[January 19, 2017] |
|
Skyworks Exceeds Q1 FY17 Expectations
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 December 30,
2016. Revenue for the first fiscal quarter was $914.3 million, up 9.4
percent sequentially and exceeding consensus estimates of $902.7 million.
On a GAAP basis, operating income for the first fiscal quarter of 2017
was $321.9 million with diluted earnings per share of $1.38. On a
non-GAAP basis, operating income was $354.3 million with record non-GAAP
diluted earnings per share of $1.61, $0.03 better than the Company's
guidance and consensus estimates. Cash flow from operations for the
quarter was also a record $495.9 million.
"Skyworks delivered exceptional financial results in the first fiscal
quarter of 2017 fueled by global demand for ubiquitous mobile
connectivity and the Internet of Things," said Liam K. Griffin,
president and chief executive officer of Skyworks. "We are enabling the
next phase of the wireless revolution, powering new and previously
unimagined applications. With the proliferation of 4G/LTE and advent of
5G, system-level performance requirements are intensifying, driving the
need for substantially higher data rates, improved efficiency and
reduced latency across an exponentially growing scope of networked
devices. Leveraging our innovative portfolio, carrier aggregation
leadership, operational scale and demonstrated ability to deliver highly
integrated solutions, Skyworks is uniquely positioned to capitalize on
this connectivity megatrend."
First Fiscal Quarter Business Highlights
-
Secured SkyOne®, custom diversity receive system and high band PAD
wins across tier-one OEMs
-
Leveraged SkyBlue™ enabling technology for Huawei's Mate9 smartphones
-
Enabled Wi-Fi mesh solutions at Linksys and Ubiquiti Networks
-
Delivered low noise amplifiers to leading networking OEMs for MIMO
architectures
-
Shipped front-end modules for Comcast's DOCSIS 3.1 broadband gateways
-
Expanded LTE content across Oppo, Vivo, Meizu and Xiaomi platforms
-
Powered telematics modems for U.S. electric auto manufacturer
-
Captured sockets across leading drone customers
-
Supported Amazon's Alexa, Google Home and Microsoft's Cortana virtual
assistants
-
Designed into Alps' vehicle-to-vehicle intelligent transportation
system
-
Deployed automotive solutions with Samsung for remote diagnostic
applications
-
Launched ZigBee® modules for remote temperature monitoring
devices
-
Ramped multiple solutions enabling NetGear's home security cameras
Second Fiscal Quarter 2017 Outlook
We provide earnings guidance solely 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.
"Given our expanding product pipeline and accelerating design win
momentum, we expect to outperform industry seasonality in the March
quarter," said Kris Sennesael, senior vice president and chief financial
officer of Skyworks. "Specifically, for the second fiscal quarter of
2017, we anticipate revenue of $840 million, up 8 percent
year-over-year, with non-GAAP diluted earnings per share of $1.40.
Further, given the confidence in our business model and plans to enhance
cash returns to our shareholders, today we are separately announcing
that our Board of Directors has authorized a new $500 million stock
repurchase program."
Dividend Payment
Skyworks' Board of Directors declared a cash dividend of $0.28 per share
of the Company's common stock, payable on February 23, 2017, to
stockholders of record at the close of business on February 2, 2017.
Skyworks' First Fiscal Quarter 2017 Conference Call
Skyworks will host a conference call with analysts to discuss its first
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 at www.skyworksinc.com.
To listen to the conference call via telephone, please call (800)
288-8976 (domestic) or (612) 332-0107 (international), confirmation
code: 413464.
Playback of the conference call will begin at 9:00 p.m. Eastern time on
January 19, and end at 9:00 p.m. Eastern time on January 26. The replay
will be available on Skyworks' website or by calling (800) 475-6701
(domestic) or (320) 365-3844 (international), access code: 413464.
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 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 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 STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(in millions, except per share amounts)
|
|
December 30, 2016
|
|
January 1, 2016
|
Net revenue
|
|
$
|
914.3
|
|
|
$
|
926.8
|
|
Cost of goods sold
|
|
450.4
|
|
|
454.7
|
|
Gross profit
|
|
463.9
|
|
|
472.1
|
|
Operating expenses:
|
|
|
|
|
|
Research and development
|
|
82.0
|
|
|
81.5
|
|
|
Selling, general and administrative
|
|
50.9
|
|
|
51.7
|
|
|
Amortization of intangibles
|
|
8.5
|
|
|
8.4
|
|
|
Restructuring and other charges
|
|
0.6
|
|
|
-
|
|
|
|
Total operating expenses
|
|
142.0
|
|
|
141.6
|
|
Operating income
|
|
321.9
|
|
|
330.5
|
|
|
Other expense, net
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
Merger termination fee
|
|
-
|
|
|
88.5
|
|
Income before income taxes
|
|
321.1
|
|
|
418.2
|
|
Provision for income taxes
|
|
63.3
|
|
|
62.9
|
|
Net income
|
|
$
|
257.8
|
|
|
$
|
355.3
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
Basic
|
|
$
|
1.39
|
|
|
$
|
1.87
|
|
|
|
Diluted
|
|
$
|
1.38
|
|
|
$
|
1.82
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
Basic
|
|
184.8
|
|
|
190.4
|
|
|
|
Diluted
|
|
187.3
|
|
|
194.7
|
|
|
|
|
|
|
|
|
|
|
SKYWORKS SOLUTIONS, INC.
