- Delivers Record Third Quarter Revenue of $1.116 Billion, up 52%
Y-o-Y
- Posts GAAP Diluted EPS of $2.02, up 162% Y-o-Y; Non-GAAP
Diluted EPS of $2.15, up 72% Y-o-Y
- Guides to Strong Y-o-Y Revenue and Earnings Growth in Q4
FY21
- Increases Quarterly Dividend by 12% to $0.56 Per Share
Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of
high-performance analog semiconductors connecting people, places
and things, today reported third fiscal quarter results for the
period ended July 2, 2021.
Revenue for the third fiscal quarter of 2021 was $1.116 billion,
up 52% year over year and exceeding consensus estimates. On a GAAP
basis, operating income for the third fiscal quarter was $339.8
million with diluted earnings per share of $2.02. On a non-GAAP
basis, operating income was $403.4 million with non-GAAP diluted
earnings per share of $2.15.
“Skyworks delivered record third quarter results, with strong
year-over-year growth in both revenue and earnings per share,” said
Liam K. Griffin, chairman, CEO and president of Skyworks. “Looking
ahead, we expect continued momentum as we execute on strong design
wins with our mobile and broad markets customers.
“An expanding array of usage cases – from mobile to automotive,
cloud computing and intelligent energy management – is accelerating
the adoption of 5G across numerous end markets. Our decades-long
experience and deep customer relationships, combined with the
strength and scale of our internal fabrication capabilities,
position Skyworks to enable a broad set of applications and
opportunities. Further, the recent addition of the Infrastructure
and Automotive business of Silicon Labs immediately adds unique
technologies as we expand our addressable markets and lead across a
wide range of diversified and differentiated solutions.”
Third Fiscal Quarter Business Highlights
- Expanded the reach of our Sky5® portfolio, powering upcoming
smartphone launches at Tier-1 OEMs including Google, Oppo, Vivo and
Xiaomi, among others
- Delivered Wi-Fi front-end modules to Facebook for their
next-generation Portal devices
- Partnered with Linksys to debut the market’s first Wi-Fi 6E
mesh network system
- Ramped Wi-Fi 6 and 6E platforms at Altice, Charter
Communications and Aruba Networks
- Launched connected home and security solutions at
Honeywell
- Shipped cognitive audio platforms to Samsung and Vizio for
their home theater systems
- Captured design wins at Peloton supporting home fitness
applications
- Leveraged our wireless infrastructure and small cell portfolio
for European and Asian OEMs
- Enabled advanced telematics systems for the world’s leading
automakers
Fourth Fiscal Quarter 2021 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.
“Based on continued robust demand for connectivity solutions in
mobile and broad markets and the inclusion of a partial quarter of
revenue from the recently completed acquisition of the
Infrastructure and Automotive business from Silicon Labs, we expect
further strong year-over-year growth in the September quarter,”
said Kris Sennesael, senior vice president and chief financial
officer of Skyworks.
“Specifically, in the fourth fiscal quarter of 2021, we
anticipate revenue to be between $1.270 billion and $1.330 billion
with non-GAAP diluted earnings per share of $2.53 at the midpoint
of our revenue range, representing revenue growth of 36% and
non-GAAP diluted earnings per share growth of 37%, compared to the
fourth fiscal quarter of 2020. In addition, given our conviction in
Skyworks’ strategic outlook and predictable strong cash generation,
we are announcing another substantial increase to our quarterly
dividend.”
Dividend Increase and Payment
Skyworks’ board of directors has declared a cash dividend of
$0.56 per share of the Company’s common stock, representing a 12%
increase from the prior quarterly dividend of $0.50 per share. The
dividend is payable on Sept. 7, 2021, to stockholders of record at
the close of business on Aug. 17, 2021.
Skyworks’ Third Quarter 2021 Conference Call
Skyworks will host a conference call with analysts to discuss
its third quarter fiscal 2021 results and business outlook today at
4:30 p.m. EDT. 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 (844)
583-4549 (domestic) or (825) 312-2257 (international), Conference
ID: 9437167.
