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SWKS · Skyworks Solutions

50 filings

10-Q

SWKS 10-Q Quarterly Reports

Skyworks Solutions - 50 quarterly 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. 2026-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 3, 2026

    Skyworks Solutions, Inc. reported net revenue of $934.8 million for the three months ended July 3, 2026, down from $965.0 million a year earlier, driven primarily by a decrease in market share at a significant customer, partially offset by growth in automotive and data center products. Net income fell to $33.9 million from $105.0 million, and diluted EPS was $0.22 versus $0.70. For the nine months, net revenue was $2,913.9 million and net income was $148.7 million, compared with $2,986.7 million and $335.7 million a year earlier. Restructuring, impairment, and other charges rose to $19.8 million for the quarter, primarily tied to facility consolidation and closure, and SG&A increased on professional services costs for the pending Qorvo transaction. The pending merger with Qorvo, Inc. remains the central item. Qorvo stockholders would receive 0.960 of a Skyworks share and $32.50 in cash per share, valuing the combined company at approximately $22.0 billion as of October 27, 2025. The filing says Skyworks is increasingly hopeful the deal closes within the calendar year, but the FTC issued a Second Request in February 2026 and the parties are working with FTC staff to conclude the investigation. Both companies' stockholders approved the transaction on February 11, 2026. Transaction costs were $14.2 million for the quarter and $67.6 million for the nine months. Capital returns changed materially. On July 28, 2026, the company announced it would no longer declare quarterly cash dividends in light of the pending mergers. On July 27, 2026, the Board replaced the February 2025 buyback with a new $2.0 billion repurchase program running through January 31, 2029, and no shares were repurchased under the prior program during the quarter. The company also repaid $500.0 million of 1.80% Senior Notes due 2026, leaving $496.9 million of 3.00% Senior Notes due 2031 outstanding. Cash, cash equivalents, and marketable securities totaled $813.8 million, and the $750.0 million revolver remained undrawn.

    Jul 28, 2026
  2. 2026-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 3, 2026

    Skyworks Solutions, Inc. reported net revenue of $943.7 million for the three months ended April 3, 2026, down from $953.2 million a year earlier, and $1,979.1 million for the six months, versus $2,021.7 million. The filing attributes the revenue decline primarily to a decrease in market share at a significant customer, partially offset by higher demand for Wi-Fi products. Net income fell to $35.6 million ($0.24 diluted EPS) for the quarter from $68.7 million ($0.43), and to $114.8 million ($0.76 diluted EPS) for the six months from $230.7 million ($1.44). Selling, general, and administrative expense rose to $119.7 million for the quarter from $88.0 million, mainly from professional services costs tied to the pending Qorvo transaction, which totaled $19.7 million in transaction costs for the quarter and $53.4 million for the six months. The pending Qorvo merger, a cash-and-stock transaction valuing the combined company at approximately $22.0 billion as of October 27, 2025, is expected to close early in calendar 2027. Qorvo stockholders would receive 0.960 of a Skyworks share and $32.50 in cash per share, with Skyworks holders owning approximately 63% of the combined company on a pro forma basis. Both companies' stockholders approved the transaction on February 11, 2026, but the FTC issued a Second Request on February 5, 2026, extending the HSR waiting period. Goldman Sachs Bank USA's bridge commitment has been reduced to $1,500.0 million after the Qorvo Notes Tranche was permanently reduced to $0.00. Liquidity remained solid, with cash, cash equivalents, and marketable securities totaling $1,436.4 million at April 3, 2026, and no borrowings under the $750.0 million Revolver. Operating cash flow was $445.8 million for the six months, down from $786.6 million, mainly due to working capital changes, inventory in particular. Capital expenditures rose to $138.9 million from $77.5 million. The company repurchased no shares in the quarter, with about $1.2 billion remaining under its $2.0 billion authorization, and declared a quarterly dividend of $0.71 per share on May 5, 2026.

    May 5, 2026
  3. 2026-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Jan 2, 2026

    Skyworks Solutions, Inc. reported net revenue of $1,035.4 million for the three months ended January 2, 2026, down from $1,068.5 million in the prior-year quarter, which the company attributed primarily to a decrease in market share at a significant customer, partially offset by higher demand for Wi-Fi products. Net income was $79.2 million, or $0.53 per diluted share, compared with $162.0 million, or $1.00 per diluted share, a year earlier. Operating income fell to $103.8 million from $181.1 million, reflecting higher research and development expense of $203.4 million, higher selling, general and administrative expense of $108.4 million that includes $37.1 million of transaction costs tied to the pending Qorvo merger, and restructuring, impairment and other charges of $11.4 million. Operating cash flow was $395.5 million, and cash, cash equivalents and marketable securities totaled $1,568.6 million at quarter end. The pending cash-and-stock merger with Qorvo, announced October 27, 2025, values the combined company at approximately $22.0 billion. Qorvo stockholders would receive 0.960 of a Skyworks share and $32.50 in cash per share, and Skyworks and Qorvo each received a Second Request from the U.S. Federal Trade Commission on February 5, 2026, which extends the HSR Act waiting period. The transaction is expected to close early in calendar 2027. Skyworks also declared a quarterly dividend of $0.71 per share payable March 17, 2026, and did not repurchase any shares during the quarter, with approximately $1.2 billion remaining under its repurchase authorization. The filing also discloses a patent infringement suit filed by Denso Corporation in the U.S. and Japan, which the company says it intends to vigorously oppose. Total debt under senior notes was $996.2 million carrying value, and the company had no borrowings outstanding under its $750.0 million revolving credit facility. Committed bridge financing from Goldman Sachs Bank USA was reduced to $1,500.0 million from $3,050.0 million after the Qorvo notes tranche was permanently reduced to zero.

    Feb 5, 2026
  4. 2025-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 27, 2025

    Skyworks Solutions, Inc. reported third-quarter fiscal 2025 results (three months ended June 27, 2025) with net revenue of $965.0 million, up from $905.5 million a year earlier, driven primarily by higher demand for mobile and Wi-Fi products. Gross profit rose to $401.0 million, but net income declined to $105.0 million from $120.9 million, as research and development expenses increased to $199.4 million from $160.7 million. For the nine months, net revenue fell to $2,986.7 million from $3,153.0 million, and net income dropped to $335.7 million from $535.5 million, with management attributing the revenue decline primarily to lower demand for mobile products partially offset by Wi-Fi growth. Cash, cash equivalents, and marketable securities totaled $1,336.7 million at quarter end, down from the prior fiscal year end, as the company repurchased $837.7 million of stock for the nine months under its February 4, 2025 program, which had approximately $1.2 billion remaining. Operating cash flow was $1,100.8 million for the nine months, versus $1,348.6 million a year earlier. The company also declared a $0.71 per share quarterly dividend on August 5, 2025. The filing flags several risks: management expects revenue to be negatively impacted beginning in the fourth quarter of fiscal 2025 by a decrease in market share at a significant customer, Denso Corporation filed patent infringement suits in the U.S. and Japan on June 20, 2025, and the company disclosed securities class action and derivative lawsuits, along with three senior management transitions including a new CEO and an interim CFO.

    Aug 5, 2025
  5. 2025-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 28, 2025

    Skyworks Solutions, Inc. reported fiscal second-quarter 2025 results (three months ended March 28, 2025) with net revenue of $953.2 million, down from $1,046.0 million a year earlier, driven primarily by lower demand for mobile products partially offset by higher demand for non-mobile products. Net income fell to $68.7 million from $183.3 million, and diluted EPS was $0.43 versus $1.14. Operating income declined to $97.3 million from $189.2 million, as research and development expense rose to $186.5 million from $154.4 million, and restructuring, impairment, and other charges reached $19.6 million, primarily tied to the Chief Executive Officer Transition. The effective tax rate was 32.9% for the quarter, compared with 5.0% a year earlier. Cash, cash equivalents, and marketable securities totaled $1,527.7 million at March 28, 2025, a decrease of $46.4 million from September 27, 2024. During the quarter the company repurchased 7.4 million shares for $504.3 million and paid dividends of $110.6 million, and the Board approved a new $2.0 billion stock repurchase program running through February 3, 2027, with about $1.5 billion remaining at quarter end. The filing states that the company expects revenue to be negatively impacted beginning in the fourth quarter of fiscal 2025 by a decrease in market share at a significant customer. Management also disclosed a new CEO, Philip Brace, effective February 17, 2025, two additional senior appointments effective June 2, 2025, and a securities class action filed March 4, 2025, followed by two derivative suits in April 2025. The filing also notes that the company's revolving credit facility of $750.0 million had no borrowings outstanding, and that management believes current liquidity will be sufficient for short- and long-term requirements. Tariff actions announced in February and April 2025, and related Chinese countermeasures, are cited as risk factors affecting costs and demand.

    May 7, 2025
  6. 2025-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 27, 2024

    Skyworks Solutions, Inc. reported net revenue of $1,068.5 million for the three months ended December 27, 2024, down from $1,201.5 million in the corresponding prior-year period, which the company attributed primarily to a decrease in demand for its mobile products. Gross profit was $441.9 million versus $506.6 million, and net income was $162.0 million, or $1.00 per diluted share, compared with $231.3 million, or $1.44 per diluted share, a year earlier. Research and development expense rose to $176.4 million from $153.1 million, reflecting increased investment in new technologies and products. Cash flow and liquidity remained solid. Cash provided by operating activities was $377.2 million, and cash, cash equivalents, and marketable securities totaled $1,754.8 million at quarter end, up $180.7 million from September 27, 2024. The company paid dividends of $112.5 million and made no share repurchases during the quarter. The Board approved a new $2.0 billion stock repurchase program on February 4, 2025, running through February 3, 2027, and declared a $0.70 per share quarterly dividend. Leadership transition and outlook were also notable. Philip Brace was appointed President and CEO effective February 17, 2025, succeeding Liam K. Griffin, with transition-related charges of approximately $20.0 million. The company stated that beginning in the fourth quarter of fiscal 2025 it expects revenue to be negatively impacted by a decrease in market share at a significant customer, and that foreign taxes are expected to increase in fiscal 2025 due to changes to its Singapore tax holiday.

