[January 22, 2015] |
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Skyworks Exceeds Q1 FY15 Revenue and EPS Guidance
Skyworks Solutions (News - Alert), Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and things,
today reported first fiscal quarter results for the period ending
January 2, 2015. Revenue for the first fiscal quarter was $805.5
million, up 59 percent year-over-year and 12 percent sequentially,
exceeding the Company's original guidance of $770 million.
On a non-GAAP basis, operating income for the first fiscal quarter of
2015 was $282.0 million, up 99 percent from $141.8 million in the first
fiscal quarter of 2014. Non-GAAP diluted earnings per share for the
first fiscal quarter was $1.26, $0.08 better than guidance and up 88
percent from the $0.67 reported for the first fiscal quarter of 2014. On
a GAAP basis, operating income for the first fiscal quarter of 2015 was
$246.8 million and diluted earnings per share was $1.01.
"We are off to a solid start to fiscal 2015," said David J. Aldrich,
chairman and chief executive officer of Skyworks. "Our business results
are being fueled by a global surge in connectivity across a wide-ranging
set of applications and by the increase in analog-rich content that is
required to power today's most innovative devices. Skyworks is at the
forefront of this technology advancement-facilitating secure,
high-speed, seamless connections through our integrated solutions. As
our results show, we are capitalizing on these trends today-driving
superior financial returns for shareholders."
Q1 Business Highlights
-
Captured new design wins in Cisco's latest home gateway for cable
operators
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Secured multiple analog devices in a leading telematics platform for
GM vehicles
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Commenced volume production of SkyLiTE™ integrated systems supporting
Mediatek's latest reference designs at several OEM customers
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Ramped ICs in Fire TV and Echo streaming media devices at major online
retailer
-
Delivered diversity receive modules for LTE (News - Alert) smartphones at Samsung and
others
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Introduced Zigbee® solutions for smart lighting products at LG and
Philips
-
Expanded wearable designs with multiple devices in Timex's Ironman
smartwatch
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Delivered switching and connectivity modules for Xiaomi's Mi4 platform
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Supported Thales avionics platforms with hi-rel switching products
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Captured over ten dollars of analog content in set top box application
for DirecTV
-
Powered Linksys' (News - Alert) 9-stream access points with 802.11ac front end
solutions
Second Fiscal Quarter 2015 Outlook
"We have created a unique business model, combining the strong growth of
connectivity and the Internet of Things with the financial returns of a
diversified analog company," said Donald W. Palette, executive vice
president and chief financial officer of Skyworks. "Our increasing
market reach, expanding content opportunities and new product launches
are enabling us to outperform normal March quarter seasonal trends. For
the second fiscal quarter of 2015, we anticipate revenue to be $750
million-up 56 percent year-over-year with non-GAAP diluted earnings per
share of $1.12."
For further information regarding use of non-GAAP measures in this press
release, please refer to the Discussion Regarding the Use of Non-GAAP
Financial Measures set forth below.
Dividend Declaration
Skyworks' Board of Directors has declared a cash dividend of $0.13 per
share of the Company's common stock. The dividend is payable on March 3,
2015 to stockholders of record at the close of business on February 5,
2015.
Skyworks' First Fiscal Quarter 2015 Conference Call
Skyworks will host a conference call with analysts to discuss its first
fiscal quarter 2015 results and business outlook today at 5:00 p.m.
Eastern time. To listen to the conference call via the Internet, please
visit the investor relations section of Skyworks' Web site. To listen to
the conference call via telephone, please call 800-230-1085 (domestic)
or 612-234-9960 (international), confirmation code: 349791.
Playback of the conference call will begin at 9:00 p.m. Eastern time on
January 22 and end at 9:00 p.m. Eastern time on January 29. The replay
will be available on Skyworks' Web site or by calling 800-475-6701
(domestic) or 320-365-3844 (international), access code: 349791.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution, connecting virtually everyone and everything, all the
time. Our highly innovative analog semiconductors are linking people,
places, and things spanning a number of new and previously unimagined
applications within automotive, broadband, cellular infrastructure, the
connected home, industrial, medical, military, smartphone, tablet and
wearable markets.
