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

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed July 30, 2024
Period End
July 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 July 30, 2024. Cited figures are marked; the original filing is the authoritative source.

Skyworks Solutions, Inc. furnished an 8-K on July 30, 2024 reporting results for the three- and nine-month periods ended June 28, 2024 (fiscal Q3 2024).

Revenue for the quarter was $906 milliona (the income statement shows net revenue of $905.5 million), down from $1,071.2 million in the year-earlier quarter. GAAP operating income was $130.4 million and GAAP diluted EPS was $0.75, versus $230.7 million and $1.22 a year earlier. On a non-GAAP basis, operating income was $219.0 million and diluted EPS was $1.21.

For the nine months, net revenue was $3,153.0 millionb and GAAP net income was $535.5 million, with net cash provided by operating activities of $1,348.6 million and non-GAAP free cash flow of $1,274.4 million. For the fourth fiscal quarter of 2024, the company guided revenue of $1.00 billion to $1.04 billion and non-GAAP diluted EPS of $1.52 at the midpoint of the revenue range. The CFO said the mobile business is expected to be up approximately 20% sequentially, and broad markets are expected to show modest improvement.

The board declared a quarterly cash dividend of $0.70c per share, a 3% increase from the prior $0.68, payable September 10, 2024, to holders of record on August 20, 2024. At quarter end, cash, cash equivalents and marketable securities were $1,283.9 million, debt was $994.0 million (down from $1,292.3 million at September 29, 2023), and stockholders' equity was $6,336.4 million. Nine-month debt payments totaled $300.0 million.

02—Key points

Key Highlights

  1. Q3 FY24 revenue of $906 million, versus $1,071.2 million in the prior-year quarter; GAAP diluted EPS was $0.75 and non-GAAP diluted EPS was $1.21.
  2. Fiscal Q4 2024 guidance calls for revenue of $1.00 billion to $1.04 billion and non-GAAP diluted EPS of $1.52 at the revenue midpoint.
  3. Management expects the mobile business to be up approximately 20% sequentially in the September quarter, with broad markets showing modest improvement.
  4. Quarterly dividend raised 3% to $0.70 per share from $0.68, payable September 10, 2024, to holders of record as of August 20, 2024.
  5. Year-to-date operating cash flow was $1,348.6 million and non-GAAP free cash flow was $1,274.4 million; the company also reported 43% operating cash flow margin and 40% free cash flow margin year to date.
  6. Debt fell to $994.0 million from $1,292.3 million at September 29, 2023, after $300.0 million of nine-month debt payments.
  7. Q3 business highlights included 5G content wins for premium Android smartphones and Wi-Fi 7 tri-band router and access point launches, plus an accelerated automotive design win pipeline.

03—Questions

Frequently Asked Questions

  1. How did Skyworks perform in its fiscal third quarter of 2024?

    Net revenue was $905.5 million (presented as $906 million in the release), compared with $1,071.2 million in the year-earlier quarter. GAAP operating income was $130.4 million, down from $230.7 million, and GAAP diluted EPS was $0.75, versus $1.22. Non-GAAP operating income was $219.0 million and non-GAAP diluted EPS was $1.21, versus $1.73 a year earlier.

  2. What is the company's guidance for the September 2024 quarter?

    The company expects revenue of $1.00 billion to $1.04 billion and non-GAAP diluted EPS of $1.52 at the midpoint of the revenue range. It expects the mobile business to be up approximately 20% sequentially, and broad markets to show modest improvement, which the CFO described as three consecutive quarters of sequential growth.

  3. What dividend did Skyworks declare, and when is it paid?

    The board declared a cash dividend of $0.70 per share, a 3% increase from the prior $0.68 quarterly dividend. It is payable September 10, 2024, to stockholders of record at the close of business on August 20, 2024.

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

    For the nine months ended June 28, 2024, net cash provided by operating activities was $1,348.6 million and non-GAAP free cash flow was $1,274.4 million. As of June 28, 2024, cash, cash equivalents and marketable securities totaled $1,283.9 million, debt was $994.0 million, and stockholders' equity was $6,336.4 million.

  5. What drove the decline in profitability compared with the prior year?

    The filing shows lower gross profit, with GAAP gross profit of $364.1 million versus $464.1 million, and GAAP gross margin of 40.2% versus 43.3%. The release also shows GAAP operating margin of 14.4% versus 21.5%. The filing does not provide a detailed causal explanation beyond the revenue decline and the CEO's comments on the mobile and broad markets businesses.

04—Continue

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