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SWKS · Skyworks Solutions

45 filings

10-K

SWKS 10-K Annual Reports

Skyworks Solutions - 45 annual reports

Filing record · 2016–202610-K2110-Q338-K121

SWKS filed 21 annual reports (10-K), 33 quarterly reports (10-Q) and 121 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Nov ’19Nov ’19
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Dec ’25Dec ’25
  1. 2025-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 3, 2025

    This Part III amendment to Skyworks Solutions, Inc.'s annual report (Form 10-K/A, filed January 30, 2026) does not contain financial statements. It covers governance, executive compensation, security ownership, related-party transactions and auditor fees for fiscal year 2025, which ended October 3, 2025. Philip G. Brace has served as Chief Executive Officer and President and a director since February 2025, succeeding Liam K. Griffin. Philip Carter became Senior Vice President and Chief Financial Officer effective September 8, 2025, after Robert A. Schriesheim served as Interim Chief Financial Officer from May 2025. The filing reports that fiscal 2025 revenue was $4,087 million and non-GAAP operating income was $995 million, against Incentive Plan targets of $4,000 million and $912 million. Executive short-term incentive payouts were set at 129% of target. Emerging revenue growth of 24% led to 200% achievement of target shares on that metric. Shareholders approved the say-on-pay proposal with about 91% of votes cast. The FY23 PSAs' three-year TSR was -20%, ranking at the 15th percentile, so those TSR shares were cancelled. KPMG LLP's total fees were $3,336,000 for fiscal 2025, versus $3,746,034 for fiscal 2024. Beneficial ownership was reported as of January 26, 2026, with 149,935,620 shares outstanding. The Vanguard Group held 13.8% and BlackRock 11.3%. The filing also details a new CEO inducement package, including a 455,028-share stock-price-hurdle PSA tied to a base price of $65.63714.

    Jan 30, 2026
  2. 2025

    Skyworks Solutions Annual Report, Year Ended Oct 3, 2025

    Skyworks Solutions, Inc. reported fiscal 2025 (53 weeks ended October 3, 2025) net revenue of $4,086.9 million, down 2.2% from $4,178.0 million in fiscal 2024, which the company attributed primarily to a decrease in market share at a significant customer, partially offset by higher demand for mobile and Wi-Fi products. Gross profit was $1,682.1 million, with gross margin holding at 41.2% as unfavorable product mix, lower average selling prices and facility consolidation costs offset higher unit volumes. Net income fell to $477.1 million, or $3.08 per diluted share, from $596.0 million, or $3.69 per diluted share, in fiscal 2024. Research and development rose 24.3% to $785.5 million. The dominant event in the filing is the October 27, 2025 Merger Agreement with Qorvo, Inc., a cash-and-stock combination that values the combined company at approximately $22.0 billion. Qorvo holders would receive 0.960 Skyworks shares plus $32.50 in cash per share, with Qorvo holders owning about 37% and Skyworks holders about 63% of the combined company. The Mergers are expected to close in early calendar 2027, and termination fees are $298.7 million in certain cases and $100.0 million in others. Skyworks has a $3,050.0 million bridge commitment from Goldman Sachs Bank USA to help fund the cash consideration. Liquidity remained solid but declined over the year: cash, cash equivalents and marketable securities fell to $1,388.4 million from $1,574.1 million, after $830.2 million of share repurchases and $432.6 million of dividends. Operating cash flow was $1,300.8 million, down from $1,824.7 million. Debt totals $995.8 million in senior notes, with $499.4 million classified as current due to the 1.80% notes maturing in 2026, and the Revolving Credit Facility was undrawn.

    Nov 7, 2025
  3. 2024-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 27, 2024

    This Part III filing for Skyworks Solutions, Inc. covers directors, executive officers, executive compensation, security ownership, related-party matters, and auditor fees for fiscal year 2024, which ended September 27, 2024. Revenue for the year was $4,178 million and non-GAAP operating income was $1,137 million. Because the short-term incentive plan's threshold was tied to full-year non-GAAP operating income of at least $1.0 billion, the Compensation Committee paid each Named Executive Officer 73% of target. Emerging revenue reached $772 million, up from $728 million, and the Company achieved approximately 61% of target shares for that metric. The EBITDA margin metric ranked at the 60th percentile against the peer group, earning 125% of target shares. Shareholder support for compensation was strong, with approximately 88% of votes cast approving the 2024 say-on-pay proposal. The Company reported outreach to 20 institutional stockholders representing approximately 54% of shares outstanding. The Compensation Committee made several changes in response, including returning the short-term incentive to a one-year performance period and extending the vesting period for the EBITDA margin metric in fiscal year 2025 awards to three years. The FY22 PSA TSR metric was cancelled after the Company's TSR of -38% ranked 17th percentile. CEO Liam K. Griffin's total compensation was $18,096,527, which the filing estimates at approximately 574 times the median employee's $31,541. As of January 17, 2025, 160,741,022 shares were outstanding. The Vanguard Group, Inc. (11.6%) and BlackRock, Inc. (10.0%) were the only holders named as 5% beneficial owners. KPMG LLP's total fees rose to $3,746,034 in fiscal 2024 from $2,497,214 in fiscal 2023, driven mainly by tax fees of $818,008.

    Jan 24, 2025
  4. 2024

    Skyworks Solutions Annual Report, Year Ended Sep 27, 2024

    Skyworks Solutions, Inc. reported fiscal 2024 (year ended September 27, 2024) net revenue of $4,178.0 million, down 12.5% from $4,772.4 million in fiscal 2023, driven primarily by lower demand for mobile, analog, and mixed-signal products. Gross profit fell to $1,720.8 million (41.2% of net revenue, versus 44.2% a year earlier), reflecting unfavorable product mix, lower unit volumes, and lower average selling prices. Operating income declined to $637.4 million from $1,125.0 million, and net income was $596.0 million, or $3.69 per diluted share, compared with $982.8 million and $6.13 in fiscal 2023. Impairment, restructuring, and other charges rose to $150.0 million, mainly from abandoned or delayed in-process R&D projects of $147.9 million. Cash generation and balance sheet items were comparatively strong. Cash provided by operating activities was $1,824.7 million, and cash, cash equivalents, and marketable securities rose to $1,574.1 million from $738.5 million after $300.0 million of debt repayments. Dividends paid totaled $439.1 million, and share repurchases were $77.3 million. The company declared a $0.70 quarterly dividend on November 12, 2024, and $1.9 billion remained available under its repurchase program. Apple accounted for 69% of fiscal 2024 net revenue, and the three largest receivable balances comprised 80% of gross accounts receivable. The filing also flags risks for investors, including customer concentration, the planned relocation of the Singapore Filter Manufacturing Facility after its sublease expires in July 2025, a Singapore tax holiday that decreased taxes by $329.8 million cumulatively over fiscal 2021 through 2024, and exposure to China-related export restrictions. The company was in compliance with its debt covenants, and its Revolving Credit Facility had no borrowings outstanding as of September 27, 2024.

    Nov 15, 2024
  5. 2023-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 29, 2023

    This Part III portion of Skyworks Solutions, Inc.'s Form 10-K (filed January 26, 2024) covers corporate governance, executive compensation, security ownership, related transactions, and auditor fees for fiscal year 2023, which ended September 29, 2023. It does not contain the financial statements themselves; the filing lists them as Item 15 exhibits, with notes on pages 45 through 63 of the original filing. Investors get the leadership structure, pay design, and ownership data here, but not revenue, earnings, or balance sheet figures. Compensation is tied to performance. Mr. Griffin's total compensation for fiscal 2023 was $17,261,436, against a fiscal 2023 short-term incentive program that paid 101% of target for the first half and 59% for the second half. First-half revenue was $2,482 million and non-GAAP operating income was $877 million; second-half revenue was $2,290 million and non-GAAP operating income was $725 million. Emerging revenue growth of 12% reached the maximum performance level, while the three-year total shareholder return ranking of -23% (4th percentile) caused the related performance share awards to be cancelled. Say-on-pay support was approximately 79%, down from 86% the prior year. Governance and ownership details: the Board has nine members, eight of whom are independent, and Liam K. Griffin serves as Chairman, CEO and President. As of January 24, 2024, there were 160,225,891 shares outstanding. The Vanguard Group held 11.4% and BlackRock held 9.2%. KPMG LLP billed total fees of $2,497,214 for fiscal 2023, with audit fees of $2,421,240.

