- Delivers Record Revenue of $984.6
Million, Up 18% Y-o-Y
- GAAP Operating Margin 35.1%; Non-GAAP
Operating Margin 38.5%
- GAAP Diluted EPS $1.51, Up 15% Y-o-Y;
Non-GAAP Diluted EPS $1.82, Up 24% Y-o-Y
- Generates $425.4 Million in Cash Flow
from Operations
- FY17 Revenue of $3.7 Billion; $5.41 in
GAAP Diluted EPS and $6.45 in Non-GAAP Diluted EPS; $1.5 Billion in
Cash Flow from Operations
- Guides Q1FY18 Revenue Up 15% Y-o-Y and
Non-GAAP Diluted EPS Up 19% Y-o-Y
Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high
performance analog semiconductors connecting people, places and
things, today reported fourth fiscal quarter and year-end results
for the period ending September 29, 2017. Revenue for the fourth
fiscal quarter was $984.6 million, up 18 percent year-over-year and
exceeding consensus estimates.
On a GAAP basis, operating income for the fourth fiscal quarter
of 2017 was $345.9 million with diluted earnings per share of
$1.51. On a non-GAAP basis, operating income was $379.2 million
with non-GAAP diluted earnings per share of $1.82, up 24 percent
year-over-year and $0.07 better than consensus estimates.
For fiscal year 2017, revenue was a record $3.7 billion, up 11
percent year-over-year, with GAAP diluted earnings per share of
$5.41 and cash flow from operations of $1.5 billion. Non-GAAP
diluted earnings per share for fiscal year 2017 was also a record
$6.45, up 16 percent year-over-year.
“Skyworks is capitalizing on global demand for connectivity
across Mobile and Internet of Things ecosystems as demonstrated by
our record fourth quarter and fiscal 2017 performance,” said Liam
K. Griffin, president and chief executive officer of Skyworks. “The
connected economy is gaining significant momentum and enhancing the
way we live, work, play and educate. At the same time, the broad
range of usage cases and expanding scope of newly connected
platforms are crowding radio spectrum and stressing network
capacity. These dynamics portend a digital traffic jam while
creating a tremendous opportunity. Given our strategic investments,
technology breadth and differentiated system solutions, Skyworks is
well positioned to empower revolutionary 5G applications, enabling
up to 100x increases in speed and near-zero latency with expanding
network capacity. Our ambitious vision of ‘connecting everyone and
everything, all the time’ has never been more relevant and
exciting.”
Fourth Quarter Business Highlights
- Powered Samsung’s flagship LTE
platforms with proprietary DRx™ modules, GPS devices and DC/DC
converters
- Expanded content across Huawei’s
premium smartphones with low/mid/high band SkyOne® and SkyBlue™
architectures
- Supported Oppo, Vivo and Xiaomi product
launches in China
- Enabled Sonos’ newest HiFi platforms
incorporating Amazon’s Alexa virtual assistant technology
- Ramped ultra-low-power Bluetooth®
solutions for advanced location trackers
- Delivered innovative ZigBee® and ISM
modules for Bosch’s home security systems and Cisco’s smart street
lights
- Captured design wins in Nest’s next
generation smart thermostats
- Introduced 802.11ax Wi-Fi engines for
home and commercial environments
- Commenced volume production of
in-vehicle telematics systems at Hyundai
- Secured connectivity wins at DJI for
virtual reality and drone applications
- Launched precision GPS and antenna
technology in FitBit’s smart watches
- Unveiled high power solutions with
leading base station OEMs for 5G massive MIMO deployments
First Fiscal Quarter 2018 Outlook
We provide earnings guidance on a non-GAAP basis because certain
information necessary to reconcile such guidance to GAAP is
difficult to estimate and dependent on future events outside of our
control. Please refer to the attached Discussion Regarding the Use
of Non-GAAP Financial Measures in this press release for a further
discussion of our use of non-GAAP measures, including
quantification of known expected adjustment items.
