Synaptics Incorporated (Nasdaq: SYNA), today reported financial
results for its third quarter of fiscal 2023 ended March 25, 2023.
Net revenue for the third quarter of fiscal 2023 was $326.6
million. GAAP net income for the third quarter of fiscal 2023 was
$10.4 million, or $0.26 per diluted share. Non-GAAP net income for
the third quarter of fiscal 2023 was $75.3 million, or $1.89 per
diluted share.
“In a challenging and deteriorating economic environment,
Synaptics delivered third quarter results better than our
expectations. Our design activity continues to increase with a keen
focus on our core wireless, automotive, and video conversion
product families which we expect to drive growth. We have
positioned the company for the long-term and are confident in our
market opportunities and the return to baseline business levels
once we get past this inventory correction,” said Michael Hurlston,
Synaptics’ President and CEO.
Business OutlookDean Butler, Chief Financial
Officer of Synaptics, added, “Customer forecasts are being
moderated in response to the current economic slowdown. At the same
time, inventories are being worked down across the entire supply
chain. As a result, we expect our June quarter revenue to decline
sequentially, and we have begun to implement spending controls.
Synaptics continues to generate strong cash flows and is increasing
the size of its share repurchase program as we look to growth
beyond this near-term headwind.”
For the fourth quarter of fiscal year 2023, the company
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$210M to $240M |
N/A |
N/A |
Gross Margin* |
44.0 percent to 47.0 percent |
$26M |
56.0 percent to 58.0 percent |
Operating Expense** |
$138M to $143M |
$40M to $41M |
$98M to $102M |
*Projected Non-GAAP gross margin excludes $25.0 million of
intangible asset amortization and $1.0 million of share-based
compensation.
**Projected Non-GAAP operating expense excludes $31.0 million to
$32.0 million of share-based compensation, and $9.0 million of
intangible asset amortization.
Earnings Call and Supplementary Materials The
Synaptics third quarter 2023 teleconference and webcast is
scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Wednesday,
May 3, 2023, during which the company will provide forward-looking
information, and may discuss or disclose material business,
financial, or other information beyond what is provided here.
Speakers:
- Michael Hurlston, President and Chief Executive Officer
- Dean Butler, Chief Financial Officer
To participate on the live call, analysts and investors should
pre-register at Synaptics Q3 FY2023 Earnings Call
Registration.(https://register.vevent.com/register/BI0c52a5a0131744a3b66067fb8f009deb).
Supplementary slides, a copy of the prepared remarks, and a live
and archived webcast of the conference call will be accessible from
the “Investor Relations” section of the company’s Website at
https://investor.synaptics.com/.
Share Repurchase Program
Synaptics also announced today that its board of directors has
authorized a $500 million increase in the company’s existing share
repurchase program, which expires in July 2025. The company has now
cumulatively authorized the repurchase of up to $2.3 billion of
common stock, of which approximately $977 million remains available
for repurchase. Purchases may be made in the open market or in
privately negotiated transactions, depending upon market conditions
and other factors. The number of shares purchased, and the timing
of purchases, are based on the level of Synaptics’ cash balances,
general business and market conditions, and other factors. Common
stock purchased under this program is held as treasury stock.
About Synaptics Incorporated: Synaptics
(Nasdaq: SYNA) is changing the way humans engage with connected
devices and data, engineering exceptional experiences throughout
the home, at work, in the car and on the go. Synaptics is the
partner of choice for the world’s most innovative intelligent
system providers who are integrating multiple experiential
technologies into platforms that make our digital lives more
productive, insightful, secure and enjoyable. These customers are
combining Synaptics’ differentiated technologies in touch, display
and biometrics with a new generation of advanced connectivity and
AI-enhanced video, vision, audio, speech and security processing.
Follow Synaptics on LinkedIn, Twitter and Facebook, or visit
synaptics.com.
Use of Non-GAAP Financial Information In
evaluating its business, Synaptics considers and uses Non-GAAP Net
Income, which we define as net income excluding share-based
compensation, acquisition related costs, and certain other non-cash
or recurring and non-recurring items the company does not believe
are indicative of its core operating performance as a supplemental
measure of operating performance. Non-GAAP Net Income is not a
measurement of the company’s financial performance under GAAP and
should not be considered as an alternative to GAAP net income. The
company presents Non-GAAP Net Income because it considers it an
important supplemental measure of its performance since it
facilitates operating performance comparisons from period to period
by eliminating potential differences in net income caused by the
existence and timing of share-based compensation charges,
acquisition related costs, and certain other non-cash or recurring
and non-recurring items. Non-GAAP Net Income has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for the company’s GAAP net income. The principal
limitations of this measure are that it does not reflect the
company’s actual expenses and may thus have the effect of inflating
its net income and net income per share as compared to its
operating results reported under GAAP. In addition, the company
presents components of Non-GAAP Net Income, such as Non-GAAP Gross
Margin, Non-GAAP operating expenses and Non-GAAP operating margin,
for similar reasons.