    Jan 26, 2024
  6. 2023

    Skyworks Solutions Annual Report, Year Ended Sep 29, 2023

    Skyworks Solutions, Inc. (Nasdaq: SWKS) reported net revenue of $4,772.4 million for fiscal 2023 (year ended September 29, 2023), down 13.0% from $5,485.5 million in fiscal 2022. The decline was driven primarily by lower demand for mobile products from smartphone customers in the Android ecosystem and for connectivity solutions in consumer and enterprise markets. Gross profit fell 19.1% to $2,107.3 million, with gross margin declining to 44.2% from 47.5%, and net income decreased to $982.8 million, or $6.13 diluted earnings per share, from $1,275.2 million, or $7.81 per diluted share in fiscal 2022. The company generated cash from operations of $1,856.4 million, up from $1,424.6 million, mainly due to favorable working capital changes of $988.5 million. It repaid $900.0 million of debt, paid dividends of $405.2 million, spent $210.3 million on capital expenditures, and repurchased $175.3 million of stock. Cash, cash equivalents, and marketable securities rose to $738.5 million, and $2.0 billion remained available under the January 31, 2023 stock repurchase program. Total debt outstanding was reduced, with $300.0 million remaining under the Term Loans at year end and no borrowings under the $750.0 million Revolver. Investors should note that Apple accounted for 66% of net revenue in fiscal 2023, up from 58% in fiscal 2022, and the company recorded $47.5 million of impairment charges on long-term supply capacity deposits due to reduced overall market demand. The filing also flags that the Inflation Reduction Act's 15% corporate alternative minimum tax takes effect in fiscal 2024, and that capitalized research and development expenses increased taxes payable.

    Nov 17, 2023
  7. 2022-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 30, 2022

    This Part III section of Skyworks Solutions, Inc.'s annual report on Form 10-K for the fiscal year ended September 30, 2022 covers directors, executive officers, executive and director compensation, security ownership, related-party transactions, and auditor fees. Liam K. Griffin serves as Chairman, Chief Executive Officer and President, and Christine King is Lead Independent Director. The filing reports that Mr. Griffin's total fiscal 2022 compensation was $16,667,162, roughly 552 times the $30,180 annual total compensation of the company's median employee. The Board determined that seven of its eight members are independent. Compensation outcomes tied to fiscal 2022 performance were mixed. The first-half short-term incentive award paid at 200% of target, based on revenue of $2,846 million and non-GAAP operating income of $1,077 million. The second half reached $2,640 million of revenue and $968 million of non-GAAP operating income, which produced an award at 68% of target. Emerging revenue growth of 59% exceeded the maximum performance level and resulted in 200% of target shares for that metric. The FY20 performance share awards tied to three-year total shareholder return were cancelled after the company ranked at the 23rd percentile against its peer group. The Compensation Committee retained its prior approach and did not exercise discretion over incentive payouts. Stockholder engagement was substantial. About 86% of votes cast at the 2022 Annual Meeting approved the say-on-pay proposal. Following that meeting, the company contacted about 20 institutional stockholders representing approximately 41% of shares outstanding. The filing also reports 158,974,105 shares outstanding as of January 20, 2023, with The Vanguard Group at 11.28% and BlackRock at 9.0%. KPMG LLP's total fees were $2,518,078 for fiscal 2022, compared with $2,866,000 for fiscal 2021.

    Jan 27, 2023
  8. 2022

    Skyworks Solutions Annual Report, Year Ended Sep 30, 2022

    Skyworks Solutions, Inc. reported net revenue of $5,485.5 million for the fiscal year ended September 30, 2022, up 7.4% from $5,109.1 million in fiscal 2021, driven primarily by the Infrastructure and Automotive business of Silicon Laboratories Inc. acquired in July 2021 and by demand for 5G and advanced Wi-Fi products, partly offset by lower demand for mobile products from smartphone customers in China. Gross profit was $2,604.3 million (47.5% of net revenue, versus 49.2% in fiscal 2021), and operating income was $1,527.0 million, compared with $1,612.7 million in fiscal 2021. Net income was $1,275.2 million, or $7.81 per diluted share, compared with $1,498.3 million, or $8.97 per diluted share, in fiscal 2021. Cash generated from operations was $1,424.6 million, down from $1,772.0 million, mainly due to unfavorable working capital changes of $523.7 million, including higher inventory and deposits with suppliers. The company repurchased 6.5 million shares for $886.8 million, spent $489.4 million on capital expenditures, and paid $373.1 million in dividends. Cash, cash equivalents, and marketable securities fell to $586.8 million. Total debt outstanding carried by the company included $1.5 billion of senior notes and $700.0 million of term loans, and a $750.0 million revolver was undrawn at year end. Apple accounted for 58% of net revenue in fiscal 2022, and the filing notes that customer concentration, COVID-19-related supply chain constraints, China-related export restrictions, and the expected increase in the effective tax rate in fiscal 2024 are key risks. The filing also states that the Board declared a quarterly cash dividend of $0.62 per share payable December 13, 2022.

    Nov 23, 2022
  9. 2021-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 1, 2021

    This Part III section of Skyworks Solutions, Inc.'s annual report on Form 10-K, filed January 28, 2022, covers governance, executive and director compensation, security ownership, and auditor fees for fiscal year 2021, which ended October 1, 2021. Liam K. Griffin serves as Chairman, Chief Executive Officer and President, and his fiscal 2021 total compensation was $16,150,421. The filing estimates his pay at approximately 928 times that of the median employee, whose total compensation was $17,409. The Board has seven independent directors out of eight members. Christine King is Lead Independent Director and chairs the Compensation Committee. The filing reports that shareholders gave limited support to the say-on-pay proposal at the 2021 annual meeting, mainly due to one-time stock awards granted to named executive officers in November 2019. In response, the Compensation Committee eliminated future one-time awards, moved the long-term performance share design to a relative EBITDA margin metric with a two-year performance period, and committed to adopting a clawback policy. Fiscal 2021 short-term incentive payouts reached the maximum level for both half-year periods. Revenue was $2,682 million in the first half and $2,367 million in the second half, and non-GAAP EBITDA was $1,226 million and $1,050 million, respectively. Payouts excluded the impact of the July 2021 acquisition of Silicon Labs' Infrastructure and Automotive business. As of January 21, 2022, there were 166,691,622 common shares outstanding. The Vanguard Group, Inc. held 10.75% and BlackRock, Inc. held 9.17%, according to filings they supplied to the Company. KPMG LLP's total fees were $2,866,000 for fiscal 2021, compared with $2,552,265 for fiscal 2020, with audit fees accounting for 92.7% of the fiscal 2021 total.

    Jan 28, 2022
  10. 2021

    Skyworks Solutions Annual Report, Year Ended Oct 1, 2021

    Skyworks Solutions, Inc. reported fiscal 2021 (year ended October 1, 2021) net revenue of $5,109.1 million, up 52.3% from $3,355.7 million in fiscal 2020, with net income of $1,498.3 million (diluted EPS $8.97) versus $814.8 million (diluted EPS $4.80) a year earlier. Growth was attributed to higher demand for wireless connectivity products and technology upgrade cycles, including 5G and Wi-Fi 6, along with higher average content per device. Gross margin rose to 49.2% of net revenue from 48.1%, and operating income reached $1,612.7 million versus $891.8 million. Apple accounted for 59% of net revenue in fiscal 2021, up from 56% in fiscal 2020. The company completed its acquisition of Silicon Laboratories' Infrastructure and Automotive business on July 26, 2021, for total cash consideration of $2.75 billion. To fund it, Skyworks issued $1.5 billion of senior notes in May 2021 and borrowed $1.0 billion under a term loan, of which $750.0 million remained outstanding at year-end. Long-term debt totaled $2,235.6 million at October 1, 2021, compared with none a year earlier. Cash, cash equivalents, and marketable securities ended the year at $1,027.2 million, and cash generated from operations was $1,772.0 million. Capital returns continued during the year, with dividends paid of $340.6 million and $195.6 million spent repurchasing 1.4 million shares, leaving $2.0 billion available under the January 2021 repurchase program. The company also retired 68.5 million treasury shares at a historical cost of $4,342.6 million. Risk factors highlighted ongoing COVID-19 supply chain disruption, customer concentration, US-China trade restrictions affecting Huawei and other Entity List customers, and the integration and debt-service demands of the acquisition.

    Nov 24, 2021
  11. 2020-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 2, 2020

    Skyworks Solutions, Inc. (SWKS) filed Part III of its Form 10-K for fiscal year 2020, which ended October 2, 2020, covering directors, executive officers, governance, executive compensation, security ownership, related transactions, and auditor fees. The filing reports that the company had 164,900,017 shares of common stock outstanding as of January 22, 2021. Liam K. Griffin, President and Chief Executive Officer, had total fiscal 2020 compensation of $21,800,439. The filing estimates his pay at approximately 1,271 times that of the median employee, whose total compensation was $17,148. The company reported approximately 10,000 total headcount, about 7,900 of whom are located outside the United States. The filing reports fiscal 2020 performance metrics that drove incentive payouts. Revenue was $1,662 million in the first half and $1,694 million in the second half, with non-GAAP EBITDA of $729 million and $728 million, respectively. Key product-category revenue reached $442 million, representing emerging revenue growth of 122% against $199 million in fiscal 2019. Design wins with a key customer exceeded the maximum performance level. The company's fiscal 2018 performance share awards were cancelled after total shareholder return ranked at the 28th percentile against peers, below the threshold. Say-on-pay support was approximately 89% of votes cast at the 2020 annual meeting, up from approximately 72% at the 2019 meeting. KPMG LLP served as independent auditor, billing total fees of $2,552,265 for fiscal 2020, of which $2,437,150 was for audit services and $115,115 for tax services. The filing identifies David P. McGlade, Christine King, and Robert A. Schriesheim as audit committee members meeting the financial expert criteria. Seven of the nine directors were determined to be independent. Vanguard Group, Inc. (11.47%) and BlackRock, Inc. (8.31%) were the largest reported beneficial owners.

