Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
reliability analog and mixed signal semiconductors enabling a broad
range of end markets, today reported first fiscal quarter 2012
results. Revenue for the quarter was $393.7 million, up 17 percent
when compared to $335.1 million in the first fiscal quarter of 2011
and exceeding the Company’s guidance of $390.0 million.
On a non-GAAP basis, operating income for the first fiscal
quarter was $105.2 million, up from $92.8 million in the prior-year
period. Non-GAAP diluted earnings per share for the first fiscal
quarter was $0.51 versus $0.45 for the same period a year ago. On a
GAAP basis, operating income for the first fiscal quarter of 2012
was $75.0 million and diluted earnings per share was $0.30,
including AATI acquisition-related charges.
“Skyworks’ solid performance against the current economic
backdrop is being driven by our expanding positions in adjacent
analog semiconductor markets, global demand for mobile internet
applications and strong operational execution,” said David J.
Aldrich, president and chief executive officer of Skyworks. “More
specifically, we are capitalizing on new opportunities in medical,
automotive, smart energy and home automation markets while
capturing additional content and share within LTE smart phones,
e-readers, tablets and LED TVs. As a result, Skyworks’ ongoing
diversification and scale are positioning us to deliver above
market growth and, ultimately, create greater competitive
advantages.”
Q1 Business Highlights
- Captured wireless networking sockets
within General Electric’s smart appliances including washers,
dryers, refrigerators, dishwashers and ovens
- Commenced volume production of advanced
Antenna Switch Modules (ASMs) for Huawei
- Ramped GPS low noise amplifiers across
leading smart phone OEMs
- Awarded TDD-LTE base station switch
design wins at Ericsson
- Supported leading tablets, gaming
consoles and LED TVs with connectivity solutions
- Secured designs within Medtronic’s next
generation heart monitor/pacemaker and 2-way radio
applications
- Received 2011 Global Partnership award
from ZTE
- Repurchased 750,000 shares of common
stock and retired $9 million of convertible debt
Second Fiscal Quarter 2012 Outlook
“Based on our diverse customer and market base as well as share
gains, we are planning to outperform our addressable markets in the
seasonally low March quarter,” said Donald W. Palette, vice
president and chief financial officer of Skyworks. “Specifically,
we expect revenue of $360 million, including a partial quarter
contribution from AATI, with $0.40 of non-GAAP diluted earnings per
share. While we are forecasting AATI to be neutral to second fiscal
quarter earnings, we expect the acquisition to be accretive for
fiscal year 2012.”
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.
Skyworks’ First Fiscal Quarter 2012 Conference Call
Skyworks will host a conference call with analysts to discuss
its first fiscal quarter 2012 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 888-389-5997 (domestic) or 719-457-2710 (international),
confirmation code: 4056697.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on January 19, and end at 9:00 p.m. Eastern time on January
26. The replay will be available on Skyworks’ Web site or by
calling 888-203-1112 (domestic) or 719-457-0820 (international),
pass code: 4056697.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high reliability
analog semiconductors. Leveraging core technologies, Skyworks
offers diverse standard and custom linear products supporting
automotive, broadband, cellular infrastructure, energy management,
industrial, medical, military, networking, smartphone and tablet
applications. The Company’s portfolio includes amplifiers,
attenuators, circulators, detectors, diodes, directional couplers,
front-end modules, hybrids, infrastructure RF subsystems,
isolators, lighting and display solutions, mixers/demodulators,
optocouplers, optoisolators, phase shifters,
PLLs/synthesizers/VCOs, power dividers/combiners, power management
devices, receivers, switches and technical ceramics.
Headquartered in Woburn, Mass., Skyworks is worldwide with
engineering, manufacturing, sales and service facilities throughout
Asia, Europe and North America. For more information, please visit
Skyworks’ Web site 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 (including
without limitation 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 wireless
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 in the United States
that could adversely affect 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; whether we are able to
successfully integrate Advanced Analogic Technologies’ operations;
economic, social and 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.