As presented in the “Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures” tables that follow, Non-GAAP Net
Income and each of the other Non-GAAP financial measures excludes
one or more of the following items:
Acquisition related costs Acquisition related costs primarily
consist of:
- amortization of purchased intangibles, which includes acquired
intangibles such as developed technology, customer relationships,
trademarks, backlog, licensed technology, patents, and in-process
technology when post-acquisition development is determined to be
substantively complete;
- inventory adjustments affecting the carrying value of inventory
acquired in an acquisition;
- transitory post-acquisition incentive programs negotiated in
connection with an acquired business or designed to encourage
post-acquisition retention of key employees; and
- legal and consulting costs associated with acquisitions,
including non-recurring post-acquisition costs and services.
These acquisition related costs are not factored into the
company’s evaluation of its ongoing business operating performance
or potential acquisitions, as they are not considered as part of
the company’s principal operations. Further, the amount of these
costs can vary significantly from period to period based on the
terms of an earn-out arrangement, revisions to assumptions that
went into developing the estimate of the contingent consideration
associated with an earn-out arrangement, the size and timing of an
acquisition, the lives assigned to the acquired intangible assets,
and the maturity of the business acquired. Excluding acquisition
related costs from Non-GAAP measures provides investors with a
basis to compare Synaptics against the performance of other
companies without the variability and potential earnings volatility
associated with purchase accounting and acquisition related
items.
Share-based compensation Share-based compensation expense
relates to employee equity award programs and the vesting of the
underlying awards, which includes stock options, deferred stock
units, market stock units, performance stock units, phantom stock
units and the employee stock purchase plan. Share-based
compensation settled with stock, which includes stock options,
deferred stock units, market stock units, performance stock units
and the employee stock purchase plan, is a non-cash expense, while
share-based compensation settled with cash, which includes phantom
stock units, is a cash expense. Settlement of all employee equity
award programs whether settled with cash or stock varies in amount
from period to period and is dependent on market forces that are
often beyond the company’s control. As a result, the company
excludes share-based compensation from its internal operating
forecasts and models. The company believes that Non-GAAP measures
reflecting adjustments for share-based compensation provide
investors with a basis to compare the company’s principal operating
performance against the performance of peer companies without the
variability created by share-based compensation resulting from the
variety of equity-linked compensatory awards used by other
companies and the varying methodologies and assumptions used.
Amortization of prepaid development costs Amortization of
prepaid development costs represents the amortization of the
estimated cost to develop certain future roadmap devices designed
in advance process nodes in connection with an acquisition. The
amortization of prepaid development costs represents a non-cash
charge. As a result, the company excludes amortization of prepaid
development costs from its internal operating forecasts and models
when evaluating its ongoing business performance. The company
believes that Non-GAAP measures reflecting adjustments for
amortization of prepaid development costs provide investors with a
basis to compare the company’s principal operating performance
against the performance of other companies without the variability
created by the amortization of prepaid development costs.
Restructuring costs Restructuring costs are costs incurred to
address cost structure inefficiencies of acquired or existing
business operations and consist primarily of employee termination
and office closure costs, including the reversal of such costs.
These costs are generally cash-based. As a result, the company
excludes restructuring costs from its internal operating forecasts
and models when evaluating its ongoing business performance. The
company believes that Non-GAAP measures reflecting adjustments for
restructuring costs provide investors with a basis to compare the
company’s principal operating performance against the performance
of other companies without the variability created by restructuring
costs designed to address cost structure inefficiencies of acquired
or existing business operations.
Gain on sale and leaseback transactionGain on sale and leaseback
transaction, includes the gain on the sale of our San Jose
headquarters buildings and land. Excluding the gain on sale and
leaseback transaction from our Non-GAAP measures provides investors
with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by infrequent transactions that are not
considered to be part of our core business.
Gain on supplier settlementGain on supplier settlement,
represents a settlement with a supplier to resolve a business
matter. Excluding gain on supplier settlement from our Non-GAAP
measures provides investors with a basis to compare the company’s
principal operating performance against the performance of other
companies without the variability created by infrequent
transactions that are not considered to be part of our core
business.