    Jan 29, 2021
  12. 2020

    Skyworks Solutions Annual Report, Year Ended Oct 2, 2020

    Skyworks Solutions, Inc. reported fiscal 2020 (53 weeks ended October 2, 2020) net revenue of $3,355.7 million, down 0.6% from $3,376.8 million in fiscal 2019, with net income of $814.8 million and diluted EPS of $4.80, versus $853.6 million and $4.89 a year earlier. The filing attributes the revenue decline primarily to reduced demand from Huawei remaining on the Entity List and to the COVID-19 pandemic, partially offset by growing demand for its 5G solutions. Gross margin improved to 48.1% of net revenue from 47.5%, driven by favorable product mix, and operating income was $891.8 million versus $952.0 million. Research and development rose to $464.1 million from $424.1 million, largely due to higher share-based compensation. Cash generation remained strong, with cash from operations of $1,204.5 million, though this was $162.9 million lower than the prior year, mainly due to working capital changes. The company returned capital through $647.5 million of share repurchases (6.3 million shares) and $307.0 million of dividends, and spent $389.4 million on capital expenditures. Cash, cash equivalents and marketable securities ended at $980.0 million, down $102.3 million. The board declared a $0.50 quarterly dividend on November 2, 2020, and $978.8 million remained available under the January 2019 repurchase program. The filing highlights ongoing risk from customer concentration: Apple accounted for 56% of net revenue in fiscal 2020, up from 51% in fiscal 2019. Other key risks include the Entity List restrictions on Huawei, U.S.-China trade tensions, and pandemic-related disruptions at its Mexicali, Mexico facility, which was suspended for about two weeks in April 2020 and produced a $23.4 million production utilization charge. KPMG issued an unqualified opinion on the financial statements and on internal control over financial reporting.

    Nov 17, 2020
  13. 2019-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 27, 2019

    Skyworks Solutions, Inc. (SWKS) reports in this Part III of its Form 10-K for the fiscal year ended September 27, 2019 (fiscal 2019) on governance, executive pay, and ownership. The filing states fiscal 2019 revenue of $3,377 million and non-GAAP operating income of $1,166 million, both below the threshold levels of the Fiscal Year 2019 Executive Incentive Plan. The company attributes the shortfall to the U.S.-China trade war and the May 2019 Entity List placement of Huawei and certain affiliates (the "Huawei Ban"), which it says significantly reduced shipments to and revenue from Huawei. The Compensation Committee waived the nominal non-GAAP operating income condition and adjusted the metrics to account for an estimated $564 million of lost revenue and $285 million of lost non-GAAP operating income. Named executive officers received payouts equal to 64.5% of target, while non-executive employees averaged 78% of target. On long-term incentives, no shares were earned under the fiscal 2019 PSAs' non-GAAP EBITDA growth metric, because fiscal 2019 non-GAAP EBITDA of $1,494 million fell below the threshold against fiscal 2018's $1,728 million. The Committee declined to adjust that metric for the trade war. Stockholders approved the say-on-pay proposal at the 2019 annual meeting with about 72% of votes cast, a lower level of support than in prior years. Following outreach to top institutional holders, the company said it enhanced its performance-metric disclosure. Chief Executive Officer Liam K. Griffin's fiscal 2019 total compensation was $13,660,593, which the filing estimates at approximately 625 times that of the median employee. The filing also covers board and ownership matters. As of January 20, 2020, 170,155,181 common shares were outstanding. The Vanguard Group, Inc. (11.04%), BlackRock, Inc. (7.80%), Vulcan Value Partners, LLC (5.65%), and Capital Research Global Investors (5.17%) are the 5% holders listed. Alan S. Batey joined the board in August 2019, and Peter L. Gammel retired as Chief Technology Officer effective November 19, 2019. KPMG LLP billed total fees of $2,485,650 for fiscal 2019, of which audit fees were $2,315,150.

    Jan 27, 2020
  14. 2019

    Skyworks Solutions Annual Report, Year Ended Sep 27, 2019

    Skyworks Solutions, Inc. reported net revenue of $3,376.8 million for the fiscal year ended September 27, 2019, down 12.7% from $3,868.0 million in fiscal 2018. The filing attributes the decline primarily to weakness in smartphone demand and to Huawei being added to the U.S. Bureau of Industry and Security's Entity List in May 2019, partially offset by growth in IoT applications and a higher share of RF and analog content per device. Operating income fell to $952.0 million (28.2% operating margin) from $1,319.3 million (34.1%), and net income declined to $853.6 million, or $4.89 per diluted share, from $918.4 million, or $5.01 per diluted share. Gross margin decreased to 47.5% from 50.4%, with the filing citing a $66.1 million inventory-related charge tied to Huawei and $546.5 million of lower unit volumes and average selling prices. Cash flow remained solid. Cash provided by operating activities rose to $1,367.4 million from $1,260.6 million, and cash, cash equivalents and marketable securities totaled $1,082.2 million at year end. During the year the company repurchased 8.9 million shares for $657.6 million, spent $398.4 million on capital expenditures and paid $273.9 million in cash dividends. The Board declared a $0.44 per share quarterly dividend on November 12, 2019. Management stated that cash on hand and expected operating cash flow will be sufficient to fund operations for at least the next 12 months. The independent auditor, KPMG LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting. The critical audit matter identified was the assessment of $103.3 million of gross unrecognized tax benefits. The filing also notes that the Tax Reform Act's deemed repatriation tax of $232.7 million is payable over eight years, and that the fiscal 2019 effective tax rate was 11.2%, compared with 31.1% in fiscal 2018.

    Nov 14, 2019
  15. 2018-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 28, 2018

    This Part III section of Skyworks Solutions, Inc.'s annual report on Form 10-K for fiscal year 2018 (year ended September 28, 2018) covers governance, executive compensation, security ownership, and fees rather than financial results. It lists the Board of Directors and executive officers as of January 15, 2019, including David J. Aldrich as Chairman, Liam K. Griffin as President and Chief Executive Officer, and Kris Sennesael as Senior Vice President and Chief Financial Officer. Board members are identified as independent under Nasdaq rules, with a majority of the board classed as independent. Compensation disclosures show Griffin's total fiscal 2018 compensation at $9,342,113, and the CEO-to-median-employee pay ratio at approximately 447 times, based on a median employee total compensation of $20,881. The short-term incentive award for named executive officers was 89.2% of target, with revenue at 93.3% and non-GAAP operating income at 85.1% of target. Stockholders approved named executive officer compensation with approximately 93% of votes cast at the 2018 Annual Meeting. As of January 15, 2019, there were 174,059,816 shares outstanding. The Vanguard Group, Inc. held 10.71%, BlackRock, Inc. held 7.59%, and Capital Research Global Investors held 6.40%. KPMG LLP's total fiscal 2018 fees were $2,758,090, of which audit fees were $2,479,090.

    Jan 25, 2019
  16. 2018

    Skyworks Solutions Annual Report, Year Ended Sep 28, 2018

    Skyworks Solutions, Inc. reported fiscal 2018 (year ended September 28, 2018) net revenue of $3,868.0 million, up from $3,651.4 million in fiscal 2017, with operating income of $1,319.3 million and net income of $918.4 million, compared with $1,010.2 million in fiscal 2017. Diluted EPS was $5.01, versus $5.41 a year earlier. Results were weighed down by a one-time $224.6 million charge for the mandatory deemed repatriation tax and an $18.3 million charge for revaluing deferred tax assets and liabilities under the Tax Reform Act. Gross margin held at 50.4%, and research and development rose to $404.5 million from $355.2 million. The company acquired Avnera Corporation in August 2018 for $404.0 million in cash, net of cash acquired, plus contingent payments, with a total estimated fair value of $407.1 million and goodwill of $306.8 million. Cash and marketable securities declined to $1,050.2 million from $1,616.8 million, as the company returned $1,002.7 million to shareholders through $759.5 million of buybacks and $243.2 million of dividends. Apple accounted for 47% of net revenue in fiscal 2018, up from 39% in fiscal 2017, which underscores customer concentration risk. The board declared a $0.38 quarterly dividend on November 8, 2018, and $413.0 million remained available under the January 31, 2018 repurchase authorization. The filing describes a company that positions itself across mobile, IoT and emerging analog markets, with 9,400 employees and a stated plan to expand into automotive, industrial, medical and military markets. Management states that cash on hand and operating cash flow should be sufficient for at least the next 12 months.

    Nov 15, 2018
  17. 2017-A2

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 29, 2017

    This Part III amendment-style filing from Skyworks Solutions, Inc. (SWKS) covers governance and compensation matters for fiscal year 2017 (ended September 29, 2017) rather than financial results. It lists the directors and executive officers as of January 15, 2018, including David J. Aldrich as Chairman and Executive Chairman, Liam K. Griffin as President and Chief Executive Officer, and Kris Sennesael as Senior Vice President and Chief Financial Officer. The Audit Committee is chaired by Robert A. Schriesheim, and KPMG LLP served as independent auditor with total fees of $1,858,260 for fiscal 2017. Compensation disclosures show Mr. Griffin's fiscal 2017 total compensation at $8,701,858 and Mr. Aldrich's at $7,924,788. The short-term incentive award for named executive officers was equal to 93.6% of target, and approximately 95% of votes cast at the 2017 Annual Meeting approved the named executive officer compensation. Executive stock ownership guidelines were stated as met by all named executive officers except Mr. Sennesael, who has until the third anniversary of his assumption of his current role to comply. For shareholders, the filing's key governance points are the separation of Executive Chairman and CEO roles, a majority-independent Board, a Compensation Committee that uses an Aon/Radford peer group of 12 semiconductor companies, and change-in-control and severance arrangements for named executive officers. Beneficial ownership tables show Capital Research Global Investors at 12.62%, The Vanguard Group at 10.10%, and BlackRock at 6.60% of 182,467,498 shares outstanding as of January 15, 2018.