“Our market outperformance is being driven by new customers and
content growth across an increasingly diverse set of end market
applications,” said Kris Sennesael, senior vice president and chief
financial officer of Skyworks. “Specifically, in the first fiscal
quarter of 2018 we expect revenue to be up 15 percent
year-over-year to $1.050 billion, with non-GAAP diluted earnings
per share of $1.91, up 19 percent year-over-year.”
Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.32 per share of the Company's common stock, payable on December
12, 2017, to stockholders of record at the close of business on
November 21, 2017.
Skyworks' Fourth Fiscal Quarter 2017 Conference Call
Skyworks will host a conference call with analysts to discuss
its fourth fiscal quarter 2017 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'
website. To listen to the conference call via telephone, please
call (800) 700-7860 (domestic) or (612) 332-0718 (international),
confirmation code: 431422.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on November 6, and end at 9:00 p.m. Eastern time on November
13. The replay will be available on Skyworks' website or by calling
(800) 475-6701 (domestic) or (320) 365-3844 (international), access
code: 431422.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places and things spanning a number of new and
previously unimagined applications within the automotive,
broadband, cellular infrastructure, connected home, industrial,
medical, military, smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). For more information,
please visit Skyworks’ website at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to future results and expectations
of Skyworks (e.g., certain projections and business
trends) and plans for dividend payments. 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: the susceptibility of the semiconductor
industry and the markets addressed by our, and our customers',
products to economic downturns; our reliance on several key
customers for a large percentage of our sales; the volatility of
our stock price; declining selling prices, decreased gross margins,
and loss of market share as a result of increased competition; our
ability to develop, manufacture and market innovative products and
avoid product obsolescence; fluctuations in our manufacturing
yields due to our complex and specialized manufacturing processes;
problems or delays that we may face in shifting our products to
smaller geometry process technologies and in achieving higher
levels of design integration; the quality of our products and any
defect remediation costs; the availability and pricing of
third-party semiconductor foundry, assembly and test capacity, raw
materials and supplier components; our ability to retain, recruit
and hire key executives, technical personnel and other employees in
the positions and numbers, with the experience and capabilities,
and at the compensation levels needed to implement our business and
product plans; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; uncertainties of litigation,
including potential disputes over intellectual property
infringement and rights, as well as payments related to the
licensing and/or sale of such rights; our ability to continue to
grow and maintain an intellectual property portfolio and obtain
needed licenses from third parties; 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; 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
make certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; our ability to
prevent theft of our intellectual property, disclosure of
confidential information, or breaches of our information technology
systems; and 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 the Skyworks symbol are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and other countries. Third-party
brands and names are for identification purposes only, and are the
property of their respective owners.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
(in millions, except per share
amounts)
September 29,2017 September 30,2016 September 29,2017 September
30,2016 Net revenue $ 984.6 $ 835.4 $ 3,651.4 $ 3,289.0 Cost of
goods sold 485.7 411.0 1,809.6 1,623.8