Playback of the conference call will begin at 9 p.m. EDT on July
29, 2021, and end at 9 p.m. EDT on Aug. 5, 2021. The replay will be
available on Skyworks’ website or by calling (800) 585-8367
(domestic) or (416) 621-4642 (international), Conference ID:
9437167.
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 aerospace,
automotive, broadband, cellular infrastructure, connected home,
entertainment and gaming, 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, as well as plans for
dividend payments, debt repayment and share repurchases).
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 effects on our business operations of
the global COVID-19 pandemic, including the spread of more
contagious variants of the virus that causes COVID-19, as well as
of the measures taken to limit COVID-19’s spread, including reduced
shift staffing in certain of our manufacturing facilities, as well
as potential other disruptions to our business, including but not
limited to the suspension or restriction of operations at our
facilities and third-party supply chain disruptions, that could
result from social distancing measures, employee quarantines,
restricting certain employees from working or additional actions
that may be taken by us, our suppliers and partners or governmental
authorities in the jurisdictions in which we operate in an effort
to contain the COVID-19 pandemic; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers’, products to economic downturns, including as a result
of the COVID-19 pandemic; our reliance on a small number of key
customers for a large percentage of our sales; delays in the
deployment of commercial 5G networks or in consumer adoption of
5G-enabled devices; risks related to the transaction with Silicon
Laboratories Inc. (“Silicon Labs”), including the ability to
successfully integrate the assets acquired and employees
transferred, and the risk that we may not realize the anticipated
benefits from the transaction; the risks of doing business
internationally, including increased import/export restrictions and
controls (e.g., our ability to sell products to Huawei Technologies
Co., Ltd. and certain of its affiliates, as well as other specified
entities, only pursuant to a limited export license from the U.S.
Department of Commerce), imposition of trade protection measures
(e.g., tariffs or taxes), security and health risks, possible
disruptions in transportation networks, fluctuations in foreign
currency exchange rates, and other economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate; 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; 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; our products’ ability to perform
under stringent operating conditions; the availability and pricing
of third-party semiconductor foundry, assembly and test capacity,
raw materials and supplier components; reduced flexibility in
operating our business as a result of the indebtedness incurred in
connection with the transaction with Silicon Labs; 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
Nine Months Ended
(in millions, except per share
amounts)
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
Net revenue
$
1,116.4
$
736.8
$
3,798.2
$
2,398.9
Cost of goods sold
557.8
402.7
1,899.5
1,244.9
Gross profit
558.6
334.1
1,898.7
1,154.0
Operating expenses:
Research and development
130.8
117.0
383.1
337.9
Selling, general, and administrative
85.1
55.0
222.0
169.1
Amortization of intangibles
2.4
2.8
7.9
9.0
Restructuring, impairment, and other
charges
0.5
11.8
0.5
13.8
Total operating expenses
218.8
186.6
613.5
529.8
Operating income
339.8
147.5
1,285.2
624.2
Interest expense
(2.6
)
—
(2.6
)
—
Other income (expense), net
(1.0
)
(3.5
)
(0.1
)
1.4
Income before income taxes
336.2
144.0
1,282.5
625.6
Provision (benefit) for income taxes
(1.6
)
14.3
110.5
57.7
Net income
$
337.8
$
129.7
$
1,172.0
$
567.9
Earnings per share:
Basic
$
2.05
$
0.78
$
7.10
$
3.36
Diluted
$
2.02
$
0.77
$
7.02
$
3.33
Weighted average shares:
Basic
165.1
167.0
165.2
169.1
Diluted
167.0
168.3
166.9
170.3
SKYWORKS SOLUTIONS,
INC.
