- Delivers Revenue of $913.4 Million, up
7% Y-o-Y
- GAAP Operating Margin 31.7%; Non-GAAP
Operating Margin 36.3%
- GAAP Diluted EPS $1.50, up 25% Y-o-Y;
Non-GAAP Diluted EPS $1.64, up 13% Y-o-Y
- Generates $434.2 Million in Cash Flow
from Operations
Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and
things, today reported second fiscal quarter results for the period
ending March 30, 2018. Revenue for the second fiscal quarter was
$913.4 million, up 7 percent year-over-year and exceeding consensus
estimates.
On a GAAP basis, operating income for the second fiscal quarter
of 2018 was $289.4 million with diluted earnings per share of
$1.50, up 25 percent year-over-year. On a non-GAAP basis, operating
income was $331.1 million with non-GAAP diluted earnings per share
of $1.64, up 13 percent year-over-year and $0.04 better than
consensus estimates.
“Skyworks delivered record top and bottom line results for the
March quarter driven by global demand for our high performance
connectivity engines,” said Liam K. Griffin, president and chief
executive officer of Skyworks. “We demonstrated continued strength
in our financial fundamentals as improvements in profitability
directly translated into cash flow growth. At the same time, our
solutions are enabling an expanding and diversified set of end
markets spanning the Internet of Things, automotive, home security
and factory automation. With the launch of Sky5™, Skyworks is well
positioned to capitalize on the transformational applications ahead
─ powering 5G networks and facilitating instantaneous, reliable and
secure wireless connectivity.”
Second Fiscal Quarter Business Highlights
- Launched innovative Sky5™ platform
enabling 5G communications
- Leveraged connectivity solutions at
world’s largest automotive manufacturer
- Supported Honeywell’s LTE handheld
enterprise hubs
- Ramped Wi-Fi, Zigbee® and Thread
products for Nest’s new video doorbells
- Captured strategic wins with leading
mobile customers leveraging SkyOne®, SkyBlue™, DRx modules and
precision antenna tuners
- Expanded design wins at Belkin for
high-speed mesh networks
- Powered connected home and virtual
assistant systems at Amazon, AT&T/DIRECTV, Bosch, GE, Google,
Netgear and Sonos
- Enabled Garmin’s Forerunner® advanced
fitness smartwatches
- Commenced volume production of SkyOne®
Ultra across high performance computing markets
- Deployed Massive MIMO solutions for
India’s largest network carrier
- Partnered with premier European network
infrastructure supplier for small cell deployments supporting
AT&T, T-Mobile, Verizon and Vodafone
Third Fiscal Quarter 2018 Outlook
We provide earnings guidance on a non-GAAP basis because certain
information necessary to reconcile such guidance to GAAP is
difficult to estimate and dependent on future events outside of our
control. Please refer to the attached Discussion Regarding the Use
of Non-GAAP Financial Measures in this press release for a further
discussion of our use of non-GAAP measures, including
quantification of known expected adjustment items.
“Strong growth in our broad market portfolio is mitigating the
near term softness at leading smartphone customers and the trade
restrictions imposed by the U.S. government on a Chinese OEM,” said
Kris Sennesael, senior vice president and chief financial officer
of Skyworks. “Specifically, for the third fiscal quarter we expect
revenue in the range of $875 to $900 million, with non-GAAP diluted
earnings per share of $1.59. Further, based on new program ramps
heading into the second half of the calendar year, we anticipate a
resumption of sequential revenue growth in the September quarter
with sustained momentum into the December period.”
Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of
$0.32 per share of the Company’s common stock, payable on June 12,
2018, to stockholders of record at the close of business on May 22,
2018.
Skyworks’ Second Fiscal Quarter 2018 Conference Call
Skyworks will host a conference call with analysts to discuss
its second fiscal quarter 2018 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’
website. To listen to the conference call via telephone, please
call (800) 230-1059 (domestic) or (612) 234-9959 (international),
confirmation code: 446921.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on May 3, and end at 9:00 p.m. Eastern time on May 10. The
replay will be available on Skyworks’ website or by calling (800)
475-6701 (domestic) or (320) 365-3844 (international), access code:
446921.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places and things spanning a number of new and
previously unimagined applications within the automotive,
broadband, cellular infrastructure, connected home, industrial,
medical, military, smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). 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, plans for dividend payments, the use of its stock
repurchase program, and cash return rate to shareholders).