Gross profit 498.9 424.4 1,841.8 1,665.2 Operating expenses:
Research and development 91.8 73.2 355.2 312.4 Selling, general and
administrative 56.4 53.3 204.6 195.9 Amortization of intangibles
5.0 6.4 27.6 33.4 Restructuring and other charges (0.2 ) (0.4 ) 0.6
4.8 Total operating expenses 153.0 132.5 588.0 546.5
Operating income 345.9 291.9 1,253.8 1,118.7 Other income
(expense), net 1.8 (0.8 ) 3.2 (6.6 ) Merger termination fee —
— — 88.5 Income before income taxes
347.7 291.1 1,257.0 1,200.6 Provision for income taxes 66.4
44.3 246.8 205.4 Net income $ 281.3 $
246.8 $ 1,010.2 $ 995.2 Earnings per
share: Basic $ 1.53 $ 1.33 $ 5.48 $ 5.27
Diluted $ 1.51 $ 1.31 $ 5.41 $ 5.18
Weighted average shares: Basic 183.4 185.7
184.3 188.7 Diluted 185.7 188.8 186.7
192.1
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended Twelve
Months Ended (in millions) September 29,2017 September 30,2016
September 29,2017 September 30,2016 GAAP gross profit $ 498.9 $
424.4 $ 1,841.8 $ 1,665.2 Share-based compensation expense [a] 3.5
1.9 13.6 11.3 Acquisition-related expenses [b] — (0.4 ) —
1.4 Non-GAAP gross profit $ 502.4 $ 425.9
$ 1,855.4 $ 1,677.9 GAAP gross margin % 50.7 %
50.8 % 50.4 % 50.6 % Non-GAAP gross margin % 51.0 % 51.0 % 50.8 %
51.0 % Three Months Ended Twelve Months Ended (in millions)
September 29,2017 September 30,2016 September 29,2017 September
30,2016 GAAP operating income $ 345.9 $ 291.9 $ 1,253.8 $ 1,118.7
Share-based compensation expense [a] 24.2 19.7 88.5 78.0
Acquisition-related expenses [b] 0.3 0.3 4.6 7.5 Amortization of
intangibles [c] 5.0 6.4 27.6 33.4 Restructuring and other charges
[d] (0.2 ) (0.4 ) 0.6 4.8 Litigation settlement gains, losses and
expenses [e] 4.0 (0.1 ) 4.0 1.7 Deferred executive compensation [f]
— 0.6 — 0.6 Non-GAAP operating income $
379.2 $ 318.4 $ 1,379.1 $ 1,244.7 GAAP
operating margin % 35.1 % 34.9 % 34.3 % 34.0 % Non-GAAP operating
margin % 38.5 % 38.1 % 37.8 % 37.8 % Three Months Ended
Twelve Months Ended (in millions) September 29,2017 September
30,2016 September 29,2017 September 30,2016 GAAP net income $ 281.3
$ 246.8 $ 1,010.2 $ 995.2 Share-based compensation expense [a] 24.2
19.7 88.5 78.0 Acquisition-related expenses [b] 0.3 0.3 4.6 7.5
Amortization of intangibles [c] 5.0 6.4 27.6 33.4 Restructuring and
other charges [d] (0.2 ) (0.4 ) 0.6 4.8 Litigation settlement
gains, losses and expenses [e] 4.0 (0.1 ) 4.0 1.7 Deferred
executive compensation [f] — 0.6 — 0.6 Merger termination fee [g] —
— — (88.5 ) Interest expense on seller-financed debt [h] — 0.1 —
1.1 Tax adjustments [i] 24.2 4.2 69.6 35.4
Non-GAAP net income $ 338.8 $ 277.6 $ 1,205.1
$ 1,069.2
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended Twelve
Months Ended September 29,2017 September 30,2016 September 29,2017
September 30,2016 GAAP net income per share, diluted $ 1.51 $ 1.31
$ 5.41 $ 5.18 Share-based compensation expense [a] 0.13 0.11 0.48
0.41 Acquisition-related expenses [b] — — 0.02 0.04 Amortization of
intangibles [c] 0.03 0.03 0.15 0.17 Restructuring and other charges
[d] — — — 0.02 Litigation settlement gains, losses and expenses [e]
0.02 — 0.02 0.01 Deferred executive compensation [f] — — — 0.01
Merger termination fee [g] — — — (0.46 ) Interest expense on
seller-financed debt [h] — — — 0.01 Tax adjustments [i] 0.13
0.02 0.37 0.18 Non-GAAP net income per share,
diluted $ 1.82 $ 1.47 $ 6.45 $ 5.57
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
Reconciliations 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 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 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, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, merger termination fees, interest expense on
seller-financed debt 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, amortization of intangibles,
restructuring-related charges, and litigation settlement gains,
losses and expenses. 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, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, merger termination fees, interest expense on
seller-financed debt and certain tax items. 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 litigation has been 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.