Headquartered in Woburn, Massachusetts, Skyworks is a global company
with engineering, marketing, operations, sales, and service facilities
located throughout Asia, Europe and North America. For more information,
please visit Skyworks' website at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended to
qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include without limitation information relating to future
results and expectations of Skyworks (e.g., certain projections and
business trends). Forward-looking statements can often be identified by
words such as "anticipates," "expects," "forecasts," "intends,"
"believes," "plans," "may," "will," or "continue," and similar
expressions and variations or negatives of these words. All such
statements are subject to certain risks, uncertainties and other
important factors that could cause actual results to differ materially
and adversely from those projected, and may affect our future operating
results, financial position and cash flows.
These risks, uncertainties and other important factors include, but are
not limited to: uncertainty regarding global economic and financial
market conditions; the susceptibility of the semiconductor industry and
the markets addressed by our, and our customers', products to economic
downturns; the timing, rescheduling or cancellation of significant
customer orders and our ability, as well as the ability of our
customers, to manage inventory; losses or curtailments of purchases or
payments from key customers, or the timing of customer inventory
adjustments; the availability and pricing of third-party semiconductor
foundry, assembly and test capacity, raw materials and supplier
components; changes in laws, regulations and/or policies that could
adversely affect either (i) the economy and our customers' demand for
our products or (ii) the financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; economic, social, military and geo-political
conditions in the countries in which we, our customers or our suppliers
operate, including security and health risks, possible disruptions in
transportation networks and fluctuations in foreign currency exchange
rates; fluctuations in our manufacturing yields due to our complex and
specialized manufacturing processes; delays or disruptions in production
due to equipment maintenance, repairs and/or upgrades; our reliance on
several key customers for a large percentage of our sales; fluctuations
in the manufacturing yields of our third-party semiconductor foundries
and other problems or delays in the fabrication, assembly, testing or
delivery of our products; our ability to timely and accurately predict
market requirements and evolving industry standards, and to identify
opportunities in new markets; uncertainties of litigation, including
potential disputes over intellectual property infringement and rights,
as well as payments related to the licensing and/or sale of such rights;
our ability to rapidly develop new products and avoid product
obsolescence; our ability to retain, recruit and hire key executives,
technical personnel and other employees in the positions and numbers,
with the experience and capabilities, and at the compensation levels
needed to implement our business and product plans; lengthy product
development cycles that impact the timing of new product introductions;
unfavorable changes in product mix; the quality of our products and any
remediation costs; shorter-than-expected product life cycles; problems
or delays that we may face in shifting our products to smaller geometry
process technologies and in achieving higher levels of design
integration; and our ability to continue to grow and maintain an
intellectual property portfolio and obtain needed licenses from third
parties, as well as other risks and uncertainties, including, but not
limited to, those detailed from time to time in our filings with the
Securities and Exchange Commission.
The forward-looking statements contained in this news release are made
only as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks or
registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in
the United States and in other countries. All other brands and names
listed are trademarks of their respective companies.
SKYWORKS SOLUTIONS, INC.
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UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
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|
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Three Months Ended
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|
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Jan. 2,
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Dec. 27,
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(in millions, except per share amounts)
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|
2015
|
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2013
|
|
|
|
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Net revenue
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$
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805.5
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$
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505.2
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Cost of goods sold
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432.5
|
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283.2
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Gross profit
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373.0
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222.0
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Operating expenses:
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Research and development
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68.5
|
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58.4
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Selling, general and administrative
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47.9
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41.1
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Amortization of intangibles
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8.5
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6.5
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Restructuring and other charges
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1.3
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-
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Total operating expenses
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126.2
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106.0
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Operating income
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246.8
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116.0
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Other income, net
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0.7
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-
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Income before income taxes
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247.5
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116.0
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Provision for income taxes
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52.3
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21.5
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Net income
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$
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195.2
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$
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94.5
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Earnings per share:
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Basic
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$
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1.03
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$
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0.51
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Diluted
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$
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1.01
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$
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0.49
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Weighted average shares:
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Basic
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188.7
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186.2
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Diluted
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194.2
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191.2
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SKYWORKS SOLUTIONS, INC.