Other non-cash items Other non-cash items include non-cash
amortization of debt discount and issuance costs. These items are
excluded from Non-GAAP results as they are non-cash. Excluding
other non-cash items from Non-GAAP measures provides investors with
a basis to compare Synaptics against the performance of other
companies without the variability associated with other non-cash
items.
Loss on extinguishment of debtLoss on extinguishment of debt
represents a non-cash item based on the difference in the carrying
value of the debt and the fair value of the debt when extinguished.
Loss on extinguishment of debt is excluded from Non-GAAP results as
it is non-cash. Excluding loss on extinguishment of debt from
Non-GAAP measures provides investors with a basis to compare
Synaptics against the performance of other companies without the
variability associated with loss on extinguishment of debt.
Equity investment gain or loss Equity investment gain represents
a gain on the sale of an equity investment in a minority owned
company. Equity investment loss represents an adjustment in the
book value of an equity investment in a minority owned company. The
equity investment loss is a non-cash item. The company excludes
equity investment gain or loss from its internal operating
forecasts and models when evaluating its ongoing business
performance. The company believes that Non-GAAP measures reflecting
adjustments for equity investment gain or loss provide investors
with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by equity investment gain or loss.
Non-GAAP tax adjustments The company forecasts its long-term
Non-GAAP tax rate in order to provide investors with improved
long-term modeling accuracy and consistency across financial
reporting periods by eliminating the effects of certain items in
our Non-GAAP net income and Non-GAAP net income per share,
including the type and amount of share-based compensation, the
taxation of post-acquisition intercompany intellectual property
cross-licensing or transfer transactions, and the impact of other
acquisition items that may or may not be tax deductible. The
company intends to evaluate its long-term Non-GAAP tax rate
annually for significant events, including material tax law changes
in the major tax jurisdictions in which the company operates,
corporate organizational changes related to acquisitions or tax
planning opportunities, and substantive changes in our geographic
earnings mix.
Forward-Looking Statements This press release
contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended. Forward-looking
statements give our current expectations and projections relating
to our financial condition, results of operations, plans,
objectives, future performance and business, and can be identified
by the fact that they do not relate strictly to historical or
current facts. Such forward-looking statements may include words
such as “expect,” “anticipate,” “intend,” “believe,” “estimate,”
“plan,” “target,” “strategy,” “continue,” “may,” “will,” “should,”
variations of such words, or other words and terms of similar
meaning. All forward-looking statements reflect our best judgment
and are based on several factors relating to our operations and
business environment, all of which are difficult to predict and
many of which are beyond our control. Such factors include, but are
not limited to, the threat of global recession driving increased
caution in our customer base; the risks as identified in the “Risk
Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Business” sections of our
most recent Annual Report on Form 10-K; and other risks as
identified from time to time in our Securities and Exchange
Commission reports. Forward-looking statements are based on
information available to us on the date hereof, and we do not have,
and expressly disclaim, any obligation to publicly release any
updates or any changes in our expectations, or any change in
events, conditions, or circumstances on which any forward-looking
statement is based. Our actual results and the timing of certain
events could differ materially from the forward-looking statements.
These forward-looking statements do not reflect the potential
impact of any mergers, acquisitions, or other business combinations
that had not been completed as of the date of this release.
