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Skyworks Solutions 8-K Report, Financial Results (Apr 30, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed April 30, 2024
Period End
April 30, 2024
Security
SWKS
In the 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. Material agreement8-K · Aug ’18Aug ’18
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed April 30, 2024. Cited figures are marked; the original filing is the authoritative source.

Skyworks Solutions, Inc. reported results for the three- and six-month periods ended March 29, 2024 (fiscal Q2 2024).

Revenue for the quarter was $1.046 billiona, down from $1.153 billion in the prior-year quarter. GAAP operating income was $189.2 million and GAAP diluted EPS was $1.14, compared with $273.3 million and $1.46 in the year-ago quarter. On a non-GAAP basis, operating income was $279.1 million and diluted EPS was $1.55.

Quarterly operating cash flow was $300.2 millionb and non-GAAP free cash flow was $272.6 million. Management attributed the quarter to a challenging macroeconomic environment and below-normal seasonal trends in the mobile business, with lower-than-expected end-market demand. For the June 2024 quarter (fiscal Q3), management guided revenue of $900 million, plus or minus 2%, and non-GAAP diluted EPS of $1.21 at the midpoint.

The company expects the mobile business to decline sequentially below normal seasonal patterns as excess inventory clears, while broad markets are expected to grow modestly. Balance sheet data shows cash, cash equivalents, and marketable securities of $1,221.3 millionc at March 29, 2024, up from $738.5 million at September 29, 2023, and debt reduced to $993.6 million from $1,292.3 million. The board declared a cash dividend of $0.68 per share, payable June 11, 2024, to stockholders of record as of May 21, 2024.

02—Key points

Key Highlights

  1. Fiscal Q2 2024 revenue of $1.046 billion, versus $1.153 billion in the prior-year quarter.
  2. GAAP diluted EPS of $1.14 versus $1.46 a year earlier; non-GAAP diluted EPS of $1.55 versus $2.02.
  3. Quarterly GAAP operating income of $189.2 million and non-GAAP operating income of $279.1 million.
  4. Operating cash flow of $300.2 million and non-GAAP free cash flow of $272.6 million in the quarter.
  5. Q3 2024 guidance calls for revenue of $900 million, plus or minus 2%, and non-GAAP diluted EPS of $1.21 at the midpoint, with mobile expected to decline sequentially as excess inventory clears.
  6. Debt reduced to $993.6 million at March 29, 2024 from $1,292.3 million at September 29, 2023; cash and marketable securities rose to $1,221.3 million.
  7. Quarterly cash dividend of $0.68 per share declared, payable June 11, 2024 to holders of record on May 21, 2024.

03—Questions

Frequently Asked Questions

  1. Why did revenue and earnings decline year over year?

    Management cited a challenging macroeconomic environment and below-normal seasonal trends in the mobile business, with lower-than-expected end-market demand. Revenue fell to $1.046 billion from $1.153 billion, and GAAP operating income fell to $189.2 million from $273.3 million.

  2. What is the company guiding for the June 2024 quarter?

    Skyworks expects revenue of $900 million, plus or minus 2%, and non-GAAP diluted EPS of $1.21 at the midpoint. It expects the mobile business to decline sequentially, below normal seasonal patterns, as excess inventory clears, with modest growth in broad markets as inventory levels appear to normalize in certain end markets.

  3. How strong is the company's cash generation and balance sheet?

    Quarterly operating cash flow was $300.2 million and non-GAAP free cash flow was $272.6 million. Cash, cash equivalents, and marketable securities rose to $1,221.3 million from $738.5 million at fiscal year-end 2023, while debt declined to $993.6 million from $1,292.3 million.

  4. What are the dividend terms?

    The board declared a cash dividend of $0.68 per share, payable June 11, 2024, to stockholders of record at the close of business on May 21, 2024. Dividends paid in the quarter totaled $109.1 million.

  5. What is the difference between GAAP and non-GAAP results for the quarter?

    Non-GAAP results exclude share-based compensation, amortization of acquisition-related intangibles, settlements, gains, losses and impairments, restructuring and other charges, and certain tax items. For the quarter, GAAP diluted EPS was $1.14 versus non-GAAP diluted EPS of $1.55, and GAAP gross margin was 40.2% versus non-GAAP gross margin of 45.0%.

04—Continue

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