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UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
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Three Months Ended
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Jan. 2,
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Dec. 27,
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(in millions)
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2015
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2013
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|
|
|
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GAAP gross profit
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$
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373.0
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$
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222.0
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Share-based compensation expense [a]
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3.2
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2.7
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Acquisition-related expenses [b]
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0.2
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-
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Non-GAAP gross profit
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$
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376.4
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$
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224.7
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Non-GAAP gross margin %
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46.7
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%
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44.5
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%
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Three Months Ended
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Jan. 2,
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Dec. 27,
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(in millions)
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2015
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2013
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GAAP operating income
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$
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246.8
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$
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116.0
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Share-based compensation expense [a]
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21.7
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18.8
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Acquisition-related expenses [b]
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3.5
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-
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Amortization of intangibles
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8.5
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|
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6.5
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Restructuring and other charges [c]
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1.3
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|
|
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-
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Litigation settlement gains, losses and expenses [d]
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0.1
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0.5
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Deferred executive compensation
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0.1
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-
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Non-GAAP operating income
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$
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282.0
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$
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141.8
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Non-GAAP operating margin %
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35.0
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%
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28.1
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%
|
|
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Three Months Ended
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|
|
|
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Jan. 2,
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Dec. 27,
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(in millions)
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2015
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2013
|
|
|
|
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|
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GAAP net income
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$
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195.2
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|
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$
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94.5
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Share-based compensation expense [a]
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21.7
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|
|
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18.8
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Acquisition-related expenses [b]
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|
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3.5
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|
|
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-
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Amortization of intangibles
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|
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8.5
|
|
|
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6.5
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Restructuring and other charges [c]
|
|
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1.3
|
|
|
|
-
|
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Litigation settlement gains, losses and expenses [d]
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|
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0.1
|
|
|
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0.5
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Deferred executive compensation
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|
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0.1
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|
|
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-
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Interest expense on seller-financed debt [e]
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0.3
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|
|
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-
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Tax adjustments [f]
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14.1
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7.4
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Non-GAAP net income
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$
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244.8
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|
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$
|
127.7
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|
|
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Three Months Ended
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Jan. 2,
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Dec. 27,
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2015
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2013
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GAAP net income per share, diluted
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$
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1.01
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|
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$
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0.49
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Share-based compensation expense [a]
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0.11
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|
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0.10
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Acquisition-related expenses [b]
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0.02
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|
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-
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Amortization of intangibles
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0.04
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|
|
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0.03
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Restructuring and other charges [c]
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0.01
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|
|
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-
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Litigation settlement gains, losses and expenses [d]
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-
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0.01
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Tax adjustments [f]
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0.07
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0.04
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Non-GAAP net income per share, diluted
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$
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1.26
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$
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0.67
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SKYWORKS SOLUTIONS, INC.
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DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
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Our earnings release contains some or all of the following
financial measures that have not been calculated in accordance
with United States Generally Accepted Accounting Principles
("GAAP"): (i) non-GAAP gross profit and gross margin, (ii)
non-GAAP operating income and operating margin, (iii) non-GAAP net
income, and (iv) non-GAAP diluted earnings per share. As set forth
in the "Unaudited Reconciliation of Non-GAAP Financial Measures"
table found above, we derive such non-GAAP financial measures by
excluding certain expenses and other items from the respective
GAAP financial measure that is most directly comparable to each
non-GAAP financial measure. Management uses these non-GAAP
financial measures to evaluate our operating performance and
compare it against past periods, make operating decisions,
forecast for future periods, compare our operating performance
against peer companies and determine payments under certain
compensation programs. These non-GAAP financial measures provide
management with additional means to understand and evaluate the
operating results and trends in our ongoing business by
eliminating certain non-recurring expenses (which may not occur in
each period presented) and other items that management believes
might otherwise make comparisons of our ongoing business with
prior periods and competitors more difficult, obscure trends in
ongoing operations or reduce management's ability to make useful
forecasts.
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We provide investors with non-GAAP gross profit and gross margin,
non-GAAP operating income and operating margin, non-GAAP net
income and non-GAAP diluted earnings per share because we believe
it is important for investors to be able to closely monitor and
understand changes in our ability to generate income from ongoing
business operations. We believe these non-GAAP financial measures
give investors an additional method to evaluate historical
operating performance and identify trends, an additional means of
evaluating period-over-period operating performance and a method
to facilitate certain comparisons of our operating results to
those of our peer companies. We also believe that providing
non-GAAP operating income and operating margin allows investors to
assess the extent to which our ongoing operations impact our
overall financial performance. We further believe that providing
non-GAAP net income and non-GAAP diluted earnings per share allows
investors to assess the overall financial performance of our
ongoing operations by eliminating the impact of share-based
compensation expense, acquisition-related expenses,
restructuring-related charges, litigation settlement gains, losses
and expenses, certain deferred executive compensation and certain
tax items which may not occur in each period presented and which
may represent non-cash items unrelated to our ongoing operations.