    Feb 5, 2025
  7. 2024-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 28, 2024

    Skyworks Solutions, Inc. reported net revenue of $905.5 million for the three months ended June 28, 2024, down from $1,071.2 million in the prior-year quarter, driven primarily by lower demand for mobile and mixed-signal products. Net income was $120.9 million, or $0.75 per diluted share, compared with $195.8 million, or $1.22 per diluted share, a year earlier. For the nine months, net revenue was $3,153.0 million and net income was $535.5 million, or $3.32 per diluted share. Gross margin compressed to 40.2% in the quarter from 43.3%, attributed to unfavorable product mix, lower unit volumes, and lower average selling prices. Balance sheet and cash flow remained solid. Cash, cash equivalents, and marketable securities totaled $1,283.9 million as of June 28, 2024, up $545.4 million from September 29, 2023. Nine-month operating cash flow was $1,348.6 million, and the company repaid $300.0 million of Term Loan borrowings, leaving no amounts outstanding under the $1.0 billion Term Loan Facility. Management reported a $0.07 diluted EPS benefit for the quarter from a change in the estimated useful lives of certain machinery and equipment. The company declared a $0.70 quarterly dividend on July 30, 2024, and had $1.9 billion remaining under its stock repurchase program. Management stated that disclosure controls were effective as of June 28, 2024, and that the company completed implementation of a new ERP system in the third quarter of fiscal 2024.

    Jul 31, 2024
  8. 2024-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 29, 2024

    Skyworks Solutions, Inc. reported net revenue of $1,046.0 million for the three months ended March 29, 2024, down from $1,153.1 million in the year-earlier quarter, with the filing attributing the decline primarily to lower demand for non-mobile analog and mixed-signal products. For the six months, net revenue was $2,247.5 million versus $2,482.4 million. Gross margin compressed to 40.2% of net revenue for the quarter (45.7% a year earlier), which the company attributed to unfavorable product mix, lower unit volumes, and lower average selling prices. Net income was $183.3 million, or $1.14 per diluted share, compared with $232.8 million, or $1.46 per diluted share, a year earlier. Operating income fell to $189.2 million from $273.3 million. Cash flow and balance sheet metrics were stronger. Cash, cash equivalents, and marketable securities totaled $1,221.3 million at quarter end, up $482.8 million from September 29, 2023. Operating cash flow for the six months was $1,075.2 million, and the company repaid $300.0 million of Term Loans, leaving no borrowings under the Term Loan Facility or the $750.0 million Revolver. Inventory fell to $835.5 million from $1,119.7 million at fiscal year-end. The company paid $218.0 million in dividends for the six months and declared a $0.68 per share quarterly dividend on April 30, 2024. No shares were repurchased under the $2.0 billion authorization during the period. Depreciation expense was reduced by a change in the estimated useful lives of certain machinery and equipment, which increased net income by $4.3 million for the quarter and $6.7 million for the six months. The filing reports that disclosure controls were effective as of March 29, 2024, and that there were no material changes to internal control over financial reporting.

    May 1, 2024
  9. 2024-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 29, 2023

    Skyworks Solutions, Inc. reported net revenue of $1,201.5 million for the three months ended December 29, 2023, down from $1,329.3 million in the corresponding prior-year period. The filing attributes the decline primarily to lower demand for non-mobile analog and mixed-signal products, partially offset by higher demand for mobile products from smartphone customers in the Android ecosystem. Gross profit fell to $506.6 million from $637.7 million, with gross margin of 42.2% versus 48.0% a year earlier, driven by unfavorable product mix, lower unit volumes, and lower average selling prices. Net income was $231.3 million, or $1.44 per diluted share, compared with $309.4 million, or $1.93 per diluted share, in the prior-year quarter. Cash generation remained strong, with net cash provided by operating activities of $774.9 million. Cash, cash equivalents, and marketable securities rose to $1,047.6 million after the company repaid $300.0 million of Term Loans, paid $108.9 million in dividends, and spent $22.2 million on capital expenditures. The company had no borrowings outstanding under its $750.0 million Revolver, and it has $1.0 billion in senior notes outstanding ($500.0 million due 2026 and $500.0 million due 2031). The Board declared a $0.68 per share quarterly dividend on January 30, 2024, and $2.0 billion remained available under the January 31, 2023 stock repurchase program, though no shares were repurchased in the quarter. The company also changed its accounting estimate for the useful lives of certain machinery and equipment, which reduced depreciation expense by $22.9 million and increased net income by $2.6 million, or $0.02 per diluted share. Restructuring, impairment, and other charges rose to $16.2 million, mainly from abandonment of a previously capitalized IPR&D project that carried a $16.1 million impairment charge.

    Jan 31, 2024
  10. 2023-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 30, 2023

    Skyworks Solutions, Inc. reported net revenue of $1,071.2 million for the three months ended June 30, 2023, down from $1,232.6 million in the prior-year quarter, driven primarily by lower demand for mobile products from smartphone customers in the Android ecosystem. Net income was $195.8 million (diluted EPS of $1.22) versus $267.3 million (diluted EPS of $1.66) a year earlier. For the nine months, net revenue was $3,553.6 million compared with $4,078.6 million, and net income was $738.0 million versus $973.0 million. Cash, cash equivalents, and marketable securities totaled $739.5 million at June 30, 2023. Net cash provided by operating activities for the nine months was $1,490.9 million, up from $1,188.3 million, primarily due to favorable working capital changes of $695.5 million, mainly lower accounts receivable. During the quarter the company repaid $500.0 million of Notes Due 2023, and total debt carrying amounts fell as a result of repayments under the Term Loans. The company paid $296.7 million in dividends year to date and repurchased $175.3 million of stock under the prior program; it did not repurchase shares under the January 31, 2023 program during the quarter, leaving $2.0 billion available. Gross margin declined to 43.3% in the quarter from 47.3% a year earlier, as lower average selling prices and lower unit volumes were partially offset by favorable product mix. On August 7, 2023, the Board declared a quarterly dividend of $0.68 per share, payable September 19, 2023.

    Aug 8, 2023
  11. 2023-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 31, 2023

    Skyworks Solutions, Inc. reported net revenue of $1,153.1 million for the three months ended March 31, 2023, down from $1,335.6 million in the prior-year quarter, with the filing attributing the decline primarily to lower demand for mobile products from smartphone customers in the Asia-Pacific region. Net income was $232.8 million, or $1.46 per diluted share, compared with $305.8 million, or $1.86 per diluted share, a year earlier. For the six months ended March 31, 2023, net revenue was $2,482.4 million and net income was $542.2 million, or $3.39 per diluted share. Gross margin was 45.7% for the quarter versus 47.7% a year earlier, with the filing citing lower average selling prices and unit volumes partially offset by favorable product mix. Balance sheet and cash flow highlights: cash, cash equivalents, and marketable securities rose to $1,061.4 million, and net cash provided by operating activities for the six months was $1,185.1 million, up from $974.5 million, driven mainly by favorable working capital changes of $459.5 million. The company repaid $200.0 million of Term Loans during the period, leaving $500.0 million outstanding under the Term Credit Agreement, and the $500.0 million 0.90% Senior Notes are due in 2023. Management states that cash on hand, operating cash flow, and the undrawn $750.0 million revolver are expected to be sufficient for short- and long-term liquidity needs. Shareholder returns continued through dividends and buybacks. The board declared a $0.62 quarterly dividend payable June 20, 2023, and approved a new $2.0 billion share repurchase program running through February 1, 2025. Only 0.1 million shares ($9.1 million) were repurchased in the quarter, and no shares had been bought under the new program as of March 31, 2023.

    May 9, 2023
  12. 2023-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 30, 2022

    Skyworks Solutions, Inc. reported net revenue of $1,329.3 million for the three months ended December 30, 2022, down from $1,510.4 million in the prior-year quarter, which the company attributed primarily to lower demand for mobile products from smartphone customers in the Asia-Pacific region. Gross profit was $637.7 million (48.0% of net revenue, versus 47.3%), while operating income fell to $367.0 million from $445.9 million. Net income was $309.4 million, or $1.93 per diluted share, compared with $399.9 million, or $2.40 per diluted share, a year earlier. Interest expense rose to $16.9 million from $11.0 million, driven by a higher variable rate on the Term Loans. Cash flow and liquidity were stronger. Net cash provided by operating activities was $773.4 million, up from $581.7 million, mainly due to favorable working capital changes of $330.6 million, largely from lower accounts receivable. Cash, cash equivalents, and marketable securities totaled $992.6 million at quarter-end. The company repurchased 1.8 million shares for $166.2 million and paid dividends of $99.4 million, while capital expenditures were $63.5 million. Total debt carrying amount was $1,491.3 million, including $499.5 million of 0.90% Senior Notes due 2023 that are now current. Subsequent to quarter-end, the Board declared a quarterly dividend of $0.62 per share, payable March 21, 2023, and approved a new $2.0 billion stock repurchase program running through February 1, 2025, which succeeds the prior January 2021 program. Management stated that its cash, operating cash flow, and Revolver availability should be sufficient to meet its short- and long-term liquidity needs.