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: the susceptibility of the semiconductor
industry and the markets addressed by our, and our customers’,
products to economic downturns; our reliance on several key
customers for a large percentage of our sales; the volatility of
our stock price; declining selling prices, decreased gross margins,
and loss of market share as a result of increased competition; our
ability to obtain design wins from customers; economic, social,
military and geo-political conditions in the countries in which we,
our customers or our suppliers operate, including security and
health risks, imposition of trade protection measures (e.g.,
tariffs or taxes), increased import/export restrictions and
controls, and possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; changes in laws,
regulations and/or policies that could adversely affect our
operations and financial results, the economy and our customers’
demand for our products, or the financial markets and our ability
to raise capital; fluctuations in our manufacturing yields due to
our complex and specialized manufacturing processes; our ability to
develop, manufacture and market innovative products, avoid product
obsolescence, reduce costs in a timely manner, transition our
products to smaller geometry process technologies, and achieve
higher levels of design integration; the quality of our products
and any defect remediation costs; the availability and pricing of
third-party semiconductor foundry, assembly and test capacity, raw
materials and supplier components; 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; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; our ability to prevent theft
of our intellectual property, disclosure of confidential
information, or breaches of our information technology systems;
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
continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties; our ability to make
certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; and 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 the Skyworks symbol are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and other countries. Third-party
brands and names are for identification purposes only, and are the
property of their respective owners.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS Three Months Ended
Six Months Ended March 30, March 31, March 30,
March 31, (in millions, except per share amounts) 2018 2017 2018
2017 Net revenue $ 913.4 $ 851.7 $ 1,965.3 $ 1,766.0 Cost of goods
sold 454.7 426.3 969.8 876.7
Gross profit 458.7 425.4 995.5 889.3 Operating expenses: Research
and development 106.7 89.4 204.7 171.4 Selling, general and
administrative 57.5 47.8 108.8 98.7 Amortization of
acquisition-related intangibles 4.1 7.0 8.1 15.5 Restructuring and
other charges 1.0 — 1.0 0.6
Total operating expenses 169.3 144.2 322.6 286.2 Operating income
289.4 281.2 672.9 603.1 Other income (expense), net 2.9
0.2 5.0 (0.6 ) Income before income taxes
292.3 281.4 677.9 602.5 Provision for income taxes 16.3
56.5 331.5 119.8 Net income $ 276.0 $
224.9 $ 346.4 $ 482.7 Earnings per share: Basic $
1.51 $ 1.22 $ 1.89 $ 2.61 Diluted $ 1.50 $ 1.20 $ 1.87 $
2.58 Weighted average shares: Basic 182.5
184.8 182.8 184.8 Diluted 184.3
187.1 184.9 187.2
SKYWORKS
SOLUTIONS, INC. UNAUDITED RECONCILIATIONS OF NON-GAAP
FINANCIAL MEASURES Three Months Ended Six
Months Ended March 30, March 31, March 30, March 31,
(in millions) 2018 2017 2018 2017 GAAP gross profit $ 458.7 $ 425.4
$ 995.5 $ 889.3 Share-based compensation expense [a] 4.2
3.4 8.3 7.2
Non-GAAP gross profit $ 462.9 $ 428.8 $ 1,003.8
$ 896.5 GAAP gross margin % 50.2 % 49.9 % 50.7 % 50.4
% Non-GAAP gross margin % 50.7 % 50.4 % 51.1 % 50.8 % Three
Months Ended Six Months Ended March 30, March 31, March 30, March
31, (in millions) 2018 2017 2018 2017 GAAP operating income $ 289.4
$ 281.2 $ 672.9 $ 603.1 Share-based compensation expense [a] 41.0
22.1 66.8 43.7 Acquisition-related expenses [b] (2.7 ) 2.2 (2.0 )
3.9 Amortization of acquisition-related intangibles [c] 4.1 7.0 8.1
15.5 Restructuring and other charges [d] (0.7 ) —
(0.7 ) 0.6 Non-GAAP operating income $
331.1 $ 312.5 $ 745.1 $ 666.8 GAAP
operating margin % 31.7 % 33.0 % 34.2 % 34.2 % Non-GAAP operating
margin % 36.3 % 36.7 % 37.9 % 37.8 % Three Months Ended Six
Months Ended March 30, March 31, March 30, March 31, (in millions)
2018 2017 2018 2017 GAAP net income $ 276.0 $ 224.9 $ 346.4 $ 482.7
Share-based compensation expense [a] 41.0 22.1 66.8 43.7
Acquisition-related expenses [b] (2.7 ) 2.2 (2.0 ) 3.9 Amortization
of acquisition-related intangibles [c] 4.1 7.0 8.1 15.5
Restructuring and other charges [d] (0.7 ) — (0.7 ) 0.6 Tax
adjustments [e] (15.4 ) 15.8 255.2
27.2 Non-GAAP net income $ 302.3 $
272.0 $ 673.8 $ 573.6 Three Months
Ended Six Months Ended March 30, March 31, March 30, March 31, 2018
