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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skyworks Solutions Inc | NASDAQ:SWKS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.28 | 0.30% | 92.79 | 92.00 | 93.43 | 755 | 13:34:34 |
|
Delaware
|
04-2302115
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
20 Sylvan Road,
|
Woburn
|
Massachusetts
|
01801
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|||
|
|
|
|
|
(781)
|
376-3000
|
|
||
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock, par value $0.25 per share
|
SWKS
|
Nasdaq Global Select Market
|
Large accelerated filer
|
þ
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
PAGE NO.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
December 27, 2019
|
|
December 28,
2018 |
||||
Net revenue
|
$
|
896.1
|
|
|
$
|
972.0
|
|
Cost of goods sold
|
451.8
|
|
|
486.9
|
|
||
Gross profit
|
444.3
|
|
|
485.1
|
|
||
Operating expenses:
|
|
|
|
|
|
||
Research and development
|
107.7
|
|
|
109.2
|
|
||
Selling, general and administrative
|
55.4
|
|
|
47.8
|
|
||
Amortization of intangibles
|
3.1
|
|
|
7.4
|
|
||
Restructuring and other charges (benefit)
|
0.8
|
|
|
(0.2
|
)
|
||
Total operating expenses
|
167.0
|
|
|
164.2
|
|
||
Operating income
|
277.3
|
|
|
320.9
|
|
||
Other income, net
|
1.4
|
|
|
2.9
|
|
||
Income before income taxes
|
278.7
|
|
|
323.8
|
|
||
Provision for income taxes
|
21.6
|
|
|
38.9
|
|
||
Net income
|
$
|
257.1
|
|
|
$
|
284.9
|
|
Earnings per share:
|
|
|
|
|
|
||
Basic
|
$
|
1.51
|
|
|
$
|
1.61
|
|
Diluted
|
$
|
1.50
|
|
|
$
|
1.60
|
|
Weighted average shares:
|
|
|
|
||||
Basic
|
170.2
|
|
|
176.6
|
|
||
Diluted
|
171.6
|
|
|
177.7
|
|
||
|
|
|
|
||||
Cash dividends declared and paid per share
|
$
|
0.44
|
|
|
$
|
0.38
|
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
|
December 28,
2018 |
||||
Net income
|
$
|
257.1
|
|
|
$
|
284.9
|
|
Other comprehensive income, net of tax
|
|
|
|
||||
Fair value of investments
|
(0.1
|
)
|
|
0.1
|
|
||
Comprehensive income
|
$
|
257.0
|
|
|
$
|
285.0
|
|
|
As of
|
||||||
|
December 27, 2019
|
|
September 27,
2019 |
||||
ASSETS
|
(unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
928.2
|
|
|
$
|
851.3
|
|
Marketable securities
|
262.2
|
|
|
203.3
|
|
||
Receivables, net of allowance of $0.8 and $0.8, respectively
|
426.8
|
|
|
465.3
|
|
||
Inventory
|
604.4
|
|
|
609.7
|
|
||
Other current assets
|
124.9
|
|
|
105.0
|
|
||
Total current assets
|
2,346.5
|
|
|
2,234.6
|
|
||
Property, plant and equipment, net
|
1,190.8
|
|
|
1,205.6
|
|
||
Operating lease right-of-use assets
|
159.1
|
|
|
—
|
|
||
Goodwill
|
1,189.8
|
|
|
1,189.8
|
|
||
Intangible assets, net
|
96.5
|
|
|
107.9
|
|
||
Deferred tax assets, net
|
39.9
|
|
|
40.8
|
|
||
Marketable securities
|
38.2
|
|
|
27.6
|
|
||
Other long-term assets
|
31.0
|
|
|
33.3
|
|
||
Total assets
|
$
|
5,091.8
|
|
|
$
|
4,839.6
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
138.5
|
|
|
$
|
190.5
|
|
Accrued compensation and benefits
|
79.9
|
|
|
76.0
|
|
||