We believe that disclosing these non-GAAP financial measures
contributes to enhanced financial reporting transparency and
provides investors with added clarity about complex financial
performance measures.
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We calculate non-GAAP gross profit by excluding from GAAP gross
profit, share-based compensation expense and acquisition-related
expenses. We calculate non-GAAP operating income by excluding from
GAAP operating income, share-based compensation expense,
acquisition-related expenses, restructuring-related charges,
litigation settlement gains, losses and expenses and certain
deferred executive compensation. We calculate non-GAAP net income
and diluted earnings per share by excluding from GAAP net income
and diluted earnings per share, share-based compensation expense,
acquisition-related expenses, restructuring-related charges,
litigation settlement gains, losses and expenses, certain deferred
executive compensation and certain tax items which may not occur
in all periods for which financial information is presented. We
exclude the items identified above from the respective non-GAAP
financial measure referenced above for the reasons set forth with
respect to each such excluded item below:
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Share-Based Compensation - because (1) the total amount of
expense is partially outside of our control because it is based on
factors such as stock price volatility and interest rates, which
may be unrelated to our performance during the period in which the
expense is incurred, (2) it is an expense based upon a valuation
methodology premised on assumptions that vary over time, and (3)
the amount of the expense can vary significantly between companies
due to factors that can be outside of the control of such
companies.
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Acquisition-Related Expenses - including such items as,
when applicable, amortization of acquired intangible assets, fair
value adjustments to contingent consideration, fair value charges
incurred upon the sale of acquired inventory, acquisition-related
professional fees, deemed compensation expenses and interest
expense on seller-financed debt, because they are not considered
by management in making operating decisions and we believe that
such expenses do not have a direct correlation to our future
business operations and thereby including such charges does not
accurately reflect the performance of our ongoing operations for
the period in which such charges are incurred.
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Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to our future business operations and including
such charges does not necessarily reflect the performance of our
ongoing operations for the period in which such charges are
incurred.
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Litigation Settlement Gains, Losses and Expenses - including
gains, losses and expenses related to the resolution of
other-than-ordinary-course threatened and actually filed lawsuits
and other-than-ordinary-course contractual disputes, because (1)
they are not considered by management in making operating
decisions, (2) such gains, losses and expenses tend to be
infrequent in nature, (3) such gains, losses and expenses are
generally not directly controlled by management, (4) we believe
such gains, losses and expenses do not necessarily reflect the
performance of our ongoing operations for the period in which such
charges are recognized and (5) the amount of such gains or losses
and expenses can vary significantly between companies and make
comparisons less reliable.
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Deferred Executive Compensation - including charges related
to any contingent obligation pursuant to an executive severance
agreement, because we believe the period over which the obligation
is amortized may not reflect the period of benefit and that such
expense has no direct correlation with our recurring business
operations and including such expenses does not accurately reflect
the compensation expense for the period in which incurred.
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Certain Income Tax Items - including certain deferred tax
charges and benefits that do not result in a current tax payment
or tax refund and other adjustments, including but not limited to,
items unrelated to the current fiscal year or that are not
indicative of our ongoing business operations.
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The non-GAAP financial measures presented in the table above
should not be considered in isolation and are not an alternative
for the respective GAAP financial measure that is most directly
comparable to each such non-GAAP financial measure. Investors are
cautioned against placing undue reliance on these non-GAAP
financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable
GAAP financial measures to arrive at these non-GAAP financial
measures. Non-GAAP financial measures may have limited value as
analytical tools because they may exclude certain expenses that
some investors consider important in evaluating our operating
performance or ongoing business performance. Further, non-GAAP
financial measures are likely to have limited value for purposes
of drawing comparisons between companies because different
companies may calculate similarly titled non-GAAP financial
measures in different ways because non-GAAP measures are not based
on any comprehensive set of accounting rules or principles.