These forward-looking statements 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. UNAUDITED CONSOLIDATED
STATEMENT OF OPERATIONS Quarter Ended
Dec. 30, Dec. 31, (in thousands) 2011 2010 Net
revenue $ 393,740 $ 335,120 Cost of goods sold 221,890
186,582 Gross profit 171,850 148,538
Operating expenses: Research and development 46,941 38,543 Selling,
general and administrative 42,909 31,051 Amortization of
intangibles 6,312 1,602 Restructuring and other charges 720
- Total operating expenses 96,882 71,196
Operating income 74,968 77,342 Interest expense (481
) (537 ) Gain on early retirement of convertible debt 76 - Other
income (loss), net 99 (69 ) Income before
income taxes 74,662 76,736 Provision for income taxes 17,536
15,868 Net income $ 57,126 $ 60,868
Earnings per share: Basic $ 0.31 $ 0.34 Diluted $
0.30 $ 0.32 Weighted average shares: Basic 183,956 180,706 Diluted
189,682 188,541
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Quarter Ended Dec. 30, Dec. 31, (in thousands)
2011 2010 GAAP gross profit $ 171,850 $ 148,538 Share-based
compensation expense [a] 2,517 1,345 Acquisition-related expense
[b] 76 - Non-GAAP gross profit $
174,443 $ 149,883 Non-GAAP gross margin % 44.3
% 44.7 % Quarter Ended Dec. 30, Dec. 31, (in
thousands) 2011 2010 GAAP operating income $ 74,968 $ 77,342
Share-based compensation expense [a] 15,750 13,281
Acquisition-related expense [b] 7,283 445 Amortization of
intangibles 6,312 1,602 Restructuring and other charges [c] 720 -
Deferred executive compensation 143 165
Non-GAAP operating income $ 105,176 $ 92,835
Non-GAAP operating margin % 26.7 % 27.7 % Quarter Ended
Dec. 30, Dec. 31, (in thousands) 2011 2010 GAAP net
income $ 57,126 $ 60,868 Share-based compensation expense [a]
15,750 13,281 Acquisition-related expense [b] 7,283 445
Amortization of intangibles 6,312 1,602 Restructuring and other
charges [c] 720 - Deferred executive compensation 143 165 Gain on
early retirement of convertible debt [d] (76 ) -
Amortization of discount on convertible
debt [e]
351
328 Tax adjustments [f] 8,632 7,998
Non-GAAP net income $ 96,241 $ 84,687 Quarter
Ended Dec. 30, Dec. 31, 2011 2010 GAAP net income per
share, diluted $ 0.30 $ 0.32 Share-based compensation expense [a]
0.08 0.07 Acquisition-related expense [b] 0.04 - Amortization of
intangibles 0.03 0.01 Restructuring and other charges [c] 0.01 -
Tax adjustments [f] 0.05 0.05 Non-GAAP
net income per share, diluted $ 0.51 $ 0.45
SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP
FINANCIAL MEASURES
Our earnings release contains some or all of the following
financial measures which 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 net income per share (diluted). 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 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.
We provide investors with non-GAAP gross profit and gross
margin, non-GAAP operating income and operating margin and non-GAAP
net income 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,
additional means of evaluating period-over-period operating
performance and a method to facilitate certain comparisons of
operating results to peer companies. We also believe that providing
non-GAAP operating income and operating margin allows investors to
assess the extent to which ongoing operations impact our overall
financial performance. We further believe that providing non-GAAP
net income and non-GAAP net income per share (diluted) allows
investors to assess the overall financial performance of ongoing
operations by eliminating the impact of certain financing decisions
related to our convertible debt and certain tax items which may not
occur in each period for which financial information is presented
and which represent gains or losses 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.
We calculate non-GAAP gross profit by excluding from GAAP gross
profit, stock compensation expense, restructuring-related charges
and acquisition-related expenses. We calculate non-GAAP operating
income by excluding from GAAP operating income, stock compensation
expense, restructuring-related charges, acquisition-related
expenses, litigation settlement gains and losses and certain
deferred executive compensation. We calculate non-GAAP net income
and net income per share (diluted) by excluding from GAAP net
income and net income per share (diluted), stock compensation
expense, restructuring-related charges, acquisition-related
expenses, litigation settlement gains and losses, amortization of
discount on convertible debt, and certain deferred executive
compensation, as well as certain items related to the retirement of
convertible debt, 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:
Stock 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.
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 and deemed compensation expenses, because they
are not considered by management in making operating decisions and
we believe that such expenses do not have a direct correlation to
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.
Litigation Settlement Gains and Losses - including gains and
losses 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 and losses
tend to be infrequent in nature, (3) such gains and losses are
generally not directly controlled by management, (4) we believe
such gains and losses 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 can vary
significantly between companies and make comparisons difficult.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to 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.
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.
Amortization of Discount on Convertible Debt - comprised of the
amortization of the debt discount recorded at inception of the
convertible debt borrowing related to the adoption of ASC 470-20,
because the expense is dependent on fair value assessments and is
not considered by management when making operating decisions.