    Jan 26, 2018
  18. 2017

    Skyworks Solutions Annual Report, Year Ended Sep 29, 2017

    Skyworks Solutions, Inc. reported net revenue of $3,651.4 million for the fiscal year ended September 29, 2017, up from $3,289.0 million in fiscal 2016, an increase the filing describes as 11.0%. Operating income rose to $1,253.8 million (34.3% of net revenue, versus 34.0% in fiscal 2016), and net income reached $1,010.2 million, or $5.41 per diluted share. The company attributed growth to higher RF and analog content per smartphone, emerging-market strength, IoT applications, and its expanding analog portfolio in automotive, industrial, medical and military markets. Cash flow and capital return were strong. Cash from operations was $1,471.3 million, and cash and cash equivalents ended at $1,616.8 million. During the year the company repurchased 4.7 million shares for $432.3 million and paid $214.6 million in dividends, and it declared a $0.32 quarterly dividend on November 6, 2017. Capital expenditures were $303.3 million. The filing also states that three customers, Foxconn, Samsung and Huawei, each exceeded ten percent of net revenue, and that Company A accounted for 39% of fiscal 2017 net revenue, which underscores concentration risk. Risks the filing highlights include cyclicality in the semiconductor industry, pricing erosion, reliance on sole-source suppliers, dependence on a small number of customers, and exposure to international operations, particularly China. The auditor, KPMG LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting.

    Nov 13, 2017
  19. 2017-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Jan 30, 2017

    This filing is Part III of Skyworks Solutions, Inc.'s Form 10-K for fiscal year 2016 (ended September 30, 2016), covering governance and compensation rather than financial results. It sets out the directors and executive officers as of January 16, 2017, led by David J. Aldrich as Executive Chairman and Liam K. Griffin as President and Chief Executive Officer. Kris Sennesael joined as Senior Vice President and Chief Financial Officer in August 2016, succeeding Donald W. Palette, who retired from that role. The filing states that KPMG LLP served as auditor, with total fees of $1,889,085 for fiscal 2016. Compensation for fiscal 2016 reflects a year of leadership change. The Company failed to achieve its nominal non-GAAP operating margin goal, so no short-term incentive awards were paid to Named Executive Officers. Griffin's base salary was set at $850,000 upon his promotion, and Aldrich's was reduced to $800,000 as Executive Chairman. Stockholders approved the named executive officer compensation at the 2016 annual meeting with approximately 96% of votes cast. The filing lists 184,800,343 shares outstanding as of January 16, 2017, and identifies Capital Research Global Investors (10.60%) and The Vanguard Group (8.90%) as the largest beneficial owners. For investors, the key governance points are the executive transition, the change-in-control and severance arrangements, and the absence of short-term incentive payouts for fiscal 2016. The filing also notes that one late Section 16(a) Form 4 was filed by Mr. Gammel.

    Jan 30, 2017
  20. 2016

    Skyworks Solutions Annual Report, Year Ended Sep 30, 2016

    Skyworks Solutions, Inc. reported fiscal 2016 (year ended September 30, 2016) net revenue of $3,289.0 million, up from $3,258.4 million in fiscal 2015, with operating income of $1,118.7 million and net income of $995.2 million, or $5.18 per diluted share. Results were supported by a gross profit margin of 50.6% of net revenue, up from 47.7% in fiscal 2015, and included $88.5 million of other income from the PMC-Sierra merger termination fee. Management attributed revenue growth to a higher share of RF and analog content per device, emerging-market 3G and 4G adoption, Internet of Things applications, and expansion into automotive, industrial, medical and military markets, partly offset by weaker demand from a key smartphone customer. Cash generation remained strong, with cash from operations of $1,095.7 million. The company returned about $726 million to shareholders through $525.6 million of share repurchases (8.0 million shares) and $201.0 million of dividends, and it spent $189.3 million on capital expenditures and $132.1 million on business acquisitions. Cash and cash equivalents ended the year at $1,083.8 million. Stockholders' equity rose to $3,541.4 million. The company also bought the remaining 34% interest in its SAW and TC-SAW filter joint venture with Panasonic for $76.5 million in August 2016. Customer concentration remained a notable risk: Company A accounted for 40% of fiscal 2016 net revenue, and Company B for 10%. The filing also reports a $1,676.8 million balance of undistributed foreign earnings intended to be permanently reinvested, and a Singapore tax holiday that lowered taxes by $30.8 million in fiscal 2016. The board declared a quarterly dividend of $0.28 per share on November 3, 2016.

    Nov 22, 2016
  21. 2016-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Feb 1, 2016

    This filing is Part III of Skyworks Solutions, Inc.'s Form 10-K for fiscal year 2015 (ended October 2, 2015), filed February 1, 2016. It contains the governance, compensation, ownership, and auditor-fee disclosures that the company incorporates into its annual report rather than presenting its financial statements or business results. The filing covers the board of directors, executive officers, the audit committee, and Section 16(a) compliance, and it identifies David J. Aldrich as Chairman and Chief Executive Officer, with Liam K. Griffin as President and Donald W. Palette as Executive Vice President and Chief Financial Officer. The compensation disclosures show that Named Executive Officers' short-term incentive awards for fiscal 2015 were paid at their maximum level, equal to 200% of target, because revenue and non-GAAP operating margin both exceeded the maximum performance levels. Stockholders approved the named executive officers' compensation at approximately 96% of votes cast at the 2015 Annual Meeting. Mr. Aldrich's total fiscal 2015 compensation is reported as $10,158,055. KPMG LLP's total fees were $1,692,625 for fiscal 2015, of which audit fees were $1,624,175. Ownership data as of January 15, 2016 shows 191,668,400 common shares outstanding, with BlackRock, Inc. reporting 7.04% and The Vanguard Group, Inc. reporting 6.27%. All directors and executive officers as a group beneficially owned 1,264,731 shares, which is less than 1% of the class.

    Feb 1, 2016
  22. 2015

    Skyworks Solutions Annual Report, Year Ended Oct 2, 2015

    Skyworks Solutions, Inc. reported fiscal 2015 (year ended October 2, 2015) net revenue of $3,258.4 million, up from $2,291.5 million in fiscal 2014, with net income of $798.3 million, or $4.10 per diluted share, compared with $457.7 million, or $2.38 per diluted share, the prior year. Operating income rose to $1,023.1 million, an operating margin of 31.4% versus 24.7% in fiscal 2014. Gross margin improved to 47.7% of net revenue, driven mainly by higher unit volumes and lower per-unit material and manufacturing costs. The company describes its business as analog semiconductors for wireless connectivity, with customers including Foxconn, Samsung, Huawei, and others, and Foxconn Technology Group exceeded ten percent of net revenue in fiscal 2015. Cash and cash equivalents ended the year at $1,043.6 million, up from $805.8 million. Operating cash flow was $992.8 million, while the company spent $430.1 million on capital expenditures, primarily for capacity expansion in Mexico and Japan. Skyworks repurchased 2.9 million shares for $237.3 million and paid $123.1 million in dividends. Quarterly dividends were $0.13 per share through the first three quarters and $0.26 in the fourth quarter, and the Board declared a $0.26 dividend on November 5, 2015. Subsequent to year end, the company agreed to acquire PMC-Sierra, Inc. at $11.60 per share in cash under an Amended and Restated Merger Agreement dated October 29, 2015. On November 23, 2015, PMC terminated that agreement, and on November 24, 2015, PMC paid Skyworks a termination fee of $88.5 million. Shareholder class action lawsuits challenging the proposed merger were filed in October 2015 and remain pending.

    Nov 24, 2015
  23. 2015-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Feb 2, 2015

    This filing is Part III of Skyworks Solutions, Inc.'s annual report for fiscal year 2014 (ended October 3, 2014), which incorporates information on directors, executive officers, executive compensation, security ownership, related transactions and auditor fees rather than financial statements. As of January 15, 2015, David J. Aldrich served as Chairman and Chief Executive Officer, Liam K. Griffin as President, and Donald W. Palette as Executive Vice President and Chief Financial Officer. The Board had 8 directors, and the filing states that a majority, including the Audit Committee members, are independent under NASDAQ rules. For fiscal 2014 the Named Executive Officers earned their maximum short-term incentive payouts, as the company's revenue and non-GAAP operating margin both exceeded the maximum performance levels. Aldrich's total reported compensation was $6,912,623. Stockholders approved the named executive officers' compensation at approximately 96% of votes cast at the 2014 Annual Meeting. The filing also discloses that the company issued 190,819,868 shares of common stock outstanding as of January 15, 2015. The filing describes new Change in Control / Severance Agreements effective January 22, 2015, which provide for two times salary and incentive payments on a qualifying termination after a change in control. It also notes that the Chief Executive Officer's excise tax gross-up right was waived in December 2014. KPMG LLP's total fees were $1,652,550 for fiscal 2014, of which $1,561,650 was for audit fees.