    Feb 7, 2023
  13. 2022-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 1, 2022

    Skyworks Solutions, Inc. reported net revenue of $1,232.6 million for the three months ended July 1, 2022, up from $1,116.4 million a year earlier, and $4,078.6 million for the nine months, versus $3,798.2 million. Net income was $267.3 million for the quarter, compared with $337.8 million in the prior-year quarter, and $973.0 million for the nine months, compared with $1,172.0 million. Diluted EPS was $1.66 for the quarter and $5.93 for the nine months. Management attributed revenue growth primarily to the fiscal 2021 fourth-quarter acquisition and to demand for 5G and advanced Wi-Fi products, partly offset by lower demand for mobile products from smartphone customers in China. Gross margin declined to 47.3% for the quarter from 50.0% a year earlier, and operating expenses rose, driven by research and development and amortization of acquired intangibles. Cash, cash equivalents, and marketable securities totaled $662.2 million at July 1, 2022, down $365.0 million from October 1, 2021. Over the nine months, the company generated $1,188.3 million from operations, spent $347.7 million on capital expenditures, repurchased $806.5 million of common stock under the January 26, 2021 program, which had $1.2 billion remaining, and paid $273.7 million in dividends. Total debt carried at $1,489.8 million includes $498.8 million of 0.90% Senior Notes due 2023, classified as current. The company declared a quarterly dividend of $0.62 per share on August 4, 2022. The filing states that COVID-19 and related supply chain constraints remain uncertain. Management concluded that disclosure controls were effective as of July 1, 2022.

    Aug 5, 2022
  14. 2022-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 1, 2022

    Skyworks Solutions, Inc. reported net revenue of $1,335.6 million for the three months ended April 1, 2022, up from $1,171.8 million a year earlier, and $2,846.0 million for the six months, versus $2,681.8 million. Net income was $305.8 million for the quarter (diluted EPS $1.86) compared with $325.0 million (diluted EPS $1.95) in the prior-year quarter. Operating income fell to $367.3 million from $374.7 million for the quarter, with total operating expenses rising to $270.3 million from $203.7 million, driven primarily by headcount-related expenses, including share-based compensation, following a fourth-quarter fiscal 2021 acquisition, and by higher amortization of intangibles. Gross profit rose to $637.6 million, though gross margin declined to 47.7% from 49.4%. Cash, cash equivalents and marketable securities totaled $778.2 million at April 1, 2022, a decrease of $249.0 million from October 1, 2021. The decline reflected $687.4 million of stock repurchases and $183.7 million of dividends in the six months, partially offset by $974.5 million of operating cash flow. Total debt carried at $1,489.1 million, with $700.0 million outstanding under the Term Credit Agreement and no borrowings under the $750.0 million Revolver. The company repurchased 4.7 million shares for $687.4 million in the six months, and $1.3 billion remained available under its January 26, 2021 repurchase program. Management stated that the COVID-19 pandemic and related supply constraints continue to create uncertainty, and that existing cash, operating cash flow and Revolver funds are expected to be sufficient for short- and long-term liquidity needs. The Board declared a quarterly dividend of $0.56 per share on May 3, 2022, payable June 14, 2022.

    May 4, 2022
  15. 2022-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 31, 2021

    Skyworks Solutions, Inc. reported net revenue of $1,510.4 million for the three months ended December 31, 2021, essentially flat compared with $1,510.0 million in the prior-year quarter. Net income was $399.9 million, or $2.40 per diluted share, versus $509.3 million, or $3.05 per diluted share, a year earlier. Gross profit fell to $714.7 million from $761.7 million, with the filing attributing the decline primarily to higher amortization of acquisition intangibles, including inventory step-up, from assets acquired during fiscal 2021. Operating income was $445.9 million compared with $570.7 million, and the effective tax rate was 8.3% versus 10.8%. The balance sheet and cash flow show a company generating substantial operating cash, with net cash provided by operating activities of $581.7 million in the quarter. Cash, cash equivalents, and marketable securities were $1,016.9 million at December 31, 2021, down slightly from $1,027.2 million at October 1, 2021, as the company spent $269.4 million on share repurchases, $95.8 million on capital expenditures, $92.5 million on dividends, and repaid $50.0 million of Term Loans. Total debt carried at amortized cost is reflected in long-term debt of $2,186.5 million, and $700.0 million of Term Loans remained outstanding at quarter end. The $750.0 million Revolving Credit Agreement had no borrowings outstanding. Management attributes higher operating expenses, including research and development up 24.3% and selling, general and administrative up 23.1%, mainly to headcount-related costs, partly due to the fiscal 2021 acquisition. Management concluded that disclosure controls were effective, and the company declared a quarterly dividend of $0.56 per share payable March 15, 2022. About $1.7 billion remained available under the $2.0 billion stock repurchase program at quarter end.

    Feb 4, 2022
  16. 2021-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 2, 2021

    Skyworks Solutions, Inc. reported third-quarter fiscal 2021 net revenue of $1,116.4 million, up from $736.8 million in the prior-year quarter, and net income of $337.8 million, compared with $129.7 million a year earlier. For the nine months ended July 2, 2021, net revenue was $3,798.2 million, an increase of 58.3%, and net income was $1,172.0 million. The filing attributes the growth 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 was 50.0% of net revenue for both the three and nine months ended July 2, 2021. Operating income for the nine months was $1,285.2 million, and operating cash flow was $1,373.7 million. The balance sheet changed materially during the period. In May 2021 the company issued $1.5 billion of senior notes due 2023, 2026 and 2031, and it also entered into a $1.0 billion term loan facility and a $750 million revolving credit facility. Cash, cash equivalents and marketable securities rose to $2,978.1 million at July 2, 2021, from $980.0 million at October 2, 2020, and long-term debt stood at $1,487.1 million. These borrowings were used to fund the Asset Purchase of Silicon Labs' Infrastructure and Automotive business, which closed on July 26, 2021 for an all-cash value of $2.75 billion. The company borrowed the $1.0 billion term loans on that date, and it has temporarily suspended share repurchases under its $2.0 billion authorization. The filing also notes a $42.8 million income tax benefit for the quarter from the conclusion of an IRS examination of fiscal 2015 and 2016 returns, which lowered the effective tax rate to (0.5)% for the three months. The company declared a quarterly dividend of $0.56 per share on July 29, 2021. Management states that cash and the Revolver are expected to be sufficient for at least the next 12 months.

    Jul 30, 2021
  17. 2021-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 2, 2021

    Skyworks Solutions, Inc. reported net revenue of $1,171.8 million for the three months ended April 2, 2021, up from $766.1 million in the year-earlier quarter, and $2,681.8 million for the six months, up from $1,662.2 million. Net income was $325.0 million for the quarter (diluted EPS $1.95) and $834.3 million for the six months (diluted EPS $5.00). Management attributes the growth primarily to higher demand for wireless connectivity products, technology upgrade cycles including 5G and Wi-Fi 6, and higher average content per device. Gross margin rose to 49.4% of net revenue for the quarter and 50.0% for the six months. Balance sheet and cash flow were strong. Cash, cash equivalents, and marketable securities totaled $1,423.6 million at April 2, 2021, up from $980.0 million at October 2, 2020. Operating cash flow was $1,100.8 million for the six months, against capital expenditures of $259.8 million. The company repurchased 1.4 million shares for $195.6 million during the six months and paid $165.6 million in dividends. No shares were repurchased in the quarter, and the company has temporarily suspended repurchases in anticipation of an acquisition. The most significant subsequent event is a definitive agreement announced April 22, 2021 to acquire Silicon Labs' Infrastructure and Automotive business in an all-cash transaction valued at $2.75 billion, to be funded with cash on hand and debt financing. The filing describes a JPMorgan debt commitment of up to $2.5 billion, with planned facilities including a term loan of up to $1.5 billion, senior unsecured notes of up to $1.0 billion, and a $750 million revolving credit facility. The transaction is expected to close in the third calendar quarter of 2021, subject to regulatory approvals.

    Apr 30, 2021
  18. 2021-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Jan 1, 2021

    Skyworks Solutions, Inc. reported net revenue of $1,510.0 million for the three months ended January 1, 2021, up 68.5% from $896.1 million in the comparable period a year earlier. Gross profit rose to $761.7 million (50.4% of net revenue, versus 49.6%), and operating income increased to $570.7 million from $277.3 million. Net income was $509.3 million, or $3.05 per diluted share, compared with $257.1 million, or $1.50 per diluted share. Management attributed the growth primarily to increased demand for wireless connectivity products, the onset of technology upgrade cycles including 5G and Wi-Fi 6, and higher average content per device. Cash generated from operations was $485.1 million for the quarter. Cash, cash equivalents and marketable securities totaled $1,019.3 million at quarter end, up from $980.0 million at October 2, 2020. The company repurchased 1.4 million shares for $195.6 million and paid $83.0 million in dividends, while capital expenditures were $118.9 million. Accounts receivable rose to $689.9 million from $393.6 million, which management said correlates with higher sales during the period. On January 26, 2021, the Board approved a new $2.0 billion stock repurchase program expiring January 26, 2023, replacing the January 30, 2019 program. The Board also declared a $0.50 per share quarterly dividend payable March 9, 2021. The company stated that its cash and expected operating cash flow will be sufficient to fund operations for at least the next 12 months.

    Jan 29, 2021
  19. 2020-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 26, 2020

    Skyworks Solutions, Inc. reported third-quarter fiscal 2020 results (three months ended June 26, 2020) with net revenue of $736.8 million, down from $767.0 million a year earlier, and net income of $129.7 million, or $0.77 diluted EPS, versus $144.1 million and $0.83 a year earlier. For the nine months ended June 26, 2020, net revenue was $2,398.9 million, a 5.9% decline, and net income was $567.9 million, or $3.33 diluted EPS. The filing attributes the revenue decline primarily to reduced demand from Huawei's continued presence on the U.S. Bureau of Industry and Security Entity List, along with the COVID-19 pandemic, partly offset by demand for new 5G solutions. Gross margin rose to 45.3% of net revenue in the quarter from 40.7%, though the company recorded a $23.4 million production utilization charge tied to the temporary suspension of its Mexicali, Mexico operations in April 2020. Cash flow and capital return remained solid. Net cash provided by operating activities was $937.5 million for the nine months, and cash, cash equivalents and marketable securities totaled $1,162.4 million at June 26, 2020, up from $1,082.2 million at September 27, 2019. During the nine months, the company repurchased 4.6 million shares for $416.5 million, paid $223.5 million in dividends, and spent $243.5 million on capital expenditures. As of June 26, 2020, $1.2 billion remained under the stock repurchase authorization, and the Board declared a $0.50 per share quarterly dividend on July 23, 2020. The filing states the company's disclosure controls were effective and that it has no pending legal proceedings expected to result in a material loss.