Other current liabilities
|
114.8
|
|
|
107.5
|
|
||
Total current liabilities
|
333.2
|
|
|
374.0
|
|
||
Long-term tax liabilities
|
309.5
|
|
|
312.4
|
|
||
Long-term operating lease liabilities
|
150.9
|
|
|
—
|
|
||
Other long-term liabilities
|
30.9
|
|
|
30.9
|
|
||
Total liabilities
|
824.5
|
|
|
717.3
|
|
||
|
|
|
|||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, no par value: 25.0 shares authorized, no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.25 par value: 525.0 shares authorized; 231.5 shares issued and 170.5 shares outstanding at December 27, 2019, and 230.2 shares issued and 170.1 shares outstanding at September 27, 2019
|
42.6
|
|
|
42.5
|
|
||
Additional paid-in capital
|
3,251.9
|
|
|
3,188.0
|
|
||
Treasury stock, at cost
|
(3,513.8
|
)
|
|
(3,412.9
|
)
|
||
Retained earnings
|
4,494.6
|
|
|
4,312.6
|
|
||
Accumulated other comprehensive loss
|
(8.0
|
)
|
|
(7.9
|
)
|
||
Total stockholders’ equity
|
4,267.3
|
|
|
4,122.3
|
|
||
Total liabilities and stockholders’ equity
|
$
|
5,091.8
|
|
|
$
|
4,839.6
|
|
|
Shares of common stock
|
|
Par value of common stock
|
|
Shares of treasury stock
|
|
Value of treasury stock
|
|
Additional paid-in capital
|
|
Retained earnings
|
|
Accumulated other comprehensive loss
|
|
Total stockholders’ equity
|
||||||||||||||
Balance at September 27, 2019
|
170.1
|
|
|
$
|
42.5
|
|
|
60.1
|
|
|
$
|
(3,412.9
|
)
|
|
$
|
3,188.0
|
|
|
$
|
4,312.6
|
|
|
$
|
(7.9
|
)
|
|
$
|
4,122.3
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
257.1
|
|
|
—
|
|
|
257.1
|
|
||||||
Exercise and settlement of share based awards, net of shares withheld for taxes
|
1.1
|
|
|
0.3
|
|
|
0.3
|
|
|
(26.7
|
)
|
|
34.6
|
|
|
—
|
|
|
—
|
|
|
8.2
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.1
|
|
|
—
|
|
|
—
|
|
|
29.1
|
|
||||||
Stock repurchase program
|
(0.7
|
)
|
|
(0.2
|
)
|
|
0.7
|
|
|
(74.2
|
)
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(74.2
|
)
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75.1
|
)
|
|
—
|
|
|
(75.1
|
)
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
Balance at December 27, 2019
|
170.5
|
|
|
$
|
42.6
|
|
|
61.1
|
|
|
$
|
(3,513.8
|
)
|
|
$
|
3,251.9
|
|
|
$
|
4,494.6
|
|
|
$
|
(8.0
|
)
|
|
$
|
4,267.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at September 28, 2018
|
177.4
|
|
|
$
|
44.4
|
|
|
51.0
|
|
|
$
|
(2,732.5
|
)
|
|
$
|
3,061.0
|
|
|
$
|
3,732.9
|
|
|
$
|
(8.8
|
)
|
|
$
|
4,097.0
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284.9
|
|
|
—
|
|
|
284.9
|
|
||||||
Exercise and settlement of share based awards, net of shares withheld for taxes
|
0.7
|
|
|
0.1
|
|
|
0.2
|
|
|
(19.6
|
)
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
(14.4
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.3
|
|
|
—
|
|
|
—
|
|
|
21.3
|
|
||||||
Stock repurchase program
|
(4.0
|
)
|
|
(1.0
|
)
|
|
4.0
|
|
|
(284.0
|
)
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
(284.0
|
)
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67.1
|
)
|
|
—
|
|
|
(67.1