    Feb 2, 2015
  24. 2014

    Skyworks Solutions Annual Report, Year Ended Oct 3, 2014

    Skyworks Solutions, Inc. reported a strong fiscal 2014 for the year ended October 3, 2014, with net revenue of $2,291.5 million, up from $1,792.0 million in fiscal 2013, and operating income of $565.2 million, a 24.7% operating margin versus 19.3% a year earlier. Net income rose to $457.7 million from $278.1 million, and diluted earnings per share were $2.38 compared with $1.45. Management attributes the growth to smartphones displacing traditional cellular phones, adoption of 3G and 4G technologies in emerging markets, growth in tablets, and expansion of the analog portfolio into medical, automotive, military and industrial markets. Gross margin improved to 44.6% of net revenue from 42.8%. Cash flow and capital allocation were central to the year. Cash from operations was $772.4 million, against $208.6 million of capital expenditures. The company acquired a 66% controlling interest in a SAW and TC SAW filter joint venture with Panasonic for $148.5 million, repurchased 4.5 million shares for $165.7 million, and paid $41.4 million in dividends. Cash and cash equivalents ended at $805.8 million. In March 2014 the company began a quarterly dividend program, and on November 6, 2014 the board declared a $0.13 per share quarterly dividend. A new $300.0 million share repurchase program was approved on November 11, 2014. Investors should weigh concentration and cyclicality risks. Two customers, Foxconn Technology Group and Samsung Electronics, each exceeded ten percent of net revenue, and Company A and Company B accounted for 34% and 10% of fiscal 2014 net revenue, respectively. The filing also notes that average selling prices of established products are expected to decline five to ten percent per year, and that the FilterCo acquisition was excluded from management's internal control assessment.

    Nov 25, 2014
  25. 2013-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 27, 2013

    This Part III filing, which refers to itself as a Form 10-K/A, provides Skyworks Solutions, Inc.'s directors, executive officers, executive and director compensation, security ownership, related-party policies, and principal accountant fees for fiscal year 2013, which ended September 27, 2013. Ownership and officer information is stated as of January 15, 2014. David J. Aldrich serves as President and Chief Executive Officer and David J. McLachlan as Chairman of the Board. Christine King joined the Board in January 2014. The Board determined that a majority of its members are independent under NASDAQ rules. Shares outstanding were 188,930,302 as of January 15, 2014. On compensation, the filing reports that about 94% of votes cast at the 2013 Annual Meeting approved the Named Executive Officers' compensation, and the Compensation Committee chose not to make significant changes afterward. Short-term incentive payouts for fiscal 2013 totaled approximately 97.23% of target. The first-half non-GAAP operating income and gross margin goals fell between target and maximum, while the second-half gross margin goal fell between threshold and target. Mr. Aldrich's total fiscal 2013 compensation is reported as $5,800,648. Performance share awards granted in November 2012 achieved 93.55% of the maximum performance level. The filing also describes change-of-control and severance arrangements for the Named Executive Officers. Ownership and fees data show FMR LLC holding 19,105,443 shares (10.11%) and BlackRock, Inc. holding 12,867,675 shares (6.81%). KPMG LLP's total billed fees were $1,563,650 for fiscal 2013, compared with $1,734,100 for fiscal 2012, with audit fees accounting for 93% of the fiscal 2013 total.

    Jan 27, 2014
  26. 2013

    Skyworks Solutions Annual Report, Year Ended Sep 27, 2013

    Skyworks Solutions, Inc. reported fiscal 2013 (year ended September 27, 2013) net revenue of $1,792.0 million, up from $1,568.6 million in fiscal 2012, with operating income of $345.1 million (19.3% of net revenue) versus $255.6 million a year earlier. Net income rose to $278.1 million from $202.0 million, and diluted earnings per share were $1.45 compared with $1.05. The company describes itself as an innovator of high performance analog semiconductors serving smartphone, tablet, cellular infrastructure, energy management, GPS, medical, military and other markets. Gross margin improved to 42.8% of net revenue from 42.5%, while research and development expense rose to $226.3 million. Cash flow and liquidity were strong. Cash from operations was $499.7 million, up from $285.2 million, and ending cash and cash equivalents were $511.1 million. The company repurchased 8.1 million shares for $184.9 million and spent $123.8 million on capital expenditures. Stockholders' equity increased to $2,101.1 million and the company reported no long-term debt at fiscal year-end. Customer concentration remains significant: one customer accounted for 36% of net revenue and another for 15% in fiscal 2013. Investors should note the risk factors emphasized in the filing, including semiconductor industry cyclicality, pricing pressure with average selling prices expected to decline five to ten percent per year, reliance on a small number of customers and sole-source suppliers, dependence on gallium arsenide manufacturing facilities, and international and China-related exposures. The filing also disclosed a $250.0 million share repurchase program authorized July 16, 2013, with $229.6 million remaining at year end.

    Nov 18, 2013
  27. 2012-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 28, 2012

    This filing is Part III of Skyworks Solutions, Inc.'s annual report (Form 10-K/A) for fiscal year 2012, which supplements the original Form 10-K filed November 21, 2012. It contains information on directors and executive officers, executive compensation, security ownership, related-party transactions, and principal accounting fees. It does not contain the company's financial statements or operating results, which are incorporated by reference to the original 10-K. The Board is chaired by David J. McLachlan, and David J. Aldrich serves as President and Chief Executive Officer and as a director. The Compensation Committee reports that stockholders approved executive compensation at about 92% of votes cast at the 2012 Annual Meeting, and that after a review with consultant Aon/Radford, no significant changes were made to executive compensation policies. For fiscal 2012, Mr. Aldrich's total compensation in the Summary Compensation Table was $3,943,830, and the Named Executive Officers' short-term incentive payouts were tied to revenue, non-GAAP gross margin, non-GAAP operating margin or operating income, and product design wins. As of January 15, 2013, there were 191,948,572 shares of common stock outstanding. FMR LLC was listed as beneficial owner of 14,357,776 shares, or 7.48%, and all current directors and executive officers as a group held 2,855,678 shares, or 1.48%. KPMG LLP's fees for fiscal 2012 totaled $1,734,100, of which $1,622,100 was audit fees.

    Jan 28, 2013
  28. 2012

    Skyworks Solutions Annual Report, Year Ended Sep 28, 2012

    Skyworks Solutions, Inc. reported fiscal 2012 (year ended September 28, 2012) net revenue of $1,568.6 million, up from $1,418.9 million in fiscal 2011, with net income of $202.1 million compared with $226.6 million a year earlier. Diluted earnings per share were $1.05, versus $1.19 in fiscal 2011. Operating income fell to $255.6 million from $295.3 million, and operating margin declined to 16.3% from 20.8%. Management attributes the revenue growth to products from the SiGe and AATI acquisitions, while gross margin compressed to 42.5% from 43.7% due to lower average selling prices, product mix, acquired-inventory step-up charges and higher share-based compensation. Research and development rose to $212.5 million, reflecting acquisition-related headcount. Cash and cash equivalents decreased to $306.3 million from $410.1 million, as operating cash flow of $285.2 million was outweighed by $229.6 million for the AATI acquisition, $94.1 million in capital expenditures, a $52.9 million payment of SiGe contingent consideration and $48.0 million to retire the remaining 1.50% convertible notes. The company had no long-term debt at year-end, and its total assets were $2.14 billion. The Board approved a new $200.0 million share repurchase program on November 8, 2012. Foxconn and Samsung Electronics each accounted for more than ten percent of net revenue in fiscal 2012. The filing also notes risks including industry cyclicality, pricing pressure, reliance on a small number of customers, and the portion of cash held by foreign subsidiaries that the company does not intend to repatriate.

    Nov 21, 2012
  29. 2011-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Sep 30, 2011

    This filing is Part III of Skyworks Solutions, Inc.'s Form 10-K/A, filed January 30, 2012, which supplements the annual report for the fiscal year ended September 30, 2011. It covers directors and executive officers, executive compensation, security ownership, related-party transactions, and principal accounting fees. It contains no financial statements, so it does not report revenue, earnings, or balance sheet results. The board is chaired by David J. McLachlan, and David J. Aldrich serves as President and Chief Executive Officer and as the only employee director. The Audit Committee is chaired by Robert A. Schriesheim, and Schriesheim, Balakrishnan S. Iyer and McLachlan are designated audit committee financial experts. KPMG LLP was the auditor, with total fees of $1,722,100 for fiscal 2011 versus $1,391,000 for fiscal 2010, of which audit fees were $1,534,600. For fiscal 2011, Mr. Aldrich's total reported compensation was $5,935,947, and the Compensation Committee states that about 95% of votes cast at the 2011 Annual Meeting approved named executive officer compensation. As of January 13, 2012, there were 188,000,179 shares outstanding, and the largest reported holders were Wellington Management Company, LLP (12.00%) and FMR LLC (8.77%).

