months ended January 2,
2015, the Company incurred $1.3 million in employee severance costs
primarily related to a restructuring plan that was implemented
during the period.
[d]
During the three months ended January 2,
2015 and December 27, 2013, the Company recognized a $0.1 million
and $0.5 million charge, respectively, primarily related to general
and administrative expenses associated with ongoing
litigation(s).
[e]
During the three months ended January 2,
2015, the Company recognized $0.3 million in interest expense
associated with the accretion of the present value of the $76.5
million liability related to the future purchase of the remaining
34% interest in the joint venture between the Company and
Panasonic.
[f]
During the three months ended January 2,
2015, these amounts primarily represent the use of net operating
loss and research and development tax credit carryforwards,
deferred tax expense not affecting taxes payable, tax deductible
stock compensation in excess of GAAP stock compensation expense,
and non-cash expense related to uncertain tax positions.
During the three months ended December 27,
2013, these amounts primarily represent the use of net operating
loss and research and development tax credit carryforwards,
deferred tax expense not affecting taxes payable, and non-cash
expense related to uncertain tax positions.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET Jan. 2, Oct. 3, (in
millions) 2015 2014
Assets Current assets: Cash and cash
equivalents $ 1,049.9 $ 805.8 Accounts receivable, net 242.3 317.6
Inventory 273.8 270.8 Other current assets 24.4 35.0 Property,
plant and equipment, net 610.4 555.9 Goodwill and intangible
assets, net 917.5 926.0 Other assets 72.7 62.7 Total
assets $ 3,191.0 $ 2,973.8
Liabilities and Equity
Current liabilities: Accounts payable $ 211.0 $ 200.6 Accrued and
other current liabilities 121.9 97.0 Other long-term liabilities
148.0 143.8 Stockholders' equity 2,710.1 2,532.4
Total liabilities and equity $ 3,191.0 $ 2,973.8
Skyworks Media Relations:Pilar Barrigas(949)
231-3061orSkyworks Investor Relations:Stephen Ferranti(781)
376-3056
Skyworks Solutions (NASDAQ:SWKS)
過去 株価チャート
から 6 2024 まで 7 2024
Skyworks Solutions (NASDAQ:SWKS)
過去 株価チャート
から 7 2023 まで 7 2024