    Jul 24, 2020
  20. 2020-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 27, 2020

    Skyworks Solutions, Inc. reported net revenue of $766.1 million for the quarter ended March 27, 2020, down 5.5% from $810.4 million a year earlier, and $1,662.2 million for the six months, down 6.7% from $1,782.4 million. The filing attributes the decline mainly to reduced demand from the U.S. Bureau of Industry and Security keeping Huawei Technologies Co., Ltd. on the Entity List, and to the COVID-19 pandemic. Net income fell to $181.1 million for the quarter from $214.0 million, and diluted earnings per share were $1.06 versus $1.23. Gross margin was 49.0% for the quarter versus 49.4% a year earlier. Cash flow and capital return remained substantial. Operating cash flow for the six months was $678.8 million, compared with $741.1 million, which the company attributed mainly to unfavorable working capital changes. Cash, cash equivalents and marketable securities totaled $1,108.0 million at quarter end. During the six months, the company repurchased 4.0 million shares for $358.0 million and paid $150.0 million in dividends, leaving $1.3 billion available under its stock repurchase authorization. The Board declared a $0.44 per share dividend on May 4, 2020. The filing highlights COVID-19 as a significant risk. Management reports lower overall demand, a temporary suspension of operations at its Mexicali, Mexico facility from April 13 to April 27, 2020, and uncertainty over the pandemic's duration. Management states that a renewed extended suspension would likely affect its ability to meet customer demand and its operating results.

    May 5, 2020
  21. 2020-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 27, 2019

    Skyworks Solutions, Inc. reported net revenue of $896.1 million for the first quarter of fiscal 2020 (three months ended December 27, 2019), down from $972.0 million in the prior-year quarter. The filing attributes the decline primarily to reduced demand resulting from Huawei being placed on the U.S. Bureau of Industry and Security Entity List in May 2019. Gross profit was $444.3 million, a 49.6% gross margin versus 49.9% a year earlier, and net income was $257.1 million, or $1.50 per diluted share, compared with $284.9 million, or $1.60 per diluted share, in the prior-year period. Cash generation remained strong. Cash provided by operating activities was $398.4 million, and cash, cash equivalents and marketable securities rose to $1,228.6 million from $1,082.2 million at September 27, 2019. Uses of cash during the quarter included $74.2 million for share repurchases (0.7 million shares), $111.2 million in capital expenditures and $75.1 million in dividends. Of the repurchase authorization, $1.6 billion remained available as of December 27, 2019. The company's board declared a quarterly dividend of $0.44 per share on January 23, 2020, payable March 3, 2020. Management states that existing cash and expected operating cash flow should be sufficient for at least the next 12 months, and the filing notes no material changes to the risk factors disclosed in the 2019 Form 10-K.

    Jan 24, 2020
  22. 2019-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 28, 2019

    Skyworks Solutions, Inc. reported third-quarter fiscal 2019 results (three months ended June 28, 2019) with net revenue of $767.0 million, down from $894.3 million a year earlier, and net income of $144.1 million, or $0.83 per diluted share, versus $286.5 million and $1.57 per diluted share in the prior-year quarter. For the nine months ended June 28, 2019, net revenue was $2,549.4 million, down 10.8% from $2,859.6 million, and net income was $643.0 million, or $3.67 per diluted share. The filing attributes the revenue decline primarily to weakness in smartphone demand, partially offset by Internet of Things applications and higher radio frequency and analog content per device, and notes that the U.S. addition of Huawei to the Entity List adversely affected revenue. Gross margin fell to 40.7% in the quarter from 50.5%, reflecting lower average selling prices and unit volumes and a $66.6 million inventory-related charge tied to Huawei. Cash generation remained solid, with $950.4 million of operating cash flow for the nine months, though this was down from $1,053.0 million. The company spent $511.3 million repurchasing 6.9 million shares, paid $198.8 million in dividends, and invested $314.0 million in capital expenditures. Cash, cash equivalents and marketable securities totaled $970.1 million at June 28, 2019, versus $1,050.2 million at September 28, 2018. The Board approved a new $2.0 billion repurchase program on January 30, 2019, with $1.8 billion remaining at quarter end, and on August 7, 2019 declared a quarterly dividend of $0.44 per share. Management states that existing cash and operating cash flow are sufficient to fund operations and commitments for at least the next 12 months. The company also disclosed that it temporarily suspended shipments to Huawei following the May 2019 Entity List designation, which it expects to adversely affect future demand from that customer.

    Aug 7, 2019
  23. 2019-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 29, 2019

    Skyworks Solutions, Inc. reported net revenue of $810.4 million for the three months ended March 29, 2019, down 11.3% from $913.4 million a year earlier, and $1,782.4 million for the six months, down 9.3% from $1,965.3 million. Management attributed the decline primarily to weakness in smartphone demand, partially offset by Internet of Things applications, its expanding analog portfolio in new vertical markets, and higher RF and analog content per smartphone. Net income was $214.0 million for the quarter ($1.23 diluted EPS), compared with $276.0 million ($1.50 diluted EPS) a year earlier. For the six months, net income was $498.8 million versus $346.4 million, but the prior-year period included a one-time $240.9 million deemed repatriation tax charge and an $18.5 million tax reform revaluation charge. Gross margin narrowed to 49.4% for the quarter from 50.2%, reflecting lower average selling prices and unit volumes. Research and development spending rose to $107.5 million, or 13.3% of revenue, while selling, general and administrative expense fell to $47.9 million, reflecting lower share-based compensation. Operating cash flow was $741.1 million for the six months, down $53.9 million year over year, mainly due to higher working capital. Cash, cash equivalents and marketable securities totaled $991.3 million at quarter end, down from $1,050.2 million at fiscal year-end 2018, after $425.5 million of share repurchases, $133.1 million of dividends and $226.2 million of capital expenditures. The company repurchased 5.7 million shares for $425.5 million during the six months and had $1.9 billion remaining under its authorization. The Board approved a new $2.0 billion repurchase program on January 30, 2019, and a quarterly dividend of $0.38 per share was declared on May 2, 2019. The filing states management expects cash and operations to fund needs for at least the next 12 months.

    May 3, 2019
  24. 2019-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 28, 2018

    Skyworks Solutions, Inc. reported net revenue of $972.0 million for the three months ended December 28, 2018, a decrease of $79.9 million, or 7.6%, from $1,051.9 million in the prior-year quarter. The filing attributes the decline primarily to weakness in smartphone demand, partially offset by increasing radio frequency (RF) content per smartphone. Gross profit fell to $485.1 million, with gross margin declining to 49.9% from 51.0%, and operating income was $320.9 million compared with $383.5 million a year earlier. Net income was $284.9 million, or $1.60 per diluted share, versus $70.4 million, or $0.38 per diluted share, in the prior-year quarter. The prior-year period included a one-time charge of $257.8 million related to the mandatory deemed repatriation tax, and the effective tax rate was 12.0% compared with 81.7%. Cash generation remained strong. Net cash provided by operating activities was $549.0 million, up $188.2 million from $360.8 million, and cash, cash equivalents and marketable securities increased approximately 4.9% to $1,101.8 million from $1,050.2 million at September 28, 2018. The company repurchased 4.0 million shares for $284.0 million and paid $67.1 million in dividends during the quarter. Capital expenditures were $129.5 million, primarily for manufacturing equipment supporting assembly and test, filter production and wafer fabrication. Management stated that existing cash and operating cash flow are expected to fund operations for at least the next 12 months. After quarter end, on January 30, 2019, the Board approved a new $2.0 billion stock repurchase program expiring January 30, 2021, which replaces the $1.0 billion program approved January 31, 2018, and the Board declared a quarterly dividend of $0.38 per share on February 5, 2019. Operating expenses rose, with research and development up 11.4% to $109.2 million as the company increased investment in new technologies and products. One customer accounted for 58% of net revenue in the quarter, compared with 56% in the prior-year quarter.

    Feb 6, 2019
  25. 2018-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 29, 2018

    Skyworks Solutions, Inc. reported net revenue of $894.3 million for the three months ended June 29, 2018, a decrease of $6.5 million or 0.7% from $900.8 million a year earlier, while nine-month net revenue rose 7.2% to $2,859.6 million. Net income for the quarter was $286.5 million, or $1.57 per diluted share, compared with $246.2 million, or $1.32 per diluted share, in the prior-year quarter. For the nine months, net income was $632.9 million, down from $728.9 million, because of a one-time $238.0 million deemed repatriation tax charge and an $18.5 million charge for revaluing deferred tax assets and liabilities under the new U.S. tax legislation. The effective tax rate for the nine months was 36.0%, versus 19.8% a year earlier. Gross margin was 50.5% for the quarter and 50.6% for the nine months, and operating income was $306.3 million for the quarter. Cash flow from operations was $1,053.0 million for the nine months. The company spent $524.5 million repurchasing 5.1 million shares and paid $175.2 million in dividends. Cash and cash equivalents fell to $1,158.1 million from $1,616.8 million at fiscal year-end, while marketable securities of $490.7 million were added to the balance sheet. The company stated that its cash and marketable securities on hand, together with expected operating cash flow, will be sufficient for at least the next 12 months. The filing also states that the company is still evaluating the impact of the new revenue standard (ASU 2014-09), which it expects to adopt in fiscal 2019 without a material impact on the nature, amount, and timing of revenue recognition. The company does not believe any pending legal proceedings are reasonably possible to result in a material loss.