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Our earnings release contains forward-looking estimates of
non-GAAP diluted earnings per share for the second quarter of our
2015 fiscal year ("Q2 2015"). We provide this non-GAAP measure to
investors on a prospective basis for the same reasons (set forth
above) that we provide it to investors on a historical basis. We
are unable to provide a reconciliation of our forward-looking
estimate of Q2 2015 non-GAAP diluted earnings per share to a
forward-looking estimate of Q2 2015 GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q2
2015 (other than estimated share-based compensation expense of
$0.13 per diluted share, certain tax items of $0.11 per diluted
share and estimated amortization of intangibles of $0.04 per
diluted share) is difficult to predict and estimate and is often
dependent on future events that may be uncertain or outside of our
control. Such events may include unanticipated changes in our GAAP
effective tax rate, unanticipated one-time charges related to
asset impairments (fixed assets, inventory, intangibles or
goodwill), unanticipated acquisition-related expenses,
unanticipated litigation settlement gains, losses and expenses and
other unanticipated non-recurring items not reflective of ongoing
operations. We believe the probable significance of these unknown
items, in the aggregate, to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. Our
forward-looking estimates of both GAAP and non-GAAP measures of
our financial performance may differ materially from our actual
results and should not be relied upon as statements of fact.
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[a]
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These charges represent expense recognized in accordance with ASC (News - Alert)
718 - Compensation, Stock Compensation.
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Approximately $3.2 million, $9.8 million and $8.7 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively, for
the three months ended January 2, 2015.
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|
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For the three months ended December 27, 2013, approximately $2.7
million, $7.5 million and $8.6 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively.
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[b]
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The acquisition-related expenses recognized during the three
months ended January 2, 2015, includes a $0.2 million charge to
cost of sales related to the sale of acquired inventory and $3.3
million in transaction costs included in general and
administrative expenses associated with the purchase of an
interest in a joint venture with Panasonic (News - Alert) Corporation on August
1, 2014. For additional information regarding the joint venture,
please refer to the Company's Current Reports on Form 8-K filed
with the Securities and Exchange Commission on July 10, 2014, and
August 7, 2014.
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[c]
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During the three months ended January 2, 2015, the Company
incurred $1.3 million in employee severance costs primarily
related to a restructuring plan that was implemented during the
period.
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[d]
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During the three months ended January 2, 2015 and December 27,
2013, the Company recognized a $0.1 million and $0.5 million
charge, respectively, primarily related to general and
administrative expenses associated with ongoing litigation(s).
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[e]
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During the three months ended January 2, 2015, the Company
recognized $0.3 million in interest expense associated with the
accretion of the present value of the $76.5 million liability
related to the future purchase of the remaining 34% interest in
the joint venture between the Company and Panasonic.
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[f]
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During the three months ended January 2, 2015, these amounts
primarily represent the use of net operating loss and research and
development tax credit carryforwards, deferred tax expense not
affecting taxes payable, tax deductible stock compensation in
excess of GAAP stock compensation expense, and non-cash expense
related to uncertain tax positions.
|
|
|
|
|
|
During the three months ended December 27, 2013, these amounts
primarily represent the use of net operating loss and research and
development tax credit carryforwards, deferred tax expense not
affecting taxes payable, and non-cash expense related to uncertain
tax positions.
|
|
SKYWORKS SOLUTIONS, INC.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
|
|
|
|
|
|
|
|
Jan. 2,
|
|
Oct. 3,
|
(in millions)
|
|
2015
|
|
2014
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,049.9
|
|
$
|
805.8
|
Accounts receivable, net
|
|
|
242.3
|
|
|
317.6
|
Inventory
|
|
|
273.8
|
|
|
270.8
|
Other current assets
|
|
|
24.4
|
|
|
35.0
|
Property, plant and equipment, net
|
|
|
610.4
|
|
|
555.9
|
Goodwill and intangible assets, net
|
|
|
917.5
|
|
|
926.0
|
Other assets
|
|
|
72.7
|
|
|
62.7
|
Total assets
|
|
$
|
3,191.0
|
|
$
|
2,973.8
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
211.0
|
|
$
|
200.6
|
Accrued and other current liabilities
|
|
|
121.9
|
|
|
97.0
|
Other long-term liabilities
|
|
|
148.0
|
|
|
143.8
|
Stockholders' equity
|
|
|
2,710.1
|
|
|
2,532.4
|
Total liabilities and equity
|
|
$
|
3,191.0
|
|
$
|
2,973.8
|
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