Merger Termination Fees - because we believe such non-recurring
fees have no direct correlation to our business operations or
performance during the period in which they are received or for any
future period.
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 first quarter of our
2018 fiscal year (“Q1 2018”). 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 Q1 2018 GAAP diluted earnings per share to a
forward-looking estimate of Q1 2018 non-GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q1
2018 (other than estimated share-based compensation expense of
$0.14 to $0.16 per diluted share, certain tax items of ($0.07) to
($0.13) per diluted share and estimated amortization of intangibles
of $0.03 to $0.05 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. For the
three months ended September 29, 2017, approximately $3.5 million,
$9.4 million and $11.3 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively. For the fiscal year ended
September 29, 2017, approximately $13.6 million, $35.3 million and
$39.6 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively. For the three months ended September
30, 2016, approximately $1.9 million, $8.3 million and $9.5 million
were included in cost of goods sold, research and development
expense and selling, general and administrative expense,
respectively. For the fiscal year ended September 30, 2016,
approximately $11.3 million, $32.2 million and $34.5 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 and fiscal year ended September 29, 2017, include a
$0.3 million and a $4.6 million charge, respectively, to general
and administrative expenses primarily associated with acquisitions
completed or contemplated during the period. The
acquisition-related expenses recognized during the three months and
fiscal year ended September 30, 2016, include a $0.4 million credit
and a $1.4 million charge, respectively, to cost of goods sold
related to the sale of acquired inventory and $0.7 million and $6.1
million, respectively, in general and administrative expenses
primarily associated with acquisitions completed or contemplated
during the periods. [c] During the three months and fiscal
year ended September 29, 2017, the Company incurred $5.0 million
and $27.6 million, respectively, in amortization of intangibles.
During the three months and fiscal year ended September 30,
2016, the Company incurred $6.4 million and $33.4 million,
respectively, in amortization of intangibles. [d] During the
three months and fiscal year ended September 29, 2017, the Company
incurred a $0.2 million credit and a $0.6 million charge,
respectively, in employee severance costs primarily related to
restructuring plans that were implemented during the periods.
During the three months and fiscal year ended September 30,
2016, the Company incurred a $0.4 million credit and a $4.8 million
charge, respectively, in employee severance costs primarily related
to restructuring plans that were implemented during the periods.
[e] During the three months and fiscal year ended September
29, 2017, the Company recognized a $4.0 million charge to general
and administrative expenses associated with ongoing litigations.
During the three months and fiscal year ended September 30,
2016, the Company recognized a $0.1 million credit and a $1.7
million charge, respectively, primarily related to general and
administrative expenses associated with ongoing litigations.
[f] During the three months and fiscal year ended September 30,
2016, the Company incurred $0.6 million in deferred executive
compensation expenses. [g] During the fiscal year ended
September 30, 2016, PMC-Sierra, Inc. (“PMC”), notified the Company
on November 23, 2015, that it had terminated the Amended and
Restated Agreement and Plan of Merger entered into between the
parties in order to accept a superior acquisition proposal. As a
result, on November 24, 2015, PMC paid the Company a $88.5 million
merger termination fee. [h] During the three months and
fiscal year ended September 30, 2016, the Company recognized $0.1
million and $1.1 million, respectively, 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. The Company acquired the remaining 34% interest from