For more information contact: Munjal ShahHead
of Investor Relationsmunjal.shah@synaptics.com
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
March |
|
June |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
898.0 |
|
|
$ |
824.0 |
|
Short-term investments |
|
35.9 |
|
|
|
52.0 |
|
Accounts receivable, net |
|
218.2 |
|
|
|
322.1 |
|
Inventories, net |
|
147.8 |
|
|
|
169.7 |
|
Prepaid expenses and other current assets |
|
34.4 |
|
|
|
35.6 |
|
Total current assets |
|
1,334.3 |
|
|
|
1,403.4 |
|
Property and equipment at cost, net |
|
69.0 |
|
|
|
62.9 |
|
Goodwill |
|
816.4 |
|
|
|
806.6 |
|
Purchased intangibles, net |
|
331.4 |
|
|
|
390.0 |
|
Right-of-use assets |
|
51.2 |
|
|
|
61.2 |
|
Non-current other assets |
|
112.4 |
|
|
|
134.0 |
|
|
$ |
2,714.7 |
|
|
$ |
2,858.1 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable |
$ |
60.8 |
|
|
$ |
141.8 |
|
Accrued compensation |
|
43.6 |
|
|
|
90.6 |
|
Income taxes payable |
|
64.8 |
|
|
|
79.7 |
|
Other accrued liabilities |
|
93.7 |
|
|
|
145.3 |
|
Current portion of debt |
|
6.0 |
|
|
|
6.0 |
|
Total current liabilities |
|
268.9 |
|
|
|
463.4 |
|
Long-term debt |
|
972.9 |
|
|
|
975.7 |
|
Other long-term liabilities |
|
151.8 |
|
|
|
152.6 |
|
Total liabilities |
|
1,393.6 |
|
|
|
1,591.7 |
|
|
|
|
|
Stockholders' Equity: |
|
|
|
Common stock and additional paid-in capital |
|
981.3 |
|
|
|
924.2 |
|
Treasury stock |
|
(794.6 |
) |
|
|
(694.5 |
) |
Accumulated other comprehensive income |
|
(1.1 |
) |
|
|
(1.8 |
) |
Retained earnings |
|
1,135.5 |
|
|
|
1,038.5 |
|
Total stockholders' equity |
|
1,321.1 |
|
|
|
1,266.4 |
|
|
$ |
2,714.7 |
|
|
$ |
2,858.1 |
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
March |
March |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net revenue |
$ |
326.6 |
|
|
$ |
470.1 |
|
|
$ |
1,127.8 |
|
|
$ |
1,263.3 |
|
Acquisition related costs (1) |
|
23.7 |
|
|
|
32.4 |
|
|
|
70.5 |
|
|
|
73.3 |
|
Cost of revenue |
|
130.6 |
|
|
|
183.9 |
|
|
|
442.6 |
|
|
|
513.0 |
|
Gross margin |
|
172.3 |
|
|
|
253.8 |
|
|
|
614.7 |
|
|
|
677.0 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
87.9 |
|
|
|
98.2 |
|
|
|
266.7 |
|
|
|
273.2 |
|
Selling, general, and administrative |
|
41.7 |
|
|
|
44.2 |
|
|
|
128.8 |
|
|
|
130.1 |
|
Acquired intangibles amortization (2) |
|
8.5 |
|
|
|
12.0 |
|
|
|
26.9 |
|
|
|
29.6 |
|
Restructuring costs (3) |
|
- |
|
|
|
11.3 |
|
|
|
- |
|
|
|
17.8 |
|
Total operating expenses |
|
138.1 |
|
|
|
165.7 |
|
|
|
422.4 |
|
|
|
450.7 |
|
Operating income |
|
34.2 |
|
|
|
88.1 |
|
|
|
192.3 |
|
|
|
226.3 |
|
Interest and other expense, net |
|
(7.0 |
) |
|
|
(8.5 |
) |
|
|
(22.0 |
) |
|
|
(20.1 |
) |
Gain on sale and leaseback transaction |
|
- |
|
|
|
5.4 |
|
|
|
- |
|
|
|
5.4 |
|
Gain on supplier commitment |
|
- |
|
|
|
1.8 |
|
|
|
- |
|
|
|
1.8 |
|
Loss on redemption of convertible notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8.1 |
) |
Income before provision for income taxes and equity investment
gain |
|
27.2 |
|
|
|
86.8 |
|
|
|
170.3 |
|
|
|
205.3 |
|
Provision for income taxes |
|
16.8 |
|
|
|
24.4 |
|
|
|
73.3 |
|
|
|
32.3 |
|
Equity investment gain |
|
- |
|
|
|
2.5 |
|
|
|
- |
|
|
|
1.6 |
|
Net income |
$ |
10.4 |
|
|
$ |
64.9 |
|
|
$ |
97.0 |
|
|
$ |
174.6 |
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.26 |
