Skyworks Solutions Files Q3 2024 10-Q

TL;DR

Skyworks Q3 2024 10-Q is in. Check financials.

AI Summary

Skyworks Solutions, Inc. filed its 10-Q for the period ending June 28, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the semiconductor industry.

Why It Matters

This filing provides investors with the latest financial results and operational details for Skyworks Solutions, offering insights into their performance in the semiconductor market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks related to market conditions, competition, or company performance.

Key Players & Entities

• SKYWORKS SOLUTIONS, INC. (company) — Filer
• 0000004127-24-000070 (filing_id) — Accession Number
• 20240628 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• 5260 CALIFORNIA AVENUE (address) — Business Address
• IRVINE (city) — Business Address City
• CA (state) — Business Address State
• 92617 (zip_code) — Business Address Zip
• 9492313000 (phone_number) — Business Phone

FAQ

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-20240628.htm (10-Q) — 964KB
• exhibit101-secondamendedan.htm (EX-10.1) — 195KB
• exhibit102-amendmenttoespp.htm (EX-10.2) — 61KB
• exhibit103-amendmenttonqes.htm (EX-10.3) — 71KB
• q324exhibit311.htm (EX-31.1) — 10KB
• q324exhibit312.htm (EX-31.2) — 10KB
• q324exhibit321.htm (EX-32.1) — 4KB
• q324exhibit322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 44KB
• image_01.jpg (GRAPHIC) — 42KB
• image_02.jpg (GRAPHIC) — 43KB
• 0000004127-24-000070.txt ( ) — 5786KB
• swks-20240628.xsd (EX-101.SCH) — 28KB
• swks-20240628_cal.xml (EX-101.CAL) — 60KB
• swks-20240628_def.xml (EX-101.DEF) — 103KB
• swks-20240628_lab.xml (EX-101.LAB) — 467KB
• swks-20240628_pre.xml (EX-101.PRE) — 304KB
• swks-20240628_htm.xml (XML) — 734KB

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 24

SIGNATURES

SIGNATURES 25 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 Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net revenue $ 905.5 $ 1,071.2 $ 3,153.0 $ 3,553.6 Cost of goods sold 541.4 607.1 1,862.0 1,924.4 Gross profit 364.1 464.1 1,291.0 1,629.2 Operating expenses: Research and development 160.7 148.0 468.1 460.0 Selling, general, and administrative 71.2 77.2 226.7 240.7 Amortization of intangibles 0.2 3.8 0.7 29.5 Restructuring, impairment, and other charges 1.6 4.4 17.5 28.0 Total operating expenses 233.7 233.4 713.0 758.2 Operating income 130.4 230.7 578.0 871.0 Interest expense ( 6.6 ) ( 16.2 ) ( 23.8 ) ( 52.0 ) Other income, net 9.6 7.6 23.8 13.6 Income before income taxes 133.4 222.1 578.0 832.6 Provision for income taxes 12.5 26.3 42.5 94.6 Net income $ 120.9 $ 195.8 $ 535.5 $ 738.0 Earnings per share: Basic $ 0.75 $ 1.23 $ 3.34 $ 4.63 Diluted $ 0.75 $ 1.22 $ 3.32 $ 4.61 Weighted average shares: Basic 160.4 159.2 160.2 159.4 Diluted 161.4 160.0 161.4 160.0 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 Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income $ 120.9 $ 195.8 $ 535.5 $ 738.0 Other comprehensive income (loss), net of tax: Pension adjustments — — ( 0.1 ) ( 0.8 ) Comprehensive income $ 120.9 $ 195.8 $ 535.4 $ 737.2 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 June 28, 2024 September 29, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,263.4 $ 718.8 Marketable securities 5.6 15.6 Receivables, net of allowances of $ 0.9 and $ 0.8

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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