Panasonic on August 1, 2016. [i] During the three months and
fiscal year ended September 29, 2017, these amounts primarily
represent the use of net operating loss carryforwards, deferred tax
expense not affecting taxes payable, tax deductible share-based
compensation expense in excess of GAAP share-based compensation
expense, the release of previously reserved items that are no
longer required as a result of audits, and non-cash expense
(benefit) related to uncertain tax positions. During the
three months and fiscal year ended September 30, 2016, 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 share-based
compensation expense in excess of GAAP share-based compensation
expense, the tax attributable to the merger termination fee, the
release of previously reserved items that are no longer required as
a result of the IRS audits, and non-cash expense (benefit) related
to uncertain tax positions.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions) September 29,2017 September
30,2016
Assets Current assets: Cash and cash equivalents $
1,616.8 $ 1,083.8 Accounts receivable, net 454.7 416.6 Inventory
493.5 424.0 Other current assets 68.7 77.7 Property, plant and
equipment, net 882.3 806.3 Goodwill and intangible assets, net
950.8 940.3 Other assets 106.8 106.7 Total assets $ 4,573.6
$ 3,855.4
Liabilities and Equity Current
liabilities: Accounts payable $ 258.4 $ 110.4 Accrued and other
current liabilities 129.5 99.8 Other long-term liabilities 120.0
103.8 Stockholders’ equity 4,065.7 3,541.4 Total liabilities
and equity $ 4,573.6 $ 3,855.4
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Twelve Months
Ended (in millions) September 29,2017 September 30,2016 September
29,2017 September 30,2016
Cash flow from operating
activities Net income $ 281.3 $ 246.8 $ 1,010.2 $ 995.2
Adjustments to reconcile net income to net cash provided by
operating activities: Share-based compensation 24.2 19.7 88.5 78.0
Depreciation 60.4 54.8 227.2 214.4 Amortization of intangible
assets 5.0 6.4 27.6 33.4 Contribution of common shares to savings
and retirement plans 7.8 6.7 15.0 18.0 Deferred income taxes (0.6 )
(1.5 ) 2.2 — Excess tax benefit from share-based compensation (5.4
) 1.4 (40.8 ) (43.7 ) Other 0.3 0.1 0.3 0.3 Changes in operating
assets: Receivables, net (57.3 ) 153.4 (37.1 ) 121.4 Inventory
(10.5 ) 13.4 (69.2 ) (147.3 ) Other current and long-term assets
12.6 (13.2 ) 3.3 (20.4 ) Accounts payable 79.7 (71.3 ) 147.8 (181.5
) Other current and long-term liabilities 27.9 38.3
96.3 27.9
Net cash provided by operations
425.4 455.0 1,471.3 1,095.7
Cash
flow from investing activities Capital expenditures (85.3 )
(15.7 ) (303.3 ) (189.3 ) Payments for acquisitions, net of cash
acquired — (0.6 ) (13.7 ) (55.6 ) Purchased intangibles (12.1 )
(5.5 ) (12.1 ) (6.0 ) Maturity of investments — — 3.2
—
Net cash used in investing activities (97.4
) (21.8 ) (325.9 ) (250.9 )
Cash flow from financing
activities Payments for obligations recorded for business
combinations — (76.5 ) — (76.5 ) Excess tax benefit from
share-based compensation 5.4 (1.4 ) 40.8 43.7 Repurchase of common
stock — payroll tax withholdings on equity awards (1.2 ) (0.4 )
(49.2 ) (73.3 ) Repurchase of common stock — share repurchase
program (101.8 ) (198.6 ) (432.3 ) (525.6 ) Dividends paid (58.9 )
(52.2 ) (214.6 ) (201.0 ) Net proceeds from exercise of stock
options 8.0 6.0 53.8 28.1 Deferred payments for intangible assets
(5.5 ) — (5.5 ) — Payments of contingent consideration (1.2 ) —
(5.4 ) —
Net cash used in financing activities
(155.2 ) (323.1 ) (612.4 ) (804.6 ) Net increase (decrease) in cash
and cash equivalents 172.8 110.1 533.0 40.2 Cash and cash
equivalents at beginning of period 1,444.0 973.7
1,083.8 1,043.6 Cash and cash equivalents at end of
period $ 1,616.8 $ 1,083.8 $ 1,616.8 $ 1,083.8
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171106006398/en/
Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061orInvestor Relations:Mitch Haws(949)
231-3223
Skyworks Solutions (NASDAQ:SWKS)
過去 株価チャート
から 9 2024 まで 10 2024
Skyworks Solutions (NASDAQ:SWKS)
過去 株価チャート
から 10 2023 まで 10 2024