2017 2018 2017 GAAP net income per share, diluted $ 1.50 $ 1.20 $
1.87 $ 2.58 Share-based compensation expense [a] 0.22 0.12 0.36
0.23 Acquisition-related expenses [b] (0.02 ) 0.01 (0.01 ) 0.02
Amortization of acquisition-related intangibles [c] 0.02 0.04 0.04
0.08 Tax adjustments [e] (0.08 ) 0.08
1.38 0.15 Non-GAAP net income per share,
diluted $ 1.64 $ 1.45 $ 3.64 $ 3.06
SKYWORKS SOLUTIONS, INC.DISCUSSION
REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
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
Reconciliations 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 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 forecasts.
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, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, 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.
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, amortization of intangibles,
restructuring-related charges, and litigation settlement gains,
losses and expenses. 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, amortization of intangibles,
restructuring-related charges, litigation settlement gains, losses
and expenses, and certain tax items. 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:
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.
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 necessarily
reflect the performance of our ongoing operations for the period in
which such charges are incurred.
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.
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 litigation has been 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.
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.
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.
Our earnings release contains forward-looking estimates of
non-GAAP diluted earnings per share for the third quarter of our
2018 fiscal year (“Q3 2018”). 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 Q3 2018 GAAP diluted earnings per share to a
forward-looking estimate of Q3 2018 non-GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q3
2018 (other than estimated share-based compensation expense of
$0.12 to $0.20 per diluted share, certain tax items of $(0.05) to
$0.05 per diluted share and estimated amortization of intangibles
of $0.01 to $0.03 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. The probable
significance of these unknown items, in the aggregate, is estimated
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.
[a] These charges represent expense recognized in
accordance with ASC 718 - Compensation, Stock Compensation. For the
three months ended March 30, 2018, approximately $4.2 million,
$14.5 million and $22.3 million were included in cost of goods
sold, research and development expense and selling, general and
administrative expense, respectively. For the six months ended
March 30, 2018, approximately $8.3 million, $25.7 million and $32.8
million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively. For the three months ended March 31,
2017, approximately $3.4 million, $8.5 million and $10.2 million
were included in cost of goods sold, research and development
expense and selling, general and administrative expense,
respectively. For the six months ended March 31, 2017,
approximately $7.2 million, $16.8 million and $19.7 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively.
[b] The acquisition-related expenses recognized during the
three months and six months ended March 30, 2018, include a $2.8
million credit for fair value adjustments to contingent
considerations partially offset by a $0.1 million and a $0.8
million charge, respectively, to general and administrative
expenses, primarily associated with acquisitions completed or
contemplated during the period. The acquisition-related
expenses recognized during the three months and six months ended
March 31, 2017, include a $2.2 million and a $3.9 million charge,
respectively, to general and administrative expenses, primarily
associated with acquisitions completed or contemplated during the
period. [c] During the three months and six months ended
March 30, 2018, the Company incurred $4.1 million and $8.1 million,
respectively, in amortization of acquisition-related intangibles.
During the three months and six months ended March 31, 2017,
the Company incurred $7.0 million and $15.5 million, respectively,
in amortization of acquisition-related intangibles. [d]
During the three months and six months ended March 30, 2018, the
Company recognized a $1.0 million charge to revise an estimate
related to a leased facility included in a previously announced
restructuring plan offset by a $1.7 million benefit for a change in
the estimated expense related to an executive agreement.
During the six months ended March 31,
2017, the Company incurred a $0.6 million charge in employee
severance costs primarily related to restructuring plans that were
implemented during the period.