    Jan 30, 2012
  30. 2011

    Skyworks Solutions Annual Report, Year Ended Sep 30, 2011

    Skyworks Solutions, Inc. reported fiscal 2011 (year ended September 30, 2011) net revenue of $1,418,922 thousand, up 32.4% from $1,071,849 thousand in fiscal 2010, driven by growing addressable market, higher market share and acquisitions, with SiGe Semiconductor contributing approximately $39.7 million of revenue. Gross profit rose to $620,304 thousand, or 43.7% of net revenue, and operating income increased to $295,324 thousand, or 20.8% of revenue. Net income was $226,585 thousand, or $1.19 diluted EPS, compared with $137,294 thousand, or $0.75 diluted, in fiscal 2010. The company generated $365.8 million in operating cash flow and ended the year with $410.1 million in cash and cash equivalents. It spent $249.3 million on acquisitions, primarily SiGe (acquired June 2011 for $278.9 million in total consideration), $100.7 million on capital expenditures, and $70.0 million on share repurchases. Total assets were $1,890,389 thousand and stockholders' equity was $1,609,095 thousand at September 30, 2011. Key risks flagged include a pending acquisition of Advanced Analogic Technologies Inc. (AATI) at $6.13 per share, which is the subject of an arbitration proceeding in which Skyworks seeks release from its obligations, plus shareholder class actions challenging the merger. Customer concentration is also significant: Company A accounted for 27% of net revenue in fiscal 2011, and the filing identifies Foxconn, Nokia and Samsung Electronics as customers above ten percent.

    Nov 28, 2011
  31. 2010-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 1, 2010

    This Part III section of Skyworks Solutions, Inc.'s annual report, filed January 31, 2011, covers directors, executive officers, executive compensation, security ownership, and auditor fees for fiscal 2010, which ended October 1, 2010. Skyworks had 185,171,796 common shares outstanding as of January 15, 2011. The Board is led by Chairman David J. McLachlan, and David J. Aldrich serves as President and Chief Executive Officer. Eight of the nine directors are identified as independent under NASDAQ rules. Robert A. Schriesheim, Kevin L. Beebe, Balakrishnan S. Iyer, Moiz M. Beguwala and David J. McLachlan make up the Audit Committee, and Schriesheim, Iyer and McLachlan are designated audit committee financial experts. For fiscal 2010, Mr. Aldrich's total reported compensation was $4,346,753, including a $609,000 salary and $1,508,750 in stock awards. The incentive plan payout for the full year was approximately 182% of his base salary, and the Compensation Committee paid the portion above target in unrestricted common stock. The filing states that the performance share awards granted in 2009 reached the maximum non-GAAP operating margin level in fiscal 2010, and that the Company achieved 100% of the maximum metric. Named executive officers have change-of-control agreements that include accelerated vesting of equity and, for the CEO, severance of two and one-half times salary and bonus. Using the October 1, 2010 closing price of $20.65, the filing estimates the CEO's accelerated benefits in a change of control at $25,477,453. Largest reported holders as of January 15, 2011 were FMR LLC at 12.2%, Wellington Management Company, LLP at 9.7%, Frontier Capital Management Co., LLC at 6.0%, and The Vanguard Group, Inc. at 5.8%. KPMG LLP billed total fees of $1,391,000 for fiscal 2010, of which $1,352,000 were audit fees. As of October 1, 2010, the Company had 15,289,467 outstanding options and rights at a weighted-average exercise price of $10.49, and 9,346,766 shares remained available for future issuance under equity compensation plans.

    Jan 31, 2011
  32. 2010

    Skyworks Solutions Annual Report, Year Ended Oct 1, 2010

    Skyworks Solutions, Inc. reported fiscal 2010 (year ended October 1, 2010) net revenues of $1,071,849 thousand, up 33.6% from $802,577 thousand in fiscal 2009, driven by market share gains and higher demand for products used in mobile internet, wireless infrastructure, energy management and diversified analog applications. Gross profit rose to $456,833 thousand, or 42.6% of net revenues versus 39.6% a year earlier, and operating income increased to $199,744 thousand, or 18.6% of revenue. Net income was $137,294 thousand, or $0.75 per diluted share, compared with $94,983 thousand, or $0.56 per diluted share, in fiscal 2009. Cash flow and balance sheet strengthened. Cash from operations was $223.0 million, and cash, cash equivalents and restricted cash totaled $459.4 million at year end. After convertible note retirements, the company reported a net cash position of $384.6 million. The company retired $53.0 million of its 2007 Convertible Notes during the year, and the $50.0 million Wells Fargo credit facility was substantially repaid as of November 29, 2010. Capital expenditures rose to $88,929 thousand from $39,172 thousand. Investors should note concentration and cyclicality risks. Three customers, Samsung, Nokia and Foxconn, each accounted for more than ten percent of fiscal 2010 net revenues. The company describes the wireless semiconductor industry as highly cyclical and competitive, and it relies on third-party foundries and a sole-source supplier for epitaxial wafers. The board authorized a $200 million stock repurchase program on August 3, 2010, but no shares were repurchased under it during fiscal 2010.

    Nov 29, 2010
  33. 2009-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 2, 2009

    This Amendment No. 1 to Skyworks Solutions, Inc.'s Form 10-K amends the Original Filing for the fiscal year ended October 2, 2009, which was filed November 30, 2009. It was filed solely to provide the Part III information (directors and executive officers, executive compensation, security ownership, related transactions, and accounting fees) because the 2010 Annual Meeting of Stockholders is scheduled for May 11, 2010, and the proxy statement will be filed later. The filing states that it does not update other disclosures for subsequent events. The filing describes a board of nine directors, eight of whom the Board determined to be independent under NASDAQ rules. David J. Aldrich serves as President and Chief Executive Officer and is the only employee director. David J. McLachlan is Chairman of the Board. Robert A. Schriesheim chairs the Audit Committee, and Schriesheim, Balakrishnan S. Iyer and McLachlan were identified as audit committee financial experts. KPMG LLP was the independent auditor, with total fees of $1,255,000 for fiscal 2009 compared with $1,403,000 for fiscal 2008, of which audit fees were $1,215,000, or 97%. On compensation, Aldrich's fiscal 2009 total compensation was $4,405,183 under the Summary Compensation Table. The Incentive Plan paid the Chief Executive Officer approximately 109% of base salary for the full year and the other named executive officers 65% to 83%. Base salaries for named executive officers rose approximately 4% (the Chief Financial Officer received 10%). As of January 15, 2010, there were 175,342,941 common shares outstanding, and the filing reports Wellington Management Company, LLP at 10.3% and Barclays Global Investors at 6.2%, with directors and executive officers as a group at 3.2%.

    Feb 1, 2010
  34. 2009

    Skyworks Solutions Annual Report, Year Ended Oct 2, 2009

    Skyworks Solutions, Inc. (NASDAQ: SWKS) reported net revenues of $802.6 million for the fiscal year ended October 2, 2009, down 6.7% or $57.4 million from $860.0 million in fiscal 2008. Management attributed the decline principally to weaker end-market demand from adverse global macroeconomic conditions and the exit from certain product areas such as mobile transceivers, partly offset by market share gains in high-dollar-content 3G and multimode segments. Gross margin held at 39.6% versus 39.9% in the prior year, and operating income was $71.7 million compared with $90.4 million. Net income was $93.3 million, or $0.55 per diluted share, compared with $111.0 million, or $0.68 per diluted share, in fiscal 2008. Balance sheet and cash generation were a bright spot. Cash provided by operations rose to $210.1 million from $173.7 million, and cash and cash equivalents ended the year at $364.2 million. The company retired $57.9 million of its 2007 Convertible Notes, reducing that balance to $79.7 million, and it reported total stockholders' equity of $1.105 billion. Management noted that its net cash position improved from $43.5 million to $240.4 million over the year. Investors should also note several items. A January 2009 restructuring reduced headcount by about 4% (150 employees) and produced $16.0 million of restructuring charges plus $3.5 million of inventory write-downs. The company recorded a $27.5 million income tax benefit driven by a $45.5 million reduction in the valuation allowance. Adoption of ASC 470-20 on October 3, 2009 is expected to significantly increase non-cash interest expense in fiscal 2010 and beyond. The top three OEM/distribution customers represented approximately 38% of fiscal 2009 net revenues, and the company's gross margin is cited as relatively consistent at approximately 40%.

    Nov 30, 2009
  35. 2008-A

    Skyworks Solutions Annual Report (Amendment), Year Ended Oct 3, 2008

    Skyworks Solutions, Inc. filed this Form 10-K/A (Amendment No. 1) for the fiscal year ended October 3, 2008. The amendment was filed for the sole purpose of adding the Part III information (directors and executive officers, executive compensation, security ownership, related transactions, and principal accounting fees) because the company's 2009 Annual Meeting of Stockholders is scheduled for May 12, 2009, and the proxy statement will be filed after this date. It does not update any other information in the original 10-K filed December 2, 2008. The amendment shows the company's leadership and governance: David J. Aldrich is President and Chief Executive Officer and the only employee-director, David J. McLachlan is Chairman of the Board, and Donald W. Palette is Vice President and Chief Financial Officer. The Board has determined that a majority of directors are independent under NASDAQ rules. KPMG LLP served as the independent auditor, with total fees of $1,403,000 for fiscal 2008 compared with $1,429,000 for fiscal 2007. The filing details executive pay for fiscal 2008. Mr. Aldrich's total compensation was $4,513,865, and his incentive plan payouts were approximately 182% of base salary. Change-of-control agreements provide enhanced severance and full acceleration of equity vesting upon a change in control. As of January 28, 2009, there were 165,935,172 shares outstanding, and Dimensional Fund Advisors L.P. (7.8%) and Barclays Global Investors (5.5%) were the largest reported holders.