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
||||||
Balance at December 28, 2018
|
174.1
|
|
|
$
|
43.5
|
|
|
55.2
|
|
|
$
|
(3,036.1
|
)
|
|
$
|
3,088.4
|
|
|
$
|
3,950.7
|
|
|
$
|
(8.2
|
)
|
|
$
|
4,038.3
|
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
|
December 28,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
257.1
|
|
|
$
|
284.9
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Share-based compensation
|
33.6
|
|
|
20.8
|
|
||
Depreciation
|
79.8
|
|
|
77.5
|
|
||
Amortization of intangible assets, including inventory step-up
|
11.4
|
|
|
15.5
|
|
||
Deferred income taxes
|
0.9
|
|
|
1.8
|
|
||
Other, net
|
—
|
|
|
1.0
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Receivables, net
|
38.5
|
|
|
131.4
|
|
||
Inventory
|
7.9
|
|
|
(5.0
|
)
|
||
Accounts payable
|
(6.7
|
)
|
|
(22.2
|
)
|
||
Other current and long-term assets and liabilities
|
(24.1
|
)
|
|
43.3
|
|
||
Net cash provided by operating activities
|
398.4
|
|
|
549.0
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(111.2
|
)
|
|
(129.5
|
)
|
||
Purchases of marketable securities
|
(131.5
|
)
|
|
(2.2
|
)
|
||
Sales and maturities of marketable securities
|
62.2
|
|
|
303.2
|
|
||
Net cash provided by (used in) investing activities
|
(180.5
|
)
|
|
171.5
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchase of common stock - payroll tax withholdings on equity awards
|
(26.6
|
)
|
|
(19.4
|
)
|
||
Repurchase of common stock - stock repurchase program
|
(74.2
|
)
|
|
(284.0
|
)
|
||
Dividends paid
|
(75.1
|
)
|
|
(67.1
|
)
|
||
Net proceeds from exercise of stock options
|
34.9
|
|
|
2.4
|
|
||
Net cash used in financing activities
|
(141.0
|
)
|
|
(368.1
|
)
|
||
Net increase in cash and cash equivalents
|
76.9
|
|
|
352.4
|
|
||
Cash and cash equivalents at beginning of period
|
851.3
|
|
|
733.3
|
|
||
Cash and cash equivalents at end of period
|
$
|
928.2
|
|
|
$
|
1,085.7
|
|
Supplemental cash flow disclosures:
|
|
|
|
||||
Income taxes paid
|
$
|
26.1
|
|
|
$
|
1.6
|
|
Non-cash investing in capital expenditures, accrued but not paid
|
70.1
|
|
|
56.7
|
|
|
Three Months Ended
|
||||||
|
December 27, 2019
|
|
December 28,
2018 |
||||
United States
|
$
|
590.4
|
|
|
$
|
600.1
|
|
China
|
168.4
|
|
|
194.5
|
|
||
South Korea
|
59.0
|
|
|
99.1
|
|
||
Taiwan
|
42.0
|
|
|
40.7
|
|
||
Europe, Middle East and Africa
|
30.3
|
|
|
32.7
|
|
||
Other Asia-Pacific
|
6.0
|
|
|
4.9
|
|
||
Total
|
$
|
896.1
|
|
|
$
|
972.0
|
|
|
Current
|
|
Noncurrent
|
||||||||||||
Available for sale:
|
December 27, 2019
|
|
September 27,
2019 |
|
December 27, 2019
|
|
September 27,
2019 |
||||||||
U.S. Treasury and government
|
$
|
58.6
|
|
|
$
|
34.2
|
|
|
$
|
27.7
|
|
|
$
|
20.0
|
|
Corporate bonds and notes
|
94.9
|
|
|
66.2
|
|
|
10.5
|
|
|
5.9
|
|
||||
Municipal bonds
|
108.7
|
|
|
102.9
|
|
|
—
|
|
|
1.7
|
|
||||
Total
|
$
|
262.2
|
|
|
$
|
203.3
|
|
|
$
|
38.2
|
|
|
$
|
27.6
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data.
|
•
|
Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company.