|
|
$ |
1.64 |
|
|
$ |
2.44 |
|
|
$ |
4.50 |
|
Diluted |
$ |
0.26 |
|
|
$ |
1.59 |
|
|
$ |
2.41 |
|
|
$ |
4.29 |
|
Shares used in computing net income per share: |
|
|
|
|
|
|
|
Basic |
|
39.4 |
|
|
|
39.5 |
|
|
|
39.7 |
|
|
|
38.8 |
|
Diluted |
|
39.9 |
|
|
|
40.7 |
|
|
|
40.3 |
|
|
|
40.7 |
|
|
|
|
|
|
|
|
|
(1) These
acquisition related costs consist primarily of amortization of
acquired intangible assets and inventory fair value adjustments
associated with acquisitions. |
|
|
|
|
|
|
|
|
(2)These
acquisition related costs consist primarily of amortization
associated with certain acquired intangible assets. |
|
|
|
|
|
|
|
|
|
|
(3) Restructuring
costs primarily include severance related costs and facility
consolidation costs associated with operational restructurings and
acquisitions. |
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
Reconciliation of GAAP Financial Measures to Non-GAAP Financial
Measures |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
March |
March |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP gross margin |
$ |
172.3 |
|
|
$ |
253.8 |
|
|
$ |
614.7 |
|
|
$ |
677.0 |
|
Acquisition related costs |
|
23.7 |
|
|
|
32.4 |
|
|
|
70.5 |
|
|
|
73.3 |
|
Share-based compensation |
|
0.9 |
|
|
|
0.9 |
|
|
|
3.0 |
|
|
|
3.2 |
|
Non-GAAP gross margin |
$ |
196.9 |
|
|
$ |
287.1 |
|
|
$ |
688.2 |
|
|
$ |
753.5 |
|
GAAP gross margin - percentage
of revenue |
|
52.8 |
% |
|
|
54.0 |
% |
|
|
54.5 |
% |
|
|
53.6 |
% |
Acquisition related costs - percentage of revenue |
|
7.3 |
% |
|
|
6.9 |
% |
|
|
6.3 |
% |
|
|
5.8 |
% |
Share-based compensation - percentage of revenue |
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
Non-GAAP gross margin -
percentage of revenue |
|
60.3 |
% |
|
|
61.1 |
% |
|
|
61.0 |
% |
|
|
59.6 |
% |
GAAP research and development
expense |
$ |
87.9 |
|
|
$ |
98.2 |
|
|
$ |
266.7 |
|
|
$ |
273.2 |
|
Share-based compensation |
|
(12.1 |
) |
|
|
(18.0 |
) |
|
|
(39.5 |
) |
|
|
(57.4 |
) |
Amortization prepaid development costs |
|
(0.8 |
) |
|
|
(2.5 |
) |
|
|
(5.8 |
) |
|
|
(7.5 |
) |
Non-GAAP research and
development expense |
$ |
75.0 |
|
|
$ |
77.7 |
|
|
$ |
221.4 |
|
|
$ |
208.3 |
|
GAAP selling, general, and
administrative expense |
$ |
41.7 |
|
|
$ |
44.2 |
|
|
$ |
128.8 |
|
|
$ |
130.1 |
|
Share-based compensation |
|
(16.8 |
) |
|
|
(15.2 |
) |
|
|
(49.9 |
) |
|
|
(45.7 |
) |
Acquisition/divestiture related costs |
|
- |
|
|
|
(1.1 |
) |
|
|
(1.8 |
) |
|
|
(4.5 |
) |
Non-GAAP selling, general, and
administrative expense |
$ |
24.9 |
|
|
$ |
27.9 |
|
|
$ |
77.1 |
|
|
$ |
79.9 |
|
GAAP operating income |
$ |
34.2 |
|
|
$ |
88.1 |
|
|
$ |
192.3 |
|
|
$ |
226.3 |
|
Acquisition and integration related costs |
|
32.2 |
|
|
|
45.5 |
|
|
|
99.2 |
|
|
|
107.4 |
|
Share-based compensation |
|
29.8 |
|
|
|
34.1 |
|
|
|
92.4 |
|
|
|
106.3 |
|
Restructuring costs |
|
- |
|
|
|
11.3 |
|
|
|
- |
|
|
|
17.8 |
|
Amortization prepaid development costs |
|
0.8 |
|
|
|
2.5 |
|
|
|
5.8 |
|
|
|
7.5 |
|
Non-GAAP operating income |
$ |
97.0 |
|
|
$ |
181.5 |
|
|
$ |
389.7 |
|
|
$ |
465.3 |
|
GAAP net income |
$ |
10.4 |
|
|
$ |
64.9 |
|
|
$ |
97.0 |
|
|
$ |
174.6 |
|
Acquisition and integration related costs |
|
32.2 |
|
|
|
45.5 |
|
|
|
99.2 |
|
|
|
107.4 |
|
Share-based compensation |