    Jan 30, 2009
  36. 2008

    Skyworks Solutions Annual Report, Year Ended Oct 3, 2008

    Skyworks Solutions, Inc. (NASDAQ: SWKS) reported fiscal 2008 results for the year ended October 3, 2008, a 53-week year. Net revenues rose to $860.0 million, up 15.9% from $741.7 million in fiscal 2007. Gross margin improved to 39.9% from 38.7%, operating income rose to $90.4 million from $58.5 million, and net income reached $111.0 million, or $0.68 per diluted share, compared with $57.7 million in fiscal 2007. The filing attributes the growth to the ramp of new mobile platform products, new customers, entry into adjacent markets, and higher share in front-end modules at existing customers. Net income was also helped by a $36.4 million income tax benefit from a partial release of the U.S. deferred tax valuation allowance. Cash generation was strong. Operating cash flow was $173.7 million, versus $84.8 million in fiscal 2007. Cash and cash equivalents ended the year at $225.1 million, down from $241.6 million, after the company retired $49.3 million of Junior Notes and $62.4 million of 2007 Convertible Notes, spent $64.8 million on capital expenditures, and paid $32.6 million for acquisitions. Total indebtedness was about $187.6 million, or 17.3% of total capitalization. After year end, the company retired a further $40.5 million of 2007 Convertible Notes, leaving $97.1 million outstanding. Management believes existing liquidity is sufficient for at least the next 12 months. Risks highlighted in the filing include cyclicality in the wireless semiconductor market, customer concentration (the three largest OEM customers represented approximately 40% of fiscal 2008 net revenues), reliance on third-party foundries and sole-source epitaxial wafer supply, and pricing pressure from competitors. Average selling prices declined 6.6% year over year. The filing also notes that FSP APB 14-1 will significantly increase non-cash interest expense on the company's convertible notes once adopted in fiscal 2010.

    Dec 2, 2008
  37. 2007

    Skyworks Solutions Annual Report, Year Ended Sep 28, 2007

    Skyworks Solutions, Inc. reported fiscal 2007 (year ended September 28, 2007) net revenues of $741.7 million, down $32.0 million, or 4.1%, from fiscal 2006, as the company exited its baseband product area at the end of fiscal 2006. Revenues from its Core Products (mobile platforms and linear products) remained relatively unchanged, with a more favorable product mix offset by declines in average selling prices of 8.1% and units sold of 1.5%. Profitability improved sharply: operating income was $58.5 million versus an operating loss of $66.3 million in fiscal 2006, and net income was $57.7 million, or $0.36 per diluted share, compared with a net loss of $88.2 million in the prior year. Gross margin rose to 38.7% from 33.9%, driven by mix, the absence of fiscal 2006 baseband inventory charges, and higher factory utilization. Cash flow and the balance sheet also improved. Cash provided by operations was $84.8 million versus $27.2 million in fiscal 2006, and cash and cash equivalents rose to $241.6 million. Total indebtedness was approximately $299.3 million, about 30.3% of total capitalization. The company issued $200.0 million of 2007 Convertible Notes in March 2007 and used proceeds to retire $130.0 million of 4.75% Junior Notes, with the remaining $49.3 million due November 15, 2007. The company also recorded a valuation allowance of $151.3 million against U.S. deferred tax assets, and it repurchased about 4.3 million shares for approximately $30.1 million. Risks highlighted in the filing include cyclicality in the semiconductor industry, customer concentration (three largest OEM customers, Sony Ericsson, Motorola and Samsung, represented approximately 50% of fiscal 2007 net revenues), reliance on sole-source epitaxial wafer supply, and pending FASB proposed FSP APB 14-a, which could increase non-cash interest expense on the 2007 Convertible Notes. In October 2007, the company paid $32.4 million to acquire raw materials, die bank, finished goods, GaAs PA/FEM designs and related intellectual property from two companies.

    Nov 27, 2007
  38. 2006

    Skyworks Solutions Annual Report, Year Ended Sep 29, 2006

    Skyworks Solutions, Inc. reported net revenues of $773.75 million for the fiscal year ended September 29, 2006, a slight decrease from $792.37 million in fiscal 2005, and a net loss of $88.15 million compared with net income of $25.61 million a year earlier. The loss was driven by the fourth-quarter exit of its baseband product area, which carried total charges of $90.4 million, including $35.1 million of bad debt expense, $23.3 million of inventory charges, $27.0 million of restructuring and special charges, and $5.0 million of revenue adjustments. Gross margin fell to 33.9% from 38.8%. Excluding the baseband business, revenues in the core Mobile Platforms and Linear Products areas rose $77.9 million, or 11.9%, to $733.3 million, and units sold in those areas increased 26.9%. Cash provided by operations fell to $27.2 million from $54.2 million, while cash and cash equivalents rose to $136.7 million at year-end. Total indebtedness was $229.3 million, or 25.2% of total capitalization, including $179.3 million of 4.75% convertible subordinated notes due November 2007 and a $50.0 million receivables-backed credit facility that was fully drawn. Management states that existing liquidity is expected to fund operations for at least the next 12 months. The company also recorded a $14.2 million share-based compensation expense following its adoption of SFAS 123(R), and it does not anticipate paying cash dividends. The filing incorporates Part III information by reference from the proxy statement for the 2007 Annual Meeting of Stockholders. It notes that about 50.0% of fiscal 2006 net revenue came from its three largest customers, and that the company relies on a sole-source supplier for epitaxial wafers used in its gallium arsenide manufacturing.

    Dec 13, 2006
  39. 2005

    Skyworks Solutions Annual Report, Year Ended Sep 30, 2005

    Skyworks Solutions, Inc. reported fiscal 2005 (year ended September 30, 2005) net revenues of $792.4 million, up 1.1% from $784.0 million in fiscal 2004, and net income of $25.6 million, or $0.16 per diluted share, compared with $22.4 million, or $0.15, in fiscal 2004. Gross margin declined to 38.8% from 39.9%, driven by costs tied to the launch of highly integrated products, an unfavorable product mix shift, and a one-time $3.2 million payment to a customer. Operating income rose to $50.1 million from $42.7 million, helped by lower operating expenses; no special charges were recorded in fiscal 2005 compared with $17.4 million in fiscal 2004. RF product revenues increased 16.2% in aggregate dollars, while cellular systems revenues fell 13.9% and assembly and test services revenues declined 62.6% after the Conexant arrangement ended on June 30, 2005. The balance sheet remained solid, with cash and cash equivalents of $116.5 million, short-term investments of $113.3 million, and stockholders' equity of $792.6 million. Total indebtedness was about $280 million, comprising a $230 million 4.75% convertible subordinated note due November 2007 and $50 million drawn on a receivables-backed credit facility. Operating cash flow was $54.2 million, down from $91.9 million, with days sales outstanding rising to 82 from 66, and the company flagged uncertainty over collection of a receivable from customer Vitelcom Mobile after weather-related damage to its Mexican facility. Management expects capital expenditures of about $40 million in fiscal 2006 and anticipates stock-based compensation expense of $25.5 million over fiscal 2006 through 2011 after adopting SFAS 123(R). The filing highlights concentration risk, with the three largest customers representing approximately 38.4% of net revenue in fiscal 2005, and ongoing exposure to the cyclical wireless semiconductor market. The company has not paid cash dividends since fiscal 1986 and plans to retain earnings to fund growth.

    Dec 14, 2005
  40. 2004

    Skyworks Solutions Annual Report, Year Ended Oct 1, 2004

    Skyworks Solutions, Inc. reported fiscal 2004 (year ended October 1, 2004) net revenues of $784.0 million, up from $617.8 million in fiscal 2003, and net income of $22.4 million, or $0.15 per share, compared with a net loss of $451.4 million in fiscal 2003. The filing attributes the revenue increase primarily to stronger demand for the company's wireless product portfolio, with unit sales up approximately 53% while average selling prices fell approximately 17%. Gross margin was 39.9% versus 40.0% a year earlier, and operating income turned positive at $42.7 million, compared with an operating loss of $33.5 million in fiscal 2003. Special charges fell to $17.4 million from $34.5 million, and interest expense declined to $17.9 million from $21.4 million after the $45 million of 15 percent senior notes were converted into common stock in May 2004. Cash generation improved markedly, with operating cash flow of $91.9 million versus a $72.1 million outflow in fiscal 2003, and cash and equivalents rose to $203.5 million at year-end. Total indebtedness was approximately $280 million, or about 28% of total capitalization, consisting of $230 million of 4.75 percent convertible subordinated notes due 2007 and $50 million drawn under a receivables-backed facility with Wachovia Bank. Management stated that existing liquidity should be sufficient for at least the next twelve months, and it expects fiscal 2005 capital expenditures to return to levels more comparable to fiscal 2003 after $60.0 million was invested in fiscal 2004. Key risks flagged in the filing include the cyclical nature of the wireless semiconductor industry, customer concentration (Motorola at 14% and Samsung at 12% of fiscal 2004 revenue), intense competition with declining average selling prices, and ongoing patent litigation with Qualcomm, which the company says it considers without merit. The company also disclosed a $397.1 million goodwill impairment recorded in fiscal 2003 and has not paid cash dividends since fiscal 1986.