    Jul 20, 2018
  26. 2018-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 30, 2018

    Skyworks Solutions, Inc. reported net revenue of $913.4 million for the three months ended March 30, 2018, up 7.2% from $851.7 million a year earlier, and $1,965.3 million for the six months, up 11.3% from $1,766.0 million. The filing attributes the growth mainly to higher demand for components from a key smartphone customer, partly offset by lower average selling prices. Gross margin was 50.2% for the quarter and 50.7% for the six months, and quarterly diluted EPS rose to $1.50 from $1.20. Net income for the six months fell to $346.4 million from $482.7 million, driven by a one-time $240.9 million charge for the mandatory deemed repatriation tax and an $18.5 million charge for revaluing deferred tax items, both under the new U.S. tax legislation. The six-month effective tax rate was 48.9%. The company describes these tax amounts as provisional under SAB 118, with final adjustments expected by September 28, 2018. Liquidity remained strong. Cash and cash equivalents were $1,881.3 million at March 30, 2018, including $561.9 million held overseas, and operating cash flow for the six months was $795.0 million. Skyworks repurchased 2.7 million shares for $284.2 million and paid $117.5 million in dividends during the period, leaving $888.2 million available under its $1.0 billion repurchase authorization. The Board declared a quarterly dividend of $0.32 per share on May 3, 2018.

    May 4, 2018
  27. 2018-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 29, 2017

    Skyworks Solutions, Inc. reported net revenue of $1,051.9 million for the three months ended December 29, 2017, up 15% from $914.3 million a year earlier. The company attributed the increase primarily to higher demand for its components from a key smartphone customer, partly offset by lower average selling prices. Gross profit rose 15.7% to $536.8 million, and gross margin improved to 51.0% of net revenue from 50.7%. Research and development expense grew 19.5% to $98.0 million, while operating income increased to $383.5 million from $321.9 million. Net income fell to $70.4 million, or $0.38 per diluted share, from $257.8 million, or $1.38 per diluted share, a year earlier. The decline reflects a provision for income taxes of $315.2 million, which includes a one-time $257.8 million charge for the mandatory deemed repatriation tax and an $18.5 million charge for revaluing deferred tax assets and liabilities under the new U.S. tax legislation. The effective tax rate was 81.7%, compared with 19.7% a year earlier. The company says the deemed repatriation tax is payable over eight years and that the tax amounts are provisional under SAB 118. Cash and cash equivalents rose to $1,681.5 million from $1,616.8 million at September 29, 2017, despite $172.5 million of share repurchases, $59.1 million of dividends and $28.2 million of capital expenditures. Operating cash flow was $360.8 million, down $135.1 million from $495.9 million, primarily due to the timing of vendor payments. On January 31, 2018, the Board approved a new stock repurchase program of up to $1 billion, expiring January 31, 2020, which replaces the prior $500 million program.

    Feb 5, 2018
  28. 2017-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 30, 2017

    Skyworks Solutions, Inc. reported third-quarter fiscal 2017 results (three months ended June 30, 2017) with net revenue of $900.8 million, up from $751.7 million a year earlier, and net income of $246.2 million, compared with $185.0 million. Diluted EPS was $1.32, versus $0.97 in the prior-year quarter. For the nine months ended June 30, 2017, net revenue was $2,666.8 million and net income was $728.9 million, or $3.90 diluted EPS. The filing attributes revenue growth to higher share of radio frequency and analog content per smartphone, growth in emerging markets from 3G and 4G adoption, Internet of Things applications, and expansion into automotive, industrial, medical and military markets. Gross margin was 50.4% of net revenue for both the quarter and the nine months. Cash and cash equivalents rose to $1,444.0 million at June 30, 2017, from $1,083.8 million at September 30, 2016. Nine-month operating cash flow was $1,045.9 million, against $218.0 million of capital expenditures, $330.5 million of share repurchases (3.7 million shares), and $155.7 million of dividends paid. The company had $275.9 million remaining under its $500.0 million share repurchase authorization, and declared a quarterly dividend of $0.32 per share on July 20, 2017. Management stated that cash on hand and expected operating cash flow should be sufficient for at least the next 12 months. The filing reports a completed business combination during the period, with net cash consideration of $13.7 million plus contingent payments, and an effective tax rate of 19.8% for the nine months. Management concluded disclosure controls were effective as of June 30, 2017, and reported no changes in internal control over financial reporting during the quarter.

    Jul 27, 2017
  29. 2017-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 31, 2017

    Skyworks Solutions, Inc. reported net revenue of $851.7 million for the three months ended March 31, 2017, up 9.9% from $775.1 million a year earlier, and $1,766.0 million for the six months, up 3.8% from $1,701.9 million. Net income was $224.9 million for the quarter (diluted EPS $1.20, versus $1.08) and $482.7 million for the six months (diluted EPS $2.58, versus $2.90 a year earlier, which included an $88.5 million merger termination fee from PMC-Sierra). Gross margin was 49.9% for the quarter, down from 50.4%, as erosion of average selling prices and product mix offset the benefit of higher unit volumes and lower per-unit costs. Cash generation was strong. Operating cash flow for the six months was $731.8 million, compared with $499.8 million a year earlier, and cash and cash equivalents rose to $1,406.9 million from $1,083.8 million at September 30, 2016. During the six months the company repurchased 2.4 million shares for $201.7 million, paid $104.1 million in dividends, and spent $105.0 million on capital expenditures. The Board approved a new $500.0 million repurchase program on January 17, 2017, with $404.8 million remaining at quarter end, and declared a $0.28 quarterly dividend on April 27, 2017. During the period the company completed a business combination for $13.7 million in net cash plus contingent consideration with an estimated fair value of $10.7 million; the company stated that its impact on net revenue and net income was not significant. Management stated that cash on hand and expected operating cash flow are sufficient to fund operations for at least the next 12 months, and that $664.2 million of the cash balance is held by foreign subsidiaries and considered indefinitely reinvested.

    May 3, 2017
  30. 2017-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 30, 2016

    Skyworks Solutions, Inc. reported net revenue of $914.3 million for the three months ended December 30, 2016, a decrease of $12.5 million or 1.3% from $926.8 million in the prior-year quarter, which the company attributed primarily to lower demand for its components from a key smartphone customer. Gross profit was $463.9 million (50.7% of net revenue) versus $472.1 million a year earlier, and operating income was $321.9 million versus $330.5 million. Net income was $257.8 million, or $1.38 per diluted share, compared with $355.3 million, or $1.82 per diluted share, in the prior-year period; the prior-year figure included an $88.5 million merger termination fee received from PMC-Sierra, Inc. Cash flow and balance sheet strength were notable. Net cash provided by operating activities rose to $495.9 million from $345.3 million, and cash and cash equivalents increased to $1,350.5 million from $1,083.8 million at September 30, 2016. During the quarter the company repurchased 1.4 million shares for $106.5 million, paid $52.2 million in dividends ($0.28 per share), and spent $50.1 million on capital expenditures. The company also completed a small acquisition for $13.7 million in net cash consideration plus contingent payments, and on January 17, 2017, its Board approved a new $500.0 million share repurchase program replacing the prior $400.0 million program. The company declared a $0.28 quarterly dividend payable February 23, 2017, and stated that its cash on hand and operating cash flow should be sufficient to meet needs for at least the next 12 months. Of the $1,350.5 million cash balance, $557.0 million was held by foreign subsidiaries, which it considers indefinitely reinvested.

    Feb 7, 2017
  31. 2016-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 1, 2016

    Skyworks Solutions, Inc. reported its third-quarter fiscal 2016 results (quarter ended July 1, 2016) in this Form 10-Q. Net revenue for the three months was $751.7 million, down from $810.0 million a year earlier, reflecting lower demand from a key smartphone customer. For the nine months, net revenue rose 3.2% to $2,453.6 million, driven by smartphone content gains, emerging-market 3G/4G adoption, Internet of Things applications and analog products for automotive, industrial, medical and military markets. Net income was $185.0 million for the quarter versus $207.4 million a year earlier, and $748.4 million for the nine months versus $569.1 million, which included an $88.5 million merger termination fee received from PMC-Sierra Inc. Diluted EPS was $0.97 for the quarter and $3.87 for the nine months. Cash and cash equivalents fell to $973.7 million from $1,043.6 million at fiscal year-end 2015. Operating cash flow was $640.7 million for the nine months, down from $760.1 million, mainly due to a $160.7 million inventory build and a $110.2 million decrease in accounts payable. The company repurchased 5.0 million shares for $327.0 million and paid $148.8 million in dividends. On July 19, 2016, the Board approved a new $400.0 million repurchase program, and on July 21, 2016, it declared a quarterly dividend of $0.28 per share. Subsequent to quarter end, the company paid Panasonic $76.5 million on August 1, 2016 to acquire the remaining 34% of FilterCo.