|
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(in millions)
|
|
December 30, 2016
|
|
January 1, 2016
|
GAAP gross profit
|
|
$
|
463.9
|
|
|
$
|
472.1
|
|
|
|
Share-based compensation expense [a]
|
|
3.8
|
|
|
4.0
|
|
Non-GAAP gross profit
|
|
$
|
467.7
|
|
|
$
|
476.1
|
|
GAAP gross margin %
|
|
50.7
|
%
|
|
50.9
|
%
|
Non-GAAP gross margin %
|
|
51.2
|
%
|
|
51.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(in millions)
|
|
December 30, 2016
|
|
January 1, 2016
|
GAAP operating income
|
|
$
|
321.9
|
|
|
$
|
330.5
|
|
|
|
Share-based compensation expense [a]
|
|
21.6
|
|
|
23.3
|
|
|
|
Acquisition-related expenses [b]
|
|
1.7
|
|
|
2.7
|
|
|
|
Amortization of intangibles [c]
|
|
8.5
|
|
|
8.4
|
|
|
|
Restructuring and other charges [d]
|
|
0.6
|
|
|
-
|
|
|
|
Litigation settlement gains, losses and expenses [e]
|
|
-
|
|
|
1.7
|
|
Non-GAAP operating income
|
|
$
|
354.3
|
|
|
$
|
366.6
|
|
GAAP operating margin %
|
|
35.2
|
%
|
|
35.7
|
%
|
Non-GAAP operating margin %
|
|
38.8
|
%
|
|
39.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(in millions)
|
|
December 30, 2016
|
|
January 1, 2016
|
GAAP net income
|
|
$
|
257.8
|
|
|
$
|
355.3
|
|
|
|
Share-based compensation expense [a]
|
|
21.6
|
|
|
23.3
|
|
|
|
Acquisition-related expenses [b]
|
|
1.7
|
|
|
2.7
|
|
|
|
Amortization of intangibles [c]
|
|
8.5
|
|
|
8.4
|
|
|
|
Restructuring and other charges [d]
|
|
0.6
|
|
|
-
|
|
|
|
Litigation settlement gains, losses and expenses [e]
|
|
-
|
|
|
1.7
|
|
|
|
Merger termination fee [f]
|
|
-
|
|
|
(88.5
|
)
|
|
|
Interest expense on seller-financed debt [g]
|
|
-
|
|
|
0.3
|
|
|
|
Tax adjustments [h]
|
|
11.4
|
|
|
8.0
|
|
Non-GAAP net income
|
|
$
|
301.6
|
|
|
$
|
311.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
December 30, 2016
|
|
January 1, 2016
|
GAAP net income per share, diluted
|
|
$
|
1.38
|
|
|
$
|
1.82
|
|
|
|
Share-based compensation expense [a]
|
|
0.11
|
|
|
0.12
|
|
|
|
Acquisition-related expenses [b]
|
|
0.01
|
|
|
0.01
|
|
|
|
Amortization of intangibles [c]
|
|
0.05
|
|
|
0.04
|
|
|
|
Litigation settlement gains, losses and expenses [e]
|
|
-
|
|
|
0.01
|
|
|
|
Merger termination fee [f]
|
|
-
|
|
|
(0.45
|
)
|
|
|
Tax adjustments [h]
|
|
0.06
|
|
|
0.05
|
|
Non-GAAP net income per share, diluted
|
|
$
|
1.61
|
|
|
$
|
1.60
|
|
|
|
|
|
|
|
|
|
|
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 second quarter of our 2017 fiscal
year ("Q2 2017"). 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 2017 GAAP diluted
earnings per share to a forward-looking estimate of Q2 2017 non-GAAP
diluted earnings per share because certain information needed to make a
reasonable forward-looking estimate of GAAP diluted earnings per share
for Q2 2017 (other than estimated share-based compensation expense of
$0.11 to $0.13 per diluted share, certain tax items of $0.04 to $0.08
per diluted share and estimated amortization of intangibles of $0.04 to
$0.06 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
December 30, 2016, approximately $3.8 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 three months ended January 1, 2016, approximately $4.0
million, $9.6 million and $9.7 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 December 30, 2016, include a $1.7 million charge to general
and administrative expenses, primarily associated with expenses
related to acquisitions completed or contemplated during the period.
|
|
|
|
|
|
The acquisition-related expenses recognized during the three months
ended January 1, 2016, include a $2.7 million charge to general and
administrative expenses, primarily associated with expenses related
to acquisitions completed or contemplated during the period.
|
|
|
|
[c]
|
|
During the three months ended December 30, 2016 and January 1, 2016,
the Company incurred $8.5 million and $8.4 million, respectively, in
amortization of intangibles.
|
|
|
|
[d]
|
|
During the three months ended December 30, 2016, the Company
incurred a $0.6 million charge in employee severance costs primarily
related to restructuring plans that were implemented during the
period.
|
|
|
|
[e]
|
|
During the three months ended January 1, 2016, the Company
recognized a $1.7 million charge primarily related to general and
administrative expenses associated with ongoing litigation(s).
|
|
|
|
[f]
|
|
During the three months ended January 1, 2016, PMC-Sierra, Inc.