|
|
As of December 27, 2019
|
|
As of September 27, 2019
|
||||||||||||||||||||||||||||
|
|
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements
|
||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash and cash equivalents*
|
$
|
928.2
|
|
|
$
|
852.5
|
|
|
$
|
75.7
|
|
|
$
|
—
|
|
|
$
|
851.3
|
|
|
$
|
809.5
|
|
|
$
|
41.8
|
|
|
$
|
—
|
|
U.S. Treasury and government securities
|
86.3
|
|
|
46.5
|
|
|
39.8
|
|
|
—
|
|
|
54.2
|
|
|
28.4
|
|
|
25.8
|
|
|
—
|
|
||||||||
Corporate bonds and notes
|
105.4
|
|
|
—
|
|
|
105.4
|
|
|
—
|
|
|
72.1
|
|
|
—
|
|
|
72.1
|
|
|
—
|
|
||||||||
Municipal bonds
|
108.7
|
|
|
—
|
|
|
108.7
|
|
|
—
|
|
|
104.6
|
|
|
—
|
|
|
104.6
|
|
|
—
|
|
||||||||
Total
|
$
|
1,228.6
|
|
|
$
|
899.0
|
|
|
$
|
329.6
|
|
|
$
|
—
|
|
|
$
|
1,082.2
|
|
|
$
|
837.9
|
|
|
$
|
244.3
|
|
|
$
|
—
|
|
|
As of
|
||||||
|
December 27,
2019 |
|
September 27,
2019 |
||||
Raw materials
|
$
|
22.8
|
|
|
$
|
24.4
|
|
Work-in-process
|
376.5
|
|
|
336.2
|
|
||
Finished goods
|
202.8
|
|
|
245.7
|
|
||
Finished goods held on consignment by customers
|
2.3
|
|
|
3.4
|
|
||
Total inventory
|
$
|
604.4
|
|
|
$
|
609.7
|
|
|
As of
|
||||||
|
December 27,
2019 |
|
September 27,
2019 |
||||
Land and improvements
|
$
|
11.8
|
|
|
$
|
11.7
|
|
Buildings and improvements
|
392.0
|
|
|
354.4
|
|
||
Furniture and fixtures
|
38.0
|
|
|
33.8
|
|
||
Machinery and equipment
|
2,346.6
|
|
|
2,311.5
|
|
||
Construction in progress
|
157.0
|
|
|
172.5
|
|
||
Total property, plant and equipment, gross
|
2,945.3
|
|
|
2,883.9
|
|
||
Accumulated depreciation
|
(1,754.5
|
)
|
|
(1,678.3
|
)
|
||
Total property, plant and equipment, net
|
$
|
1,190.8
|
|
|
$
|
1,205.6
|
|
|
|
As of
|
|
As of
|
||||||||||||||||||||
|
Weighted Average Amortization Period (Years) |
December 27, 2019
|
|
September 27, 2019
|
||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated Amortization |
|
Net
Carrying Amount |
|
Gross
Carrying Amount |
|
Accumulated Amortization |
|
Net
Carrying Amount |
|||||||||||||
Customer relationships
|
5.0
|
$
|
18.2
|
|
|
$
|
(13.0
|
)
|
|
$
|
5.2
|
|
|
$
|
25.6
|
|
|
$
|
(19.5
|
)
|
|
$
|
6.1
|
|
Developed technology and other
|
4.1
|
94.4
|
|
|
(56.9
|
)
|
|
37.5
|
|
|
94.4
|
|
|
(48.9
|
)
|
|
45.5
|
|
||||||
Trademarks
|
3.0
|
1.6
|
|
|
(1.5
|
)
|
|
0.1
|
|
|
1.6
|
|
|
(1.3
|
)
|
|
0.3
|
|
||||||
Technology licenses
|
3.1
|
24.9
|
|
|
(7.1
|
)
|
|
17.8
|
|
|
24.9
|
|
|
(4.8
|
)
|
|
20.1
|
|
||||||
IPR&D
|
|
35.9
|
|
|
—
|
|
|
35.9
|
|
|
35.9
|
|
|
—
|
|
|
35.9
|
|
||||||
Total intangible assets
|
|
$
|
175.0
|
|
|
$
|
(78.5
|
)
|
|
$
|
96.5
|
|
|
$
|
182.4
|
|
|
$
|
(74.5
|
)
|
|
$
|
107.9
|
|
|
Remaining 2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||
Amortization expense, cost of goods sold
|
$
|
15.6
|
|
|
$
|
4.9
|
|
|
$
|
0.9
|
|
|
$
|
1.0
|
|
|
$
|
1.0
|
|
|
$
|
1.9
|
|
Amortization expense, operating expense
|
$
|
17.4
|
|
|
$
|
11.7
|
|
|
$
|
4.2
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
1.8
|
|
Total amortization expense
|
$
|
33.0
|
|
|
$
|
16.6
|
|
|
$
|
5.1
|
|
|
$
|
1.1
|
|
|
$
|
1.1
|
|
|
$
|
3.7
|
|
|