    Aug 3, 2016
  32. 2016-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 1, 2016

    Skyworks Solutions, Inc. reported net revenue of $775.1 million for the three months ended April 1, 2016, up from $762.1 million a year earlier, and $1,701.9 million for the six months, up from $1,567.6 million. Gross profit rose to $390.4 million (50.4% of net revenue) for the quarter, and operating income reached $257.7 million versus $219.9 million in the prior-year quarter. Management attributes the growth to smartphones displacing traditional cellular phones, 3G and 4G adoption in emerging markets, tablet demand, and expansion of the analog portfolio into medical, automotive, military and industrial markets, partly offset by below-normal demand for certain smartphone models. For the six months, results were boosted by an $88.5 million merger termination fee paid by PMC-Sierra Inc. after it terminated its merger agreement with Skyworks in November 2015. Net income for the six months was $563.4 million, or $2.90 diluted EPS, compared with $361.7 million, or $1.86 diluted EPS, a year earlier. Cash and cash equivalents rose to $1,177.5 million, with $499.8 million generated from operations, offset by $116.9 million in capital expenditures, $135.1 million in share repurchases and $99.4 million in dividends paid. The balance sheet remained strong, with total stockholders' equity of $3,543.3 million against total liabilities of $414.9 million. Management stated that cash on hand and expected operating cash flow are sufficient for at least the next 12 months. Accounts payable declined to $180.7 million from $291.1 million, and inventory rose to $333.7 million from $267.9 million, which management linked to the timing of vendor payments and inventory build in anticipation of customer demand.

    May 4, 2016
  33. 2016-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Jan 1, 2016

    Skyworks Solutions, Inc. reported net revenue of $926.8 million for the three months ended January 1, 2016, up from $805.5 million in the prior-year period, an increase of $121.3 million or 15.1%. Gross profit rose to $472.1 million (50.9% of net revenue) from $373.0 million, and operating income increased to $330.5 million from $246.8 million. Net income was $355.3 million, or $1.82 per diluted share, compared with $195.2 million, or $1.01 per diluted share, a year earlier. Results include an $88.5 million merger termination fee received from PMC-Sierra Inc. after PMC terminated the Merger Agreement, and a $10.2 million federal research and experimentation tax credit benefit tied to fiscal 2015. The effective tax rate was 15.0% versus 21.1% in the prior-year quarter. Cash and cash equivalents rose to $1,233.2 million from $1,043.6 million at October 2, 2015. Operating cash flow was $345.3 million, compared with $383.2 million, with the decline attributed to working capital outflows, notably a $96.2 million reduction in accounts payable. Capital expenditures were $79.5 million and dividends paid totaled $50.2 million ($0.26 per share). The company had $400.0 million remaining under its stock repurchase authorization and made no repurchases during the quarter. The company also entered into a definitive agreement during the quarter to sell one of its businesses, with assets held for sale of $25.3 million and liabilities held for sale of $4.8 million, and expects the transaction to close by the end of the second fiscal quarter of 2016. Management stated that cash on hand and expected operating cash flow should be sufficient to fund operations for at least the next 12 months.

    Feb 3, 2016
  34. 2015-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 3, 2015

    Skyworks Solutions, Inc. reported strong results for the third quarter and first nine months of fiscal 2015, ended July 3, 2015. Net revenue was $810.0 million for the three months, up 38.0% from $587.0 million, and $2,377.6 million for the nine months, up 51.1% from $1,573.2 million. Operating income reached $258.8 million for the quarter versus $148.5 million a year earlier, and net income was $207.4 million, or $1.06 per diluted share, compared with $111.4 million, or $0.58 per diluted share. For the nine months, net income was $569.1 million, or $2.92 per diluted share. The filing attributes the growth to smartphones displacing traditional cellular phones, emerging-market adoption of 3G and 4G technologies, tablet growth, and an expanded analog portfolio serving medical, automotive, military and industrial markets. The balance sheet and cash flow remained strong. Cash and cash equivalents rose to $1,106.0 million from $805.8 million at October 3, 2014, supported by $760.1 million of operating cash flow for the nine months. Capital expenditures were $279.3 million, mainly for facility expansion in Mexicali, Mexico, a new filter fabrication facility in Osaka, Japan, and FilterCo equipment. The company repurchased 1.6 million shares for $126.3 million and paid $73.8 million in dividends during the nine months. The quarterly dividend was raised to $0.26 per share, payable August 27, 2015. During the period the company completed the FilterCo joint venture with Panasonic, under which it holds a 66% controlling interest and consolidates 100% of its operations, with a purchase option on the remaining 34% exercisable at the second anniversary of the acquisition. It also acquired Quantance Inc. on May 22, 2015, for $6.6 million in cash plus contingent consideration of up to $30.0 million. Management stated it had no material changes to risk factors from its 2014 10-K.

    Aug 5, 2015
  35. 2015-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 3, 2015

    Skyworks Solutions, Inc. reported a strong second quarter of fiscal 2015 ended April 3, 2015. Net revenue rose to $762.1 million for the three months, an increase of $281.1 million or 58.4% from $481.0 million, and to $1,567.6 million for the six months, up 59.0% from $986.2 million. Operating income was $219.9 million for the quarter versus $102.6 million a year earlier, and net income was $166.5 million, or $0.85 per diluted share, compared with $76.9 million, or $0.40 per diluted share. Management attributed the growth to smartphones displacing traditional cellular phones, emerging-market adoption of 3G and 4G technologies, tablet growth, and expansion of the analog portfolio into medical, automotive, military and industrial markets. Cash and cash equivalents increased to $1,054.2 million from $805.8 million at fiscal year-end 2014, driven by $538.2 million of operating cash flow for the six months. Capital expenditures were $171.2 million, and the company repurchased $79.1 million of stock (1.1 million shares) and paid $49.3 million in dividends. The Board declared a $0.13 per share quarterly dividend payable June 4, 2015, and $220.9 million remained under the $300.0 million repurchase authorization. The filing also details the FilterCo joint venture with Panasonic, in which Skyworks holds a controlling 66% interest and has a purchase option on the remaining 34% exercisable at the second anniversary of the acquisition. The company recorded a $74.6 million purchase obligation for the option and disclosed that $267.8 million of foreign cash is considered indefinitely reinvested. The filing notes that federal research and experimentation tax credits expired December 31, 2014, and that Congress had not yet extended them as of the filing date.

    May 6, 2015
  36. 2015-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Jan 2, 2015

    Skyworks Solutions, Inc. reported net revenue of $805.5 million for the three months ended January 2, 2015, an increase of $300.3 million or 59.4% from $505.2 million in the prior-year period. Gross profit rose to $373.0 million (46.3% of net revenue, versus 43.9%), and operating income was $246.8 million, compared with $116.0 million a year earlier. Net income was $195.2 million, or $1.01 per diluted share, versus $94.5 million, or $0.49 per diluted share. The filing attributes the growth primarily to smartphones displacing traditional cellular phones, strength in emerging markets from 3G and 4G adoption, tablet demand, and expansion of the analog portfolio into medical, automotive, military and industrial markets. Cash and cash equivalents rose to $1,049.9 million as of January 2, 2015, from $805.8 million at October 3, 2014. Operating cash flow was $383.2 million, against capital expenditures of $87.2 million, share repurchases of $31.0 million, and dividends paid of $24.6 million. The company paid a $0.13 per share dividend and declared another $0.13 per share dividend payable March 3, 2015. The board also approved a $300.0 million stock repurchase program on November 11, 2014, of which $269.0 million remained available at quarter end. The filing notes a December 2014 extension of tax provisions that reduced the tax rate by $7.0 million of federal R&D credits earned in fiscal 2014, and states that the federal R&D credit expired December 31, 2014 with no congressional extension as of the filing date. The company also holds a $74.3 million purchase obligation tied to the FilterCo joint venture with Panasonic, under which it consolidates 100% of FilterCo's operations.

    Feb 4, 2015
  37. 2014-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 27, 2014

    Skyworks Solutions, Inc. reported net revenue of $587.0 million for the three months ended June 27, 2014, up 34.6% from $436.1 million a year earlier, and $1,573.2 million for the nine months, up 19.6% from $1,315.0 million. Gross profit rose to $264.2 million (45.0% of revenue) for the quarter, and operating income reached $148.5 million versus $84.3 million in the prior-year quarter. Diluted earnings per share were $0.58 for the quarter, compared with $0.34, and $1.47 for the nine months, compared with $1.01. The filing attributes the growth mainly to smartphones displacing traditional cellular phones, 3G and 4G adoption in emerging markets, tablet demand, and a broader analog portfolio serving medical, automotive, military and industrial markets. The balance sheet strengthened over the period. Cash and cash equivalents rose to $893.3 million from $511.1 million at September 27, 2013, supported by $572.0 million of operating cash flow for the nine months. Capital expenditures were $125.7 million, the company repurchased $119.9 million of stock, and it paid $20.9 million in dividends. The company has also agreed to buy a 66% interest in a joint venture with Panasonic's SAW and TC SAW filter business for $148.5 million, with closing expected before the end of fiscal 2014, and an option to acquire the remaining 34% for $76.5 million two years after closing. The company declared a quarterly cash dividend of $0.11 per share, payable August 21, 2014, and stated that cash on hand and expected operating cash flow will be sufficient for at least the next 12 months. The filing notes that the federal research and development tax credit expired on December 31, 2013, and that Congress had not extended it as of the filing date.

    Jul 30, 2014
  38. 2014-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 28, 2014

    Skyworks Solutions, Inc. reported net revenue of $481.0 million for the three months ended March 28, 2014, up 13.1% from $425.2 million a year earlier, and $986.2 million for the six months, up 12.2% from $878.9 million. Operating income rose to $102.6 million for the quarter from $68.7 million, and net income was $76.9 million, or $0.40 per diluted share, compared with $61.7 million, or $0.32 per diluted share, in the prior-year quarter. The filing attributes the growth to smartphones displacing traditional cellular phones, rising tablet popularity, and an expanding analog portfolio serving medical, automotive, military and industrial markets. Gross margin improved to 44.2% from 41.6%, while the effective tax rate for the quarter was 25.0%. Cash and cash equivalents increased to $797.8 million at March 28, 2014, from $511.1 million at September 27, 2013, driven by $373.0 million of operating cash flow for the six months. Uses of cash included $78.6 million of share repurchases (2.7 million shares) and $58.2 million of capital expenditures. The company announced a quarterly cash dividend program, with a first dividend of $0.11 per share payable May 22, 2014. On April 28, 2014, it entered a memorandum of understanding with Panasonic Corporation to form a joint venture for Panasonic's SAW and TC SAW filter business, under which Skyworks would pay $148.5 million in cash for a 66% interest, with a right to acquire the remaining 34% for $76.5 million after two years. The transaction is expected to close before the end of fiscal 2014's fourth quarter. The filing notes that the federal research and development tax credit expired on December 31, 2013, and had not been extended as of March 28, 2014. A Mexico tax reform produced a $4.5 million reduction in foreign income tax expense for the six months. Management states that cash on hand and expected operating cash flow should fund operations and planned commitments for at least the next 12 months.