("PMC"), notified the Company that it had terminated the Amended and
Restated Agreement and Plan of Merger entered into between the
parties in order to accept a superior proposal. As a result, on
November 24, 2015, PMC paid the Company a $88.5 million merger
termination fee.
|
|
|
|
[g]
|
|
During the three months ended January 1, 2016, 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.
|
|
|
|
[h]
|
|
During the three months ended December 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
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 ended January 1, 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
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
(in millions)
|
|
December 30, 2016
|
|
September 30, 2016
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,350.5
|
|
|
$
|
1,083.8
|
Accounts receivable, net
|
|
368.4
|
|
|
416.6
|
Inventory
|
|
422.8
|
|
|
424.0
|
Other current assets
|
|
56.8
|
|
|
77.7
|
Property, plant and equipment, net
|
|
801.5
|
|
|
806.3
|
Goodwill and intangible assets, net
|
|
955.3
|
|
|
940.3
|
Other assets
|
|
110.4
|
|
|
106.7
|
Total assets
|
|
$
|
4,065.7
|
|
|
$
|
3,855.4
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
161.5
|
|
|
$
|
110.4
|
Accrued and other current liabilities
|
|
141.9
|
|
|
99.8
|
Other long-term liabilities
|
|
102.0
|
|
|
103.8
|
Stockholders' equity
|
|
3,660.3
|
|
|
3,541.4
|
Total liabilities and equity
|
|
$
|
4,065.7
|
|
|
$
|
3,855.4
|
|
|
|
|
|
|
|
|
SKYWORKS SOLUTIONS, INC.
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(in millions)
|
|
December 30, 2016
|
|
January 1, 2016
|
Cash flow from operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
257.8
|
|
|
$
|
355.3
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Share-based compensation
|
|
21.6
|
|
|
23.3
|
|
|
|
Depreciation
|
|
55.3
|
|
|
51.5
|
|
|
|
Amortization of intangible assets
|
|
8.5
|
|
|
8.4
|
|
|
|
Contribution of common shares to savings and retirement plans
|
|
-
|
|
|
2.7
|
|
|
|
Deferred income taxes
|
|
1.2
|
|
|
2.0
|
|
|
|
Excess tax benefit from share-based compensation
|
|
(21.5
|
)
|
|
(37.3
|
)
|
|
Changes in operating assets:
|
|
|
|
|
|
|
Receivables, net
|
|
49.3
|
|
|
3.1
|
|
|
|
Inventory
|
|
0.6
|
|
|
(19.0
|
)
|
|
|
Other current and long-term assets
|
|
12.3
|
|
|
11.8
|
|
|
|
Accounts payable
|
|
50.9
|
|
|
(96.2
|
)
|
|
|
Other current and long-term liabilities
|
|
59.9
|
|
|
39.7
|
|
|
|
Net cash provided by operations
|
|
495.9
|
|
|
345.3
|
|
Cash flow from investing activities
|
|
|
|
|
|
|
Capital expenditures
|
|
(50.1
|
)
|
|
(79.5
|
)
|
|
|
Payments for acquisitions, net of cash acquired
|
|
(13.7
|
)
|
|
-
|
|
|
|
Maturity of investments
|
|
3.2
|
|
|
-
|
|
|
|
Net cash used in investing activities
|
|
(60.6
|
)
|
|
(79.5
|
)
|
Cash flow from financing activities
|
|
|
|
|
|
|
Payments of contingent consideration
|
|
(1.7
|
)
|
|
-
|
|
|
|
Excess tax benefit from share-based compensation
|
|
21.5
|
|
|
37.3
|
|
|
|
Dividends paid
|
|
(52.2
|
)
|
|
(50.2
|
)
|
|
|
Repurchase of common stock - share repurchase program
|
|
(106.5
|
)
|
|
-
|
|
|
|
Repurchase of common stock - payroll tax withholdings on equity
awards
|
|
(44.4
|
)
|
|
(71.9
|
)
|
|
|
Net proceeds from exercise of stock options
|
|
14.7
|
|
|
8.6
|
|
|
|
Net cash used in financing activities
|
|
(168.6
|
)
|
|
(76.2
|
)
|
|
|
Net increase in cash and cash equivalents
|
|
266.7
|
|
|
189.6
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
1,083.8
|
|
|
1,043.6
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,350.5
|
|
|
$
|
1,233.2
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170119006150/en/
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