|
29.8 |
|
|
|
34.1 |
|
|
|
92.4 |
|
|
|
106.3 |
|
Restructuring costs |
|
- |
|
|
|
11.3 |
|
|
|
- |
|
|
|
17.8 |
|
Amortization prepaid development costs |
|
0.8 |
|
|
|
2.5 |
|
|
|
5.8 |
|
|
|
7.5 |
|
Gain on supplier settlement |
|
- |
|
|
|
(1.8 |
) |
|
|
- |
|
|
|
(1.8 |
) |
Other non-cash items |
|
0.7 |
|
|
|
0.6 |
|
|
|
2.0 |
|
|
|
2.8 |
|
Gain on sale and leaseback transaction |
|
- |
|
|
|
(5.4 |
) |
|
|
- |
|
|
|
(5.4 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8.1 |
|
Equity investment gain |
|
- |
|
|
|
(2.5 |
) |
|
|
- |
|
|
|
(1.6 |
) |
Non-GAAP tax adjustments |
|
1.4 |
|
|
|
3.5 |
|
|
|
10.5 |
|
|
|
(21.5 |
) |
Non-GAAP net income |
$ |
75.3 |
|
|
$ |
152.7 |
|
|
$ |
306.9 |
|
|
$ |
394.2 |
|
GAAP net income per share -
diluted |
$ |
0.26 |
|
|
$ |
1.59 |
|
|
$ |
2.41 |
|
|
$ |
4.29 |
|
Acquisition/divestiture and integration related costs |
|
0.81 |
|
|
|
1.11 |
|
|
|
2.46 |
|
|
|
2.63 |
|
Share-based compensation |
|
0.74 |
|
|
|
0.84 |
|
|
|
2.29 |
|
|
|
2.62 |
|
Restructuring costs |
|
- |
|
|
|
0.28 |
|
|
|
- |
|
|
|
0.44 |
|
Amortization prepaid development costs |
|
0.02 |
|
|
|
0.06 |
|
|
|
0.15 |
|
|
|
0.18 |
|
Gain on supplier settlement |
|
- |
|
|
|
(0.04 |
) |
|
|
- |
|
|
|
(0.04 |
) |
Other non-cash items |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.07 |
|
Gain on sale and leaseback transaction |
|
- |
|
|
|
(0.13 |
) |
|
|
- |
|
|
|
(0.13 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.20 |
|
Equity investment gain |
|
- |
|
|
|
(0.06 |
) |
|
|
- |
|
|
|
(0.04 |
) |
Non-GAAP tax adjustments |
|
0.04 |
|
|
|
0.09 |
|
|
|
0.26 |
|
|
|
(0.53 |
) |
Non-GAAP net income per share
- diluted |
$ |
1.89 |
|
|
$ |
3.75 |
|
|
$ |
7.62 |
|
|
$ |
9.69 |
|
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED CASH FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
Nine Months Ended |
|
March |
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
97.0 |
|
|
$ |
174.6 |
|
Non-cash operating items |
|
207.2 |
|
|
|
162.9 |
|
Changes in working capital |
|
(67.2 |
) |
|
|
(29.1 |
) |
Provided by operating activities |
|
237.0 |
|
|
|
308.4 |
|
|
|
|
|
Acquisition and investments |
|
(15.5 |
) |
|
|
(504.8 |
) |
Net proceeds from sale of property |
|
0.2 |
|
|
|
55.9 |
|
Net proceeds from maturities of short-term investments and
other |
|
16.2 |
|
|
|
6.4 |
|
Purchase of property and equipment |
|
(29.0 |
) |
|
|
(26.9 |
) |
Used in investing activities |
|
(28.1 |
) |
|
|
(469.4 |
) |
|
|
|
|
Issuance of debt, net of issuance costs |
|
— |
|
|
|
588.8 |
|
Repurchases of common stock |
|
(100.1 |
) |
|
|
— |
|
Payment for redemption of convertible |
|
— |
|
|
|
(505.6 |
) |
Equity compensation, net |
|
(34.6 |
) |
|
|
(51.0 |
) |
Payment of debt obligations |
|
(4.5 |
) |
|
|
(1.5 |
) |
Refundable deposit received from (paid to) vendor, net |
|
5.0 |
|
|
|
(13.8 |
) |
Provided by (used in) financing activities |
|
(134.2 |
) |
|
|
16.9 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(0.7 |
) |
|
|
(1.9 |
) |
Net change in cash and cash equivalents |
|
74.0 |
|
|
|
(146.0 |
) |
Cash and cash equivalents at beginning of period |
|
824.0 |
|
|
|
836.3 |
|
Cash and cash equivalents at end of period |
$ |
898.0 |
|
|
$ |
690.3 |
|
|
|
|
|
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