    May 2, 2014
  39. 2014-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 27, 2013

    Skyworks Solutions, Inc. reported net revenue of $505.2 million for the three months ended December 27, 2013, up from $453.7 million in the prior-year quarter, an increase of $51.5 million or 11.4%. Gross profit rose to $222.0 million (43.9% of net revenue) from $192.6 million (42.4%), and operating income increased to $116.0 million from $86.6 million. Net income was $94.5 million, or $0.49 per diluted share, compared with $66.5 million, or $0.34 per diluted share, a year earlier. The company attributed the growth to smartphones displacing traditional cellular phones, rising tablet popularity, and an expanding analog portfolio serving medical, automotive, military and industrial markets. Cash and cash equivalents increased to $648.6 million at December 27, 2013, from $511.1 million at September 27, 2013, driven by $158.8 million of operating cash flow. Capital expenditures were $16.3 million. During the quarter the company repurchased 0.7 million shares for $17.1 million under a $250.0 million program, leaving $212.5 million available. A Mexican tax reform reduced foreign income tax expense by $4.5 million, and the effective tax rate was 18.5%. Management stated that cash on hand and expected operating cash flow should fund research and development, capital expenditures, working capital and other requirements for at least the next 12 months. Of the $648.6 million in cash, $221.4 million held by foreign subsidiaries is considered indefinitely reinvested and would face material tax effects if repatriated.

    Jan 29, 2014
  40. 2013-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 28, 2013

    Skyworks Solutions, Inc. reported third-quarter fiscal 2013 (three months ended June 28, 2013) net revenue of $436.1 million, up from $389.0 million a year earlier, and net income of $65.7 million, or $0.34 per diluted share, compared with $49.3 million, or $0.26 per diluted share, in the prior-year quarter. Gross profit was $188.2 million (43.2% of net revenue) and operating income was $84.3 million. For the nine months, net revenue was $1,315.0 million, up 14.6% from $1,147.5 million, and net income was $193.9 million, or $1.01 per diluted share. Management attributed the growth primarily to demand for its 3G, Switching, Wireless LAN and GPS solutions, partially offset by lower GSM/GPRS revenue as the 2G market contracted. Cash flow from operations for the nine months was $342.2 million, compared with $234.9 million a year earlier. Capital expenditures rose to $85.4 million, and the company repurchased 7.3 million shares for $164.5 million during the nine months. Cash and cash equivalents ended the quarter at $400.3 million, up from $307.1 million at fiscal year-end 2012. Total stockholders' equity was $2,000.1 million at June 28, 2013. On July 16, 2013, the Board authorized a new $250.0 million share repurchase program, which replaces the November 2012 $200.0 million program in its entirety. The filing also discloses a pending shareholder lawsuit tied to the 2011 acquisition of Advanced Analogic Technologies Inc. (AATI), where defendants' demurrers are set for a hearing on August 2, 2013. The company states it has not recorded any accrual for loss contingencies related to its legal proceedings.

    Jul 31, 2013
  41. 2013-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 29, 2013

    Skyworks Solutions, Inc. reported net revenue of $425.2 million for the three months ended March 29, 2013, an increase of $60.5 million or 16.6% from $364.7 million a year earlier. For the six months, net revenue was $878.9 million, up 15.9% from $758.4 million. Net income rose to $61.7 million ($0.32 diluted per share) for the quarter from $34.0 million ($0.18 diluted), and to $128.2 million ($0.66 diluted) for the six months from $91.2 million ($0.48 diluted). Management attributed the growth to demand for 3G, Switching and WLAN solutions, partly offset by lower GSM/GPRS revenue as the 2G market contracted. Gross margin edged down to 41.6% for the quarter from 41.8%, while operating income rose to $68.7 million from $43.8 million. The effective tax rate was 8.3% for the quarter and 16.9% for the six months, helped by American Taxpayer Relief Act legislation that reduced tax expense by approximately $9.1 million. Cash and cash equivalents increased to $458.8 million at March 29, 2013, from $307.1 million at September 28, 2012. Operating cash flow for the six months was $277.9 million, versus $194.2 million a year earlier. The company repurchased 3.3 million shares for $72.5 million during the six months, leaving $127.5 million available under a $200.0 million authorization approved November 8, 2012. Capital expenditures rose to $52.0 million, tied to manufacturing equipment for the Massachusetts wafer fab and the Mexicali assembly and test facility. Management stated that cash on hand and expected operating cash flow should fund requirements for at least the next 12 months. The filing also discloses ongoing litigation related to the 2011-2012 acquisition of Advanced Analogic Technologies Inc. (AATI). Plaintiffs' Second Amended Complaint alleges breach of fiduciary duty by AATI directors and aiding and abetting by Skyworks and AATI. Defendants filed demurrers on April 5, 2013, with a hearing set for July 26, 2013. The company has recorded no accrual for loss contingencies, as it considers losses from these matters remote.

    May 1, 2013
  42. 2013-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 28, 2012

    Skyworks Solutions, Inc. reported net revenue of $453.7 million for the first quarter of fiscal 2013 (three months ended December 28, 2012), up $60.0 million or 15.2% from $393.7 million a year earlier. Net income was $66.5 million, or $0.34 per diluted share, compared with $57.1 million, or $0.30 per diluted share, in the prior-year period. Gross margin declined to 42.4% from 43.6%, as higher unit volumes and lower per-unit costs were more than offset by erosion of average selling prices and product mix. Research and development expenses rose 23.7% to $58.1 million, driven mainly by headcount and compensation from the AATI acquisition, while selling, general and administrative expenses fell 11.1% to $38.1 million, mainly on lower legal fees. Cash flow from operations was $147.7 million, versus $77.2 million a year earlier, helped by collections of receivables. Capital expenditures rose to $26.4 million from $6.4 million, tied to increased production capacity at its Massachusetts wafer fab and Mexicali assembly and test facility. Cash and cash equivalents increased to $377.5 million at December 28, 2012. During the quarter the company repurchased about 1.9 million shares for $41.7 million under a $200.0 million program authorized November 8, 2012, leaving $158.3 million available. The filing also notes an effective tax rate of 23.4%, a valuation allowance of $46.8 million, and a pending shareholder lawsuit related to the AATI acquisition, for which the company has recorded no loss accrual because losses were determined to be remote. The company states that January 2013 legislation retroactively extending the federal research and development tax credit would reduce income tax expense by approximately $7.0 million if it had been enacted in the quarter.

    Jan 31, 2013
  43. 2012-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jun 29, 2012

    Skyworks Solutions, Inc. reported net revenue of $389.0 million for the three months ended June 29, 2012, up from $356.1 million a year earlier, and $1,147.5 million for the nine months, up from $1,016.6 million. Net income was $49.3 million for the quarter (diluted EPS $0.26) and $140.5 million for the nine months (diluted EPS $0.74), compared with $162.4 million in the prior-year nine-month period. Growth was attributed to an expanding product portfolio from the SiGe and AATI acquisitions, new vertical markets, and rising RF content per device in smartphones, while gross margin narrowed to 42.5% for the quarter from 43.9% and operating expenses rose sharply, particularly research and development (up 30.1% for the quarter) and amortization of intangibles. The company acquired Advanced Analogic Technologies Inc. (AATI) on January 9, 2012 for an aggregate purchase price of $277.3 million, largely in cash, and recorded preliminary goodwill of $138.7 million. Cash and cash equivalents declined to $327.1 million at June 29, 2012 from $410.1 million at September 30, 2011, after the company retired its remaining $26.7 million of 1.50% convertible notes for $48.1 million in cash and repurchased about 750,000 shares. Management expects the company to pay approximately $52.9 million for the SiGe earn-out in the fourth fiscal quarter, and states that cash on hand and operating cash flow are sufficient to fund requirements for at least the next 12 months. The filing also discloses a pending putative stockholder class action related to the AATI acquisition, in which plaintiffs allege breaches of fiduciary duty by AATI directors and aiding and abetting by Skyworks and AATI. The company recorded a $5.0 million charge for a probable warranty claim settlement during the quarter. The effective tax rate was 20.6% for the quarter, compared with 28.2% a year earlier, and the company noted that the federal R&D tax credit had not been extended beyond December 31, 2011.

