Skyworks Solutions, Inc. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Skyworks Solutions, Inc. filed its quarterly report (10-Q) for the period ending December 29, 2023, detailing its financial performance and operational status.</b>

AI Summary

SKYWORKS SOLUTIONS, INC. (SWKS) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. Skyworks Solutions, Inc. reported financial results for the quarter ended December 29, 2023. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on September 27. The filing covers the period from October 1, 2022, to December 30, 2022, and September 30, 2023, to December 29, 2023. The company's principal executive offices are located in Irvine, California.

Why It Matters

For investors and stakeholders tracking SKYWORKS SOLUTIONS, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Skyworks' financial health and operational progress during the specified quarter. Understanding the details within this report is crucial for assessing the company's performance in the semiconductor market and its outlook for the upcoming periods.

Risk Assessment

Risk Level: medium — SKYWORKS SOLUTIONS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report, which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond normal business fluctuations.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify any specific trends or changes in revenue, profitability, or operational segments.

Key Numbers

• 2023-12-29 — Period End Date (Quarterly report period)
• 2024-01-31 — Filing Date (Date the report was filed)
• 0927 — Fiscal Year End (Company's fiscal year end month and day)
• 3674 — SIC Code (Standard Industrial Classification for Semiconductors & Related Devices)

Key Players & Entities

• SKYWORKS SOLUTIONS, INC. (company) — Filer name
• SWKS (company) — Ticker symbol
• 2023-12-29 (date) — End of reporting period
• 2024-01-31 (date) — Filing date
• Irvine, CA (location) — Business address city and state
• ALPHA INDUSTRIES INC (company) — Former company name

Forward-Looking Statements

• Skyworks Solutions, Inc. will face continued pressure on profitability in the near term. (SKYWORKS SOLUTIONS, INC.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Skyworks Solutions operates in the semiconductor industry, specifically focusing on analog semiconductors for mobile communications and other high-growth markets.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review management's discussion and analysis (MD&A) for insights into business performance and outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-01-31: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.25 — ich registered Common Stock, par value $0.25 per share SWKS Nasdaq Global Select Mar
• $1.0 billion — ed financial statement income exceeding $1.0 billion. The Company is subject to the provisio

Filing Documents

• swks-20231229.htm (10-Q) — 765KB
• fy24eipv1redacted-ex101.htm (EX-10.1) — 25KB
• exhibit102-psaagreement.htm (EX-10.2) — 29KB
• exhibit103-optionagreement.htm (EX-10.3) — 30KB
• exhibit104-rsuagreement.htm (EX-10.4) — 31KB
• q124exhibit311.htm (EX-31.1) — 10KB
• q124exhibit312.htm (EX-31.2) — 10KB
• q124exhibit321.htm (EX-32.1) — 4KB
• q124exhibit322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 17KB
• image_0a.jpg (GRAPHIC) — 2KB
• 0000004127-24-000007.txt (&nbsp;) — 5166KB
• swks-20231229.xsd (EX-101.SCH) — 30KB
• swks-20231229_cal.xml (EX-101.CAL) — 56KB
• swks-20231229_def.xml (EX-101.DEF) — 162KB
• swks-20231229_lab.xml (EX-101.LAB) — 545KB
• swks-20231229_pre.xml (EX-101.PRE) — 352KB
• swks-20231229_htm.xml (XML) — 592KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1: FINANCIAL STATEMENTS (UNAUDITED) 2 CONSOLIDATED STATEMENTS OF OPERATIONS 2 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 3 CONSOLIDATED BALANCE SHEETS 4 CONSOLIDATED STATEMENTS OF CASH FLOWS 5 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7

: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20

: CONTROLS AND PROCEDURES

ITEM 4: CONTROLS AND PROCEDURES 21

OTHER INFORMATION

PART II. OTHER INFORMATION 22

: LEGAL PROCEEDINGS

ITEM 1: LEGAL PROCEEDINGS 22

: RISK FACTORS

ITEM 1A: RISK FACTORS 22

: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 22

: OTHER INFORMATION

ITEM 5: OTHER INFORMATION 22

: EXHIBITS

ITEM 6: EXHIBITS 23

SIGNATURES

SIGNATURES 24 1 Table of Contents PART 1. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. SKYWORKS SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share amounts) Three Months Ended December 29, 2023 December 30, 2022 Net revenue $ 1,201.5 $ 1,329.3 Cost of goods sold 694.9 691.6 Gross profit 506.6 637.7 Operating expenses: Research and development 153.1 163.9 Selling, general, and administrative 78.8 84.5 Amortization of intangibles 0.2 21.9 Restructuring, impairment, and other charges 16.2 0.4 Total operating expenses 248.3 270.7 Operating income 258.3 367.0 Interest expense ( 10.0 ) ( 16.9 ) Other income, net 3.4 0.6 Income before income taxes 251.7 350.7 Provision for income taxes 20.4 41.3 Net income $ 231.3 $ 309.4 Earnings per share: Basic $ 1.45 $ 1.94 Diluted $ 1.44 $ 1.93 Weighted average shares: Basic 159.9 159.8 Diluted 161.0 160.2 See accompanying Notes to Consolidated Financial Statements. 2 Table of Contents SKYWORKS SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in millions) Three Months Ended December 29, 2023 December 30, 2022 Net income $ 231.3 $ 309.4 Other comprehensive income (loss), net of tax: Fair value of investments 0.1 — Pension adjustments ( 0.2 ) ( 0.8 ) Comprehensive income $ 231.2 $ 308.6 See accompanying Notes to Consolidated Financial Statements. 3 Table of Contents SKYWORKS SOLUTIONS, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share amounts) As of December 29, 2023 September 29, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 1,029.7 $ 718.8 Marketable securities 15.9 15.6 Receivables, net of allowances of $ 0.9 and $ 0.8 , respectively 659.4 864.3 Inventory 926.8 1,119.7 Other current assets 454.8 461.1 Total current assets 3,086.6 3,179.5 Property, plant, and equipment, net 1,342.7 1,390.1 Operating lease right-of-use assets 204.2 205.4 Goodwill 2,176.7 2,176.7 Intangible assets, net 1,162.4 1,222.1 Deferred tax

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Skyworks Solutions, Inc., together with its consolidated subsidiaries ("Skyworks" or the "Company"), is empowering the wireless networking revolution. The Company's analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), have been condensed or omitted pursuant to those rules and regulations. However, in management's opinion, the financial information reflects all adjustments, including those of a normal recurring nature, necessary to present fairly the results of operations, financial position, and cash flows of the Company for the periods presented. The results of operations, financial position, and cash flows for the Company during the interim periods are not necessarily indicative of those expected for the full year. This information should be read in conjunction with the Company's financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2023, filed with the SEC on November 17, 2023, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 25, 2024 ("2023 10-K"). Certain items in the prior period financial statements have been reclassified to

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