UNAUDITED RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES
Three Months Ended
Nine Months Ended
(in millions)
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
GAAP gross profit
$
558.6
$
334.1
$
1,898.7
$
1,154.0
Share-based compensation expense [a]
4.9
4.7
24.0
16.1
Amortization of acquisition-related
intangibles
1.3
7.6
8.0
19.4
Settlements, gains, losses, and
impairments
—
22.8
—
13.0
Non-GAAP gross profit
$
564.8
$
369.2
$
1,930.7
$
1,202.5
GAAP gross margin %
50.0
%
45.3
%
50.0
%
48.1
%
Non-GAAP gross margin %
50.6
%
50.1
%
50.8
%
50.1
%
Three Months Ended
Nine Months Ended
(in millions)
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
GAAP operating income
$
339.8
$
147.5
$
1,285.2
$
624.2
Share-based compensation expense [a]
43.4
37.8
144.3
111.6
Acquisition-related expenses
14.9
—
16.7
1.2
Amortization of acquisition-related
intangibles
3.7
10.3
15.9
28.4
Settlements, gains, losses, and
impairments
1.1
34.7
2.9
27.0
Restructuring and other charges
0.5
—
0.5
2.0
Non-GAAP operating income
$
403.4
$
230.3
$
1,465.5
$
794.4
GAAP operating margin %
30.4
%
20.0
%
33.8
%
26.0
%
Non-GAAP operating margin %
36.1
%
31.3
%
38.6
%
33.1
%
Three Months Ended
Nine Months Ended
(in millions)
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
GAAP net income
$
337.8
$
129.7
$
1,172.0
$
567.9
Share-based compensation expense [a]
43.4
37.8
144.3
111.6
Acquisition-related expenses
14.9
—
16.7
1.2
Amortization of acquisition-related
intangibles
3.7
10.3
15.9
28.4
Settlements, gains, losses, and
impairments
1.6
35.8
4.4
29.1
Restructuring and other charges
0.5
—
0.5
2.0
Tax adjustments
(43.3
)
(2.8
)
(39.5
)
(11.1
)
Non-GAAP net income
$
358.6
$
210.8
$
1,314.3
$
729.1
Three Months Ended
Nine Months Ended
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
GAAP net income per share, diluted
$
2.02
$
0.77
$
7.02
$
3.33
Share-based compensation expense [a]
0.26
0.22
0.86
0.66
Acquisition-related expenses
0.09
—
0.10
0.01
Amortization of acquisition-related
intangibles
0.02
0.06
0.10
0.17
Settlements, gains, losses, and
impairments
0.01
0.21
0.03
0.17
Restructuring and other charges
—
0.01
—
0.01
Tax adjustments
(0.25
)
(0.02
)
(0.24
)
(0.07
)
Non-GAAP net income per share, diluted
$
2.15
$
1.25
$
7.87
$
4.28
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
acquisition-related intangibles, settlements, gains, losses, and
impairments, restructuring-related charges, 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, acquisition-related
expenses, amortization of acquisition-related intangibles, and
settlements, gains, losses, and impairments. We calculate non-GAAP
operating income by excluding from GAAP operating income,
share-based compensation expense, acquisition-related expenses,
amortization of acquisition-related intangibles, settlements,
gains, losses, and impairments, and restructuring-related charges.
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 acquisition-related intangibles, settlements,
gains, losses, and impairments, restructuring-related charges, 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, and
acquisition-related 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 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 or reversals are incurred.
Restructuring-Related Charges - because these charges have no
direct correlation to our future business operations and including
such charges or reversals does not necessarily reflect the
performance of our ongoing operations for the period in which such
charges or reversals are incurred.