Gains and Losses on Retirement of Convertible Debt - because, to
the extent that gains or losses from such repurchases impact a
period presented, we do not believe that they reflect the
underlying performance of ongoing business operations for such
period.
Certain Income Tax Items - including certain deferred tax
charges and benefits which do not result in a current tax payment
or tax refund and other adjustments which are not indicative of
ongoing business operations.
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 operating
performance or ongoing business. 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.
Our earnings release contains a forward looking estimate of
non-GAAP diluted earnings per share for the second quarter of our
2012 fiscal year (“Q2 2012”). We provide this non-GAAP measure to
investors on a prospective basis for the same reasons (set forth
above) that we provide them to investors on a historical basis. We
are unable to provide a reconciliation of our forward looking
estimate of Q2 2012 non-GAAP diluted earnings per share to a
forward looking estimate of Q2 2012 GAAP diluted earnings per share
because certain information needed to make a reasonable forward
looking estimate of GAAP diluted earnings per share for Q2 2012
(other than estimated stock compensation expense of $0.09 per
diluted share, certain tax items of $0.02 per diluted share,
estimated acquisition related expense of $0.13 per diluted share
and estimated deferred executive compensation expense and
restructuring and other charges with a de minimis impact per
diluted share) is difficult to predict and estimate and is often
dependent on future events which may be uncertain or outside of our
control. Such events may include unanticipated gains and losses on
retirement of convertible debt, unanticipated one time charges
related to asset impairments (fixed assets, intangibles or
goodwill), unanticipated acquisition related costs, unanticipated
litigation settlement gains and losses and other unanticipated
non-recurring items not reflective of ongoing operations. We
believe the probable significance of these unknown items, in
aggregate, to be in the range of $0.00 to $0.10 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.
[a]
These charges represent expense recognized
in accordance with ASC 718 - Compensation, Stock Compensation.
Approximately $2.5 million, $5.6 million and $7.7 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively, for
the three months ended December 30, 2011.
For the three months ended December 31,
2010, approximately $1.4 million, $4.4 million and $7.5 million
were included in costs of goods sold, research and development
expense and selling, general and administrative expense,
respectively.
[b]
The acquisition-related expense recognized
during the three months ended December 30, 2011 includes a $0.1
million charge to cost of sales related to the sale of acquired
inventory. Also included in acquisition-related expense is $7.2
million and $0.4 million in transaction costs included in general
and administrative expense associated with acquisitions, and an
arbitration, completed or contemplated during the three months
ended December 30, 2011 and December 31, 2010, respectively.
[c]
During the fiscal year ended September 30,
2011, the Company implemented a restructuring plan to reduce
headcount associated with its acquisition of SiGe Semiconductor,
Inc. A $0.7 million charge to restructuring was recorded during the
three months ended December 30, 2011 related to this plan.
[d]
The gain recorded during the three months
ended December 30, 2011 relates to the early retirement of $9.4
million of the Company's 1.50% convertible subordinated notes due
on March 1, 2012.
[e]
These charges represent the amortization
expense recognized in accordance with ASC 470-20. Approximately,
$0.4 million and $0.3 million of amortization expense was
recognized during the three months ended December 30, 2011 and
December 31, 2010, respectively.
[f]
During the three months ended December 30,
2011, these amounts primarily represent the utilization of research
and development tax credit carryforwards and non-cash expense
related to uncertain tax positions.
During the three months ended December 31,
2010, these amounts primarily represent the utilization of research
and development credit carryforwards and deferred tax expenses not
affecting current taxes payable.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET Dec. 30, Sept.
30, (in thousands) 2011 2011
Assets Current assets: Cash and
cash equivalents $ 446,498 $ 410,799 Accounts receivable, net
199,010 177,940 Inventory 177,520 198,183 Other current assets
33,314 29,412 Property, plant and equipment, net 240,401 251,365
Goodwill and intangible assets, net 744,223 749,849 Other assets
73,667 72,841 Total assets $ 1,914,633 $ 1,890,389
Liabilities and Equity Current liabilities:
Short-term debt $ 17,123 $ 26,089 Accounts payable 96,030 115,290
Accrued and other current liabilities 99,349 105,717 Other
long-term liabilities 38,466 34,198 Stockholders' equity
1,663,665 1,609,095 Total liabilities and equity $ 1,914,633
$ 1,890,389
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