Three Months Ended
|
||||||
|
December 27, 2019
|
|
December 28,
2018 |
||||
United States income taxes
|
$
|
11.5
|
|
|
$
|
29.5
|
|
Foreign income taxes
|
10.1
|
|
|
9.4
|
|
||
Provision for income taxes
|
$
|
21.6
|
|
|
$
|
38.9
|
|
|
|
|
|
||||
Effective tax rate
|
7.8
|
%
|
|
12.0
|
%
|
|
Three Months Ended
|
||||||
|
December 27, 2019
|
|
December 28,
2018 |
||||
Cost of goods sold
|
$
|
4.2
|
|
|
$
|
3.6
|
|
Research and development
|
14.8
|
|
|
12.5
|
|
||
Selling, general and administrative
|
14.6
|
|
|
4.7
|
|
||
Total share-based compensation
|
$
|
33.6
|
|
|
$
|
20.8
|
|
|
Three Months Ended
|
||
|
December 27,
2019 |
||
Operating cash flows from operating leases
|
$
|
5.1
|
|
Operating lease assets obtained in exchange for new lease liabilities
|
20.7
|
|
|
December 27,
2019 |
||
2020
|
$
|
11.8
|
|
2021
|
23.4
|
|
|
2022
|
22.1
|
|
|
2023
|
21.8
|
|
|
2024
|
20.1
|
|
|
Thereafter
|
89.7
|
|
|
Total lease payments
|
188.9
|
|
|
Less: imputed interest
|
(28.7
|
)
|
|
Present value of lease liabilities
|
160.2
|
|
|
Less: current portion (included in other current assets)
|
(9.3
|
)
|
|
Total
|
$
|
150.9
|
|
|
September 27,
2019 |
||
2020
|
$
|
26.7
|
|
2021
|
25.9
|
|
|
2022
|
24.8
|
|
|
2023
|
23.3
|
|
|
2024
|
21.5
|
|
|
Thereafter
|
97.7
|
|
|
Total
|
$
|
219.9
|
|
|
December 27,
2019 |
|
Weighted-average remaining lease term (years)
|
8.26
|
|
Weighted-average discount rate
|
3.37
|
%
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
|
December 28,
2018 |
||||
Net income
|
$
|
257.1
|
|
|
$
|
284.9
|
|
|
|
|
|
||||
Weighted average shares outstanding – basic
|
170.2
|
|
|
176.6
|
|
||
Dilutive effect of equity based awards
|
1.4
|
|
|
1.1
|
|
||
Weighted average shares outstanding – diluted
|
171.6
|
|
|
177.7
|
|
||
|
|
|
|
||||
Net income per share – basic
|
$
|
1.51
|
|
|
$
|
1.61
|
|
Net income per share – diluted
|
$
|
1.50
|
|
|
$
|
1.60
|
|
|
|
|
|
||||
Anti-dilutive common stock equivalents
|
0.5
|
|
|
1.7
|
|
|
Three Months Ended
|
||||
|
December 27,
2019 |
|
December 28,
2018 |
||
Net revenue
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
50.4
|
|
|
50.1
|
|
Gross profit
|
49.6
|
|
|
49.9
|
|
Operating expenses:
|
|
|
|
|
|
Research and development
|
12.0
|
|
|
11.2
|
|
Selling, general and administrative
|
6.2
|
|
|
4.9
|
|
Amortization of intangibles
|
0.3
|
|
|
0.8
|
|
Restructuring and other charges (benefit)
|
0.1
|
|
|
—
|
|
Total operating expenses
|
18.6
|
|
|
16.9
|
|
Operating income
|
31.0
|
|
|
33.0
|
|
Other income, net
|
0.2
|
|
|
0.3
|
|
Income before income taxes
|
31.2
|
|
|
33.3
|
|
Provision for income taxes
|
2.4
|
|
|
4.0
|
|
Net income
|
28.8
|
%
|
|
29.3
|
%
|
•
|
Net revenue decreased by 7.8% to $896.1 million for the three months ended December 27, 2019, as compared with the corresponding period in fiscal 2019. This decrease in revenue was primarily driven by reduced demand resulting from the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Huawei Technologies Co., Ltd. and certain of its affiliates (collectively, “Huawei”) on the Bureau’s Entity List (the “Entity List”) in May 2019.