Settlements, Gains, Losses, and Impairments - because such
settlements, gains, losses, and impairments (1) are not considered
by management in making operating decisions, (2) are infrequent in
nature, (3) are generally not directly controlled by management,
(4) do not necessarily reflect the performance of our ongoing
operations for the period in which such charges are recognized,
and/or (5) can vary significantly in amount 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 as a result of different
companies potentially calculating 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 fourth quarter of our
2021 fiscal year (“Q4 2021”). 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 Q4 2021 GAAP diluted earnings per share to a
forward-looking estimate of Q4 2021 non-GAAP diluted earnings per
share because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q4
2021 (other than estimated share-based compensation expense of
$0.25 to $0.35 per diluted share, estimated amortization of
intangibles of $0.50 to $0.75 per diluted share and certain tax
items of -$0.15 to $0.05 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 settlements, gains,
losses, and impairments, 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 $0.15 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] The following table summarizes the expense recognized in
accordance with ASC 718 - Compensation, Stock Compensation (in
millions):
Three Months Ended
Nine Months Ended
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
Cost of goods sold
$
4.9
$
4.7
$
24.0
$
16.1
Research and development
17.9
17.0
62.2
49.0
Selling, general, and administrative
20.6
16.1
58.1
46.5
Total share-based compensation
$
43.4
$
37.8
$
144.3
$
111.6
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions)
July 2, 2021
October 2, 2020
Assets
Cash, cash equivalents, and marketable
securities
$
2,978.1
$
980.0
Accounts receivable, net
570.5
393.6
Inventory
808.7
806.0
Property, plant, and equipment, net
1,452.2
1,249.5
Goodwill and intangible assets, net
1,224.5
1,243.3
Other assets
452.2
434.3
Total assets
$
7,486.2
$
5,106.7
Liabilities and Equity
Accounts payable
$
319.5
$
226.9
Accrued and other liabilities
676.8
715.6
Long-term debt
1,487.1
—
Stockholders’ equity
5,002.8
4,164.2
Total liabilities and equity
$
7,486.2
$
5,106.7
SKYWORKS SOLUTIONS,
INC.
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Nine Months Ended
(in millions)
July 2, 2021
June 26, 2020
July 2, 2021
June 26, 2020
Cash flow from operating
activities
Net income
$
337.8
$
129.7
$
1,172.0
$
567.9
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation
43.4
37.8
144.3
111.6
Depreciation
84.7
77.9
242.9
238.2
Amortization of intangible assets
6.3
12.7
23.8
35.4
Deferred income taxes
1.0
(2.9
)
(2.6
)
(1.8
)
Asset impairment charges
—
11.8
—
11.8
Other, net
0.2
0.7
0.2
2.8
Changes in assets and liabilities:
Receivables, net
(71.5
)
21.5
(176.9
)
119.2
Inventory
(67.6
)
(46.4
)
(5.9
)
(83.5
)
Accounts payable
18.0
25.9
21.8
12.7
Other current and long-term assets and
liabilities
(79.4
)
(10.0
)
(45.9
)
(76.8
)
Net cash provided by operating
activities
272.9
258.7
1,373.7
937.5
Cash flow from investing
activities
Capital expenditures
(115.0
)
(71.6
)
(374.8
)
(243.5
)
Purchased intangibles
(1.5
)
(7.4
)
(7.4
)
(7.6
)
Purchases of marketable securities
(100.3
)
(261.1
)
(408.4
)
(439.9
)
Sales and maturities of marketable
securities
330.6
85.6
689.6
300.0
Net cash provided by (used in)
investing activities
113.8
(254.5
)
(101.0
)
(391.0
)
Cash flow from financing
activities
Repurchase of common stock — payroll tax
withholdings on equity awards
(2.2
)
(2.2
)
(53.6
)
(30.9
)
Repurchase of common stock — stock
repurchase program
—
(58.5
)
(195.6
)
(416.5
)
Dividends paid
(82.5
)
(73.5
)
(248.1
)
(223.5
)
Net proceeds from exercise of stock
options
0.7
8.9
7.8
52.2
Proceeds from employee stock purchase
plan
—
—
12.7
12.2
Proceeds from issuance of long-term debt,
net
1,489.7
—
1,489.7
—
Debt financing costs
(7.3
)
—
(7.3
)
—
Net cash provided by (used in)
financing activities
1,398.4
(125.3
)
1,005.6
(606.5
)
Net increase (decrease) in cash and cash
equivalents
1,785.1
(121.1
)
2,278.3
(60.0
)
Cash and cash equivalents at beginning of
period
1,059.9
912.4
566.7
851.3
Cash and cash equivalents at end of
period
$
2,845.0
$
791.3
$
2,845.0
$
791.3
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