    Dec 13, 2004
  41. 2003

    Skyworks Solutions Annual Report, Year Ended Sep 27, 2003

    Skyworks Solutions, Inc. (Woburn, Massachusetts) reported net revenues of $617.8 million for the fiscal year ended October 3, 2003, up 35.0% from $457.8 million in fiscal 2002, driven by demand for its wireless product portfolio and the exclusion of Alpha's pre-Merger revenues. Gross margin improved to 38.4% of net revenues from 27.6%, but the company posted a net loss of $451.4 million, or $3.24 per share, which includes a $397.1 million cumulative effect of a change in accounting principle from the transitional goodwill impairment under SFAS No. 142. Operating loss narrowed to $33.5 million from $251.4 million in the prior year, and special charges fell to $34.5 million, principally related to impairment of infrastructure product assets. Balance sheet and liquidity changed meaningfully during the year. Cash and cash equivalents rose to $161.5 million from $53.4 million, supported by a $230 million private placement of 4.75% convertible subordinated notes due 2007, a September 2003 common stock offering that generated approximately $102.2 million in net proceeds, and a $50 million receivables facility with Wachovia under which $41.7 million was borrowed. Total debt was approximately $325 million after giving effect to unused availability, and stockholders' equity declined to $673.2 million from $1.01 billion. Operating cash flow was negative $72.1 million. Investors should note customer concentration, with Samsung Electronics at 15% and Motorola at 11% of fiscal 2003 revenues, compared with Samsung at 35% in fiscal 2002. The filing also discloses an ongoing intellectual property dispute with Qualcomm Incorporated, in which each company has filed claims against the other, and a stated expectation that existing liquidity will be sufficient for at least the next twelve months. The company paid no cash dividends and does not anticipate paying them.

    Dec 22, 2003
  42. 2002

    Skyworks Solutions Annual Report, Year Ended Sep 27, 2002

    Skyworks Solutions, Inc. (formerly Alpha Industries, Inc.) reports fiscal 2002 (year ended September 27, 2002) results following its June 25, 2002 merger with the wireless business of Conexant Systems, Inc. Total net revenues were $457.8 million, up from $260.5 million in fiscal 2001, with third-party revenues of $418.3 million. The company posted an operating loss of $251.4 million and a net loss of $236.1 million, including $116.3 million of special charges (principally a $66.0 million Mexicali asset impairment and a $45.8 million write-off of Philsar goodwill and intangibles) and $65.5 million of purchased in-process R&D tied to the Merger. Samsung Electronics accounted for 38% of net revenues from customers other than Conexant, and Motorola for 12%. The balance sheet expanded substantially, with total assets of $1.35 billion versus $314.3 million a year earlier, driven by goodwill and intangible assets of $940.7 million. Cash and cash equivalents were $53.4 million, and working capital was $79.8 million. Cash used in operating activities was $99.1 million. The filing notes that adopting SFAS No. 142 in fiscal 2003 may require a substantial transitional impairment charge against the approximately $907.5 million of goodwill and intangibles subject to testing. Subsequent to year-end, on November 13, 2002, the company closed a $230 million private placement of 4.75% convertible subordinated notes due 2007 with a conversion price of approximately $9.05 per share. The proceeds were used to repay $170 million of debt owed to Conexant, leaving a $45 million 15% convertible note due June 30, 2005, and the company retained about $53 million for working capital. The company states that it expects existing liquidity and operating cash flow to be sufficient for at least the next twelve months.

    Dec 23, 2002
  43. 2002

    Skyworks Solutions Annual Report, Year Ended Mar 31, 2002

    Alpha Industries, Inc., a Delaware corporation, manufactures radio frequency and microwave integrated circuits, discrete semiconductors, modules and ceramic components, primarily for wireless handsets, wireless base stations, and wireless LAN, WAN and local loop applications. Fiscal 2002 (ended March 31, 2002) was a sharp downturn: net sales fell 53.4% to $126.5 million from $271.6 million, the company posted a net loss of $18.3 million ($0.42 per share) versus net income of $33.4 million in fiscal 2001, and gross margin dropped to 29.2% from 44.2%. Research and development expenses rose to $41.6 million (32.9% of sales), including a $2.5 million in-process R&D charge tied to the March 2002 Aimta acquisition. Motorola accounted for 31.1% of net sales, and cash, cash equivalents and short-term investments totaled $114.1 million, with working capital of $136.3 million. The filing is dominated by a pending merger with the wireless business of Conexant Systems, Inc., completed on June 25, 2002, after which the company changed its name to Skyworks Solutions, Inc. Immediately after the merger, Alpha shareholders were expected to own about 33% of roughly 140 million fully diluted shares, with Conexant shareholders owning about 67%; the transaction is to be accounted for as a reverse acquisition with Conexant's wireless business treated as the acquirer. As part of the deal, the company bought Conexant's Mexicali, Mexico facility for $150 million, paid with short-term promissory notes due in March and June 2003, and Conexant committed a $100 million revolving loan facility. The company estimates merger-related cash costs of $80 million to $90 million and expects a charge of $20 million to $30 million in the quarter ended June 28, 2002. Investors should weigh the fiscal 2002 operating downturn and the substantial near-term debt and financing obligations from the merger, along with the company's stated dependence on obtaining suitable financing. A trademark infringement lawsuit filed June 6, 2002 by Skyworks Technologies, Inc. seeks to stop use of the "Skyworks" name, which the company believes is without merit.

    Jul 1, 2002
  44. 2001

    Skyworks Solutions Annual Report, Year Ended Apr 1, 2001

    Alpha Industries, Inc. reported fiscal 2001 (year ended April 1, 2001) sales of $271.6 million, up 45.7% from $186.4 million in fiscal 2000, and net income of $33.4 million, or $0.75 per diluted share, compared with $18.0 million in fiscal 2000. Gross margin rose to 44.2% from 43.4%, and operating income increased to $40.7 million from $21.4 million. The filing notes that a downturn in the wireless and broadband markets during the fourth quarter lowered quarterly sales, with fourth-quarter sales of $54.0 million compared with $78.7 million in the third quarter. Semiconductor Products represented 82.7% of fiscal 2001 sales, and Ceramic Products represented 17.3%. The company's balance sheet strengthened, with stockholders' equity rising to $299.2 million and working capital of $188.3 million, including $153.8 million in cash, cash equivalents and short-term investments. Operations generated $57.6 million of cash, while capital expenditures totaled $54.7 million, including the $12.3 million purchase of a Haverhill, Massachusetts facility and a six-inch GaAs wafer line estimated at approximately $30 million. Long-term debt was only $235 thousand, and the company had no borrowings under its $10.0 million revolving credit agreement at year end. Customer concentration remains a key risk. Motorola and Ericsson accounted for 26.0% and 11.3% of fiscal 2001 sales, respectively, and the five largest customers accounted for 52.9%. Backlog at April 1, 2001 was $38.7 million, down from $55.7 million a year earlier. Management stated that current conditions make predictions particularly difficult and that the company believes its cash and existing resources will be adequate through fiscal 2002.

    Jun 29, 2001
  45. 1996

    Skyworks Solutions Annual Report, Year Ended Mar 31, 1996

    Alpha Industries, Inc. reported record sales and orders for the fiscal year ended March 31, 1996, with net sales of $96.9 million, up 23.8% from $78.3 million in fiscal 1995, and net income of $3.8 million, or $0.43 per share, versus $2.8 million, or $0.36 per share, a year earlier. Gross profit rose 29.4% to $30.9 million, or 31.9% of sales. Research and development expense increased 120.2% to $9.1 million as the company doubled its investment in GaAs MMIC and ceramic product development aimed at wireless communications markets. Backlog at March 31, 1996 was approximately $36.5 million, about 90% of which is anticipated to ship in fiscal 1997. The filing also warns of near-term weakness. The company cited softness in the North American cellular market and a delayed PCS roll-out, and expects a net loss for the first quarter of fiscal 1997, with an estimated loss of $0.24 to $0.27 per share. It anticipates break-even to positive results in the second quarter and a return to profitability in the second half of fiscal 1997 if demand resurges. Military sales continued to decline and made up 24% of fiscal 1996 sales, compared with 29% in fiscal 1995. The balance sheet strengthened significantly after a secondary public offering of 1,840,000 shares that raised $25.3 million net of expenses. Stockholders' equity rose to $57.5 million from $27.7 million, total assets reached $75.4 million, and cash, cash equivalents and short-term investments totaled $15.5 million. Working capital was $32.6 million, and the company had $12.5 million of available credit lines. Management stated that it believes it has adequate funds for current operating needs.

    Jul 1, 1996