|
•
|
Our ending cash, cash equivalents and marketable securities balance increased 13.5% to $1,228.6 million as of December 27, 2019, from $1,082.2 million as of September 27, 2019. This increase in cash, cash equivalents and marketable securities during the three months ended December 27, 2019, was primarily the result of cash generated from operations of $398.4 million, partially offset by the repurchase of 0.7 million shares of common stock for $74.2 million, capital expenditures of $111.2 million, and dividend payments of $75.1 million.
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Net revenue
|
$
|
896.1
|
|
(7.8)%
|
$
|
972.0
|
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Gross profit
|
$
|
444.3
|
|
(8.4)%
|
$
|
485.1
|
|
% of net revenue
|
49.6
|
%
|
|
49.9
|
%
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Research and development
|
$
|
107.7
|
|
(1.4)%
|
$
|
109.2
|
|
% of net revenue
|
12.0
|
%
|
|
11.2
|
%
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Selling, general and administrative
|
$
|
55.4
|
|
16.0%
|
$
|
47.8
|
|
% of net revenue
|
6.2
|
%
|
|
4.9
|
%
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Amortization of intangibles, cost of goods sold
|
$
|
8.3
|
|
2.5%
|
$
|
8.1
|
|
Amortization of intangibles, operating expense
|
3.1
|
|
(58.1)%
|
7.4
|
|
||
Total amortization of intangibles, including inventory step-up
|
11.4
|
|
|
15.5
|
|
||
% of net revenue
|
1.3
|
%
|
|
1.6
|
%
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
Change
|
December 28,
2018 |
||||
(dollars in millions)
|
|
|
|
||||
Provision for income taxes
|
$
|
21.6
|
|
(44.4)%
|
$
|
38.9
|
|
% of net revenue
|
2.4
|
%
|
|
4.0
|
%
|
|
Three Months Ended
|
||||||
(in millions)
|
December 27,
2019 |
|
December 28,
2018 |
||||
Cash and cash equivalents at beginning of period
|
$
|
851.3
|
|
|
$
|
733.3
|
|
Net cash provided by operating activities
|
398.4
|
|
|
549.0
|
|
||
Net cash provided by (used in) investing activities
|
(180.5
|
)
|
|
171.5
|
|
||
Net cash used in financing activities
|
(141.0
|
)
|
|
(368.1
|
)
|
||
Cash and cash equivalents at end of period
|
$
|
928.2
|
|
|
$
|
1,085.7
|
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
9/28/19-10/25/19
|
279,111(2)
|
$77.61
|
278,064
|
$1.60 billion
|
10/26/19-11/22/19
|
264,799(3)
|
$99.48
|
—
|
$1.60 billion
|
11/23/19-12/27/19
|
466,657(4)
|
$113.25
|
463,724
|
$1.55 billion
|
Total
|
1,197,144
|
|
741,788
|
|
Exhibit
Number
|
Exhibit Description
|
Form
|
Incorporated by Reference
|
Filed Herewith
|
||
File No.
|
Exhibit
|
Filing Date
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*+
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
101.INS
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)
|
|
|
|
|
|
|
|
|
|
|
|
SKYWORKS SOLUTIONS, INC.
|
|
|
|
|
|
Date:
|
January 24, 2020
|
By:
|
/s/ Liam K. Griffin
|
|
|
|
Liam K. Griffin
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Kris Sennesael
|
|
|
|
Kris Sennesael
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Accounting and Financial Officer)
|
1 Year Skyworks Solutions Chart |
1 Month Skyworks Solutions Chart |
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