Skyworks Solutions, Inc. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Skyworks Solutions, Inc. filed its Q2 FY2024 10-Q report on May 1, 2024.</b>

AI Summary

SKYWORKS SOLUTIONS, INC. (SWKS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Skyworks Solutions, Inc. filed a 10-Q report for the period ending March 29, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 27th. The filing was made on May 1, 2024. Skyworks Solutions, Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking SKYWORKS SOLUTIONS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Skyworks Solutions, Inc. for the quarter ending March 29, 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the semiconductor market.

Risk Assessment

Risk Level: — SKYWORKS SOLUTIONS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any forward-looking statements.

Key Numbers

• 2024-03-29 — Reporting Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 09/27 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• SKYWORKS SOLUTIONS, INC. (company) — Filer name
• 0000004127 (company) — Central Index Key
• 2024-03-29 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• 3674 (industry) — Standard Industrial Classification

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

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Review management's discussion and analysis for strategic updates and outlook.
3. Compare current quarter performance against historical data and analyst expectations.

Key Dates

• 2024-03-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period; no prior filing data is available for comparison within this context.

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-20240329.htm (10-Q) — 941KB
• exhibit101-directorcashcom.htm (EX-10.1) — 3KB
• q224exhibit311.htm (EX-31.1) — 10KB
• q224exhibit312.htm (EX-31.2) — 10KB
• q224exhibit321.htm (EX-32.1) — 4KB
• q224exhibit322.htm (EX-32.2) — 4KB
• 0000004127-24-000019.txt (&nbsp;) — 4877KB
• swks-20240329.xsd (EX-101.SCH) — 27KB
• swks-20240329_cal.xml (EX-101.CAL) — 60KB
• swks-20240329_def.xml (EX-101.DEF) — 102KB
• swks-20240329_lab.xml (EX-101.LAB) — 370KB
• swks-20240329_pre.xml (EX-101.PRE) — 254KB
• swks-20240329_htm.xml (XML) — 718KB

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

: 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Net revenue $ 1,046.0 $ 1,153.1 $ 2,247.5 $ 2,482.4 Cost of goods sold 625.7 625.7 1,320.7 1,317.4 Gross profit 420.3 527.4 926.8 1,165.0 Operating expenses: Research and development 154.4 148.2 307.3 312.0 Selling, general, and administrative 76.8 79.0 155.5 163.5 Amortization of intangibles 0.2 3.8 0.5 25.7 Restructuring, impairment, and other charges (benefits) ( 0.3 ) 23.1 15.9 23.5 Total operating expenses 231.1 254.1 479.2 524.7 Operating income 189.2 273.3 447.6 640.3 Interest expense ( 7.1 ) ( 18.9 ) ( 17.1 ) ( 35.8 ) Other income, net 10.8 5.4 14.1 6.0 Income before income taxes 192.9 259.8 444.6 610.5 Provision for income taxes 9.6 27.0 30.0 68.3 Net income $ 183.3 $ 232.8 $ 414.6 $ 542.2 Earnings per share: Basic $ 1.14 $ 1.46 $ 2.59 $ 3.40 Diluted $ 1.14 $ 1.46 $ 2.57 $ 3.39 Weighted average shares: Basic 160.4 159.1 160.1 159.5 Diluted 161.4 159.9 161.3 160.1 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 Six Months Ended March 29, 2024 March 31, 2023 March 29, 2024 March 31, 2023 Net income $ 183.3 $ 232.8 $ 414.6 $ 542.2 Other comprehensive income (loss), net of tax: Fair value of investments — — 0.1 — Pension adjustments — — ( 0.2 ) ( 0.8 ) Comprehensive income $ 183.3 $ 232.8 $ 414.5 $ 541.4 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 March 29, 2024 September 29, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 1,205.4 $ 718.8 Marketable securities 12

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 26, 2024 ("2023 10-K"). Certain items in the prior period financial statements have been reclassified to

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