[e] During the three months and six months ended March 30,
2018, these amounts generally represent use of net operating loss
and research and development tax credit carryforwards, deferred tax
expense not affecting taxes payable, non-cash expense (benefit)
related to uncertain tax positions and a one-time benefit of $16.9
million and one-time charge of $240.9 million related to the
mandatory deemed repatriation tax on foreign earnings,
respectively. Included in these amounts for the six months ended
March 30, 2018, is a one-time charge of $18.5 million related to
the revaluation of deferred tax assets and liabilities related to
tax reform. During the three months and six months ended
March 31, 2017, 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 share-based compensation expense in excess of GAAP
share-based compensation expense, the release of previously
reserved items that are no longer required as a result of IRS
audits, and non-cash expense (benefit) related to uncertain tax
positions.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 30, September 29, (in millions) 2018
2017
Assets Current assets: Cash and cash equivalents $
1,881.3 $ 1,616.8 Accounts receivable, net 367.2 454.7 Inventory
466.4 493.5 Other current assets 96.0 68.7 Property, plant and
equipment, net 907.1 882.3 Goodwill and intangible assets, net
945.7 950.8 Other assets 81.4 106.8 Total assets $
4,745.1 $ 4,573.6
Liabilities and Equity Current
liabilities: Accounts payable $ 198.4 $ 258.4 Accrued and other
current liabilities 120.1 129.5 Other long-term liabilities 356.4
120.0 Stockholders’ equity 4,070.2 4,065.7 Total
liabilities and equity $ 4,745.1 $ 4,573.6
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS Three Months Ended
Six Months Ended March 30, March 31, March 30,
March 31, (in millions) 2018 2017 2018 2017
Cash flow from
operating activities Net income $ 276.0 $ 224.9 $ 346.4 $ 482.7
Adjustments to reconcile net income to net cash provided by
operating activities: Share-based compensation 41.0 22.1 66.8 43.7
Depreciation 66.0 55.9 129.6 111.2 Amortization of intangible
assets 5.6 7.0 11.1 15.5 Deferred income taxes 4.2 (0.3 ) 25.6 0.9
Excess tax benefit from share-based compensation — (6.7 ) — (28.2 )
Changes in operating assets: Receivables, net 91.6 (0.5 ) 87.5 48.8
Inventory (8.2 ) (21.9 ) 26.3 (21.3 ) Other current and long-term
assets (6.5 ) (30.4 ) (27.1 ) (18.1 ) Accounts payable 23.2 2.3
(82.2 ) 53.2 Other current and long-term liabilities (58.7 )
(23.7 ) 211.0 36.2
Net cash
provided by operations 434.2 228.7
795.0 724.6
Cash flow from investing
activities Capital expenditures (90.3 ) (54.9 ) (118.5 ) (105.0
) Payments for acquisitions, net of cash acquired — — — (13.7 )
Purchased intangibles — — (6.0 ) — Maturity of investments —
— — 3.2
Net
cash used in investing activities (90.3 ) (54.9 )
(124.5 ) (115.5 )
Cash flow from financing
activities Excess tax benefit from share-based compensation —
6.7 — 28.2 Repurchase of common stock — payroll tax withholdings on
equity awards (1.8 ) (0.2 ) (46.5 ) (44.6 ) Repurchase of common
stock — stock repurchase program (111.7 ) (95.2 ) (284.2 ) (201.7 )
Dividends paid (58.4 ) (51.9 ) (117.5 ) (104.1 ) Net proceeds from
exercise of stock options 17.9 17.2 32.3 31.9 Contribution of
common shares to employee savings plan 9.9 7.2 9.9 7.2 Payments of
contingent consideration — (1.2 ) —
(2.9 )
Net cash used in financing activities
(144.1 ) (117.4 ) (406.0 ) (286.0 ) Net
increase in cash and cash equivalents 199.8 56.4 264.5 323.1 Cash
and cash equivalents at beginning of period 1,681.5
1,350.5 1,616.8 1,083.8
Cash and cash equivalents at end of period $ 1,881.3 $
1,406.9 $ 1,881.3 $ 1,406.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180503006664/en/
Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061orInvestor Relations:Mitch Haws(949)
231-3223
Skyworks Solutions (NASDAQ:SWKS)
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