    Aug 1, 2012
  44. 2012-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Mar 30, 2012

    Skyworks Solutions, Inc. reported net revenue of $364.7 million for the three months ended March 30, 2012, up from $325.4 million a year earlier, and $758.4 million for the six months, up from $660.5 million. Net income was $34.0 million for the quarter ($0.18 diluted per share) versus $50.0 million ($0.26 diluted) a year earlier, and $91.2 million for the six months ($0.48 diluted) versus $110.8 million ($0.58 diluted). The filing attributes the revenue growth primarily to contributions from the SiGe Semiconductor acquisition (June 10, 2011) and the Advanced Analogic Technologies (AATI) acquisition (January 9, 2012). Operating expenses rose sharply, with research and development up 33.7% for the quarter and acquisition-related and restructuring charges increasing, which compressed operating income to $43.8 million for the quarter from $68.1 million a year earlier. The balance sheet shows cash and cash equivalents of $306.5 million at March 30, 2012, down from $410.1 million at September 30, 2011, reflecting the $229.6 million net cash outflow for the AATI acquisition, $48.1 million used to retire the remaining 1.50% convertible notes, $32.2 million in capital expenditures and $12.4 million in share repurchases. Operating cash flow was $194.2 million for the six months. Goodwill rose to $802.8 million, and the company disclosed $59.4 million of contingent consideration liabilities related to prior acquisitions, which it expects to substantially pay in the three months ending September 28, 2012. Management states that gross margin declined to 41.8% for the quarter from 43.3% a year earlier, driven by average selling price erosion, product mix, inventory fair value step-up and higher share-based compensation. The company also disclosed pending shareholder litigation related to the AATI acquisition, which it believes is without merit, and stated that it has not recorded an accrual for these matters because a loss is possible but not probable.

    May 8, 2012
  45. 2012-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 30, 2011

    Skyworks Solutions, Inc. reported net revenue of $393.7 million for the three months ended December 30, 2011, up 17.5% from $335.1 million in the prior-year quarter, driven by contributions from acquisitions made in the prior fiscal year and growth in the core business. Gross profit was $171.9 million (43.6% of net revenue, versus 44.3% a year earlier), while operating income declined to $75.0 million from $77.3 million as operating expenses rose to $96.9 million, including $7.2 million of acquisition-related expense and $6.3 million of intangible amortization. Net income was $57.1 million, or $0.30 per diluted share, compared with $60.9 million, or $0.32 per diluted share, in the prior-year quarter. Cash generation remained strong, with $77.2 million provided by operating activities and cash and cash equivalents of $445.6 million at quarter end. During the quarter the company redeemed $9.4 million of its 1.50% convertible notes, repurchased 750,000 shares for about $12.4 million, and paid $15.4 million in payroll tax withholdings on equity awards. Subsequent to quarter end, the remaining convertible notes were retired and the company acquired Advanced Analogic Technologies, Incorporated (AATI) for approximately $200.0 million in cash, a transaction not reflected in these results. The filing also discloses pending shareholder class action litigation related to the AATI merger, which the company believes is without merit. The company stated that its existing liquidity, together with operating cash flow, will be sufficient for at least the next 12 months.

    Feb 7, 2012
  46. 2011-Q3-A

    Skyworks Solutions Quarterly Report (Amendment) for Q3 Ended Jul 1, 2011

    Skyworks Solutions, Inc. filed this Amendment No. 1 on Form 10-Q/A on November 17, 2011, to amend its Quarterly Report for the period ended July 1, 2011, which was originally filed on August 9, 2011. The sole purpose of the amendment is to file a revised version of Exhibit 10.E, the Agreement and Plan of Merger dated as of May 17, 2011, among Skyworks Solutions, Inc., Silver Bullet Acquisition Corp., SiGe Semiconductor, Inc. and Shareholder Representative Services. The revision discloses information for which the company had previously requested confidential treatment and no longer seeks such treatment. The revised exhibit supersedes the original in its entirety. The amendment does not change any other information in the original Quarterly Report and speaks as of the original filing date. It does not reflect later events or update any disclosures. The filing also attaches new Section 302 and Section 906 certifications from the principal executive and financial officers, as required under Rule 12b-15. The filing references a second merger agreement, dated May 26, 2011, with Advanced Analogic Technologies Incorporated, which is incorporated by reference from Annex A to a Form S-4 registration statement. As of July 31, 2011, Skyworks had 186,277,145 shares of common stock, par value $.25 per share, outstanding.

    Nov 17, 2011
  47. 2011-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 1, 2011

    Skyworks Solutions, Inc. reported third-quarter fiscal 2011 net revenue of $356.1 million, up 29.3% from the prior-year quarter, and net income of $51.5 million, or $0.27 per diluted share. For the nine months ended July 1, 2011, net revenue was $1,016.6 million, up 34.0%, and net income was $162.4 million, or $0.85 per diluted share. Gross margin was 43.9% for the quarter and 43.8% for the nine months, and operating income reached 20.3% and 21.4% of net revenue, respectively. The filing attributes growth to higher market share, demand for wireless and mobile internet products, product diversification, and $6.5 million of revenue from the SiGe acquisition. The company's balance sheet and capital allocation changed significantly during the period. Cash and cash equivalents fell to $309.6 million from $453.3 million at October 1, 2010, after $249.8 million of acquisition payments, primarily for SiGe Semiconductor, which was acquired on June 10, 2011 for $279.5 million in cash. Goodwill rose to $672.7 million and intangible assets to $96.3 million. The company also repurchased 2,268,045 shares for about $60.2 million during the nine months, with $139.8 million remaining under its $200.0 million authorization, and repaid its $50.0 million credit facility. The pending acquisition of Advanced Analogic Technologies Inc. (AATI) at a nominal value of $6.13 per share, with a mix of stock and adjustable cash, is outstanding. Shareholder class action lawsuits have been consolidated and seek to enjoin the merger; the company says the claims are without merit. The filing also notes a $1.5 million restructuring charge tied to the SiGe integration, with expected annual cost savings of about $7.0 million.

    Aug 9, 2011
  48. 2011-Q2

    Skyworks Solutions Quarterly Report for Q2 Ended Apr 1, 2011

    Skyworks Solutions, Inc. reported a strong fiscal second quarter ended April 1, 2011, with net revenue of $325.4 million, up 36.7% from $238.1 million a year earlier. For the six months, net revenue was $660.5 million, also up 36.7% from $483.2 million. Gross profit rose to 43.3% of net revenue for the quarter (from 41.9%), and operating income reached $68.1 million, or 20.9% of net revenue. Net income for the quarter was $49.96 million, or $0.26 per diluted share, compared with $27.7 million, or $0.15 per diluted share, a year earlier. Management attributed the growth to higher market share, product diversification, and demand for wireless semiconductors used in smartphones, tablets, and wireless infrastructure. The balance sheet strengthened over the period. Cash and cash equivalents rose to $503.8 million from $453.3 million at October 1, 2010, and operating cash flow for the six months was $157.0 million. The company repaid and terminated its $50.0 million Credit Facility and repurchased 1,518,045 shares for about $41.6 million under a $200.0 million authorization, leaving $158.5 million available. The 1.50% convertible notes due March 2012 ($26.7 million principal) were reclassified as short-term debt. Management noted higher capital expenditures ($65.3 million for the six months versus $34.3 million a year earlier) and a $4.8 million benefit from retroactively extended federal research and development tax credits. It also said there were no supply disruptions from the Japan earthquakes so far, though it continues to monitor the situation.

    May 11, 2011
  49. 2011-Q1

    Skyworks Solutions Quarterly Report for Q1 Ended Dec 31, 2010

    Skyworks Solutions, Inc. reported net revenues of $335.1 million for the first quarter ended December 31, 2010, up 36.7% from $245.1 million in the prior-year quarter. Gross profit rose to $148.5 million, or 44.3% of net revenue, compared with 41.8% a year earlier, which management attributed to improved product mix, factory productivity, yield improvements, and material cost reductions. Operating income was $77.3 million, or 23.1% of revenue, and net income was $60.9 million, or $0.32 per diluted share, versus $28.0 million, or $0.16 per diluted share, in the prior-year quarter. The income tax provision benefited from $4.4 million of federal research and development tax credits recognized after legislation extended the credit, lowering the effective tax rate to 20.7%. Balance sheet and cash flow highlights include cash and cash equivalents of $450.1 million at December 31, 2010, and net cash from operations of $64.8 million. The company paid off and terminated its $50.0 million Credit Facility, leaving a net cash position of $425.6 million after debt. Working capital absorbed cash, with receivables up $25.6 million and inventories up $17.0 million. Capital expenditures were $33.0 million for the quarter. The company repurchased 786,400 shares for about $18.2 million under an $200.0 million authorization, with $181.8 million remaining. The filing states that there is no material pending litigation and that there were no material subsequent events. Management noted that the 1.50% convertible notes due March 2012 remain outstanding with a principal amount of $26.7 million, and that the company expects existing liquidity to be sufficient for at least the next 12 months.

    Feb 8, 2011
  50. 2010-Q3

    Skyworks Solutions Quarterly Report for Q3 Ended Jul 2, 2010

    Skyworks Solutions, Inc. reported net revenue of $275.4 million for the three months ended July 2, 2010, up 44.0% from $191.2 million a year earlier, and $758.6 million for the nine months, up 32.1% from $574.4 million. The company attributed growth principally to market share gains and higher demand for mobile internet, energy management and diversified analog applications. Gross profit margin rose to 42.9% in the quarter (from 40.2%) and 42.3% for the nine months (from 39.3%). Operating income was $53.5 million for the quarter, up 148.5%, and $134.3 million for the nine months, up 246.6%. Net income was $34.7 million for the quarter and $90.5 million for the nine months. The company generated $149.7 million in operating cash flow in the nine months and ended the period with $383.8 million in cash and cash equivalents. It retired the remaining 1.25% convertible notes and $20.4 million of 1.50% notes during the nine months, paying cash premiums, and its net cash position improved from $246.7 million at October 2, 2009 to $315.5 million at July 2, 2010. Total debt was reduced to $74.4 million, consisting of $50.0 million short-term facility borrowings and $24.4 million of long-term convertible notes. Management stated that existing liquidity is sufficient for at least the next 12 months. The filing also shows the company adopted ASC 470-20 retrospectively, which restated prior-period interest expense, gains and equity. The company recorded a $25.0 million valuation allowance on U.S. deferred tax assets, and it disclosed $3.2 million in auction rate securities that remain illiquid.

    Aug 10, 2010